Financials Genmab A/S

Equities

GMAB

DK0010272202

Biotechnology & Medical Research

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:49 2024-05-08 am EDT			5-day change	1st Jan Change
2,003 ^DKK	-0.45%		+1.91%	-7.05%

May. 03	GENMAB : A good start to 2024; guidance unchanged
May. 03	Genmab Posts Q1 Net Profit Surge; Revenue Jumps	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,408	161,105	172,063	192,229	140,770	129,958	-	-
Enterprise Value (EV) ¹	85,618	145,026	152,725	169,905	112,635	103,846	96,939	89,590
P/E ratio	43.5 x	34.1 x	57.8 x	35.2 x	32.6 x	29.3 x	21.1 x	16.2 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	18 x	15.9 x	20.3 x	13.2 x	8.54 x	6.57 x	5.5 x	4.59 x
EV / Revenue	16 x	14.3 x	18 x	11.6 x	6.84 x	5.25 x	4.11 x	3.17 x
EV / EBITDA	30.8 x	22.1 x	46.8 x	25.3 x	20.1 x	16.2 x	11.4 x	8.15 x
EV / FCF	68.7 x	23.7 x	77.3 x	47.3 x	16.1 x	22.8 x	15.4 x	9.95 x
FCF Yield	1.46%	4.22%	1.29%	2.12%	6.23%	4.39%	6.5%	10.1%
Price to Book	6.85 x	8.5 x	7.82 x	7.07 x	4.5 x	3.54 x	2.96 x	2.43 x
Nbr of stocks (in thousands)	65,075	65,410	65,423	65,362	65,322	64,591	-	-
Reference price ²	1,482	2,463	2,630	2,941	2,155	2,012	2,012	2,012
Announcement Date	2/19/20	2/23/21	2/16/22	2/22/23	2/14/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,366	10,111	8,482	14,595	16,474	19,786	23,609	28,292
EBITDA ¹	2,777	6,572	3,266	6,719	5,616	6,393	8,468	10,994
EBIT ¹	2,638	6,313	3,018	6,357	5,321	5,332	7,936	10,625
Operating Margin	49.16%	62.44%	35.58%	43.56%	32.3%	26.95%	33.62%	37.55%
Earnings before Tax (EBT) ¹	2,859	5,904	3,983	7,035	5,637	5,856	8,472	10,952
Net income ¹	2,166	4,758	3,008	5,522	4,352	4,670	6,652	8,378
Net margin	40.37%	47.06%	35.46%	37.83%	26.42%	23.6%	28.18%	29.61%
EPS ²	34.03	72.21	45.54	83.65	66.02	68.65	95.25	124.0
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	4,564	6,305	9,005
FCF margin	23.24%	60.59%	23.3%	24.63%	42.58%	23.07%	26.7%	31.83%
FCF Conversion (EBITDA)	44.9%	93.21%	60.5%	53.5%	124.89%	71.39%	74.45%	81.91%
FCF Conversion (Net income)	57.57%	128.75%	65.69%	65.1%	161.17%	97.74%	94.78%	107.48%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/19/20	2/23/21	2/16/22	2/22/23	2/14/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	6,343	3,553	2,310	2,619	2,119	3,162	5,281	4,087	5,227	2,854	4,198	7,052	4,744	4,678	3,987	4,992	9,039	5,286	5,585	5,352
EBITDA ¹	4,583	1,345	905	1,016	529	1,263	1,792	1,953	2,974	458	1,520	1,978	1,739	1,899	894.5	1,512	2,412	1,716	2,085	2,841
EBIT ¹	4,568	1,319	890	809	514	1,247	1,761	1,931	2,665	437	1,497	1,934	1,717	1,670	789.5	391.7	2,229	1,633	1,832	1,541
Operating Margin	72.02%	37.12%	38.53%	30.89%	24.26%	39.44%	33.35%	47.25%	50.99%	15.31%	35.66%	27.42%	36.19%	35.7%	19.8%	7.85%	24.66%	30.89%	32.81%	28.79%
Earnings before Tax (EBT) ¹	4,682	1,846	1,171	966	612	2,489	3,101	3,272	662	286	1,723	2,009	2,702	926	1,716	184.1	3,374	1,693	1,715	1,626
Net income ¹	3,647	1,402	890	716	465	1,891	2,356	2,582	584	226	1,357	1,583	2,129	640	1,020	455.1	2,598	1,360	1,345	1,274
Net margin	57.5%	39.46%	38.53%	27.34%	21.94%	59.8%	44.61%	63.18%	11.17%	7.92%	32.32%	22.45%	44.88%	13.68%	25.58%	9.12%	28.74%	25.73%	24.08%	23.81%
EPS ²	55.52	21.25	13.47	10.82	7.050	28.66	35.71	39.17	8.820	3.430	20.61	24.03	32.32	9.670	20.18	-2.267	39.51	19.26	18.88	19.85
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/12/20	8/11/21	11/10/21	2/16/22	5/11/22	8/10/22	8/10/22	11/9/22	2/22/23	5/10/23	8/3/23	8/3/23	11/7/23	2/14/24	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	10,790	16,079	19,338	22,324	28,135	26,111	33,019	40,368
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	4,564	6,305	9,005
ROE (net income / shareholders' equity)	19.6%	28.7%	14.6%	22.2%	14.8%	14.6%	16.1%	17.4%
ROA (Net income/ Total Assets)	18.4%	26.2%	13.1%	20.1%	13.3%	12.2%	13.2%	15.5%
Assets ¹	11,803	18,143	22,885	27,453	32,704	38,409	50,227	53,906
Book Value Per Share ²	216.0	290.0	336.0	416.0	479.0	568.0	680.0	828.0
Cash Flow per Share ²	21.50	97.60	33.70	59.30	112.0	85.80	128.0	165.0
Capex ¹	79	307	252	317	366	452	514	650
Capex / Sales	1.47%	3.04%	2.97%	2.17%	2.22%	2.28%	2.18%	2.3%
Announcement Date	2/19/20	2/23/21	2/16/22	2/22/23	2/14/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Genmab A/S

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,012 DKK

Average target price

2,470 DKK

Spread / Average Target

+22.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
GENMAB A/S	-7.05%	18.77B
VERTEX PHARMACEUTICALS INCORPORATED	+4.22%	106B
ARGENX SE	+7.02%	23.47B
BIONTECH SE	-14.45%	21.9B
WUXI APPTEC CO., LTD.	-38.55%	17.85B
BEIGENE, LTD.	-9.17%	16.78B
NEUROCRINE BIOSCIENCES, INC.	+6.94%	14.41B
SAREPTA THERAPEUTICS, INC.	+35.99%	12.86B
VIKING THERAPEUTICS, INC.	+319.24%	8.78B
LEGEND BIOTECH CORPORATION	-24.83%	8.37B

Bio Therapeutic Drugs