Genmab A/S

GMAB

Biotechnology · Healthcare

Price

$28.72

-0.26 (-0.90%)

Market Cap

$17.63B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−5.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 660.5M (2021) → 626.9M (2025)

Genmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark. The company markets DARZALEX, a human monoclonal antibody for the treatment of patients with multiple myeloma (MM); teprotumumab for the treatment of thyroid eye disease; ofatumurnab, a human monoclonal antibody to treat chronic lymphocytic leukemia (CLL) and multiple sclerosis; and Amivantamab for advanced or metastatic gastric or esophageal cancer and NSCLC. Its products include darat

Winston Score History

Score breakdown

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Quality

Gross Margin

92.7%

Premium pricing power — 92.7% gross margin

Operating Margin

25.1%

Excellent — 25.1% operating margin

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-34.4%

Shrinking sales (-34.4% YoY)

EPS YoY

-59.3%

Earnings shrinking (-59.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

47%

Weak — only 47% of profit becomes cash

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.92

Moderate — manageable debt (0.92)

Interest Cover

14.83x

Comfortably covers interest (14.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.8x

Attractive valuation — P/E 6.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-4.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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