What Genmab A/S (GMAB) Said on Its Q3 Earnings Call

Key Points

• Revenue grew 22% in the first nine months of 2026, and Genmab expects full-year revenue near the upper end of its $4.325 billion–$4.525 billion guidance range. Adjusted operating profit is also expected above the midpoint of guidance.
• EPKINLY sales rose 47% to $491 million, while TIVDAK sales increased 9% to $131 million. Genmab said growth came from DARZALEX and its broader portfolio as well as EPKINLY.
• Phase III trials for EPKINLY, Rina-S and petosemtamab met key endpoints, potentially supporting launches or regulatory filings in 2027, subject to approval. Genmab reiterated peak-sales expectations of more than $3 billion for EPKINLY and more than $2 billion for Rina-S.

Genmab A/S NASDAQ: GMAB reported 22% revenue growth for the first nine months of 2026 and said it expects full-year revenue to land in the upper part of its existing guidance range, as sales of EPKINLY and royalty income supported growth.

The biotechnology company also highlighted positive Phase III results announced in October for EPKINLY, Rina-S and petosemtamab, which management said could support potential launches in 2027, subject to regulatory approval.

“Our total revenue is up 22%, with growth coming from across our portfolio,” President and CEO Jan van de Winkel said on the earnings call. Adjusted operating profit rose 9% over the same period, he added.

Revenue Outlook Maintained

Chief Financial Officer Anthony Pagano said approximately half of Genmab’s year-over-year revenue growth came from DARZALEX, with the other half generated by EPKINLY and the rest of the portfolio. DARZALEX increased 19%, while the portfolio excluding DARZALEX and EPKINLY grew 30%, he said.

Genmab maintained its full-year revenue guidance of approximately $4.325 billion to $4.525 billion but now expects to finish in the upper part of that range. The company also maintained its operating expense guidance of approximately $2.81 billion to $2.95 billion and expects spending around the $2.88 billion midpoint.

Pagano cautioned that fourth-quarter operating expenses would rise significantly as the company increases manufacturing, clinical development and launch-readiness activity for Rina-S and petosemtamab.

Genmab maintained its adjusted operating profit guidance of $1.065 billion to $1.35 billion. With revenue expected toward the upper end of its range and expenses near their midpoint, Pagano said operating profit should finish above the guidance midpoint.

The company’s effective tax rate for the first nine months was 3.4%, primarily reflecting the integration of Merus and the recognition and use of deferred tax assets. Pagano said the rate could continue to fluctuate and is expected to normalize over the next 12 to 18 months.

EPKINLY and TIVDAK Sales Grow

Worldwide EPKINLY net product sales rose 47% year over year to $491 million in the first nine months, Chief Commercial Officer Brad Bailey said. He cited growth across U.S. indications and sites of care, including uptake of EPKINLY plus R² in second-line follicular lymphoma.

Bailey said the combination’s launch in Japan was off to an encouraging start. Through partner AbbVie, the combination is also approved in more than 40 countries, he said.

TIVDAK sales rose 9% to $131 million over the nine-month period, reflecting stable U.S. performance and growth in Japan and Europe, Bailey said. He added that the company is preparing for potential EPKINLY launches in earlier lines of diffuse large B-cell lymphoma, or DLBCL, as soon as next year.

Three Phase III Readouts Shape Pipeline Plans

Van de Winkel said the EPCORE DLBCL-2 trial of EPKINLY met its progression-free survival endpoint in frontline DLBCL, with a hazard ratio of 0.49. He said the result supports the drug’s potential to expand into earlier treatment.

For Rina-S, the RAINFOL-02 trial in platinum-resistant ovarian cancer met its primary progression-free survival endpoint, with a hazard ratio of 0.29 in the intent-to-treat population, as well as a key secondary endpoint for overall survival, van de Winkel said.

The LiGeR-HN1 trial of petosemtamab met its dual endpoints of overall survival and objective response rate in first-line head and neck cancer, with an overall survival hazard ratio of 0.5. Genmab expects results from the LiGeR-HN2 trial in second- and third-line head and neck cancer in the first quarter of 2027.

Chief Development Officer Judith Klimovsky said Genmab is planning to engage with health authorities on a potential petosemtamab filing based on the first-line results. For Rina-S in endometrial cancer, Klimovsky said a filing based on the randomized Phase III study is now the more likely scenario.

Sales Targets and Investment Priorities

Pagano reiterated Genmab’s peak annual sales estimates of more than $3 billion for EPKINLY, more than $2 billion for Rina-S and a multibillion-dollar opportunity for petosemtamab. He also reaffirmed the company’s expectation of $1 billion in petosemtamab sales by 2029.

Asked about growth through the eventual expiration of DARZALEX royalties, Pagano said Genmab had the building blocks for revenue growth but was not providing specific medium-term guidance. He reiterated commitments to grow operating profit in 2027 and reduce gross leverage below three times by the end of that year.

Van de Winkel said the company’s immediate focus is on maximizing its late-stage programs while continuing to develop its internal pipeline and explore partnerships. Genmab plans to hold a virtual research and development update and ASH data review on December 16.

About Genmab A/S (NASDAQ:GMAB)

Genmab A/S is a biotechnology company headquartered in Copenhagen, Denmark, focused on discovering and developing differentiated antibody-based medicines for the treatment of cancer and other serious diseases. The company uses proprietary antibody technologies, including DuoBody and HexaBody, to create therapies designed to engage the immune system or target specific disease-related proteins.

Genmab's marketed and partnered products include DARZALEX (daratumumab) for multiple myeloma, developed with Johnson & Johnson; EPKINLY (epcoritamab) for certain types of B-cell lymphoma, developed with AbbVie; and Tivdak (tisotumab vedotin) for cervical cancer, developed with Seagen.

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