Genmab Announces Financial Results for the Nine Months of 2026
Summary by AI BETAClose X
November 5, 2026 Copenhagen, Denmark;
Interim Report for the Nine Months Ended September 30, 2026
Highlights
- Epcoritamab approved in Europe (as TEPKINLY®) and Japan (as EPKINLY®) in combination with R² for the treatment of adult patients with relapsed or refractory FL
- Initiation of two new Phase 3 trials for petosemtamab in first- and second-line CRC
- Genmab revenue increased 22% compared to the first nine months of 2025, to $3,238 million
“The third quarter of 2026 reinforced the breadth of our late-stage portfolio. TEPKINLY plus R2 became the first bispecific-based therapy approved in Europe for second-line FL, extending epcoritamab's reach as a core therapy across B-cell malignancies. We also broadened our petosemtamab program with new Phase 3 studies in CRC, underscoring our confidence in this asset beyond head and neck cancer. As anticipated, we are now in our data-rich fourth quarter, where we have delivered pivotal readouts across our three late-stage assets, epcoritamab, Rina-S® (rinatabart sesutecan) and petosemtamab, supporting multiple regulatory submissions and potential launches in 2027,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Nine Months of 2026
- Revenue was $3,238 million for the first nine months of 2026 compared to $2,662 million for the first nine months of 2025. The increase of $576 million, or 22%, was primarily driven by higher DARZALEX® and Kesimpta® royalties and higher EPKINLY® net product sales.
- Royalty revenue was $2,699 million in the first nine months of 2026 compared to $2,219 million in the first nine months of 2025, an increase of $480 million, or 22%. The increase in royalties was driven by higher net sales of DARZALEX and Kesimpta.
- Net sales of DARZALEX by J&J were $12,410 million in the first nine months of 2026 compared to $10,448 million in the first nine months of 2025, an increase of $1,962 million or 19%.
- Global net sales of EPKINLY/TEPKINLY® were $491 million in the first nine months of 2026 compared to $333 million in the first nine months of 2025, an increase of $158 million or 47%.
- Cost of product sales were $234 million for the first nine months of 2026 compared to $157 million for the first nine months of 2025. The increase of $77 million, or 49%, was primarily driven by the profit-sharing amounts payable to AbbVie related to EPKINLY sales.
- Acquisition and integration related charges related to the integration of Merus were $87 million in the first nine months of 2026.
- Amortization of acquired intangible assets was $35 million for the first nine months of 2026 compared to $9 million for the first nine months of 2025. The increase of $26 million, was primarily driven by the amortization of the Merus technology platform.
- Operating expenses were $2,018 million in the first nine months of 2026 compared to $1,498 million in the first nine months of 2025, an increase of $520 million or 35%.
- Adjusted operating expenses, which exclude Acquisition and integration related charges and Amortization of acquired intangible assets, were $1,896 million for the first nine months of 2026 compared to $1,489 million for the first nine months of 2025. The increase of $407 million, or 27%, was primarily driven by investment in our product pipeline, including the advancement of Rina-S and petosemtamab, and our global commercialization capabilities in preparation for their anticipated launches.
- Operating profit was $986 million in the first nine months of 2026 compared to $1,007 million in the first nine months of 2025. Adjusted operating profit, which excludes Acquisition and integration related charges and Amortization of acquired intangible assets, was $1,108 million in the first nine months of 2026 compared to $1,016 million in the first nine months of 2025.
Non-IFRS Financial Measures
Our Adjusted operating expenses and adjusted operating profit excludes acquisition and integration related charges and amortization of acquired intangible assets. These charges were recognized in current as well as prior periods and will likely reoccur in future periods. These items are excluded from operating expenses and operating profit because the Company believes they neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance.
Non-IFRS information is intended to portray the results of our baseline performance, supplement or enhance management's, analysts' and investors’ overall understanding of our underlying financial performance and facilitate comparisons among current, past and future periods. This information is not intended to be considered in isolation or as a substitute for the related financial measures prepared in accordance with IFRS and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
The reconciliations of financial performance from IFRS to Non-IFRS for the first nine months of 2026 and 2025 were as follows:
| 2026 Actual | Exclude | 2026 Adjusted | 2025 Actual | Exclude | 2025 Adjusted | |||
| (USD million) | IFRS | A&I* | Amort** | Non-IFRS | IFRS | A&I* | Amort** | Non-IFRS |
| Operating Expenses / Adj. Operating Expenses*** | $ (2,018) | 87 | 35 | $ (1,896) | $ (1,498) | — | 9 | $ (1,489) |
| Operating Profit / Adj. Operating Profit | $ 986 | 87 | 35 | $ 1,108 | $ 1,007 | — | 9 | $ 1,016 |
* Acquisition and integration related charges
** Amortization of intangible assets acquired through acquisitions
***Includes all expenses presented within Total costs and operating expenses, less cost of product sales.
Key Company Events Post-Quarter End
- October: Positive topline results from the Phase 3 EPCORE® DLBCL-2 trial evaluating fixed treatment duration epcoritamab in combination with standard of care rituximab, cyclophosphamide, doxorubicin hydrochloride, vincristine, and prednisone (R-CHOP), compared to R-CHOP alone, in newly diagnosed patients with diffuse large B-cell lymphoma (DLBCL) with an International Prognostic Index (IPI) score of 2 to 5. Data will be submitted for presentation at a future medical meeting. Genmab and AbbVie Inc. (AbbVie) will engage global regulatory authorities to determine next steps.
- October: Positive topline results from the global Phase 3 RAINFOL™-02 trial of Rina-S in patients with platinum-resistant ovarian cancer (PROC) regardless of Folate Receptor Alpha (FRα) expression level or prior treatment with mirvetuximab. The trial met its primary endpoint of progression-free survival (PFS), with Rina-S demonstrating a statistically significant and clinically meaningful improvement compared with investigator’s choice chemotherapy in the intent-to-treat (ITT) and in the primary analysis set (PAS) populations. Based on these results, Genmab plans to engage with regulatory authorities worldwide regarding potential next steps. The data will also be submitted for presentation at a future medical meeting.
- October: Positive topline results from the global Phase 3 LiGeR-HN1 trial (NCT06525220) evaluating petosemtamab in combination with pembrolizumab versus pembrolizumab in patients with first-line (1L) PD-L1 positive recurrent/metastatic head and neck squamous cell carcinoma (HNSCC). The trial met both of its primary endpoints of overall survival (OS) and objective response rate (ORR), regardless of HPV status. Based on these positive topline results, Genmab plans to engage global regulatory authorities and will submit the full results from LiGeR-HN1 for presentation at a future medical meeting.
Outlook
Genmab is maintaining its 2026 financial guidance published August 6, 2026.
Conference Call
Genmab will hold a conference call to discuss the results for the first nine months of 2026 today, Thursday, November 5, at 6:00 pm CET, 5:00 pm GMT or 12:00 pm EST. To join the call please use the below registration link. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN: https://register-conf.media-server.com/register/BId05659f072f84d939ad27a26fc9fa0a9. A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.
Contact
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
R2 = rituximab and lenalidomide; FL = follicular lymphoma; CRC = colorectal cancer
The Interim Report contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com and the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in the Interim Report nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®; HexElect®; KYSO®, ABBIL1TY™, RAINFOL™; ProfoundBio™ and Rina-S® are trademarks of ProfoundBio, U.S., Co. and Genmab (Suzhou) Co., Ltd. Tivdak® is a trademark of Seagen Inc.; EPCORE®, EPKINLY®, TEPKINLY® and their designs are trademarks of AbbVie Biotechnology Ltd.; Biclonics® and BIZENGRI® are registered trademarks of Merus N.V. Kesimpta® and Sensoready® are trademarks of Novartis AG or its affiliates; DARZALEX®, DARZALEX FASPRO®, RYBREVANT®, RYBREVANT FASPRO™, TECVAYLI® and TALVEY® are trademarks of Johnson & Johnson; TEPEZZA® is a trademark of Horizon Therapeutics Ireland DAC.
Download the full Interim Report for the First Nine Months of 2026 on attachment or at www.genmab.com/investor-relations.
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark
Attachment
Latest directors dealings
- 39 minutes ago Alumasc Group
- 50 minutes ago Land Securities Group
- 1 hour ago Computacenter
- 1 hour ago Computacenter
- 2 hours ago Total Graphite Plc