Genmab Releases 2025 Annual Report
- Genmab's 2025 revenue was $3.72 billion, with a 19% increase driven by DARZALEX and Kesimpta royalties.
- Operating expenses in 2025 were $2.219 billion, rising due to strategic investments and the Merus acquisition.
- 2026 revenue is projected between $4.1 and $4.4 billion, with operating expenses expected to reach $2.7 to $2.9 billion.
- Key 2025 achievements include FDA approval for EPKINLY in combination therapies and Tivdak's approval in Europe and Japan.
2025 Financial Performance
Genmab reported a revenue of $3.72 billion in 2025, marking a 19% increase from the previous year. This growth was primarily driven by higher royalties from DARZALEX and Kesimpta, as well as increased net product sales of EPKINLY. Operating expenses, excluding acquisition-related costs, were $2.219 billion, up from $1.956 billion in 2024, due to strategic investments and the acquisition of Merus.
2025 Achievements
Key achievements in 2025 included FDA approval for EPKINLY in combination with rituximab and lenalidomide for follicular lymphoma, and Tivdak's approval in Europe and Japan for cervical cancer. The acquisition of Merus N.V. added the breakthrough therapy asset petosemtamab to Genmab's portfolio. Additionally, Rina-S expanded its Phase 3 development into endometrial and platinum-sensitive ovarian cancers.
2026 Outlook
For 2026, Genmab projects revenue between $4.1 and $4.4 billion, driven by increased royalties and net product sales. Operating expenses are expected to rise to $2.7 to $2.9 billion, reflecting investments in late-stage programs and market launch preparations. The company anticipates an operating profit range of $0.9 to $1.4 billion.
Conference Call
Genmab scheduled a conference call on February 17, 2026, to discuss the 2025 results. A live and archived webcast, along with relevant slides, will be available on the company's investor relations website.
Source: Genmab