Genmab A/S (Nasdaq: GMAB) released its full-year 2025 financial results, demonstrating the company’s improved operational execution. Total revenue reached $3.72 billion, compared to $3.12 billion in 2024, marking 19% year-over-year growth.
Genmab Q4 2025 Earnings: Key Highlights
The company reported an operating profit of $1.263 billion in 2025, up from $1.022 billion in 2024. Gross profit totaled $3.482 billion. Operating expenses rose to $2.219 billion, reflecting significant investments in research and development.
Quarterly momentum drove performance throughout 2025. Revenue in Q4 reached approximately $1.03 billion, the highest quarterly result of the year. Operating profit improved each quarter, with Q4 contributing $393 million.
Quarterly Revenue Performance
The chart shows Genmab’s Q4 2025 earnings quarterly revenue trend across eight quarters from Q1 2024 through Q4 2025 with consistent quarterly growth.
Operating Profit Performance
Operating profit improved throughout 2025 as Genmab’s Q4 2025 earnings benefited from higher revenue and operational leverage.
What Drove Genmab Q4 2025 Earnings Growth
Royalty revenue gained 23% year-over-year, reaching $3.102 billion in 2025 from $2.517 billion in 2024. DARZALEX delivered the majority of royalty income. Net product sales and collaboration revenue totaled $468 million, up 153% from $315 million in 2024, driven by growing EPKINLY and Tivdak sales.
In December 2025, the FDA approved EPKINLY plus R2 for relapsed follicular lymphoma. The UK MHRA granted approval that same month. These expanded indications supported continued sales momentum into Q4.
Product Portfolio Expansion
Genmab launched TIVDAK in Japan in May 2025 and in Germany in September 2025. The company had become the first and only ADC approved for recurrent/metastatic cervical cancer in both markets. EPKINLY emerged as the first and only bispecific antibody in third-line DLBCL across US, Europe, and Japan.
Genmab Q4 2025 Earnings: 2026 Guidance
Management guided 2026 revenue to $4.065 billion-$4.395 billion, with a midpoint of $4.23 billion. This represents 14% growth at the midpoint. Operating profit is guided to $900 million-$1.4 billion, including acquisition charges.
The company plans to increase operating expenses to $2.71 billion-$2.91 billion to support late-stage development programs and launch readiness for multiple expected 2027 launches.
Key Takeaways from Genmab Q4 2025 Earnings
Genmab’s Q4 2025 earnings surged on improved revenue and profit growth. Full-year revenue gained 19% to $3.72 billion. Operating profit improved to $1.263 billion. This demonstrates the value of the company’s diversified royalty portfolio and expanding proprietary product sales.
The company expects 14% revenue growth in 2026 as EPKINLY and Tivdak ramp sales globally. Investments in late-stage programs position Genmab for continued momentum beyond 2026. Investors watching biopharmaceutical earnings should note Genmab’s disciplined execution and balanced investment strategy.
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