Genmab A/S (GMAB): BCG Matrix [Dec-2025 Updated]

You're looking for a clear-eyed view of Genmab A/S's portfolio, and honestly, the BCG Matrix is the perfect tool for mapping their current transition from a royalty house to an integrated biotech powerhouse. We see Stars like DARZALEX royalties growing at 22% and Kesimpta at 41% in 9M 2025, fueling a $3.6 billion revenue guidance midpoint, while disciplined culling of assets like GEN1160 marks the end of the 'Dogs' era. This analysis breaks down exactly where the reliable cash from TEPEZZA sits versus the massive R&D bets on Question Marks like Rinatabart sesutecan, so you can see the strategic allocation underpinning Genmab's next phase.

Background of Genmab A/S (GMAB)

You're looking at Genmab A/S (GMAB) as of late 2025, and honestly, the story is one of a successful transition. Genmab A/S is a biotechnology company based in Copenhagen, Denmark, established back in 1999, focusing on creating and developing innovative antibody therapeutics to treat cancer and other serious diseases. It's definitely moving from a pure royalty-driven model toward becoming a global oncology powerhouse with its own commercial franchises.

Financially, the first half of 2025 showed strong momentum. Genmab A/S reported revenue rising 19% year-over-year, hitting $1.64 billion (or $1,640 million) for the first six months of the year, compared to $1.38 billion in the same period of 2024. This was largely fueled by royalty income, which jumped 24% to $1.378 billion in H1 2025, accounting for about 84% of total revenue. The operating profit for H1 2025 was $548 million.

Looking at the nine-month figures ending September 30, 2025, revenue reached $2,662 million, marking a 21% increase over the prior year's $2,198 million. Royalty revenue for that nine-month period was $2,219 million, up 23%. The company's operating profit for the first nine months of 2025 stood at $1,007 million. To support this growth and pipeline development, Genmab A/S maintained a solid financial base, reporting a cash reserve of about $2.9 billion at the end of H1 2025.

When we look at the specific products driving this, the royalty stream is dominated by blockbuster drugs partnered with others. DARZALEX®, developed with Johnson & Johnson, saw net sales of $6.776 billion in H1 2025, and Genmab A/S expects its DARZALEX royalties for the full year 2025 to be between $2.3 - $2.4 billion. Kesimpta®, partnered with Novartis, also significantly contributed to the royalty growth.

For Genmab A/S's self-commercialized portfolio, EPKINLY® (epcoritamab-bysp) is gaining traction, delivering $211 million in H1 2025 sales, which was an impressive 74% year-over-year gain, and it's now approved in over 60 countries. Tivdak® (tisotumab vedotin) brought in $78 million in H1 2025, up 30% year-over-year, and the company marked its first commercial entry into a European market with its launch in Germany.

The pipeline is where the future growth is being positioned, signaling a strategic shift to own more assets outright, which is highlighted by the proposed acquisition of Merus N.V. Key late-stage assets include Rinatabart sesutecan (Rina-S®), which received Breakthrough Therapy Designation from the FDA for endometrial cancer, with Phase 3 trials starting in late 2025 and peak sales potential over $2 billion. Furthermore, Epcoritamab's Phase 3 trial met its endpoints, supporting a supplemental Biologics License Application for earlier lines of therapy. Acasunlimab (GEN1046) is also advancing, with pivotal data expected by late 2026 for frontline diffuse large B-cell lymphoma.

Genmab A/S (GMAB) - BCG Matrix: Stars

The Stars quadrant represents Genmab A/S products operating in high-growth markets where the company holds a strong relative market share. These assets demand significant investment to maintain their leadership position and fuel future conversion into Cash Cows.

DARZALEX (daratumumab) royalties remain a cornerstone, showing robust performance. Net sales for DARZALEX, including the subcutaneous product, increased by 22% in the first nine months of 2025 compared to the same period in 2024, reaching $10,448 million in net sales for the nine-month period. Genmab A/S expects its full-year 2025 DARZALEX royalties to be in the range of $2.3 - $2.4 billion. Overall royalty revenue for Genmab A/S in the first nine months of 2025 grew by 23% to $2,219 million.

Kesimpta (ofatumumab) royalties also contribute significantly to this category, as its growth, alongside DARZALEX, drove the 23% increase in total royalty revenue for the first nine months of 2025.

The company's newer commercial products are also exhibiting Star-like characteristics due to high market growth and increasing share. EPKINLY (epcoritamab) net product sales and TIVDAK (tisotumab vedotin) net product sales drove a combined 60% sales growth year-over-year in the first half of 2025.

Specific performance metrics for these growth drivers include:

• EPKINLY net sales reached $333 million through the third quarter of 2025.
• EPKINLY net sales showed a 74% year-over-year increase in the first half of 2025.
• TIVDAK (tisotumab vedotin) expanded its footprint with new launches in the European Union and Japan during 2025.

The strength of these assets underpins the company's financial outlook. Genmab A/S's overall 2025 revenue guidance midpoint is set at $3.6 billion, reflecting projected double-digit growth.

Here is a summary of the key financial metrics supporting the Star positioning:

These products are leaders in their respective high-growth indications, consuming cash for continued market penetration and development, which is the classic Star profile. Finance: review the cash burn rate for EPKINLY and TIVDAK versus the projected royalty cash flow by next Tuesday.

Genmab A/S (GMAB) - BCG Matrix: Cash Cows

Cash Cows for Genmab A/S (GMAB) are characterized by high market share in mature segments, generating substantial, reliable cash flow with minimal required investment from the company. These assets are crucial for funding the higher-risk, higher-reward Question Marks in the portfolio.

The TEPEZZA (teprotumumab) royalties represent a classic example of this quadrant for Genmab A/S. This asset is a first-in-class treatment for Thyroid Eye Disease (TED), securing a strong, established market position.

• TEPEZZA (teprotumumab) royalties, a first-in-class treatment for Thyroid Eye Disease (TED).
• Royalty revenue for TEPEZZA was $75 million in 9M 2025, representing a stable, mature revenue stream.
• This asset holds a high market share in a niche indication, requiring minimal Genmab investment.
• Provides a reliable, high-margin cash flow to fund the high-risk, high-reward Question Marks.

The overall royalty stream underscores the strength of these mature assets. For the first nine months of 2025, Genmab A/S reported total royalty revenue of $2,219 million, a significant increase of 23% compared to the $1,802 million recorded in the first nine months of 2024. This total revenue for the nine-month period reached $2,662 million.

The bulk of this cash generation is anchored by the DARZALEX royalties. Genmab A/S projects its full-year 2025 DARZALEX royalties to fall within the range of $2.3 - $2.4 billion. This level of predictable income is what allows Genmab A/S to maintain its operational scale and invest heavily in its pipeline assets, such as Rina-S and epcoritamab.

You can see how this cash engine compares to the overall financial picture for the first nine months of 2025:

The strategy here is clear: maintain the productivity of these established products. You don't need to spend heavily on market creation for a Cash Cow; instead, you focus on operational efficiency to maximize the margin on every dollar flowing in. Genmab A/S is clearly 'milking' these assets effectively, as evidenced by the strong royalty growth, which was driven by higher net sales of DARZALEX and Kesimpta.

The key characteristics Genmab A/S exhibits with these assets include:

• High Market Share: Indicated by the strong, growing royalty streams from key collaboration products like DARZALEX.
• Low Growth Prospects (Relative to Stars): The maturity of the underlying products suggests slower growth than novel assets, fitting the Cash Cow profile.
• High Margin Cash Flow: Royalties are inherently high-margin as they represent revenue from sales made by partners, minimizing Genmab A/S's direct cost of goods sold and operational overhead for those specific products.
• Funding Mechanism: The $2,219 million in royalties for 9M 2025 directly supports the company's operating expenses of $1,655 million for the same period, creating a surplus.

Finance: draft 13-week cash view by Friday.

Genmab A/S (GMAB) - BCG Matrix: Dogs

You're looking at the assets Genmab A/S has chosen to stop funding, the ones that didn't earn their keep in the portfolio. These are the classic Dogs: products or candidates with low relative market share and little growth potential, tying up capital that could go to Stars or promising Question Marks. Honestly, the move to cull these assets shows good discipline, especially following the big April 2024 acquisition.

The two most recent examples of this rational pruning come directly from the ProfoundBio purchase, which cost Genmab A/S USD 1.8 billion in cash. The company is clearly prioritizing its resources, a necessary step when you are simultaneously planning a major outlay like the proposed USD 8.0 billion all-cash transaction for Merus N.V. in late 2025.

Here's a quick look at the specific assets Genmab A/S has moved to the scrap heap, which are prime candidates for the Dogs quadrant:

• GEN1107 (solid tumor candidate), terminated in September 2025.
• GEN1160 (ADC asset), development halted in November 2025.

The decision to discontinue these assets is a direct reflection of the Dogs strategy: avoid expensive turn-around plans and minimize exposure. The financial impact of these specific write-downs, while not separately itemized in the public guidance, is managed within the overall operating expense structure. For context, Genmab A/S is maintaining its 2025 revenue guidance at $3.5 - $3.7 billion and its operating profit guidance at $1.1 - $1.4 billion.

The data supporting the classification of these assets as Dogs, meaning they are low-share and low-growth, is evident in the clinical outcomes and enrollment figures:

The total costs and operating expenses for the first nine months of 2025 reached $1,655 million. Cutting these non-performing assets from the ProfoundBio deal helps ensure that capital is not trapped in ventures that fail to show sufficient promise, especially as the company focuses on its core priorities like rinatabart sesutecan (Rina-S) and the massive Merus acquisition.

The culling process is clearly defined by the company's portfolio prioritization strategy, which aims to focus resources on medicines with the greatest potential. This discipline is what separates a cash trap from a strategic pivot. The assets being cut were:

• GEN1107: Targeting PTK7 in advanced solid tumors.
• GEN1160: A CD70-targeted ADC.

Finance: draft impact assessment of asset write-offs against Q3 goodwill balance by next Tuesday.

Genmab A/S (GMAB) - BCG Matrix: Question Marks

The Question Marks quadrant for Genmab A/S (GMAB) is populated by its most promising, late-stage, wholly-owned or soon-to-be-owned assets, which are consuming significant cash to prove their value in rapidly expanding oncology markets. These products are in high-growth therapeutic areas but currently have zero commercial market share, fitting the definition of consuming cash with low immediate returns.

These programs require substantial investment to move through pivotal trials and secure regulatory approval, which is the necessary path to transition them into Stars. Genmab A/S's commitment to this strategy is evident in its overall financial outlay.

• Genmab Research and Development Expenses for the twelve months ending June 30, 2025, reached $1.440B, a 12.34% increase year-over-year.
• Quarterly Research and Development Expense for the period ending June 30, 2025, was $368.62M.
• Total costs and operating expenses for the first nine months of 2025 were $1,655 million, up 8% from the prior year, driven in part by the advancement of these pipeline assets.

The three primary assets currently positioned as Question Marks, each demanding heavy investment to capture future market share, are Rinatabart sesutecan, Acasunlimab, and Petosemtamab.

Rinatabart sesutecan (Rina-S)

Rinatabart sesutecan (Rina-S), an antibody-drug conjugate (ADC) acquired through the 2024 $1.8 billion ProfoundBio takeover, is a key focus. It is being evaluated in high-need settings, such as post-chemotherapy/checkpoint inhibitor treated endometrial cancer, where the standard of care offers dismal outcomes (e.g., Objective Response Rate of less than 16% for subsequent single-agent chemo). Genmab plans to have three Phase 3 trials of Rina-S under way by the end of 2025.

Early data show high potential, justifying the investment:

The advancement of Rina-S is a direct contributor to the increased R&D spending seen in 2025.

Acasunlimab (GEN1046)

Acasunlimab (GEN1046), a PD-L1x4-1BB bispecific antibody, is being pushed into a Phase 3 trial, ABBIL1TY NSCLC-06, after Genmab assumed sole responsibility for its development. This trial compares the combination of Acasunlimab plus Pembrolizumab against Docetaxel in metastatic Non-Small Cell Lung Cancer (NSCLC) patients who have already progressed on PD-1/PD-L1 inhibitors and platinum chemotherapy. The Phase 3 study began on November 25, 2024.

The decision to proceed was based on promising Phase 2 results, though side effects require careful management:

• Phase 2 best regimen (Acasunlimab 100mg + Keytruda 400mg Q6W) achieved a median Overall Survival (OS) of 17.5 months.
• Confirmed Objective Response Rate (ORR) for this arm was 17%.
• The same dosing arm saw 18% of patients experience liver-related Adverse Events.
• The discontinuation rate due to Adverse Events in that arm was 25%.

Genmab owes BioNTech a tiered single-digit royalty on net sales for this asset.

Petosemtamab

Petosemtamab, an EGFR$\times$LGR5 bispecific antibody, is the centerpiece of Genmab's proposed $8.0 billion acquisition of Merus NV, a transaction Genmab will fund with cash and approximately $5.5 billion in new debt. This move is designed to accelerate Genmab's shift to a wholly owned model, with Petosemtamab anticipated to launch in 2027 and potentially generate over $1 billion in annual sales by 2029. The acquisition is guided to be EBITDA-accretive by the end of 2029.

Phase 2 data in head and neck cancer show strong initial signals:

These late-stage assets, Rina-S, Acasunlimab, and Petosemtamab, represent Genmab's current high-risk, high-reward investments, consuming capital now for potential future blockbuster returns, especially as the company relies on projected 2025 DARZALEX royalties of $2.3 - $2.4 billion to help fund operations.