Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 6,543.00	Hhrkmpd	Bsfjpytr

Narrow-Moat Genmab Reports in Line Q1 Results; Maintaining DKK 2220 FVE, Shares Fairly Valued

Rachel Elfman

May 18, 2022

Genmab reported solid first-quarter results in line with our expectations. Revenue of DKK 2.1 billion increased 34% from the prior-year period, which was primarily due to continued strong demand for Darzalex, contributing to a 36% year-over-year increase in Darzalex net sales. We maintain our fair value estimate of DKK 2,220 per share and view shares as fairly valued, currently trading in 3-star territory.

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