Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 4,525.00	Qtphsj	Xfkjbwvq

Genmab Earnings: Robust Darzalex Royalty Revenue Supports Future Growth; Shares Undervalued

Rachel Elfman

May 3, 2024

Narrow-moat Genmab reported robust first-quarter results highlighted by revenue of DKK 4.1 billion, a 46% increase from the prior-year period. Royalty revenue from Darzalex continued to drive sales, accounting for 57% of total revenue in the quarter. Genmab’s results are tracking our expectations, and we maintain our fair value estimate of DKK 2,650 per share. We view the stock as undervalued, currently trading in 4-star territory at about 27% below our fair value estimate.

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