Genmab Revenue Jumps 22% to $3.238 Billion in 9 Months

Key Facts

Genmab revenue rose 22% in the first nine months of 2026 to $3.238 billion, compared with $2.662 billion in the same period a year earlier, according to financial results announced by the company. Genmab said the increase was $576 million, driven mainly by higher royalties on DARZALEX and Kesimpta and increased EPKINLY sales. The results show revenue broadening alongside growth in products marketed by the company’s partners, while operating expenses rose faster than sales. Operating profit and net profit fell during the period, despite an improvement in adjusted operating profit. The company kept its 2026 financial guidance unchanged.

Royalties made up most of revenue, reaching $2.699 billion in the nine months, up 22% from $2.219 billion a year earlier. Genmab attributed the increase to growth in net sales of DARZALEX and Kesimpta, two drugs marketed by partner companies. Johnson & Johnson reported DARZALEX sales of $12.410 billion, compared with $10.448 billion in the corresponding period, an increase of 19%. Novartis reported Kesimpta net sales of $4.072 billion, up 27% from $3.198 billion. The company said Kesimpta’s growth was linked to increased demand and broader access to treatment.

Global sales of EPKINLY and TEPKINLY rose to $491 million in the first nine months of 2026, from $333 million a year earlier, an increase of 47%. Genmab linked the growth to higher sales across several lymphoma indications, including advanced disease and second-line treatment of follicular lymphoma. In the third quarter alone, sales reached $179 million, compared with $122 million in the corresponding quarter of 2025, also representing annual growth of 47%. The company’s third-quarter revenue was $1.187 billion, up 16% from $1.022 billion in the year-earlier period. This points to continued expansion in quarterly sales, though at a slower pace than overall revenue growth for the nine months.

Profit did not keep pace with revenue growth: net profit fell to $698 million in the first nine months of 2026, from $932 million in the same period of 2025. Operating expenses rose 35% to $2.018 billion, compared with $1.498 billion, bringing operating profit down to $986 million from $1.007 billion. Adjusted operating profit, by contrast, was $1.108 billion, compared with $1.016 billion a year earlier. The company excludes acquisition and integration costs and amortization of acquired intangible assets from this measure. Acquisition and integration expenses, primarily related to the integration of Merus, totaled $87 million during the period.

Research and development was one source of cost pressure, with expenses rising 24% to $1.329 billion from $1.071 billion in the first nine months of 2025. Genmab said the increase was mainly tied to higher clinical development costs to support Phase 2 and Phase 3 trials of petosemtamab and Rina-S, as well as an expanded workforce. The company added that petosemtamab trial costs increased after its acquisition in December 2025. These expenses reflect continued funding for late-stage trials alongside spending to expand operations. Meanwhile, the company said it recently had pivotal results for all three of its late-stage assets: epcoritamab, Rina-S and petosemtamab.

On clinical results, Genmab said the Phase 3 RAINFOL-02 trial of Rina-S met its primary endpoint of progression-free survival. The company said the drug showed a statistically significant and clinically meaningful improvement on this measure, and that it intends to discuss next steps with regulators. The chief executive said the company had entered a “data-rich fourth quarter” following pivotal readouts across its three late-stage assets. He added that the results support multiple regulatory filings and potential launches in 2027. These developments are likely to make trial results and upcoming regulatory decisions part of investors’ focus on the company’s growth outlook.

In the market, Investing.com reported that third-quarter revenue was about $1.19 billion, compared with analysts’ average estimate of $1.2 billion, while earnings per share of $0.55 beat the estimate of $0.35. The platform said Genmab shares fell more than 3% the day after the results were announced. The company kept its 2026 financial guidance, published on August 6, unchanged. Investing.com reported that the annual revenue outlook range is about $4.325 billion to $4.525 billion, and that the company expects to finish the year in the upper half of the range. This guidance puts the remainder of the year in the context of management’s expectations, following revenue growth and a decline in net profit over the nine months.