Genmab A/S ADS (GMAB) : juste valeur

Thèse ACCE

Genmab develops antibody therapeutics, with its commercial weight resting on Darzalex (daratumumab), the multiple myeloma drug it co-develops and co-commercializes with Janssen, alongside its own Epkinly (epcoritamab) and Tivdak (tisotumab vedotin) franchises. The moat is in the antibody platform and the royalty-like economics of partnered blockbusters, which show up in a 93% gross margin and a 35% operating margin. Revenue growth of 24.9% is the number to pressure-test, since it reflects Darzalex's continued expansion and the early ramp of Epkinly, and a deeper look should separate durable partnered royalties from newer launches still finding their footing. At 24.5 times forward earnings against a 29.4 trailing multiple, the market is already pricing in earnings growth, so the question for a portfolio manager is whether the next generation of Genmab's own assets can carry the stock once Darzalex's growth matures. The 14% return on equity and absence from major index memberships are worth noting as context for liquidity and sponsorship, not as a verdict on the name.