4 models fit Genmab A/S ADS and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
Discount(i)Bronze47
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionGenmab A/S ADS (GMAB)
Fair value (4 models)
$54.95
ACCE price target
$45.00
Rating
Undervalued
Horizon
12 months
Fair value published on 21 Oct 2026, 12:04 CEST; previously $21.90 since 17 Oct 2026, 00:00 CEST.
ACCE price target published on 24 Oct 2026, 03:20 CEST; previously $36.50 since 25 Sept 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 12:04 CEST.
Price used: $43.79 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
20.3% below
+25.5% to fair value
ACCE score
68
out of 100
Analysts
92% buy
12 covering
P/E
31.3x
forward 15.1x
1-year return
+46.6%
Dividend yield
0.00%
Genmab A/S ADS in four questions
Plain answers, details below
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Overview
ACCE thesis
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.