Genmab A/S kept its 2026 financial outlook after nine-month revenue climbed 22%, even as net profit fell, with royalty and EPKINLY growth offset by higher operating expenses.
Revenue reached $3.238 billion in the nine months through Sept. 30, compared with $2.662 billion in the same period of 2025, while net profit declined to $698 million from $932 million, according to the interim report released Nov. 5. Prepared under IAS 34, the report had not been audited or reviewed by external auditors.
Genmab linked the revenue increase to higher royalties from DARZALEX and Kesimpta, as well as increased net product sales of EPKINLY. Royalty revenue rose 22% to $2.699 billion from $2.219 billion. Global sales of EPKINLY and TEPKINLY increased 47% to $491 million, while Johnson & Johnson’s net sales of DARZALEX advanced 19% to $12.410 billion.
Total operating expenses reached $2.018 billion, 35% above the year-earlier period. Genmab said adjusted operating expenses, its company-defined non-IFRS measure, grew 27% to $1.896 billion, primarily as it invested in late-stage programs Rina-S and petosemtamab and expanded commercialization capabilities ahead of anticipated launches. The adjusted figure excludes $87 million in Merus acquisition and integration charges and $35 million in amortization of acquired intangible assets.
Operating profit was $986 million, down from $1.007 billion, while adjusted operating profit rose to $1.108 billion from $1.016 billion. Genmab also reported a $184 million profit-sharing payment to AbbVie tied to EPKINLY, compared with $128 million in the first nine months of 2025.
The company maintained its 2026 revenue forecast of $4.325 billion to $4.525 billion. It also kept its adjusted operating expense range at $2.810 billion to $2.950 billion and adjusted operating profit outlook at $1.065 billion to $1.385 billion.
In October, Genmab reported positive Phase 3 readouts for epcoritamab, Rina-S and petosemtamab. It plans to discuss next steps with regulators and submit trial data for future medical meetings, but gave no dates for those steps.
