Genmab's Biotech Boom: Record Growth Fuels Strategic Expansion

COPENHAGEN, Denmark – February 17, 2026 – Danish biotechnology giant Genmab A/S today unveiled its 2025 annual report, revealing a year of robust financial growth and pivotal strategic advancements that are reshaping the company's future. With total revenue surging 19% to $3.72 billion, Genmab is leveraging its success to fund an aggressive expansion, highlighted by a landmark acquisition and a deepening pipeline of innovative cancer therapies, setting the stage for a transformative 2026.

The report paints a picture of a company firing on all cylinders, with strong commercial performance from its partnered and proprietary drugs, multiple regulatory wins, and a clear vision to evolve from a research and royalty-focused entity into a fully integrated global biopharmaceutical powerhouse.

Financial Fortitude and Ambitious Forecasts

Genmab's financial performance in 2025 was underpinned by the continued dominance of its partnered antibody therapies. Royalties, a primary revenue driver, climbed 23% to $3.1 billion. This was largely fueled by the remarkable performance of DARZALEX, the multiple myeloma treatment marketed by Johnson & Johnson, which saw its global sales increase 23% to a staggering $14.35 billion. Royalties from Novartis-partnered Kesimpta for multiple sclerosis also contributed significantly to the revenue surge.

Beyond royalties, Genmab demonstrated growing strength in its own commercial portfolio. Global net sales of the lymphoma treatment EPKINLY (epcoritamab-bysp), which it co-develops and co-commercializes with AbbVie, soared 67% to $468 million. This growth was driven by strong uptake in its initial indication and a key label expansion into third-line follicular lymphoma.

This financial strength translated into a healthy bottom line, with adjusted operating profit climbing 24% to $1.26 billion for the year. However, the company's 2026 guidance signals a strategic pivot towards heavy investment. While Genmab projects revenue to climb further to between $4.1 billion and $4.4 billion, it also anticipates a sharp increase in operating expenses to a range of $2.7 billion to $2.9 billion. This planned spending spree, up from $2.2 billion in 2025, reflects the high cost of integrating a major acquisition, funding late-stage clinical trials, and building out a global commercial infrastructure.

Consequently, the operating profit forecast for 2026 is set in a wide range of $0.9 billion to $1.4 billion. This indicates that while top-line growth remains a priority, the immediate focus is on investing that income to secure long-term, independent success. Analysts note this trade-off between near-term profitability and long-term investment is a defining feature of Genmab's current strategy.

The Merus Gambit: A Transformational Acquisition

The centerpiece of Genmab's strategic investment is its recent acquisition of Dutch biotech Merus N.V. The move, valued by market observers at around $8 billion, brings the highly promising late-stage asset petosemtamab into Genmab’s fold. Petosemtamab, a first-in-class bispecific antibody targeting EGFR and LGR5, has received Breakthrough Therapy Designation from the U.S. FDA and has shown significant potential in treating head and neck cancers, among other tumors.

This acquisition is more than just a pipeline addition; it is a declaration of intent. By bringing in a potential blockbuster asset that it can develop and potentially commercialize, Genmab is taking a decisive step to diversify its revenue streams and reduce its heavy reliance on DARZALEX royalties. The integration of Merus and the advancement of petosemtamab are top priorities for 2026, with the company expecting to report multiple potentially registrational datasets for the drug this year.

The move is a calculated risk, adding significant integration and development costs, but it provides a powerful new engine for growth and aligns with the company's ambitious goal of transforming cancer treatment by 2030.

From Lab to Market: Building a Commercial Powerhouse

Genmab's evolution is also evident in its rapidly expanding operational footprint. The company added over 300 new employees in 2025, bolstering its R&D, manufacturing, and commercial teams. A critical milestone in this transition was the independent launch of Tivdak (tisotumab vedotin) in Europe and Japan for recurrent or metastatic cervical cancer.

These launches represent Genmab's first foray into marketing and selling a product without a major partner in key international markets. While Tivdak's sales are modest compared to DARZALEX, the experience gained is invaluable. It lays the commercial groundwork and builds the necessary infrastructure for future launches of wholly-owned products like petosemtamab and Rina-S.

This deliberate scaling of its organization is essential for realizing its ambition to become a fully integrated biopharma company. The increased operating expenses budgeted for 2026 are a direct reflection of the investment required to build out launch readiness in key markets, ensuring that future regulatory approvals can be met with swift and effective commercial execution.

A Deepening Pipeline and the Race Against Time

While the Merus acquisition captured headlines, Genmab also made significant progress across its existing pipeline. The U.S. FDA approval for EPKINLY in combination with other agents for follicular lymphoma, based on the successful Phase 3 EPCORE FL-1 trial, further solidifies its position in blood cancers.

Meanwhile, another wholly-owned asset, Rina-S, is gaining momentum. The program, which also holds an FDA Breakthrough Therapy Designation, is expanding its Phase 3 development from ovarian cancer into endometrial cancer, broadening its potential impact. Genmab anticipates key data for Rina-S in 2026, adding another significant catalyst to its late-stage portfolio.

This frantic pace of development and acquisition is driven by a critical long-term risk: the eventual patent expiration for DARZALEX. With key patents set to begin expiring in 2029, the clock is ticking for Genmab to build a new generation of revenue-driving products. The company’s aggressive investments in its pipeline and commercial capabilities are a direct response to this challenge. The coming year will be a crucial test of this strategy, as the market watches closely to see if the high-stakes bets placed in 2025 will begin to yield the transformative results Genmab envisions.