Genmab's CFO Spotlight: Strategy and Stakes at the Citi Conference

COPENHAGEN, Denmark – November 24, 2025

When Genmab’s Chief Financial Officer, Anthony Pagano, takes the stage for a fireside chat at the Citi Global Healthcare Conference on December 4, the audience will be listening for more than just financial forecasts. The discussion represents a critical checkpoint in the Danish biotech’s ambitious transformation from a successful, royalty-driven enterprise into a fully integrated commercial powerhouse. For investors and industry analysts, this is a prime opportunity to gauge the execution of a strategy that has been years in the making and is now accelerating at a breakneck pace.

Genmab’s simple press release announcing the event belies the high stakes involved. The company is at a pivotal juncture, flush with cash from blockbuster partnerships but aggressively investing to build a future where it controls its own destiny. Pagano's commentary will be scrutinized for insights into capital allocation, the progress of its wholly-owned assets, and the integration of major acquisitions that are set to define its trajectory toward its 2030 vision.

Fortifying the Financial Foundation

Any discussion about Genmab's future begins with its formidable financial present. The company’s performance in 2025 has been nothing short of stellar. Through the first nine months of the year, revenue surged 21% to $2.66 billion, while operating profit skyrocketed an impressive 52% to over $1 billion. This robust growth isn't just a line item; it's the engine powering the company's strategic evolution.

The foundation of this financial strength remains the steady stream of royalty revenue from partnered assets, most notably DARZALEX, marketed by Johnson & Johnson, which has generated over $10 billion in net sales year-to-date. Royalties from Novartis for the multiple sclerosis drug Kesimpta also contribute significantly. This reliable, high-margin income provides Genmab with a luxury many biotechs lack: the ability to make bold, strategic moves from a position of strength rather than desperation.

Investors will look to CFO Anthony Pagano for reassurance that this financial discipline will continue. In past calls, he has emphasized a commitment to sustained operating leverage. The key question now is how he plans to balance this discipline with the significant capital required to fund late-stage trials, commercial launches, and the integration of its recent acquisitions. The market will be listening for any updates to the company’s 2025 guidance—projecting up to $3.7 billion in revenue and $1.4 billion in operating profit—and how that momentum is expected to carry into 2026.

From Prototype to Profit: Building a Wholly-Owned Portfolio

The core of Genmab’s transformation lies in its deliberate pivot from a partnership-heavy model to one centered on proprietary products. This journey from prototype to profit is best exemplified by EPKINLY (epcoritamab), a bispecific antibody co-developed with AbbVie. With year-to-date sales hitting $333 million—a 64% year-over-year jump—EPKINLY is proving to be a commercial success story. Recent regulatory milestones, including an FDA priority review for its use in follicular lymphoma, signal expanding market potential and a significant new revenue stream where Genmab has a substantial economic interest.

Further bolstering this strategy was the shrewd acquisition of ProfoundBio earlier in 2025, which gave Genmab worldwide rights to Rinatabart Sesutecan (Rina-S). This antibody-drug conjugate (ADC) targeting folate receptor-alpha has already received a Breakthrough Therapy Designation from the FDA for advanced endometrial cancer and is a cornerstone of the company’s next wave of innovation. Unlike its legacy partnerships, owning Rina-S outright means Genmab retains the full commercial value, a critical component of its long-term growth narrative.

During the fireside chat, analysts will be keen to hear about the commercial strategy for these assets. How is the EPKINLY launch progressing in various geographies? What are the updated timelines and market expectations for Rina-S, which is anticipated to launch in 2027? These products are the tangible proof points of Genmab's ability to not only invent but also successfully commercialize its 'knock-your-socks-off' medicines.

The Merus Bet: Accelerating the 2030 Vision

Perhaps the most significant topic of discussion will be Genmab’s proposed acquisition of Merus N.V. This transformative deal, expected to close in early 2026, is a clear and decisive move to accelerate the company's strategic goals. The crown jewel of the acquisition is petosemtamab, a late-stage asset for head and neck cancer that holds two Breakthrough Therapy Designations. This asset immediately slots into Genmab’s pipeline as a potential near-term blockbuster, further solidifying its oncology portfolio.

The Merus deal is more than just a pipeline addition; it's a statement of intent. It demonstrates Genmab's willingness to deploy its substantial cash reserves—which stood at $3.4 billion at mid-year—to leapfrog years of development and secure leadership in key therapeutic areas. This move directly supports the company’s 2030 vision of transforming cancer treatment.

Investors at the Citi conference will have pointed questions for Pagano regarding the acquisition. They will want to understand the financial implications of integrating Merus, the projected synergies, and the capital required to advance petosemtamab through its final development stages and into the market. How this acquisition impacts Genmab's P&L and balance sheet in the coming years will be a central theme, as will the company's capacity for future business development. The successful integration of Merus is paramount, and Pagano’s confidence and clarity on this front will be crucial for maintaining investor trust, especially given the stock's 32% rally year-to-date. While market consensus remains a strong 'Buy' with price targets suggesting further upside, the execution of this large-scale acquisition will be a key factor in realizing that potential.