Genmab Royalty Revenue Surges to $14.4 Billion on Darzalex Sales
Event summary
- DARZALEX® (daratumumab) net sales reached USD 14.351 billion in 2025.
- U.S. sales accounted for USD 8.266 billion, while international sales totaled USD 6.085 billion.
- Genmab receives royalties on worldwide net sales under an exclusive license agreement with Johnson & Johnson.
- DARZALEX FASPRO®, the subcutaneous formulation, contributed to the overall sales figure.
The big picture
Genmab’s substantial royalty revenue from DARZALEX highlights the lucrative nature of licensing agreements in the biotechnology sector. The $14.4 billion in sales underscores the drug’s significant market penetration in multiple myeloma treatment, but also creates a dependency that Genmab must actively mitigate through internal drug development. The company's future success hinges on its ability to generate new revenue streams beyond this single product.
What we're watching
- Competition
- The emergence of biosimilars for DARZALEX will likely erode sales and royalty income for Genmab, requiring a focus on pipeline innovation to offset potential losses.
- Contractual Risk
- Future royalty rates are subject to renegotiation with Johnson & Johnson, and any changes could significantly impact Genmab’s financial performance.
- Pipeline Progress
- Genmab’s ability to advance its pipeline of antibody-based therapeutics will be crucial for long-term growth and diversification beyond DARZALEX royalties.
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