Company Valuation: Genmab A/S

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 172,063 192,229 140,770 94,810 124,862 136,956 - -
Change - 11.72% -26.77% -32.65% 31.7% 9.69% - -
Enterprise Value (EV) 1 152,725 169,905 112,635 73,709 114,029 156,129 147,992 135,174
Change - 11.25% -33.71% -34.56% 54.7% 36.92% -5.21% -8.66%
P/E 57.8x 35.2x 32.6x 12.3x 20.9x 28.6x 20.6x 13.7x
PBR 7.82x 7.07x 4.5x 2.68x 3.47x 3.41x 2.91x 2.42x
PEG - 0.4x -1.5x 0.1x -1x -1.6x 0.5x 0.3x
Capitalization / Revenue 20.3x 13.2x 8.54x 4.4x 5.31x 4.72x 4.07x 3.36x
EV / Revenue 18x 11.6x 6.84x 3.42x 4.85x 5.38x 4.4x 3.31x
EV / EBITDA 46.8x 25.3x 20.1x 10.4x 15.9x 17.9x 11.9x 7.88x
EV / EBIT 50.6x 26.7x 21.2x 10.5x 17x 20.1x 14.8x 9.49x
EV / FCF 77.3x 47.3x 16.1x 9.72x 15.7x 26.1x 19.3x 11.4x
FCF Yield 1.29% 2.12% 6.23% 10.3% 6.36% 3.83% 5.18% 8.8%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 45.54 83.65 66.02 121.4 97.08 80.01 111.5 167.5
Distribution rate - - - - - - - -
Net sales 1 8,482 14,595 16,474 21,526 23,497 28,994 33,646 40,818
EBITDA 1 3,266 6,719 5,616 7,116 7,175 8,716 12,478 17,161
EBIT 1 3,018 6,357 5,321 7,003 6,727 7,783 10,006 14,247
Net income 1 3,008 5,522 4,352 7,844 6,083 4,973 7,094 10,674
Net Debt 1 -19,338 -22,324 -28,135 -21,101 -10,833 19,173 11,035 -1,782
Reference price 2 2,630.00 2,941.00 2,155.00 1,492.50 2,027.00 2,292.00 2,292.00 2,292.00
Nbr of stocks (in thousands) 65,423 65,362 65,322 63,524 61,599 59,754 - -
Announcement Date 2/16/22 2/22/23 2/14/24 2/12/25 2/17/26 - - -
1DKK in Million2DKK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.81x7.74x15.55x1.36% 74.18B
30.94x8.91x27.77x0.04% 59.55B
-72.24x13.96x-67.31x-.--% 25.84B
-15.16x5.72x-7.19x-.--% 24.73B
28.65x5.38x17.91x-.--% 20.87B
44.32x16.25x32.97x0.34% 15.32B
17.52x5.22x12.18x-.--% 14.06B
-14.32x3225.89x-16.49x-.--% 13.12B
-81.25x7.42x-61.47x-.--% 11.85B
Average -4.41x 366.28x -5.12x 0.19% 28.84B
Weighted average by Cap. 6.13x 171.32x 3.83x 0.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield