Genmab A/S (GMAB) annual results, year to 31 December 2025: revenue USD 3,720 million, from the 20-F
Genmab A/S files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 3,720 million, up 19.2% on the year before. Its profit was USD 963 million, down 15.0%, and diluted earnings per share USD 15.37.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 3,121 | 3,720 |
| Cost of sales | 143 | 238 |
| Research and development | 1,414 | 1,606 |
| Selling, general and administrative | 549 | 626 |
| Operating profit | 972 | 1,065 |
| Finance costs | 291 | 269 |
| Profit before tax | 1,326 | 1,204 |
| Income tax | 193 | 241 |
| Profit for the year | 1,133 | 963 |
| Profit attributable to shareholders | 1,133 | 963 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
USD per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash from operations | 1,126 | 1,186 |
| Purchase of property, plant and equipment | 27.0 | 37.0 |
| Free cash flow | 1,099 | 1,149 |
| Filing | 20-F | 20-F |
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 6,414 | 12,873 |
| Equity attributable to shareholders | 5,137 | 5,847 |
| Cash and cash equivalents | 1,380 | 1,715 |
| Borrowings, as filed | 0.0 | 5,274 |
| Lease liabilities | 144 | 152 |
| Trade and other receivables | 923 | 1,112 |
| Inventories | 9.0 | 18.0 |
| Goodwill | 355 | 355 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating margin | 31.1% | 28.6% |
| Net margin | 36.3% | 25.9% |
| Free cash flow margin | 35.2% | 30.9% |
| Return on year-end equity | 22.1% | 16.5% |
| Effective tax rate | 14.6% | 20.0% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
Source
20-F for the year to 31 December 2025, filed 17 February 2026, accession 0001434265-26-000014: the filing on EDGAR. All of Genmab A/S's filings: EDGAR company page. The figures are in US dollars as filed.
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