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• Total Revenue Growth: 21% increase over the past 9 months.

• Operating Profit Growth: 52% increase while making strategic investments.

• Cash Position: Ended the first half with approximately $3.4 billion in cash.

• Recurring Revenue Growth: 26% increase, driven by royalties from Darzalex and Casimpta.

• Darzalex Net Sales: Nearly 22% growth, totaling $10.4 billion for the first nine months.

• Royalty Revenue from Darzalex: Over $1.7 billion.

• Proprietary Portfolio Sales: E Kinley and Tibdac sales up 54% year over year, accounting for 25% of total revenue growth.

• E Kinley Sales: $333 million through Q3, a 64% year over year increase.

• Tibdac Year-to-Date Sales: $120 million.

• Total Operating Expenses: $2.025 billion for the first nine months, up 7% from the same period last year.

• Net Profit: $932 million.

• Effective Tax Rate: 18.9% with a tax expense of $217 million.

• 2025 Financial Guidance: Revenue expected between $3.5 to $3.7 billion, with operating profit between $1.1 to $1.4 billion.

Release Date: November 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Genmab AS (NASDAQ:GMAB) reported a 21% increase in total revenue over the past nine months, driven by increased recurring revenue.

• Operating profit grew by 52%, demonstrating strong financial performance despite strategic investments.

• The company has a robust cash position with around $3.4 billion, providing flexibility for continued growth and expansion.

• Genmab AS (NASDAQ:GMAB) is advancing its pipeline with promising data from Abilian and Renas, including additional phase 3 clinical trials for Renas.

• The proposed acquisition of Meisis is expected to accelerate Genmab AS (NASDAQ:GMAB)’s shift towards a 100% owned model, expanding and diversifying its revenue streams.

• The data for 1,042 in frontline head and neck cancer did not meet the high bar for continued development, leading to its termination.

• There is a competitive landscape for Peto and Rena F, with other companies developing similar therapies.

• The company faces challenges in expanding its market presence, particularly in new regions like China.

• There are concerns about the near-term growth opportunity for Ekinley in second-line follicular lymphoma, with potential gradual uptake.

• The financial guidance for 2026 remains uncertain, with potential impacts from interest expenses and the integration of the Meisis acquisition.

Q: Coming out of Esmo, there’s been a lot of discussion around the competitive landscape of Peto and Rena F. What are your thoughts on how these drugs are positioned in the competitive landscape and what gives you confidence in their potential as key growth drivers? A: Tahamtan Ahmadi, Chief Medical Officer, explained that there were no surprises from Esmo, and they remain confident in Peto and Rena as best and first-in-class assets in their respective indications. Peto is seen as a best-in-class second-generation EGFR bispecific, with ongoing phase 3 trials in head and neck cancer. Rena has shown promising data in endometrial cancer, and they are confident in its potential across various indications.

Q: Can you comment on the commercial dynamics of Ekinley, particularly in terms of usage between follicular and DLBCL indications, and the near-term growth opportunity in second-line follicular lymphoma in the US and China? A: Brad Bailey, Chief Commercial Officer, stated that they are encouraged by Ekinley’s performance and do not split sales by indication. The dual indication and subcutaneous administration are beneficial. The second-line follicular lymphoma market is seen as a significant opportunity, with approximately 9,000 patients in the US, and they expect growth as they move into earlier lines of therapy.

Q: Could you elaborate on the decision to terminate the clinical development of 1,042 in first-line head and neck cancer and its implications for future development in other indications? A: Jan G. J. Van De Winkel, CEO, explained that the data from 1,042 in combination with chemo and Pembro in frontline head and neck cancer did not meet their high bar for continued development, leading to its termination. This decision was based on the most relevant data set, and they will focus on other promising assets.

Q: What are your thoughts on the upcoming potential approval of Ekinley in November, especially regarding US representation in clinical trials? A: Tahamtan Ahmadi, Chief Medical Officer, expressed confidence in the upcoming approval, stating there is no indication that it will not be approved in the US in the coming weeks. They are optimistic about Ekinley’s performance and its potential approval.

Q: How do you view the colorectal opportunity for Peto, and do you feel a subcutaneous formulation is necessary to compete with emerging competition? A: Tahamtan Ahmadi, Chief Medical Officer, acknowledged the early and encouraging data in colorectal cancer but emphasized that their focus remains on head and neck cancer. They are considering subcutaneous administration as part of lifecycle management, but their current focus is on executing ongoing studies.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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Stress in US money markets could flare up again and spur the Federal Reserve to take swifter action to tame another burst higher in short-term interest rates, Wall Street banks have warned.

Short-term funding rates have steadied this week after signs of strain late last month in a vital section of the financial system’s plumbing prompted concern among some bankers and policymakers.

The difference between a key market-based rate known as tri-party repo and one set by the Federal Reserve hit its highest level since 2020 last Friday, despite the central bank saying that it would halt a programme to reduce the size of its balance sheet on December 1.

Tri-party repo rates eased back in line with the Fed’s rate on reserve balances this week, as pressure on money markets waned. But market participants remain worried about the spectre of another jump in repo rates in the coming weeks.

“I don’t think it was a one-off anomaly of just a few days of volatility,” said Deirdre Dunn, head of rates at Wall Street bank Citigroup, who also serves as chair of the Treasury Borrowing Advisory Committee.

Scott Skyrm, executive vice-president at repo market specialist Curvature Securities, added that while markets had “normalised”, partly because banks tapped a Fed facility to release pressure in money markets, “funding pressure is going to be back at least at the next month-end and year-end”.

Samuel Earl, a US rates strategist at Barclays, echoed that sentiment, noting that funding markets were “not out of the woods”.

Some analysts and policymakers say the Fed may need to begin outright purchases of assets if pressure does not abate.

Dallas Fed president Lorie Logan, a former member of the New York Fed’s markets group, noted last week that “if the recent rise in repo rates turns out not to be temporary, the Fed in my view would need to begin buying assets”.

The debate about whether the central bank needs to move to steady funding markets comes as many analysts say that it is on the brink of pulling too much money out of the financial system as a result of three years of quantitative tightening.

When that happens, banks’ levels of reserve cash can dip into perilous territory.

“One could argue that we’re not in an ample reserve environment anymore and these events could continue to happen . . . It would be prudent for the Fed to think about what other tools they have in their back pocket,” Dunn said.

The Fed’s QT programme has happened alongside record Treasury bill sales, reinforcing the liquidity strain. This is because big banks that act as underwriters for the government’s debt soak up issuance that is not purchased by investors. These dealers turn to the repo market to finance these purchases in an effort to avoid tying up their own cash.

“Such aggressive bill issuance is elevated by historic standards and risks exhausting Treasury bill demand from traditional investors,” said Meghan Swiber, a rates strategist at Bank of America.

“To better balance bill supply and demand, we believe a long dormant buyer will likely be needed: the Fed.”