Genmab Q1 2025 slides: 19% revenue growth, 62% surge in operating profit

Genmab AS (NASDAQ:GMAB) presented its Q1 2025 financial results on May 8, 2025, showcasing strong revenue growth, significant operating profit expansion, and continued advancement of its pipeline assets. The biotechnology company reported 19% total revenue growth and a 62% increase in operating profit compared to the same period last year, while maintaining a solid cash position of $3.2 billion.

Quarterly Performance Highlights

Genmab (CSE:GMAB) delivered robust financial performance in Q1 2025, with total revenue reaching $715 million, representing a 19% increase year-over-year. The company’s recurring revenue grew by 33% compared to Q1 2024, reflecting the strength of its commercialized portfolio and royalty streams.

As shown in the following chart highlighting the company’s Q1 2025 key achievements:

Operating profit surged by 62% to $188 million in Q1 2025, compared to $116 million in the same period last year, demonstrating the company’s ability to grow profitability faster than revenue. This performance was driven by strong recurring revenue growth while maintaining disciplined cost management.

The financial results are further illustrated in this comparison of Q1 2024 and Q1 2025 performance:

"We are delivering on our commitments with 19% total revenue growth and 62% operating profit growth," said Genmab in its presentation, highlighting the company’s focus on both top-line expansion and bottom-line results.

Commercialized Portfolio Performance

Genmab’s commercialized medicines showed impressive sales momentum in Q1 2025. Combined net sales from commercialized products reached $123 million, representing a 56% increase compared to $79 million in Q1 2024.

The following chart demonstrates this strong growth trajectory:

EPKINLY (epcoritamab), Genmab’s bispecific antibody for treating B-cell lymphomas, generated $90 million in net sales, a 73% increase year-over-year. The drug continues to gain traction following regulatory approvals in the US, EU, and Japan.

TIVDAK (tisotumab vedotin), indicated for cervical cancer, delivered $33 million in net sales, growing 22% compared to Q1 2024. The drug received regulatory approvals in Japan and the EU in March 2025, expanding its global reach.

Pipeline Developments

Genmab continues to advance its late-stage pipeline, with multiple assets targeting multibillion-dollar market opportunities. The company highlighted the strength of its pipeline in this comprehensive overview:

Rina-S, Genmab’s antibody-drug conjugate targeting FRα-expressing tumors, showed encouraging clinical data at the 2025 Society of Gynecologic Oncology Annual Meeting. The company is advancing the drug in multiple Phase 3 trials for platinum-resistant ovarian cancer and endometrial cancer.

"Rina-S demonstrated encouraging confirmed overall response rates, including deep responses, with a median duration of response not yet reached after a median follow-up of 48 weeks," Genmab reported in its presentation.

Acasunlimab, another pipeline asset, is being developed for non-small cell lung cancer with a potential market opportunity of $1 billion. The company expects a data readout in 2027 and potential launch in 2028.

Financial Analysis

Genmab’s condensed income statement for Q1 2025 shows strong performance across key financial metrics. Total (EPA:TTEF) revenue reached $715 million, with royalties contributing $589 million, net product sales and collaboration revenue adding $91 million, and milestone and reimbursement revenue providing $35 million.

The detailed financial breakdown is presented in this income statement:

Research and development expenses increased by 5% to $485 million in Q1 2025, reflecting the company’s continued investment in its pipeline assets while maintaining cost discipline. The modest increase in R&D spending compared to the significant revenue growth demonstrates Genmab’s focus on operational efficiency.

Net profit for Q1 2025 was $195 million, slightly higher than the $192 million reported in Q1 2024. The smaller increase in net profit compared to operating profit was primarily due to lower net financial items, which decreased from $133 million in Q1 2024 to $56 million in Q1 2025.

2025 Outlook and Guidance

Genmab provided a positive outlook for 2025, projecting continued double-digit growth in both revenue and operating profit. The company expects 12% total revenue growth and 18% recurring revenue growth for the full year.

The detailed 2025 guidance is outlined in this forecast:

Revenue is projected to reach between $3,340 million and $3,660 million, with a midpoint of $3,500 million. Operating profit is expected to be between $895 million and $1,365 million, with a midpoint of $1,130 million, representing a 16% increase compared to 2024.

Genmab’s strong financial foundation and growing recurring revenue streams position the company well for continued growth. The company has initiated a share buyback program and maintains a disciplined investment approach focused on advancing its pipeline and expanding its commercial footprint.

Despite the positive results presented, Genmab’s stock (NASDAQ:GMAB) closed down 4.39% on the day of the presentation, suggesting that market expectations may have been even higher or that investors were focusing on other factors beyond the quarterly performance.

Full presentation:

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