Overview
H.C. Wainwright raised its price target on Genmab A/S to $40 from $39 while maintaining a Buy rating. The firm cited a refreshed discounted cash flow valuation as the basis for the higher 12-month target, pointing to DARZALEX's ongoing growth and Genmab's pipeline as key supports for its outlook.
Valuation and market metrics
Genmab is currently trading at $30 and, according to InvestingPro data referenced in the underlying report, appears undervalued relative to its Fair Value estimate. The company carries a market capitalization of $19.07 billion.
Full-year 2025 results
For the full year 2025, Genmab reported net earnings of $15.37 per diluted share, which fell short of H.C. Wainwright's projection of $19.98 per diluted share. Total revenue for 2025 was $3.7 billion, with DARZALEX royalties contributing $2.44 billion of that amount. Profitability at the gross level was substantial, with gross profit margins of 94.36% noted by InvestingPro data.
Research and development spending for the year reached approximately $1.6 billion, while selling, general and administrative expenses were recorded at $626 million. By comparison, H.C. Wainwright had modelled R&D expenses at roughly $1.5 billion and SG&A at $569 million.
Analyst projections and cash position
Looking ahead, H.C. Wainwright lifted its full-year 2026 net earnings projection to $17.51 per diluted share from a prior estimate of $16.77 per diluted share. The firm also noted Genmab's cash resources: the company ended 2020 with approximately $2.9 billion in cash, cash equivalents and marketable securities. That cash position aligns with InvestingPro's observation that Genmab holds more cash than debt on its balance sheet.
Quarterly detail and corporate actions
In the fourth quarter of 2025, Genmab reported earnings per share of $0.385, below the consensus forecast of $0.4305 and constituting a 10.57% negative surprise. Revenue for the quarter was $1.12 billion, outperforming expectations of $1.03 billion and producing an 8.74% positive surprise.
Separately, Genmab announced a share buy-back program worth up to 725 million DKK. The initiative is intended to satisfy commitments under the company's Restricted Stock Unit program and contemplates repurchasing up to 342,130 shares. The repurchase window is scheduled to open on February 18, 2026 and close by March 31, 2026. Danske Bank has been engaged to execute the transactions independently on Nasdaq Copenhagen and on Multilateral Trading Facilities.
Context for investors
H.C. Wainwright's decision to raise its 12-month target followed an updated discounted cash flow valuation. The firm explicitly cited the contribution of DARZALEX royalties and the broader pipeline as justifications for the revised target. Analyst price targets on Genmab range from $24.50 to $48 according to InvestingPro, which compiles research coverage across more than 1,400 US-listed equities.
Conclusion
The combination of strong revenue driven by DARZALEX royalties, high gross margins and a sizable cash position underpins H.C. Wainwright's positive stance despite the 2025 EPS shortfall versus the firm's forecast. The declared buy-back, timed to cover RSU obligations, adds an element of capital allocation strategy to the company's recent disclosures.