Genmab’s Q1 Surge: A Cancer Drug Play With Global Reach?

Investors in biotech need bold bets—and Genmab A/S (NASDAQ: GMAB) is delivering. The Danish drugmaker just reported $715 million in Q1 2025 revenue, a 19% jump from last year, fueled by blockbuster cancer therapies and strategic approvals. This isn’t just growth—it’s a roadmap to dominance in oncology. Let’s break it down.

The Money Machine: Royalties and New Drugs Drive the Surge

Genmab’s revenue isn’t just a number; it’s a mix of legacy royalty streams and breakthrough products hitting their stride. The $589 million in royalties (up 30% year-over-year) are largely from DARZALEX, Johnson & Johnson’s (JNJ) multiple myeloma blockbuster. J&J’s Q1 sales of DARZALEX hit $3.24 billion, proving this partnership remains a cash cow.

But the real action is in Genmab’s proprietary therapies:
- EPKINLY (epcoritamab), its CAR-T alternative for blood cancers, is now approved in Japan and the U.S., contributing to the $126 million non-royalty revenue (total revenue minus royalties).
- TIVDAK (tisotumab vedotin), an antibody-drug conjugate for cervical cancer, received EU and Japanese approvals in Q1, expanding its global footprint.

Why This Quarter Was a Milestone

Genmab isn’t just riding existing therapies—it’s activating new engines. TIVDAK’s EU and Japan approvals mean Genmab can now commercialize it independently in those regions, avoiding reliance on partners. Meanwhile, EPKINLY’s Japan expansion adds to its $281 million 2024 sales.

The company also announced updated data for Rina-S (rinatabart sesutecan), showing promise in ovarian cancer. This compound, developed with ProfoundBio, could become another pillar.

Costs Are Rising, But the Payoff Is Worth It

Operating expenses hit $527 million, up 8% year-over-year. The culprit? Pipeline expansion—Rina-S’s Phase 3 trials, EPKINLY’s commercialization in new markets, and profit-sharing with AbbVie. But here’s the kicker: operating profit still jumped 62% to $188 million. Genmab is spending to win, and the returns are coming fast.

The Bottom Line: A Buy-and-Hold Story?

Genmab isn’t just hitting targets—it’s redefining them. Its 2025 guidance calls for $3.3–$3.7 billion in revenue, with $438 million in net product sales (midpoint). With TIVDAK and EPKINLY on track, and Rina-S advancing, this isn’t a flash in the pan.

Risks? Yes. But the Upside Outweighs Them

Patent challenges, manufacturing hiccups, and regulatory delays are always threats. But Genmab’s diverse pipeline and partnerships (with J&J, AbbVie, and others) mitigate single-drug dependency. The stock’s 12-month forward P/E of ~15 is reasonable for a company with this growth profile.

Conclusion: A Cancer Drug Giant in the Making

Genmab’s Q1 wasn’t just a win—it’s a blueprint for oncology dominance. With 19% revenue growth, 30% royalty spikes, and new markets unlocked, this is a stock to watch. The $715 million quarter isn’t an outlier; it’s the start of something big. If you’re invested in biotech’s future, Genmab is a name to etch in your notes.

Final Take: Buy the dips. This is a buy-and-hold biotech with global reach and therapies that matter.

Data as of May 2025. Past performance does not guarantee future results. Consult a financial advisor before making investment decisions.