Genmab shares fall 3% after Q3 revenue slightly misses expectations

Shares of Danish biotech Genmab slipped by more than 3% after the company's third-quarter revenue fell slightly short of expectations. Operating expenses surged 35% to $2.02 billion, driven by investments in the company's drug pipeline and preparations for upcoming product launches, including a $87 million charge related to the Merus integration.

Despite the revenue miss, Genmab's operating profit dipped to $986 million from $1.01 billion, while adjusted operating profit rose to $1.11 billion from $1.02 billion. For the first nine months of 2026, revenue grew 22% to $3.24 billion, propelled by higher royalties from Darzalex and Kesimpta, as well as strong sales of the cancer drug Epkinly.

Royalty revenue climbed 22% to $2.70 billion, thanks to a 19% increase in Johnson & Johnson's net sales of Darzalex to $12.41 billion. Global net sales of Epkinly, also known as Tepkinly, jumped 47% to $491 million. Recently, epcoritamab received approval in Europe and Japan for use alongside another treatment in adults with relapsed or refractory follicular lymphoma.

Genmab has also initiated two Phase 3 trials of petosemtamab for colorectal cancer. CEO Jan van de Winkel highlighted that the company is entering a data-rich fourth quarter following the delivery of pivotal trial results for three late-stage drugs - epcoritamab, Rina-S (rinatabart sesutecan), and petosemtamab - which support multiple regulatory submissions and potential launches in 2027.