Total Revenue Growth
Q1 2026 total revenue grew 25% year-over-year, reflecting diversified revenue from royalties (DARZALEX, Kesimpta) and increasing product sales from Genmab's proprietary medicines.
Genmab
· GMAB
May 7th, 2026
Summary
- Earnings Call Date:
- 2026-05-07
- Change Since:
- -4.43%
- Next Earnings Date:
- 2026-08-06
Earnings Call Sentiment
PositiveThe call conveyed strong commercial momentum, meaningful top-line growth, improving profitability and a catalyst-rich 2026 driven by multiple late-stage readouts (EPKINLY, Rina-S, petosemtamab). Management highlighted disciplined but sizeable investments to support launches and pipeline advancement and reported faster-than-expected enrollment on key trials. Key risks discussed include near-term tax-rate volatility tied to Merus integration, substantial planned operating spend, a hypercompetitive landscape for Rina-S, and dependency on several binary clinical readouts. Overall, the positives from robust revenue/receipt growth, operating profit expansion, completed pivotal enrollment and multiple upcoming catalysts materially outweigh the outlined uncertainties.
Company Guidance
Genmab reiterated 2026 financial guidance while reporting strong Q1 results: total revenue rose 25% in Q1, driven by $176 million in proprietary product sales (up 43% YoY), including EPKINLY sales of $137 million (up 52% YoY) and Tivdak $39 million (up 18% YoY); operating profit grew 23% in the quarter and tax expense was ~$21 million (effective tax rate 28.9%). For 2026 the company expects, at the midpoint, ~14% total revenue growth, operating expenses of roughly $2.7–$2.9 billion (reflecting stepped-up investment in petosemtamab and Rina‑S and launch readiness), and excludes acquisition‑related expenses/amortization from guidance; management also confirmed timing guidance for key data readouts this year (including two Rina‑S datasets in H2 after RAINFOL‑02 completed enrollment) and reiterated a target to deleverage to gross leverage below 3x by end‑2027.
Proprietary Portfolio Sales Momentum
Proprietary product sales totaled $176 million in Q1 (up 43% year-over-year), driven by strong uptake of EPKINLY and Tivdak across new and established markets.
EPKINLY Commercial Performance and Label Update
EPKINLY sales reached $137 million in the quarter (up 52% year-over-year). Key commercial and regulatory wins include fixed-duration approval with R2 in second-line FL, approvals in >65 countries (many dual indications), and an FDA label revision removing a required 24-hour hospitalization recommendation for first full dose in third-line DLBCL—expected to broaden outpatient/community use.
Tivdak Growth and Geographic Expansion
Tivdak sales were $39 million in Q1 (up 18% year-over-year). Continued leadership in the U.S. recurrent/metastatic cervical cancer market and expansion efforts in Japan, Europe (direct commercialization in Japan and Europe), and the U.K. (private prescribing launch and NICE/SMC engagement) support further growth.
Profitability While Investing in Growth
Genmab grew operating profit by 23% in Q1 despite stepping up investments in late-stage development and launch readiness. 2026 guidance remains on track with a midpoint revenue growth expectation of ~14% and planned operating expenses of ~$2.7–2.9 billion.
Rina-S Development Acceleration and Milestones
Rina-S program advanced materially: RAINFOL-02 (Phase III in second-line plus platinum-resistant ovarian cancer) completed enrollment ahead of expectations, bringing pivotal Phase III data into 2026; two new Phase III trials (including a chemo-replacement in platinum-sensitive ovarian cancer and the first frontline endometrial trial) are anticipated to start in coming months. Two datasets for Rina-S in platinum-resistant ovarian cancer are expected in H2 2026, supporting potential 2027 launches.
Petosemtamab Progress & Merus Integration
Petosemtamab development remains on track with one or more readouts expected this year; Merus integration is underway and being pursued to capture the full value of petosemtamab, while acquisition-related expenses/amortization are excluded from the presented results (reconciliation in appendix).
Clinical Execution and Faster-than-Expected Enrollment
Several trials (including RAINFOL-02 and multiple EPKINLY trials) have accrued faster than originally projected, accelerating expected readouts and creating a catalyst-rich 2026 with potential supporting launches in 2027.
Operator
Hello, and welcome to the Genmab First Quarter 2026 Financial Results Conference Call. As a reminder, this conference call is being recorded. During this telephone conference, you may be presented with forward-looking statements that include words such as believes, anticipates, plans or expects. Actual results may differ materially, for example, as a result of delayed or unsuccessful development projects. Genmab is not under any obligation to update statements regarding the future nor to confirm such statements in relation to actual results, unless this is required by law. Please also note that Genmab may hold your personal data as indicated by you as a part of our Investor Relations outreach activities in order to update you on Genmab going forward. Please refer to our website for more information on Genmab and our privacy policy. I would now like to hand the conference over to our first speaker today, Jan van de Winkel.
Please go ahead.
Jan van de Winkel
Hello, and welcome to our financial results call for the first quarter of 2026. With me today is our Chief Financial Officer, Anthony Pagano; and our Chief Commercial Officer, Brad Bailey. For the Q&A, we will be joined by our Chief Medical Officer, Tahi Ahmadi, and our Chief Development Officer, Judith Klimovsky. As noted, we will be making forward-looking statements, so please keep that in mind. Let's move to the first quarter highlights. In Q1 2026, we continue to deliver strong financial performance and make focused progress against our strategic priorities. We grew total revenue by 25%, reflecting continued momentum across our portfol...
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