Genmab A/S, the Copenhagen-based antibody therapeutics company, has reported a 22% year-on-year increase in revenue to $3,238 million for the nine months ended 30 September 2026, driven primarily by higher DARZALEX and Kesimpta royalties and growing EPKINLY net product sales. The company also announced positive topline Phase 3 results across all three of its late-stage assets — epcoritamab, Rina-S, and petosemtamab — following the quarter's close, with potential regulatory submissions and launches anticipated in 2027. Regulatory approvals for epcoritamab in Europe and Japan in combination with R² for relapsed or refractory follicular lymphoma represent a significant commercial milestone. Investors will be watching whether these data readouts translate into regulatory filings and market authorisations on the timelines indicated.

Key Points

  • Genmab A/S (0MGB), listed Copenhagen-headquartered antibody therapeutics company
  • Revenue increased 22% to $3,238 million for the nine months ended 30 September 2026, up from $2,662 million in the same period of 2025
  • Positive Phase 3 topline results reported post-quarter for epcoritamab (DLBCL), Rina-S (platinum-resistant ovarian cancer), and petosemtamab (head and neck squamous cell carcinoma); 2026 financial guidance maintained
  • Investors should watch for regulatory submissions across the three late-stage assets and launch readiness updates heading into 2027

DARZALEX Royalties and EPKINLY Sales Drive Genmab's $3,238 Million Nine-Month Revenue

Royalty revenue totalled $2,699 million for the first nine months of 2026, up 22% from $2,219 million in the same period of 2025, with the increase primarily attributed to higher net sales of DARZALEX and Kesimpta. J&J's net sales of DARZALEX reached $12,410 million in the nine-month period, a 19% rise from $10,448 million. Global net sales of EPKINLY/TEPKINLY climbed 47% to $491 million from $333 million. These figures collectively underpin Genmab's royalty-led revenue model, in which the company earns income from partner-commercialised products rather than relying solely on its own direct sales infrastructure.

Merus Integration Costs and Pipeline Investment Push Operating Expenses 35% Higher

Operating expenses reached $2,018 million for the nine months to September 2026, a 35% increase from $1,498 million in the prior-year period. Acquisition and integration charges related to the Merus integration amounted to $87 million, while amortisation of acquired intangible assets — primarily the Merus technology platform — totalled $35 million. Adjusted operating expenses, which exclude these items, rose 27% to $1,896 million, driven by pipeline investment in Rina-S and petosemtamab and preparations for anticipated commercial launches. IFRS operating profit was $986 million, slightly below $1,007 million in the equivalent 2025 period, while adjusted operating profit increased to $1,108 million from $1,016 million.

Epcoritamab Wins European and Japanese Approvals for Follicular Lymphoma Combination Regimen

During the nine-month period, epcoritamab received regulatory approval in Europe as TEPKINLY and in Japan as EPKINLY, both in combination with rituximab and lenalidomide (R²) for adult patients with relapsed or refractory follicular lymphoma. The announcement describes TEPKINLY plus R² as the first bispecific-based therapy approved in Europe for second-line follicular lymphoma. Additionally, Genmab initiated two new Phase 3 trials for petosemtamab in first- and second-line colorectal cancer, broadening the asset's potential beyond head and neck cancer indications.

Three Post-Quarter Phase 3 Readouts Support Potential 2027 Regulatory Submissions

Following the quarter end, Genmab reported positive topline Phase 3 results from the EPCORE DLBCL-2 trial for epcoritamab in newly diagnosed diffuse large B-cell lymphoma, the RAINFOL-02 trial for Rina-S in platinum-resistant ovarian cancer meeting its primary endpoint of progression-free survival, and the LiGeR-HN1 trial for petosemtamab in first-line PD-L1 positive head and neck squamous cell carcinoma, which met both primary endpoints of overall survival and objective response rate. Genmab stated it intends to engage global regulatory authorities regarding each programme. The company confirmed it is maintaining its 2026 financial guidance, as published on 6 August 2026.