Genmab AS
NASDAQ: GMAB · HEALTHCARE · BIOTECHNOLOGY
Updated 2026-06-05
Genmab AS (GMAB) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $-379.62M | $505.90M | $-513.33M | $-570.06M | $268.17M | $-437.23M | $70.92M | $-128.00M | $132.67M | $311.45M | $327.72M | $1.59B | $1.01B | $1.33B | $6.43B | $2.23B | $3.91B | $7.38B | $7.77B | $1.19B |
| Capital expenditures | $1.94M | $12.84M | $53.02M | $16.78M | $10.11M | $7.21M | $9.00M | $10.37M | $75.44M | $135.39M | $33.11M | $88.51M | $477.37M | $111.00M | $307.00M | $252.00M | $317.00M | $376.00M | $187.00M | $37.03M |
| Depreciation | $17.50M | $14.25M | $85.09M | $83.78M | $21.03M | $15.05M | $15.11M | $11.66M | $12.33M | $31.82M | $40.96M | $69.75M | $87.60M | $139.00M | $266.00M | $248.00M | $362.00M | $295.00M | $413.00M | — |
| Stock-based comp | — | — | — | — | — | $20.04M | $12.00M | $11.57M | $27.72M | $36.56M | $53.19M | $75.98M | $90.76M | $147.00M | $200.00M | $310.00M | $439.00M | $586.00M | $721.00M | $128.00M |
| Free cash flow | $-381.56M | $493.06M | $-566.35M | $-586.84M | $258.06M | $-444.43M | $61.92M | $-138.36M | $57.23M | $176.06M | $294.61M | $1.50B | $537.42M | $1.22B | $6.13B | $1.98B | $3.60B | $7.00B | $7.58B | $1.15B |
| Investing cash flow | $-451.37M | $-2.36B | $460.10M | $974.73M | $-738.50M | $514.75M | $-416.34M | $66.95M | $-1.01B | $-480.88M | $-1.01B | $-667.57M | $-1.78B | $-1.98B | $-2.35B | $-961.00M | $-2.76B | $-1.28B | $-9.91B | — |
| Financing cash flow | $879.03M | $1.56B | $25.29M | $-6.64M | $-7.00M | $-6.09M | $357.81M | $151.66M | $1.04B | $643.09M | $91.19M | $214.91M | $-70.90M | $3.66B | $71.00M | $-420.00M | $-789.00M | $-606.00M | $-3.92B | — |
| Dividends paid | — | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $9.00M | $115.00M | $135.00M | $280.00M | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
Frequently asked questions
What is Genmab AS's revenue?
Genmab AS's trailing twelve-month revenue is $3.90B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is GMAB?
In its most recent fiscal year, GMAB ran a gross margin of 91.69%, an operating margin of 33.60%, and a net margin of 25.89%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does GMAB generate?
GMAB produced $1.15B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is GMAB's balance sheet healthy?
GMAB holds $1.71B in cash and equivalents against $5.00B in long-term debt, on $5.83B of shareholder equity. That debt is best read against the cash flow the business throws off each year.