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Jun 30, 2025
Genmab Q2 2025 Earnings Report
Genmab reported strong financial performance in Q2 2025 with increased revenue, EPS, and operating income driven by higher royalties and product sales.
Key Takeaways
Genmab delivered robust Q2 2025 results with 19% year-over-year revenue growth. The performance was fueled by strong royalty revenues from DARZALEX and Kesimpta, as well as increased net product sales of EPKINLY. Despite higher costs, operating profit and net income both rose significantly, reflecting effective commercialization strategies and pipeline expansion.
Revenue rose 19% year-over-year to $925 million in Q2 2025.
EPS increased to $5.44 from $3.15 in Q2 2024.
Operating profit reached $360 million, up from $236 million in Q2 2024.
Strong royalty revenue from DARZALEX ($638M) and Kesimpta ($108M) supported earnings growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Genmab raised its 2025 full-year revenue guidance, citing strong royalty performance from DARZALEX and solid momentum in net product sales.
Positive Outlook
- Full-year revenue guidance increased to $3.5–$3.7 billion.
- DARZALEX royalty estimates revised upward to $2.3–$2.4 billion.
- Continued strength in EPKINLY and Tivdak sales.
- Five Phase 3 trials ongoing for epcoritamab.
- Launch of Tivdak in Japan bolstering revenue outlook.
Challenges Ahead
- Decline in TEPEZZA royalties by $4 million year-over-year.
- Decrease in reimbursement revenue due to program shifts.
- Milestone revenue down 74% versus H1 2024.
- FX headwinds impacting financial items.
- Profit-sharing with AbbVie increases cost of sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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