Industry

Health Care

Sector

Biotechnology

Country

Denmark

Company description

Genmab is based in Copenhagen and was founded in 1999 as a spin-off of the American Biotech company Medarex. The company specializes in the creation and development of differentiated antibody therapeutics for the treatment of cancer. Genmab now has two approved antibodies, Arzerra (ofatumumab) and Darzalex (daratumumab). Although the company is based in Denmark, it also operates through subsidiaries in Utrecht, Netherlands and New Jersey, USA.

Market cap.

DKKm 65,649

Share price

DKK 1,068

Earnings per share (EPS)

DKK 24

Dividend per share (DPS)

DKK 0

Price / earnings

44.6x

Price / sales

21.7x

Price / book value

8.2x

Enterprise value / EBITDA

44.4x

CEO

Jan G. van de Winkel

Chairman of the Board of Directors

Mats Pettersson

CFO

David Eatwell

Investor relations

Marisol Peron

Ticker symbol

GEN

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010272202

Phone

0045 7020 2728

Website

genmab.com

Address

Kalvebod Brygge 43, 1560 Copenhagen

Income statements

DKKm 200120022003200420052006200720082009201020112012201320142015201620172018
Sales 00684991365307455865823514856648501,1331,8162,3653,025
Other income 00000000000000176000
Total income 00684991365307455865823514856648501,3091,8162,3653,025
Total expenses -246-509-378-415-506-583-952-1,536-1,000-722-585-586-583-573-547-722-952-1,557
EBITDA -246-509-309-411-407-447-423-790-414-140-234-102812787621,0941,4141,468
Depreciation tangible assets -4-17-33-31-21-25-14-80-84-21-15-15-11-9-9-10-12-28
Write-downs tangible assets 000000000000000000
EBITA -251-526-342-441-428-472-437-870-498-161-249-117692687531,0841,4021,440
Amortisation intangible assets 0000000000000-3-23-31-58-60
Income from associated companies 000000000000000000
Earnings before interest and taxes (EBIT) -251-526-342-441-428-472-437-870-498-161-249-117692657301,0531,3441,380
Financial income 107100846980981591271814043253058578772243
Financial expenses -25-53-69-43-45-64-105-221-25-1-3-22-34-26-30-9-352-11
Income from associated companies 000000000000000000
Earnings before taxes (EBT) -169-479-327-415-394-438-383-965-342-122-210-114652977581,1301,0641,612
Taxes 0000000-1-6-21-635465740-140
Profit from continuing operations -169-479-327-415-394-438-383-965-348-143-216-111703017641,1871,1041,472
Discontinued operations 00000000-663-178-381-3764200000
Minorities 000000000000000000
Net profit or loss -169-479-327-415-394-438-383-965-1,011-321-596-4871123017641,1871,1041,472

Cash flow statements

DKKm 200120022003200420052006200720082009201020112012201320142015201620172018
EBITDA -246-509-309-411-407-447-423-790-414-140-234-102812787621,0941,4141,468
Net interest paid 83481932365513311552182720304545344044
Taxes paid 00000000-9-30-850466-18146
Investments in working capital 1176-432127-197051-81378-203175-240-222-538-859240-634
Other operating cash items 26783010353291161-11741-18-2812837537691
Cash flow from operations (CFFO) -126-308-302-368-209-380506-513-570268-43771-1281333113281,5891,015
Capital expenditures (capex) 254239362-25-128-451-2,3631,614975-739515-41614-1,011-481-1,015-668-668
Acquisitions 0000000-1,1540000000000
Disposals 0000000000005300000
Other investing cash items 00000000000000000-1,110
Cash flow from investing activities 254239362-25-128-451-2,363460975-739515-41667-1,011-481-1,015-668-1,778
Free cash flow to equity holders (FCFE) 128-7060-393-336-831-1,857-53405-47078-345-61-878-169-687921-763
Dividends paid 000000000000000000
Share buy-backs 0000000000000000-118-146
New share issues 016015423069351,569342003661561,06464320921575
Increase/(decrease) in debt 000000000000000000
Other financing cash flows -3-4-39-8-57-10-43-16111-113-197541-902219
Cash flow from financing activities (CFFF) 0157-45032988791,560-9-14111-1133471621,069684120119-52
Discontinued activities and other 00000000000000000
Net cash flow / Change in cash position 8756111-3848-297-62391-360-362101191515-5671,041-815

Balance sheets

DKKm 200120022003200420052006200720082009201020112012201320142015201620172018
Goodwill 00000003140000000000
Other intangible assets 9565341100000000363193182124470
Total intangible assets 956534110003140000363193182124470
Fixed tangible assets 518873574431409786041322623262932113162
Shares and associated companies 000000000000000000
Other financial assets 16126632110000000000
Deferred tax assets 0000000051354766125297386
Other non-current assets 00060000871096671910
Total fixed assets 162165113804734411,29273624839391002353415441,028
Inventories 0000000350000000000
Trade receivables 51153234544121716110465711371361061759765791,327
Other current assets 1,4331,1507277398881,3013,5691,7011,5842,2531,3801,4501,3892,3012,6193,6154,1335,573
Cash and cash equivalents 1662533094203814291327046110165671683598743071,348533
Total current assets 1,6501,4191,0671,1921,3231,7713,9181,9672,1482,4191,5171,6541,6932,7663,6684,8986,0597,433
Total assets 1,8121,5831,1801,2721,3701,8053,9593,2592,2222,4821,5641,6931,7322,8673,9035,2386,6038,461
Equity 1,7121,3991,0861,1811,1191,6082,8832,1891,2971,0804863836602,0333,4874,8276,2728,014
Non-controlling interests (minorities) 000000000000000000
Shareholders equity 1,7121,3991,0861,1811,1191,6082,8832,1891,2971,0804863836602,0333,4874,8276,2728,014
Pension liabilities 000000000000000000
Deferred tax liabilities 000000000000000000
Long-term provisions 00000000523233111011
Convertible debt 000000000000000000
Long-term debt 000000000000000000
Other long-term liabilities 302419211411892154781231631760022
Total long-term liabilities 3024192114118926771011261651781043
Short-term debt 00000000011600000000
Trade payables 000000000000000000
Other current liabilities 7016075702371861,0671,0618981,2099771,184908656414412327443
Total current liabilities 7016075702371861,0671,0618981,3259771,184908656414412327443
Total equity and liabilities 1,8121,5831,1801,2721,3701,8053,9593,2592,2222,4821,5641,6931,7322,8673,9035,2386,6038,461

Growth rates

[%] 200120022003200420052006200720082009201020112012201320142015201620172018
Sales growth 0.0%0.0%0.0%-94.0%2,302.0%38.0%291.0%41.0%-21.0%-1.0%-40.0%38.0%37.0%28.0%33.0%60.0%30.0%28.0%
EBITDA growth 0.0%107.0%-39.0%33.0%-1.0%10.0%-5.0%87.0%-48.0%-66.0%68.0%-57.0%-180.0%243.0%175.0%44.0%29.0%4.0%
EBITA growth 0.0%110.0%-35.0%29.0%-3.0%10.0%-7.0%99.0%-43.0%-68.0%55.0%-53.0%-160.0%287.0%181.0%44.0%29.0%3.0%
EBIT growth 0.0%110.0%-35.0%29.0%-3.0%10.0%-7.0%99.0%-43.0%-68.0%55.0%-53.0%-159.0%283.0%175.0%44.0%28.0%3.0%
EBT growth 0.0%184.0%-32.0%27.0%-5.0%11.0%-13.0%152.0%-65.0%-64.0%71.0%-46.0%-157.0%355.0%155.0%49.0%-6.0%52.0%
Earnings growth 0.0%184.0%-32.0%27.0%-5.0%11.0%-13.0%152.0%5.0%-68.0%86.0%-18.0%-123.0%168.0%153.0%55.0%-7.0%33.0%

Margins

[%] 200120022003200420052006200720082009201020112012201320142015201620172018
EBITDA-margin 0.0%0.0%-453.0%-10,014.0%-414.0%-330.0%-80.0%-106.0%-71.0%-24.0%-67.0%-21.0%12.0%33.0%67.0%60.0%60.0%49.0%
EBITA-margin 0.0%0.0%-501.0%-10,760.0%-434.0%-348.0%-83.0%-117.0%-85.0%-28.0%-71.0%-24.0%10.0%32.0%66.0%60.0%59.0%48.0%
EBIT-margin 0.0%0.0%-501.0%-10,760.0%-434.0%-348.0%-83.0%-117.0%-85.0%-28.0%-71.0%-24.0%10.0%31.0%64.0%58.0%57.0%46.0%
EBT-margin 0.0%0.0%-479.0%-10,125.0%-400.0%-323.0%-72.0%-129.0%-58.0%-21.0%-60.0%-24.0%10.0%35.0%67.0%62.0%45.0%53.0%
Earnings-margin 0.0%0.0%-479.0%-10,125.0%-400.0%-323.0%-72.0%-130.0%-172.0%-55.0%-170.0%-101.0%17.0%35.0%67.0%65.0%47.0%49.0%

Other key figures

DKKm 200120022003200420052006200720082009201020112012201320142015201620172018
Tax rate 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-2.0%-17.0%-3.0%2.0%-7.0%-1.0%-1.0%-5.0%-4.0%9.0%
Net working capital balance (NWC) 1,4141,0056837037051,1562,7198357891,1104754036171,7512,3804,1794,3856,457
Net interest bearing debt (NIBD) -166-253-309-420-381-429-132-70-46115-65-67-168-359-874-307-1,348-533
Invested capital (including goodwill) 1,5461,1467787617371,1792,7522,1198361,0954213164911,6742,6134,5204,9257,481
Invested capital (excluding goodwill) 1,5461,1467787617371,1792,7521,8058361,0954213164911,6742,6134,5204,9257,481
Enterprise value (EV) 3,5863048632,5554,08214,60713,6219,0423,2222,9561,6233,84710,80420,16653,74670,48461,61365,116

Share data

200120022003200420052006200720082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 222323303340454545454550525760606162
Market capitalisation (DKKm) 3,7525571,1722,9754,46315,03713,7529,1123,6822,9411,6893,91410,97220,52554,62070,79162,96065,649
Market capitalisation (DKKm) 3,7525571,1722,9754,46315,03713,7529,1123,6822,9411,6893,91410,97220,52554,62070,79162,96065,649
Share price (DKK) 172.024.551.0100.0135.0380.0309.0203.082.065.537.677.8212.0360.3917.51,173.01,029.01,067.5
Earnings per share (EPS), (DKK) -7.7-21.5-14.3-16.0-12.6-11.3-8.7-21.6-22.5-7.2-13.3-10.62.25.413.119.818.124.0
Dividend per share (DPS), (DKK) 0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Price multiples

200120022003200420052006200720082009201020112012201320142015201620172018
Price/Earnings (P/E) -22.2x-1.2x-3.6x-7.2x-11.3x-34.3x-35.9x-9.4x-3.6x-9.2x-2.8x-8.0x97.7x68.1x71.5x59.6x57.1x44.6x
Price/Sales (P/S) 0.0x0.0x17.2x725.3x45.3x110.9x26.0x12.2x6.3x5.1x4.8x8.1x16.5x24.1x48.2x39.0x26.6x21.7x
Price/Book value (P/B) 2.2x0.4x1.1x2.5x4.0x9.4x4.8x4.2x2.8x2.7x3.5x10.2x16.6x10.1x15.7x14.7x10.0x8.2x

Enterprise value (EV) multiples

200120022003200420052006200720082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.0x0.0x12.6x623.0x41.4x107.8x25.7x12.1x5.5x5.1x4.6x7.9x16.3x23.7x47.4x38.8x26.1x21.5x
Enterprise value/EBITDA (EV/EBITDA) -14.6x-0.6x-2.8x-6.2x-10.0x-32.7x-32.2x-11.4x-7.8x-21.2x-6.9x-37.9x133.5x72.7x70.5x64.4x43.6x44.4x
Enterprise value/EBITA (EV/EBITA) -14.3x-0.6x-2.5x-5.8x-9.5x-30.9x-31.2x-10.4x-6.5x-18.4x-6.5x-33.0x155.6x75.1x71.4x65.0x44.0x45.2x
Enterprise value/EBIT (EV/EBIT) -14.3x-0.6x-2.5x-5.8x-9.5x-30.9x-31.2x-10.4x-6.5x-18.4x-6.5x-33.0x156.0x76.1x73.6x67.0x45.8x47.2x