Genmab stock rises as Rina-S ovarian cancer trial meets main goals

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Genmab (GMAB) stock rose 10.66% over two sessions, from the close on 2026-10-21 to 43.79 USD on 2026-10-23, including a 9.47% gain on the latest quote. On Oct. 23, 2026 the company announced that its late-stage trial of Rina-S in platinum-resistant ovarian cancer met its primary goal of longer progression-free survival and its key secondary goal of longer overall survival, according to Genmab's release. For a company with a market cap of $26.93B, a positive late-stage cancer readout can change how investors value its pipeline.

Key facts

• Oct. 23, 2026: Genmab said its Rina-S (rinatabart sesutecan) late-stage RAINFOL-02 trial showed a statistically significant improvement in progression-free survival and overall survival in platinum-resistant ovarian cancer.
• 2026-10-23: Shares were at 43.79 USD, up 9.47% on the latest quote. The 52-week range is 23.62-44.34 USD.
• Two-session change: up 10.66% from the 2026-10-21 close.
• Q2 FY2026 (ended 2026-06-30): revenue $1.16B, up 24.9% from a year earlier; net income $303.0M, down 9.8% from a year earlier.
• Next earnings: 2026-11-05, with analysts expecting EPS of 0.37 and revenue of $1.20B.

| Metric | Latest | Year-ago or consensus | |---|---|---| | Q2 FY2026 revenue (quarter ended 2026-06-30) | $1.16B | $924.8M in Q2 FY2025 | | Q2 FY2026 operating income | $407.0M | $359.9M in Q2 FY2025 | | Q2 FY2026 net income | $303.0M | $335.9M in Q2 FY2025 | | Q2 FY2026 diluted EPS (GAAP) | 0.49 | 0.54 in Q2 FY2025 | | Reported EPS, 2026-08-06 (compared with estimate) | 0.54 | 0.37 analyst estimate | | Reported revenue, 2026-08-06 | $1.16B | $1.12B analyst estimate | | Share price, 2026-10-23 | 43.79 USD | 44.20 USD average analyst target |

Two EPS figures appear above. The 0.54 is the figure compared with the analyst estimate and is likely an adjusted number; 0.49 is GAAP diluted EPS. The year-ago diluted EPS also happens to be 0.54, so the two should not be confused.

What happened

Genmab is a Copenhagen-based biotechnology company that develops antibody medicines for cancer. On Oct. 23, 2026 it announced that Rina-S met its primary endpoint of progression-free survival in a late-stage trial. Progression-free survival is how long patients live without their disease getting worse. The trial also met its key secondary endpoint of overall survival. The patients had platinum-resistant ovarian cancer, a setting where the cancer no longer responds well to platinum chemotherapy. The shares rose in the sessions around that announcement.

This article reports the company's announcement as the news of the session. Genmab did not publish a price explanation, and we do not claim one beyond the timing.

Two more announcements followed after the close on Oct. 23, so they are not part of this move:

• On Oct. 24, Genmab and Incyte announced a clinical trial collaboration in metastatic colorectal cancer, combining Genmab's petosemtamab with Incyte's INCB161734 and standard chemotherapy.
• On Oct. 25, Genmab presented updated mid-stage data on petosemtamab in metastatic colorectal cancer at the ESMO Congress in Madrid. According to its release, response rates were encouraging in both first- and second-line settings, most earlier unconfirmed responses were later confirmed, and few patients stopped treatment because of side effects. Tahamtan Ahmadi, the company's chief medical officer, said the data "provide a compelling rationale" for the ongoing late-stage trials. Genmab also said it will host an investor update on Wednesday, Oct. 28 at 12:00 p.m. EDT.

Those later items could matter for Monday's trading, but they did not drive the gain through Oct. 23.

Why it matters for investors

The business is already growing. In the quarter ended 2026-06-30, revenue was $1.16B, higher than a year earlier and above the $1.12B analyst estimate. Reported EPS of 0.54 beat the 0.37 estimate. Net income was lower than a year earlier even as revenue grew, so profit did not keep pace with sales.

Margins have recovered but are volatile. Here is the five-quarter trend:

| Quarter | Revenue | Operating margin | Net income | Free cash flow | |---|---|---|---|---| | Q2 FY2025 | $924.8M | 38.9% | $335.9M | $52.0M | | Q3 FY2025 | $1.02B | 44.9% | $401.0M | $534.0M | | Q4 FY2025 | $1.05B | 23.0% | $30.9M | $287.4M | | Q1 FY2026 | $899.3M | 25.1% | $53.2M | $-2.0M | | Q2 FY2026 | $1.16B | 35.2% | $303.0M | $48.0M |

Gross margin stayed between 92.3% and 94.3% across all five quarters, so the swings in operating margin appear to have come mostly from costs below the gross profit line. Net income also moved with non-operating items: in Q2 FY2026, operating income was $407.0M but net income was $303.0M. Operating margin fell sharply in Q4 FY2025 and Q1 FY2026, then recovered in Q2 FY2026. Free cash flow, the cash left after capital spending, was negative in Q1 FY2026 and positive again in Q2 FY2026, though far below the Q3 FY2025 level. Cash flow is lumpy for this company.

Valuation is not cheap on trailing numbers. On a trailing-12-month basis, the P/E (price relative to earnings) is 35.20, price/sales is 2.87 and price/free cash flow is 31.84. Net margin is 8.2%. Among the peers FMP lists, BioNTech (market cap $22.13B) has a P/E of -11.35 and a net margin of -64.2%, because it is loss-making. Compugen has a P/E of 5.17 and a net margin of 47.6%, but its market cap is $183.8M, so it is far smaller. ADC Therapeutics (P/E -2.17, net margin -123.0%) and ALX Oncology (P/E -1.04) are also loss-making. Genmab is one of the few profitable, larger names in this group, and that comparison is limited because the peers differ widely in size and stage.

Analysts were already positive. Of 18 ratings, 13 are Buy, 4 are Hold and 1 is Sell, for a consensus of "Buy." Price targets average 44.20 USD, with a median of 42.00 USD, a high of 58.00 USD and a low of 38.00 USD. At 43.79 USD, the stock sits close to the average target and above the median. Truist Securities, Guggenheim and HC Wainwright & Co. each reiterated Buy ratings in early October 2026.

Stock Expert AI's MoonshotScore V2 is 62.7 (Fair). Its pillars, each measured against the sector:

• Momentum: 96, a very strong reading that reflects the recent price move.
• Quality: 79, a strong reading.
• Valuation: 56, middling.
• Safety: 47, below the middle.
• Growth: 2, very weak relative to the sector.

The weak growth pillar may seem at odds with revenue rising from a year earlier. It is a sector-relative score, so it indicates that other companies in the sector are growing faster or that earnings growth is lacking.

What could go wrong

• Pipeline news is not sales. A positive trial result still needs regulatory review and a launch before it becomes revenue. Genmab's own release warns that actual results may differ materially, citing clinical-trial uncertainty, unforeseen safety issues, manufacturing, competition and patent protection.
• The balance sheet carries debt. As of 2026-06-30, cash and short-term investments were $1.50B against total debt of $5.27B, leaving net debt of $3.77B. Debt/equity is 0.89. The Altman Z-score (a bankruptcy-risk gauge) is a healthy 17.73, but the Piotroski score (a 0-9 measure of financial health) is a middling 5.
• The stock is near the top of its range. The price of 43.79 USD is close to the 52-week high of 44.34 USD. FMP's discounted cash flow model, which estimates value from projected cash flows, gives 5.36 USD per share. That is a model output and depends heavily on its assumptions, but it is far below the market price.
• Earnings have been uneven. Net income and operating margin dropped sharply in two recent quarters, and free cash flow was negative in one.

What to watch next

• 2026-11-05: Genmab's next earnings report, with consensus at EPS of 0.37 and revenue of $1.20B.
• Oct. 28 investor update: Genmab will host an investor update on Wednesday, Oct. 28 at 12:00 p.m. EDT.
• Regulatory plans for Rina-S: whether and when the company files for approval after the ovarian cancer results.
• Petosemtamab trials: the Phase 3 colorectal cancer trials are actively enrolling patients, and the head and neck LiGeR trials are ongoing.
• Longer-term estimates: analysts expect revenue of $1.32B for the period ending 2028-03-30 and $1.65B for the period ending 2028-06-30, from four analysts.

Frequently asked questions

Q: Why did Genmab stock rise?

The shares rose 10.66% over two sessions through 2026-10-23, including 9.47% on Oct. 23, the day Genmab announced that its late-stage Rina-S trial in platinum-resistant ovarian cancer met its primary goal of progression-free survival and its key secondary goal of overall survival, according to the company's release.

Q: Is Genmab profitable?

Yes. In the quarter ended 2026-06-30 it earned net income of $303.0M on revenue of $1.16B, and its trailing P/E is 35.20. Net income was lower than a year earlier, though, and the company had a much thinner profit in the two prior quarters.

Q: What do analysts think of GMAB?

The consensus rating is "Buy," with 13 Buy, 4 Hold and 1 Sell among 18 ratings. The average price target is 44.20 USD, with a range from 38.00 USD to 58.00 USD. These are analyst views, not our forecast, and this article is not investment advice.

Sources: Stock Expert AI GMAB page; Genmab A/S media release of Oct. 23, 2026, "Genmab Announces Rinatabart Sesutecan (Rina-S) Demonstrates Statistically Significant Improvement in Progression-Free Survival and Overall Survival in Patients with Platinum-Resistant Ovarian Cancer"; Genmab A/S media release of Oct. 25, 2026 on petosemtamab (GlobeNewswire, GuruFocus).

This is educational content, not investment advice. Past performance does not guarantee future results.

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