GENMAB A/S (GMAB)
Genmab A/S, a biopharmaceutical company founded in 1999 and headquartered in Copenhagen, Denmark, specializes in the discovery and development of innovative antibody therapies primarily for treating cancer and various other serious illnesses. The company's commercialized portfolio includes several key products: DARZALEX (daratumumab), a human monoclonal antibody for multiple myeloma (MM), non-MM blood cancers, and AL amyloidosis; teprotumumab, indicated for thyroid eye disease; ofatumumab, another human monoclonal antibody used in chronic lymphocytic leukemia (CLL) and multiple sclerosis; Amivantamab, for advanced or metastatic gastric or esophageal cancer and non-small cell lung cancer (NSCLC); and tisotumab vedotin, which targets cervical, ovarian, and solid tumors. Genmab maintains a robust pipeline of investigational medicines. These include GEN1047; DuoBody-PD-L1x4-1BB and DuoBody-CD40x4-1BB, both developed for solid tumors; Epcoritamab, in development for relapsed/refractory diffuse large B-cell lymphoma and chronic lymphocytic leukemia; and HexaBody-CD38 and DuoHexaBody-CD37, aimed at hematological malignancies. Furthermore, the company has several products in Phase 2 clinical trials: Teclistamab for vaso-occlusive crises; Camidanlumab tesirine for Hodgkin lymphoma and solid tumors; JNJ-64007957 and JNJ-64407564 for MM; PRV-015 for celiac disease; Mim8 for haemophilia A; and Lu AF82422 for multiple system atrophy disease. In addition to its clinical programs, Genmab is advancing approximately 20 active pre-clinical programs. Genmab fosters strategic collaborations to further its research and development efforts. It holds a commercial license and co-development agreement with Seagen Inc. for tisotumab vedotin. The company also partners with CureVac AG on the research and development of differentiated mRNA-based antibody products and with AbbVie for the development of epcoritamab. Further alliances include BioNTech, Janssen, Novo Nordisk A/S, BliNK Biomedical SAS, and Bolt Biotherapeutics, Inc.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Genmab A/S
NASDAQ:GMABHealthcare · Biotechnology
+1.01%$57.06
AH$57.07+0.02%vs close
Mkt Cap$35.09B
Float614.22M
O/S614.9M
Vol
$ Vol
RVOL
Inst Own16.6%
SI1.1%
Earnings
Dilution
Financials Summary
Revenue$3.72B
Net Income$963.76M
Total Assets$12.84B
Free Cash Flow$1.15B
Debt & Equity
Debt 48%
Equity 52%
Total Debt$5.43B
Total Equity$5.83B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in GMAB's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$12.84B
Liabilities$7.01B
Accounts Receivable$1.15B
Accounts Payable$1.07B
Inventory$17.96M
PP&E (Net)$279.36M
Goodwill$354.19M
Intangible Assets$9.1B
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 |
| Revenue | $3.72B | $21.53B | $16.47B | $14.51B | $8.42B | $10.11B | $5.37B | $3.03B | $2.37B | $1.82B | $1.13B | $850.38M | $663.57M | $484.64M | $350.94M | $582.08M | $586.08M | $692.3M | $529.54M | $135.55M | $98.5M | $4.1M | $68.33M | $0 |
| YoY Growth | -82.7% | 30.7% | 13.6% | 72.3% | -16.8% | 88.4% | 77.4% | 27.9% | 30.2% | 60.3% | 33.2% | 28.2% | 36.9% | 38.1% | -39.7% | -0.7% | -15.3% | 30.7% | 290.7% | 37.6% | 2302.0% | -94.0% | - | - |
| Cost of Revenue | $309.24M | $985M | $226M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.67M | $0 | $532.51M | $582.51M | $0 | $48.81M | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $3.41B | $20.54B | $16.25B | $14.51B | $8.42B | $10.11B | $5.37B | $3.03B | $2.37B | $1.82B | $1.13B | $850.38M | $663.57M | $484.64M | -$181.57M | -$435K | $586.08M | $696.3M | $529.54M | $135.55M | $98.5M | $4.1M | $68.33M | $0 |
| Gross Margin | 91.7% | 95.4% | 98.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -51.7% | -0.1% | 100.0% | 100.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | - |
| Research and Development | $1.56B | $9.75B | $7.63B | $5.56B | $4.18B | $3.14B | $2.39B | $1.43B | $874.28M | $660.88M | $487.66M | $505.68M | $527.58M | $536.7M | $0 | $0 | $935.36M | $1.42B | $618.5M | $359.95M | $304.1M | $373.33M | $345.98M | $396.23M |
| Selling, General, and Administrative | $602.47M | $3.79B | $3.3B | $2.68B | $1.28B | $661M | $342M | $213.69M | $146.99M | $102.41M | $91.22M | $79.53M | $66.74M | $64.61M | $67.85M | $160.25M | $148.75M | $143.53M | $38.59M | $37.11M | $38.04M | $72.04M | $64.55M | $86.85M |
| Other | $0 | $300M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$176.22M | $0 | $0 | $0 | $0 | $0 | $0 | -$200.78M | $309.57M | $210.69M | $184.29M | -$882.55M | -$684.42M | -$42.91M |
| Total Operating Expenses | $2.16B | $13.84B | $10.93B | $8.24B | $5.46B | $3.8B | $2.73B | $1.64B | $1.02B | $763.29M | $402.66M | $585.21M | $594.32M | $601.32M | $67.85M | $160.25M | $1.08B | $1.37B | $966.67M | $607.76M | $526.43M | -$437.17M | -$273.88M | $440.17M |
| Operating Income (EBIT) | $1.25B | $6.7B | $5.32B | $6.27B | $2.95B | $6.31B | $2.64B | $1.38B | $1.34B | $1.05B | $730.38M | $265.18M | $69.25M | -$116.68M | -$249.42M | -$160.69M | -$498.03M | -$728.49M | -$437.13M | -$472.21M | -$427.92M | $441.27M | $342.21M | -$483.08M |
| Operating Margin | 33.6% | 31.1% | 32.3% | 43.2% | 35.1% | 62.4% | 49.2% | 45.6% | 56.8% | 58.0% | 64.5% | 31.2% | 10.4% | -24.1% | -71.1% | -27.6% | -85.0% | -105.2% | -82.6% | -348.4% | -434.4% | 10760.1% | 500.8% | - |
| Interest Expense | $61.05M | $120M | $27M | $21M | $13M | $10M | $7M | $417K | $2M | $213K | $118K | $4.05M | $3.33M | $2.72M | $2.03M | $39.65M | $181.1M | $220.83M | $1.09M | $1.01M | $1.35M | $68.58M | $83.71M | $100.37M |
| Interest Income | $138.11M | $995M | $939M | $324M | $197M | $184M | $120M | $62.92M | $41M | $32.58M | $37.26M | $38.33M | $28.61M | $17.83M | $22.2M | $1.4M | $25.05M | $125.99M | $146.68M | $45.18M | $34.77M | $42.52M | $68.68M | $53.39M |
| Other Income (Expense) | -$46.04M | $2.46B | $316M | $678M | $965M | -$409M | $221M | $231.69M | -$280.45M | $77.38M | $27.15M | $32.17M | -$3.85M | $2.6M | $39.59M | $38.25M | $156.04M | -$101.58M | $53.76M | $33.98M | $34.33M | -$26.06M | -$15.03M | $962.08M |
| Income Before Tax (EBT) | $1.2B | $9.16B | $5.64B | $6.95B | $3.92B | $5.9B | $2.86B | $1.61B | $1.06B | $1.13B | $757.53M | $297.35M | $65.4M | -$114.08M | -$209.83M | -$122.44M | -$341.99M | -$830.06M | -$383.37M | -$438.24M | -$393.59M | $415.21M | $327.18M | $479M |
| Income Tax Expense | $241.19M | $1.32B | $1.28B | $1.49B | $961M | $1.15B | $693M | $139.83M | -$39.83M | -$56.86M | -$5.99M | -$3.95M | -$4.75M | -$2.63M | $5.92M | $20.87M | $5.91M | $583K | $0 | $0 | $0 | $42.52M | -$66K | $326K |
| Net Income | $963.76M | $7.84B | $4.35B | $5.45B | $2.96B | $4.76B | $2.17B | $1.47B | $1.1B | $1.19B | $763.51M | $301.3M | $112.36M | -$487.12M | -$596.37M | -$321.46M | -$1.01B | -$965.09M | -$383.37M | -$438.24M | -$393.59M | -$415.21M | -$327.11M | -$479.33M |
| Net Income Margin | 25.9% | 36.4% | 26.4% | 37.6% | 35.1% | 47.1% | 40.4% | 48.7% | 46.7% | 65.4% | 67.4% | 35.4% | 16.9% | -100.5% | -169.9% | -55.2% | -172.5% | -139.4% | -72.4% | -323.3% | -399.6% | -10124.7% | -478.8% | - |
| Supplementary Data | ||||||||||||||||||||||||
| EPS | 1.55 | 12.14 | 6.60 | 8.34 | 4.52 | 7.30 | 3.44 | 2.40 | 1.81 | 1.98 | 1.31 | 0.54 | 0.22 | -1.06 | -1.33 | -0.72 | -2.25 | -2.16 | -0.87 | -1.13 | -1.26 | -1.57 | -1.43 | -2.15 |
| Diluted EPS | 1.54 | 12.14 | 6.60 | 8.26 | 4.48 | 7.22 | 3.40 | 2.37 | 1.78 | 1.92 | 1.26 | 0.53 | 0.22 | -1.06 | -1.33 | -0.72 | -2.25 | -2.16 | -0.87 | -1.13 | -1.26 | -1.57 | -1.43 | -2.15 |
| Weighted Average OS | 621.51M | 646.33M | 659.15M | 653.87M | 653.96M | 651.79M | 629.63M | 612.68M | 608.34M | 598.76M | 585.21M | 563.15M | 509.77M | 460.43M | 449.07M | 449.07M | 449.04M | 446.42M | 439.45M | 389.27M | 312.55M | 264.70M | 228.31M | 223.36M |
| EBITDA | $1.34B | $9.7B | $6B | $7.35B | $4.18B | $6.17B | $3B | $1.7B | $1.44B | $1.17B | $789.47M | $313.73M | $80.92M | -$96.25M | -$192.75M | -$61.76M | -$77.11M | -$516.46M | -$317.72M | -$419.7M | -$360.46M | $537.46M | $474.56M | $669.75M |
| EBITDA Margin | 35.9% | 45.0% | 36.4% | 50.6% | 49.7% | 61.1% | 56.0% | 56.2% | 60.7% | 64.5% | 69.7% | 36.9% | 12.2% | -19.9% | -54.9% | -10.6% | -13.2% | -74.6% | -60.0% | -309.6% | -365.9% | 13105.5% | 694.5% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 |
| Assets | ||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||
| Cash and Cash Equivalents | $1.71B | $9.86B | $14.87B | $9.89B | $8.96B | $7.26B | $3.55B | $532.91M | $1.35B | $307.02M | $873.99M | $359.09M | $168.13M | $66.99M | $65.2M | $100.95M | $460.74M | $70.01M | $131.75M | $429.07M | $381.35M | $419.57M | $308.92M | $252.95M |
| Short-Term Investments | $0 | $11.24B | $13.27B | $12.43B | $10.38B | $8.82B | $7.42B | $5.57B | $4.08B | $3.61B | $2.62B | $2.3B | $1.39B | $1.44B | $1.04B | $1.55B | $816.91M | $0 | $3.56B | $1.3B | $871.56M | $0 | $0 | $0 |
| Cash and Short-Term Investments | $1.71B | $21.1B | $28.14B | $22.32B | $19.34B | $16.08B | $10.97B | $6.11B | $5.42B | $3.92B | $3.49B | $2.66B | $1.56B | $1.5B | $1.1B | $1.65B | $1.28B | $70.01M | $3.69B | $1.72B | $1.25B | $419.57M | $308.92M | $252.95M |
| Accounts Receivable | $1.15B | $6.69B | $4.95B | $5.71B | $3.37B | $2.46B | $2.99B | $1.33B | $579M | $975.67M | $174.66M | $105.84M | $136M | $136.69M | $71.21M | $66.2M | $0 | $155.45M | $217.51M | $0 | $0 | $0 | $0 | $0 |
| Inventory | $17.96M | $62M | $57M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $34.59M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $3 | $0 | $0 | $182M | $31M | $249M | $0 | -$69K | $57.69M | $0 | $0 | $0 | $0 | $13.37M | $334.72M | $692.96M | $860.93M | $1.7B | -$366K | $40.97M | $54.21M | $763.03M | $756.33M | $1.16B |
| Total Current Assets | $2.88B | $27.85B | $33.14B | $28.22B | $22.74B | $18.79B | $13.96B | $7.43B | $6.06B | $4.9B | $3.67B | $2.77B | $1.69B | $1.65B | $1.52B | $2.42B | $2.16B | $1.97B | $3.92B | $1.77B | $1.32B | $1.19B | $1.07B | $1.42B |
| Long-Term Assets | ||||||||||||||||||||||||
| Property, Plant & Equipment Net | $279.36M | $263.83M | $1.64B | $1.32B | $975M | $736M | $414M | $161.54M | $113.42M | $32.19M | $28.81M | $25.68M | $22.66M | $25.96M | $32.4M | $41.43M | $60.18M | $98.01M | $40.16M | $31.26M | $44.19M | $57.35M | $73.16M | $88.24M |
| Goodwill | $354.19M | $2.54B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $313.83M | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $9.1B | $12.34B | $101M | $146M | $254M | $338M | $470M | $470.36M | $124.39M | $181.9M | $192.64M | $62.53M | $2.54M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10.72M | $33.77M | $64.6M |
| Long-Term Investments | $58.87M | $228M | $134M | $133M | $371M | $1.08B | $149M | $9.62M | $8.76M | $1.47M | $6.86M | $0 | $0 | $0 | $0 | -$1.55B | -$816.44M | $613K | -$3.56B | -$1.29B | -$868.49M | $0 | $0 | $0 |
| Deferred Tax Assets | $170.61M | $126.68M | $212M | $0 | $0 | $0 | $139M | $386.45M | $296.95M | $125.03M | $6.34M | $5.68M | $7.18M | $3.75M | $5.43M | $13.27M | $4.63M | $144K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $4 | $2.46B | $62M | $300M | $291M | $197M | $11M | $0 | $0 | $0 | $0 | $6.43M | $6.16M | $9.37M | $9.81M | $1.56B | $816.91M | $879.59M | $3.56B | $1.3B | $871.56M | $11.68M | $5.73M | $11.67M |
| Total Long-Term Assets | $9.97B | $17.96B | $2.15B | $1.9B | $1.89B | $2.35B | $1.18B | $1.03B | $543.51M | $340.6M | $234.66M | $100.33M | $38.54M | $39.08M | $47.63M | $62.23M | $65.28M | $1.29B | $40.77M | $33.72M | $47.26M | $79.75M | $112.66M | $164.51M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $12.84B | $45.81B | $35.29B | $30.12B | $24.63B | $21.14B | $15.14B | $8.46B | $6.6B | $5.24B | $3.9B | $2.87B | $1.73B | $1.69B | $1.56B | $2.48B | $2.22B | $3.26B | $3.96B | $1.8B | $1.37B | $1.27B | $1.18B | $1.58B |
| Liabilities | ||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||
| Accounts Payable | $1.07B | $0 | $0 | $0 | $350M | $0 | $0 | $0 | $0 | $22.27M | $31.99M | $0 | $136M | $0 | $33.51M | $32.76M | $44.81M | $91.05M | $76.92M | $47.35M | $14.49M | $15.77M | $24.03M | $94.64M |
| Short-Term Debt | $273M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.77M | $115.78M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $1.71B | $54M | $0 | $0 | $0 | $73M | $126.96M | $0 | $61.61M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $23.95M | $24M | $33M | $0 | $0 | $0 | $0 | $0 | $150.65M | $229.34M | $282.71M | $550.24M | $817.49M | $1.09B | $863.22M | $1.1B | $498.28M | $0 | $0 | $0 | $0 | $11.49M | $11.49M | $13.65M |
| Other Current Liabilities | -$664K | $0 | $0 | $1.75B | $860M | $1.21B | $0 | -$651K | $0 | $144.3M | $83.81M | $0 | $861K | $10.57M | $4.82M | $68.1M | $344.25M | $964.64M | $982.92M | $71.18M | $148.53M | $23.16M | $34.01M | $35.31M |
| Total Current Liabilities | $1.42B | $5.31B | $2.48B | $1.82B | $1.57B | $1.25B | $938M | $443.35M | $327.12M | $411.54M | $414.39M | $655.97M | $907.5M | $1.18B | $976.73M | $1.32B | $894.34M | $1.06B | $1.07B | $185.8M | $237.18M | $69.96M | $75.11M | $160.4M |
| Long-Term Liabilities | ||||||||||||||||||||||||
| Long-Term Debt | $5B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $94.78M | $480M | $480M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $363.17M | $2.36B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $5M | $30M | $35M | $491M | $500M | $492M | $3M | $3M | $3.63M | $0 | $1.43M | $177.66M | $164.15M | $124.16M | $95.23M | $65.08M | $12.07M | $0 | $0 | $0 | $0 | $0 | $0 | $12.94M |
| Total Long-Term Liabilities | $5.59B | $3.81B | $1.2B | $1.01B | $863M | $769M | $158M | $3.29M | $3.63M | $0 | $1.43M | $177.77M | $164.5M | $126.05M | $101.29M | $76.92M | $30M | $8.96M | $8.18M | $11.25M | $14.48M | $20.96M | $18.57M | $23.57M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $7.01B | $9.11B | $3.68B | $2.84B | $2.43B | $2.02B | $1.1B | $446.64M | $330.75M | $411.54M | $415.83M | $833.74M | $1.07B | $1.31B | $1.08B | $1.4B | $924.34M | $1.07B | $1.08B | $197.05M | $251.66M | $90.92M | $93.67M | $183.97M |
| Stockholders' Equity | ||||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $9.98M | $66M | $66M | $66M | $66M | $66M | $65M | $61.5M | $61.19M | $60.35M | $59.53M | $56.97M | $51.76M | $50.31M | $44.91M | $44.91M | $44.91M | $44.89M | $44.52M | $39.65M | $33.11M | $29.75M | $22.98M | $22.72M |
| Retained Earnings | $4.09B | $23.55B | $19.02B | $14.81B | $10.02B | $7.11B | $2.13B | -$197.46M | -$1.85B | -$3.11B | -$4.23B | -$5.03B | -$5.36B | -$5.48B | -$5.01B | -$4.43B | -$4.17B | -$3.32B | -$2.51B | -$2.21B | -$1.85B | -$1.44B | -$1.03B | -$702.28M |
| Comprehensive Income & Other | -$180.59M | $490M | $60M | $98M | $81M | $54M | $98M | $91.71M | $82.08M | $102.88M | $94.48M | $84.1M | $77.18M | $80.32M | $72.43M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $1.74B | $13.08B | $12.52B | $12.41B | $12.11B | $11.95B | $11.85B | $8.15B | $8.07B | $7.87B | $7.66B | $7B | $5.97B | $5.81B | $5.45B | $5.47B | $5.43B | $5.46B | $5.34B | $3.78B | $2.93B | $2.6B | $2.09B | $2.08B |
| Total Equity | $5.83B | $36.7B | $31.61B | $27.28B | $22.2B | $19.12B | $14.05B | $8.01B | $6.27B | $4.83B | $3.49B | $2.03B | $659.52M | $383.19M | $486.42M | $1.08B | $1.3B | $2.19B | $2.88B | $1.61B | $1.12B | $1.18B | $1.09B | $1.4B |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $12.84B | $45.81B | $35.29B | $30.12B | $24.63B | $21.14B | $15.14B | $8.46B | $6.6B | $5.24B | $3.9B | $2.87B | $1.73B | $1.69B | $1.56B | $2.48B | $2.22B | $3.26B | $3.96B | $1.8B | $1.37B | $1.27B | $1.18B | $1.58B |
| Supplementary Data | ||||||||||||||||||||||||
| Total Debt | $5.43B | $1.03B | $770M | $597M | $425M | $319M | $181M | $0 | $0 | $0 | $118K | $355K | $2.48M | $5.66M | $11.85M | $133.72M | $24.94M | $14.7M | $15.67M | $18.21M | $23.04M | $29M | $24.14M | $13.78M |
| Net Debt | $3.71B | -$8.83B | -$14.1B | -$9.3B | -$8.53B | -$6.94B | -$3.37B | -$532.91M | -$1.35B | -$307.02M | -$873.87M | -$358.73M | -$165.65M | -$61.33M | -$53.35M | $32.77M | -$435.8M | -$55.31M | -$116.09M | -$410.87M | -$358.31M | -$390.56M | -$284.78M | -$239.17M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK | DKK |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 |
| Operating Activities | ||||||||||||||||||||||||
| Net Income | $963.76M | $7.84B | $5.64B | $7.04B | $3.98B | $4.76B | $2.86B | $1.61B | $1.06B | $1.13B | $757.53M | $297.35M | $107.64M | -$489.72M | -$590.42M | -$300.55M | -$1.01B | -$964.51M | -$383.37M | -$438.24M | -$393.59M | -$415.21M | -$327.11M | -$479.33M |
| Depreciation & Amortization | $71.06M | $413M | $293.62M | $362M | $248.99M | $259M | $139M | $88M | $70M | $40.96M | $31.82M | $12.33M | $11.66M | $15.11M | $15.05M | $21.03M | $83.78M | $79.58M | $14.25M | $17.5M | $31.77M | $53.66M | $63.67M | $47.47M |
| Deferred Income Tax | $0 | $0 | $122M | $0 | -$546M | $0 | -$385M | $90.52M | -$140.58M | $39.61M | $51.13M | $49.2M | -$22.55M | $360.69M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $721M | $586M | $439M | $310M | $200M | $147M | $90.76M | $75.98M | $53.19M | $36.56M | $27.72M | $11.57M | $12M | $20.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||
| Accounts Receivable | -$166.13M | -$1.59B | $797M | -$2.12B | -$1.07B | $306M | -$1.66B | -$768.15M | $270.35M | -$794.93M | -$89.95M | $41.8M | -$917K | -$47.03M | $0 | $0 | $0 | $0 | -$161.41M | $0 | -$30.96M | $0 | $26K | $0 |
| Inventory | -$9.01M | -$5M | -$57M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.49M | $35.3M | $69.09M | $31.95M | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $400.32M | $0 | $622M | $283M | $304M | $0 | $440M | $133.78M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $0 | $0 | $0 | -$90M | $0 | $0 | $0 | $0 | $0 | $0 | -$176.22M | -$861K | -$240.16M | $0 | -$201.54M | $343.1M | -$98.73M | -$956K | $827.71M | $0 | $164.59M | $0 | $34.58M | $0 |
| Total Working Capital Change | $225.18M | -$1.59B | $1.36B | -$1.93B | -$770M | $306M | -$1.22B | -$634.37M | $270.35M | -$794.93M | -$266.17M | $40.94M | -$240.16M | -$47.03M | -$203.03M | $378.41M | -$29.64M | $31M | $666.3M | -$18.82M | $133.64M | $0 | $34.61M | -$34.61M |
| Other Non-Cash Items | -$73.06M | $388M | -$620.62M | -$1.99B | -$997.99M | $910M | -$216M | -$232.09M | $249.5M | -$141.32M | -$299.42M | -$294.87M | $3.84M | $219.88M | $321.13M | $169.29M | $386.56M | $340.6M | $208.72M | $59.93M | $19.53M | -$6.15M | -$73.53M | $158.15M |
| Net Cash from Operating | $1.19B | $7.77B | $7.38B | $3.91B | $2.23B | $6.43B | $1.33B | $1.01B | $1.59B | $327.72M | $311.45M | $132.67M | -$128M | $70.92M | -$437.23M | $268.17M | -$570.06M | -$513.33M | $505.9M | -$379.62M | -$208.64M | -$367.7M | -$302.36M | -$308.32M |
| Investing Activities | ||||||||||||||||||||||||
| Capital Expenditures | -$55.04M | -$187M | -$366M | -$317M | -$252M | -$307M | -$111M | -$477.37M | -$88.51M | -$33.11M | -$135.39M | -$75.44M | -$10.37M | -$9M | -$7.21M | -$10.11M | -$16.78M | -$53.02M | -$12.84M | -$1.94M | -$2.43M | -$8.27M | -$14.7M | -$100.82M |
| Acquisitions | -$7.22B | -$12.25B | $0 | $2.44B | $709M | $0 | $32M | $405.67M | $0 | $20.86M | $125.94M | $63.26M | $2.72M | $0 | $0 | $0 | $16.78M | $194K | $0 | $0 | $0 | $388K | $1.58M | $0 |
| Purchases of Investments | -$995.78M | -$8.64B | -$10.91B | -$9.7B | -$15.62B | $0 | -$5.81B | -$3.52B | -$3.43B | -$3.01B | -$2.08B | -$2.68B | -$974.28M | -$1.78B | -$1.09B | -$1.59B | -$482.76M | -$1.78B | -$5.14B | -$2.45B | -$1.07B | -$1.16B | -$1.68B | -$5.04B |
| Sales of Investments | $2.62B | $11.28B | $10B | $7.25B | $14.91B | $0 | $3.94B | $2.22B | $2.85B | $2.03B | $1.73B | $1.74B | $999.07M | $1.37B | $1.61B | $855.23M | $1.47B | $3.44B | $2.79B | $2B | $940.12M | $1.15B | $2.05B | $5.36B |
| Other Investing Activities | $0 | -$117M | -$10M | -$2.44B | -$709M | -$2.04B | -$32M | -$405.67M | $0 | -$20.86M | -$125.94M | -$63.18M | $49.8M | $636K | $617K | $1.43M | -$16.41M | -$1.15B | -$359K | $621K | $7.3M | -$5.95M | $3.49M | $13.96M |
| Net Cash from Investing | -$5.65B | -$9.91B | -$1.28B | -$2.76B | -$961M | -$2.35B | -$1.98B | -$1.78B | -$667.57M | -$1.01B | -$480.88M | -$1.01B | $66.95M | -$416.34M | $514.75M | -$738.5M | $974.73M | $460.1M | -$2.36B | -$451.37M | -$127.55M | -$25.07M | $361.9M | $238.55M |
| Financing Activities | ||||||||||||||||||||||||
| Debt Repaid | $2.04M | $60M | $91M | $73M | $58M | $44M | $31M | - | - | $118K | $237K | $2.13M | $3.89M | $6.19M | $6.09M | - | - | - | $7.24M | - | $10.15M | - | - | - |
| Common Stock Issuance | $23.02M | $0 | $0 | $0 | $0 | $0 | $3.87B | $0 | $203.44M | $819K | $2.56M | $998.2M | $0 | $366.39M | $0 | $0 | $1.65M | $34.15M | $1.57B | $935.32M | $307.04M | $542.34M | $801K | $159.77M |
| Common Stock Repurchases | -$430.34M | -$3.99B | -$564M | -$908M | -$447M | -$25M | $0 | -$146M | $0 | -$118.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$31.02M | $129M | $49M | $192M | $85M | $140M | -$182M | $75.1M | $11.47M | $209.41M | $640.76M | $39.28M | $155.55M | -$2.39M | $0 | -$7M | -$8.29M | -$8.86M | -$1.88M | -$56.28M | $467K | -$38.93M | -$4.37M | -$2.92M |
| Net Cash from Financing | $4.79B | -$3.92B | -$606M | -$789M | -$420M | $71M | $3.66B | -$70.9M | $214.91M | $91.19M | $643.09M | $1.04B | $151.66M | $357.81M | -$6.09M | -$7M | -$6.64M | $25.29M | $1.56B | $879.03M | $297.36M | $503.41M | -$3.57M | $156.85M |
| Forex Effect | $13.06M | $1.05B | -$518M | $574M | $850M | -$445M | $16M | $19.03M | -$95.79M | $28.67M | $41.24M | $33.59M | -$1.48M | -$2.8M | $62K | $10.8M | -$3.59M | -$33.8M | -$513K | -$308K | $614K | $0 | $0 | $0 |
| Net Change in Cash | $345.33M | -$5.01B | $4.97B | $936M | $1.7B | $3.71B | $3.02B | -$814.64M | $1.04B | -$566.96M | $514.9M | $190.95M | $89.14M | $9.59M | $71.5M | -$466.53M | $394.43M | -$61.74M | -$297.32M | $47.73M | -$38.22M | $110.65M | $55.97M | $87.08M |
| Supplementary Data | ||||||||||||||||||||||||
| Operating Cash Flow | $1.19B | $7.77B | $7.38B | $3.91B | $2.23B | $6.43B | $1.33B | $1.01B | $1.59B | $327.72M | $311.45M | $132.67M | -$128M | $70.92M | -$437.23M | $268.17M | -$570.06M | -$513.33M | $505.9M | -$379.62M | -$208.64M | -$367.7M | -$302.36M | -$308.32M |
| Capital Expenditure | -$37.03M | -$187M | -$376M | -$317M | -$252M | -$307M | -$111M | -$477.37M | -$88.51M | -$33.11M | -$135.39M | -$75.44M | -$10.37M | -$9M | -$7.21M | -$10.11M | -$16.78M | -$53.02M | -$12.84M | -$1.94M | -$2.43M | -$8.27M | -$14.7M | -$100.82M |
| Free Cash Flow | $1.15B | $7.58B | $7B | $3.6B | $1.98B | $6.13B | $1.22B | $537.42M | $1.5B | $294.61M | $176.06M | $57.23M | -$138.36M | $61.92M | -$444.43M | $258.06M | -$586.84M | -$566.35M | $493.06M | -$381.56M | -$211.08M | -$375.96M | -$317.07M | -$409.14M |
| Cash at Beginning | $1.37B | $14.87B | $9.89B | $8.96B | $7.26B | $3.55B | $533M | $1.35B | $307.02M | $873.99M | $359.09M | $168.13M | $79M | $69.41M | -$2.09M | $464.45M | $70.01M | $131.75M | $429.07M | $381.35M | $419.57M | $308.92M | $252.95M | $165.86M |
| Cash at End | $1.71B | $9.86B | $14.87B | $9.89B | $8.96B | $7.26B | $3.55B | $532.91M | $1.35B | $307.02M | $873.99M | $359.09M | $168.13M | $79M | $69.41M | -$2.09M | $464.45M | $70.01M | $131.75M | $429.07M | $381.35M | $419.57M | $308.92M | $252.95M |