Genmab A/S (Nasdaq: GMAB) announced worldwide net trade sales of $3.24 billion for DARZALEX (daratumumab) in the first quarter of 2025, demonstrating the continued strong market performance of the multiple myeloma treatment. The sales figures include both the original intravenous formulation and the subcutaneous product (daratumumab and hyaluronidase-fihj, marketed as DARZALEX FASPRO in the United States).
The Q1 2025 sales were geographically distributed with $1.83 billion generated in the U.S. market and $1.41 billion coming from international markets. Genmab receives royalties on all worldwide sales through its exclusive licensing agreement with Johnson & Johnson (J&J), under which Janssen Biotech, Inc. develops, manufactures, and commercializes daratumumab globally.
Market Performance and Financial Implications
The strong quarterly performance of DARZALEX represents a significant revenue driver for Genmab, which has established itself as a leading biotechnology company in the antibody therapeutics space. Financial analysts note that these sales figures align with projections for Genmab's continued growth trajectory, with forecasts suggesting a 15.1% annual revenue growth over the next three years.
Despite the robust sales data, Genmab's stock has shown mixed performance. While the share price increased by 1.93% over the past week, the company's five-year total shareholder return has seen a decline of 18.42%. Current market valuation places Genmab's shares at a notable discount compared to analyst consensus price targets of DKK2104.37, potentially indicating an undervaluation of the company's long-term prospects.
"The consistent performance of DARZALEX continues to validate our antibody platform and business model," said a Genmab spokesperson. "These sales figures reflect the important role daratumumab plays in multiple myeloma treatment protocols worldwide."
DARZALEX in the Treatment Landscape
DARZALEX has established itself as a cornerstone therapy for multiple myeloma, a cancer of plasma cells that affects approximately 176,000 people globally each year. The monoclonal antibody targets CD38, a protein highly expressed on multiple myeloma cells, and works through multiple mechanisms of action.
The drug has received regulatory approvals across various lines of therapy and in combination with different treatment regimens, expanding its utility throughout the patient journey. The subcutaneous formulation, DARZALEX FASPRO, has gained significant adoption due to its shorter administration time of approximately 3-5 minutes compared to hours for the intravenous version, offering improved convenience for patients and healthcare systems.
Genmab's Strategic Position
Founded in 1999 and headquartered in Copenhagen, Denmark, Genmab has built its reputation on innovative antibody technology platforms. The company's vision, articulated as transforming the lives of people with cancer and other serious diseases with "knock-your-socks-off" (KYSO) antibody medicines by 2030, underscores its ambitious growth strategy.
Beyond DARZALEX, Genmab is advancing a pipeline of promising candidates, including bispecific T-cell engagers, antibody-drug conjugates, and next-generation immune checkpoint modulators. Key pipeline assets like EPKINLY, Rina-S, and Acasunlimab represent potential future growth drivers as the company seeks to diversify beyond its flagship product.
"While DARZALEX remains our most commercially significant product, our R&D investments are focused on building a broader portfolio that can sustain growth in the coming decades," noted a company representative.
Industry Context and Competitive Landscape
The strong performance of DARZALEX comes amid increasing competition in the multiple myeloma treatment space, with several new modalities including CAR-T therapies and bispecific antibodies gaining approval in recent years. Despite this evolving landscape, daratumumab has maintained its strong position, partly due to its established safety profile and growing body of clinical evidence supporting its use across various treatment combinations.
The biotechnology sector as a whole has faced challenges over the past year, with the Danish Biotech industry experiencing a 32.4% decline. Against this backdrop, Genmab's ability to generate consistent revenue through DARZALEX sales provides important financial stability as it advances its pipeline candidates toward potential commercialization.
Future Outlook
As Genmab continues to receive royalties on the global sales of DARZALEX, the company is well-positioned to fund its research and development initiatives. With international presence across North America, Europe, and Asia Pacific, Genmab's global footprint supports its commercialization strategy and research collaborations.
Market analysts suggest that if Genmab's key pipeline projects deliver positive clinical results, the current stock valuation may represent an opportunity for investors, given the significant gap between current trading prices and analyst targets. The company's continued focus on innovative antibody therapeutics, backed by the commercial success of DARZALEX, provides a foundation for potential long-term growth in the competitive oncology market.
