Genmab A/S Sponsored ADR
GMAB Healthcare Biotechnology
Genmab A/S Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 19.2% from fiscal 2024. In the quarter to June 2026, revenue grew 24.9%, EPS fell 9.26% and free cash flow fell 7.69%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
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Genmab A/S Sponsored ADR (GMAB) Beneish M-score
Genmab A/S Sponsored ADR's Beneish M-score for fiscal 2025 is −3.00; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.00 | (4.61) |
| FY2024 | 1.61 | 4.58 |
| FY2023 | −2.96 | (1.07) |
| FY2022 | −1.89 | 0.49 |
| FY2021 | −2.38 | (0.05) |
| FY2020 | −2.33 | (0.70) |
| FY2019 | −1.64 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.03 | — | 0.95 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 2.06 | — | 0.83 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | (0.02) | — | −0.08 | |
| Leverage index | 4.30 | — | −1.41 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.00 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GMAB Genmab A/S Sponsored ADR | −3.0× |
| RPRX Royalty Pharma PLC compare | −2.8× |
| BNTX BioNTech SE Sponsored ADR compare | −2.7× |
| EXEL Exelixis, Inc. compare | −2.6× |
| ASND Ascendis Pharma A/S compare | −2.5× |
| INCY Incyte Corporation compare | −2.4× |
| ALNY Alnylam Pharmaceuticals, Inc. compare | −2.0× |
| INSM Insmed, Inc. compare | −1.9× |
| ROIV Roivant Sciences Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI