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Genmab A/S Balance Sheet 2025-2011 | GMAB
Brief overview of Genmab A/S's balance sheet structure
This overview follows the five latest available annual observations between 2018 and 2024.
Assets advanced +441.4% to 45.8 billion DKK from 8.5 billion DKK; annual growth near 32.5% reflects a fast increase in scale.
Liability growth of +1,940.6% exceeded asset growth of +441.4%, increasing reliance on outside funding.
The equity ratio reached 80.1% from 94.7%. A high capital share reduces dependence on liabilities.
Conclusion
Genmab A/S retains a reasonably healthy balance sheet structure, which still needs support from earnings and cash flow.
Annual Balance Sheet Genmab A/S
| 2025 | 2024 | 2023 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
- | - | - | - | -6.94 B | -3.37 B | -533 M | -1.35 B | -307 M | -874 M | -359 M | -166 M | -61.3 M | -53.4 M |
Long Term Debt Current |
- | - | - | - | - | 26 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | 769 M | 158 M | 3.29 M | 3.63 M | - | 1.43 M | 178 M | 165 M | 126 M | 101 M |
Total Liabilities |
- | 9.11 B | 3.68 B | - | 2.02 B | 1.1 B | 447 M | 331 M | 412 M | 416 M | 834 M | 1.07 B | 1.31 B | 1.08 B |
Deferred Revenue |
- | - | - | - | 26 M | - | - | 151 M | 228 M | 283 M | 550 M | 817 M | 1.09 B | - |
Retained Earnings |
- | - | - | - | 7.11 B | 2.13 B | -197 M | -1.85 B | -3.11 B | -4.23 B | -5.03 B | -5.36 B | -5.48 B | -5.01 B |
Total Assets |
- | 45.8 B | 35.3 B | - | 21.1 B | 15.1 B | 8.46 B | 6.6 B | 5.24 B | 3.9 B | 2.87 B | 1.73 B | 1.69 B | 1.56 B |
Cash and Cash Equivalents |
- | - | - | - | - | 3.55 B | 533 M | 1.35 B | - | - | - | - | - | - |
Book Value |
- | 36.7 B | 31.6 B | - | 19.1 B | 14 B | 8.01 B | 6.27 B | 4.83 B | 3.49 B | 2.03 B | 660 M | 383 M | 486 M |
Total Shareholders Equity |
- | 36.7 B | 31.6 B | - | - | 14 B | 8.01 B | 6.27 B | - | - | - | - | - | - |
All numbers in DKK currency
Quarterly Balance Sheet Genmab A/S
| 2025-Q4 | 2025-Q2 | 2024-Q4 | 2024-Q2 | 2023-Q4 | 2023-Q2 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
- | - | 937 M | 925 M | 680 M | 721 M | - | - | 554 M | - | 363 M | - | 363 M | - | 277 M | - | 313 M | - | 155 M | - | 163 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | 3.81 B | 3.29 B | 1.2 B | 1.23 B | - | - | 1.05 B | - | 863 M | - | 880 M | - | 769 M | - | 803 M | - | 158 M | - | 166 M | - | 3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
- | 9.11 B | 9.11 B | 7.65 B | 3.68 B | 3.22 B | - | - | 2.99 B | - | 2.43 B | - | 2.23 B | - | 2.02 B | - | 2.81 B | - | 1.1 B | - | 691 M | - | 447 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
- | - | 23.6 B | 18.1 B | 19 B | 16.2 B | - | - | 12.2 B | - | 10 B | - | 8.16 B | - | 7.11 B | - | 5.88 B | - | 2.13 B | - | 32 M | - | -198 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
- | 45.8 B | 45.8 B | 38.6 B | 35.3 B | 32 B | - | - | 27.5 B | - | 24.6 B | - | 22.5 B | - | 21.1 B | - | 20.7 B | - | 15.1 B | - | 8.98 B | - | 8.46 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
- | - | 9.86 B | 4.33 B | 14.9 B | 10.9 B | - | - | 9.82 B | - | 8.96 B | - | 9.48 B | - | 7.26 B | - | 6.6 B | - | 3.55 B | - | 583 M | - | 533 M | - | 1.09 B | - | 1.35 B | - | - | - | 307 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
- | 36.7 B | 36.7 B | 31 B | 31.6 B | 28.8 B | - | - | 24.5 B | - | 22.2 B | - | 20.3 B | - | 19.1 B | - | 17.9 B | - | 14 B | - | 8.29 B | - | 8.01 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
- | 36.7 B | 36.7 B | 31 B | 31.6 B | 28.8 B | - | - | 24.5 B | - | 22.2 B | - | 20.3 B | - | 19.1 B | - | 17.9 B | - | 14 B | - | 8.29 B | - | 8.01 B | - | 6.86 B | - | 6.27 B | - | - | - | 4.83 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in DKK currency
Balance Sheet is a fundamental financial report of Genmab A/S, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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