Morgan Stanley starts Genmab stock coverage with USD 42 target

Published on 10/20/2026 at 13:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue was DKK 1.16 billion and net profit DKK 303 million. Genmab stock costs EUR 341.55 on October 20, 2026, above the EUR 341.30 Xetra close.

Coverage begins with valuation debate

Morgan Stanley initiated coverage with a USD 42.00 price target on October 20, 2026.
Second-quarter revenue reached DKK 1.16 billion, while net profit was DKK 303 million.
Genmab stock trades at EUR 341.55 at 1:03 p.m. CEST at Lang & Schwarz on October 20, 2026, 0.07 percent above the Xetra close of October 19, 2026.

Isometrische 3D-Darstellung der Antikörper-Wertschöpfungskette von Labor bis Vertrieb — Genmab A/S Antikörper-Wertschöpfungskette als isometrische 3D-Illustration von Forschung über Produktion bis Klinik, DK0010272202, Illustration mit AI erstellt.

Genmab (DK0010272202) was trading at EUR 341.55 at Lang & Schwarz on October 20, 2026 at 1:03 p.m. CEST, 0.07 percent above the Xetra close of October 19, 2026 (EUR 341.30). Investing.com reported on October 20 that Morgan Stanley initiated coverage with an Equalweight rating and a USD 42.00 price target.

Coverage weighs royalty dependence

Morgan Stanley's view links the valuation to Genmab's oncology pipeline and the durability of its royalty stream. The report said DARZALEX contributed USD 2.44 billion, or 65.00 percent, of fiscal year 2025 revenue, while U.S. royalties are scheduled to end in 2029 and European and Japanese royalties in 2031, according to Investing.com.

The latest reported quarter also gives the debate a measurable operating base. For the quarter ending June 30, 2026, revenue was DKK 1.16 billion and net profit was DKK 303 million, compared with DKK 924.81 million and DKK 335.93 million, respectively, a comparison carried by The Globe and Mail.

Three dated pipeline signals

On August 6, 2026, Genmab's first-half revenue growth was reported at 25.00 percent, while management guided for full-year 2026 revenue of DKK 4.30 billion to DKK 4.50 billion, according to an earnings transcript carried by Yahoo Finance. On October 3, 2026, Rina-S produced a 45.90 percent overall response rate in 109 patients, as reported by Simply Wall St. On October 20, 2026, Morgan Stanley added the USD 42.00 target and Equalweight rating.

What dates matter next?

Genmab is scheduled to report third-quarter 2026 results on November 5, 2026, according to the company calendar reproduced by MFN. The upcoming report will test whether the DKK 4.30 billion to DKK 4.50 billion full-year revenue outlook remains supported by DARZALEX and EPKINLY.

Price remains near the latest close

The euro quotation is only 0.07 percent above the previous Xetra session's close, leaving the analyst target and upcoming clinical readouts as the main reference points for the valuation discussion. Genmab stock trades at EUR 341.55 at 1:03 p.m. CEST at Lang & Schwarz on October 20, 2026, 0.07 percent above the Xetra close of October 19, 2026 at EUR 341.30. The further course of trading is shown by the continuously updated real-time quote of Genmab stock.