Earnings ForecastThere is significant downside to 2025 and 2026 EBIT forecasts, with increasing operating expenses not yet captured.
JNJ Partnership UncertaintyUncertainty around JNJ’s opt-in decision on HexabodyCD38, given limited data and lengthy development timelines, could lead to a double-digit share-price move.
Revenue ErosionSignificant erosion in earnings starting in 2029 when Genmab will cease to receive royalties from JNJ on Darzalex sales in the US, EU, and Japan.