Genmab A/S (NASDAQ: GMAB) shares surged 5.03% in the pre-market session on Thursday, driven by a combination of solid fourth-quarter financial results and an analyst rating upgrade.
The Danish biotechnology company reported impressive financial performance for the fourth quarter and full year 2024. Highlights include a 31% increase in total revenue growth, a 26% rise in operating profit, and nearly $3 billion in cash position at year-end. The strong results were fueled by the success of Genmab's eight commercialized medicines, including EPKINLY and Tivdak, which generated sales of $281 million and $131 million, respectively, in 2024.
Additionally, Genmab's strategic acquisition of ProfoundBio for $1.8 billion and the integration of Rina-S into its pipeline have been successful, with plans for two Phase III trials underway. The company also returned capital to shareholders through a $500 million share buyback program in 2024.
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