GMAB vs INCY: Genmab AS and Incyte compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Genmab AS is the larger company, worth $22.0B, close to Incyte's $21.8B.
- Genmab AS grew revenue faster over the last year (+30.7% vs +20.9%).
- Genmab AS keeps more of each dollar of revenue as operating profit (31.1% vs 30.1%).
- On earnings, Incyte is the cheaper stock (15.4x vs 27.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | GMAB | INCY |
|---|---|---|
| Market cap | $22.0B | $21.8B |
| Share price | $37.07 | $112.79 |
| Revenue (last fiscal year) | $21.5B | $5.1B |
| Free cash flow (last fiscal year) | $7.5B | — |
| Revenue growth, last year | +30.7% | +20.9% |
| Revenue growth per year, last 5 fiscal years | +20.8% | +14.5% |
| Operating margin | 31.1% | 30.1% |
| Net margin | 36.4% | 26.7% |
| Return on equity | 25.3% | 25.5% |
| P/E (trailing) | 27.2x | 15.4x |
| Price / free cash flow | 19.1x | 16.1x |
| EV / EBITDA | 15.6x | 9.50x |
| FCF growth the price implies | — | — |
| Dividend yield | — | — |
| Debt / equity | 0.25x | 0.31x |
| Fundamental grade | A | A |
| Superinvestors holding it | 1 | 3 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Genmab AS
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $10.1B | $6.1B | 62.4% |
| 2021 | $8.4B | $2.0B | 35.1% |
| 2022 | $14.5B | $3.6B | 43.2% |
| 2023 | $16.5B | $7.0B | 32.3% |
| 2024 | $21.5B | $7.5B | 31.1% |
Incyte
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.0B | $568M | 19.6% |
| 2022 | $3.4B | $892M | 17.1% |
| 2023 | $3.7B | — | 16.8% |
| 2024 | $4.2B | — | 1.4% |
| 2025 | $5.1B | — | 29.5% |
Where the revenue comes from
Genmab AS · by regions, 2025
Denmark$3.3B89%
Japan$213M6%
United States$180M5%
Netherlands$1M0%
Incyte · by products, 2025
JAKAFI$3.1B60%
OPZELURA$678M13%
JAKAVI Royalty Revenues$458M9%
NIKTIMVO$152M3%
Milestone and contract revenues$150M3%
OLUMIANT Royalty Revenues$145M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open GMAB in InvestinglyQuestions
Which is bigger, Genmab AS or Incyte?
Genmab AS (GMAB), at $22.0B against $21.8B.
Is GMAB or INCY cheaper?
By trailing P/E, Incyte (15.4x) is cheaper than Genmab AS (27.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, GMAB or INCY?
Genmab AS: revenue grew +30.7% over the last year, against +20.9%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.