Why is Genmab stock sliding today?

Genmab stock is falling nearly 4.9% today after the Danish biotech’s sales of its cancer drug Epkinly slightly missed expectations and the company delivered no increase to full-year guidance.

Total Q3 revenue came in at $ 1.19 billion, just below the analyst consensus of $1.20 billion, while earnings per share of $0.55 comfortably beat the $0.35 estimate.

Epkinly global sales rose 47% to $491 million in the first nine months, slightly below Jyske Bank’s estimates, the broker said. It called Genmab’s maintained full-year guidance, with revenue of $4.3 billion to $4.5 billion and adjusted earnings of $1.1 billion to $1.4 billion, a “small disappointment.”

Net profit for the quarter dropped to $342 million, or $5.58 per share, compared with $401 million, or $6.46 per share, in the same period a year earlier.

For the first nine months, net profit fell to $698 million from $932 million, driven by higher costs and operating expenses.

Operating expenses climbed 35% to $2.02 billion for the nine-month period, reflecting investment in the pipeline, preparations for upcoming product launches, and $87 million in charges related to the integration of Merus.

While Genmab maintained its full-year revenue guidance of approximately $4.325 billion to $4.525 billion and now expects to finish in the upper part of that range, the lack of a formal guidance raise — after a string of blockbuster Phase 3 successes in October — appears to have triggered a "sell the news" reaction.

Phase 3 trials for Epkinly, Rina-S, and petosemtamab met key endpoints, with Genmab reiterating peak-sales expectations of more than $3 billion for Epkinly and more than $2 billion for Rina-S.

The broader Danish equity market offered little support, with the OMX Copenhagen 25 index having closed modestly higher in the prior session, meaning today’s decline in Genmab is largely company-specific rather than a reflection of a broad market selloff.

On Wall Street, the S&P 500 and Nasdaq were marginally positive while the Dow Jones was in negative territory, suggesting a mixed global backdrop that did not meaningfully amplify or cushion the stock’s move.