Genmab A/S
Genmab's antibody platforms—like Streptomyces biosynthetic modules—create molecular architectures pharma giants license because replicating the platform takes longer than partnering.
In 2024, Genmab generated DKK 21.5 billion (USD 3.1 billion) in revenue—a 31% increase—almost entirely from two products it doesn't manufacture: DARZALEX (daratumumab), a multiple myeloma antibody licensed to Johnson & Johnson that generated USD 11.67 billion in 2024 sales (Genmab receives 12-20% royalties), and EPKINLY (epcoritamab), a bispecific antibody co-developed with AbbVie that hit USD 281 million in first full-year sales. The Danish biotech invented neither the targets (CD38 for DARZALEX, CD3/CD20 for EPKINLY) nor manufactures the drugs. Its competitive advantage is platform architecture: proprietary antibody engineering technologies—DuoBody for bispecifics, HexaBody for enhanced effector function—that generate molecules pharma giants license because internal platforms can't match the performance.
This mirrors how enzyme specialists like Streptomyces produce modular biosynthetic machinery: the organism doesn't need to know what compound to make—it provides catalytic modules (methyltransferases, oxidoreductases, ligases) that can be assembled into diverse biosynthetic pathways. Genmab's DuoBody platform uses controlled Fab-arm exchange to create bispecific antibodies—molecules that simultaneously bind two different targets (e.g., T-cells and cancer cells). EPKINLY, the first subcutaneous bispecific approved in both the U.S. and Europe, demonstrates the platform's value: it recruits patient T-cells to kill malignant B-cells in lymphoma, achieving response rates that monoclonal antibodies can't match.
Genmab doesn't compete on manufacturing scale—J&J and AbbVie provide that. It competes on molecular architecture: creating antibody formats that big pharma licenses because replicating the platform would take a decade of R&D. The company's DKK 9.9 billion R&D investment in 2024 (46% of revenue) and USD 1.8 billion acquisition of ProfoundBio (gaining antibody-drug conjugate expertise) demonstrate platform expansion. The 2025 outlook projects USD 2.2 billion in DARZALEX royalties alone, based on expected J&J sales of USD 12.6-13.4 billion. The constraint isn't molecule generation—Genmab has 20+ active collaborations. The constraint is clinical validation: each new antibody format needs years of trials to prove superiority over established therapies. Platform modularity accelerates molecular design. Biology still sets the clock on clinical proof.