Genmab faces steep revenue cliff as Darzalex patents expire, eyes pivotal Epkinly readout

Genmab relies heavily on Darzalex, a cancer drug co‑developed with Johnson & Johnson, which currently provides about 90% of the company’s sales. U.S. patents for Darzalex are set to expire in 2029, and analysts project a sharp decline in revenue, potentially falling from $3.3 billion in 2028 to under $1 billion by 2031 and possibly to zero by 2032.

To offset the looming loss, Genmab has three cancer programs in late‑stage development, with pivotal readouts scheduled throughout the year. Earlier this month the company reported two positive clinical outcomes, and the upcoming Epkinly data is described as a make‑or‑break readout that could determine whether Genmab can sustain growth beyond the revenue cliff.

Industry analysts note that while the financial outlook appears grim, successful readouts could help Genmab navigate the trough years of 2029‑2030 and emerge on a more stable trajectory.