Genmab (GMAB)’s Future Potential Underappreciated by Market

Orbis Investment Management released its Q4 2025 investor letter for “Orbis SICAV International Equity Fund”. The Strategy reported a positive year in 2025, with returns driven more by stock-specific research rather than post-pandemic valuation rebounds. A copy of the letter can be downloaded here. The letter attributes performance to disciplined bottom-up investing and improved execution across several portfolio holdings. It also notes that rising global government debt supports the case for equities as core real assets, with non-US markets offering especially attractive valuations. Orbis suggests the long period of US market dominance may be starting to shift and remains focused on buying fundamentally undervalued businesses where mispricing can correct over time.

Genmab A/S (NASDAQ:GMAB) is a biotechnology company specializing in antibody-based therapies, with a strong oncology portfolio and multiple high-value partnerships driving long-term growth. In Orbis International Equity’s Q4 2025 investor letter, Genmab A/S (NASDAQ:GMAB) is highlighted as the fund’s largest position, benefiting from what Orbis sees as deep undervaluation created by fears over an upcoming patent cliff. The one‑month return of Genmab A/S (NASDAQ: GMAB) was approximately -2.28%, and its shares gained about 57.13% of their value over the last 52 weeks. On January 21, 2026, Genmab A/S (NASDAQ: GMAB) stock closed at approximately $32.95 per share, with a market capitalization of about $19.32 billion.

Orbis International Equity of Q4 stated the following regarding Genmab A/S (NASDAQ:GMAB) in its Q4 2025 investor letter:

“Genmab A/S (NASDAQ:GMAB), our largest position, is a prime example. Investors often flee when a patent cliff for a flagship product like Genmab’s Darzalex (late 2020s/early 2030s) looms, fixating on the certain loss of legacy revenue while completely discounting what might replace it. Meanwhile, a slate of late-stage assets and growing partnered drugs are only beginning to contribute revenue well into the 2030s. The company’s R&D machine, still run by scientist-founder Dr. Jan van de Winkel, fosters disciplined capital allocation and scientific excellence, and its recent acquisition of ProfoundBio slots antibody-drug-conjugate technology neatly into its core expertise. Yet, the market treats Genmab as a single-product story, which allowed us to acquire the stock at a price lower than the cash flows from its commercialised drugs alone, essentially getting a world-class discovery platform (which has yielded eight approved medicines thus far) for free.”

In another article, we covered Genmab A/S (NASDAQ:GMAB) and shared the list of the most profitable biotech stocks to buy. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.