vs
GENMAB A/S（GMAB）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是GENMAB A/S的2.6倍（$2.4B vs $925.0M）。GENMAB A/S净利率更高（36.3% vs 25.3%，领先11.1%）。GENMAB A/S同比增速更快（18.7% vs 3.0%）。硕腾自由现金流更多（$732.0M vs $327.0M）
Genmab A/S是丹麦生物技术企业，1999年2月由原BankInvest生物医药风险基金董事总经理Florian Schönharting创立，总部位于丹麦哥本哈根，在荷兰乌得勒支、美国新泽西州普林斯顿、日本东京、德国慕尼黑及中国苏州均设有子公司，深耕生物科技领域的研发与运营。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
GMAB vs ZTS — 直观对比
营收规模更大
ZTS
是对方的2.6倍
$925.0M
营收增速更快
GMAB
高出15.7%
3.0%
净利率更高
GMAB
高出11.1%
25.3%
自由现金流更多
ZTS
多$405.0M
$327.0M
损益表 — Q2 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $925.0M | $2.4B |
| 净利润 | $336.0M | $603.0M |
| 毛利率 | 93.8% | 70.2% |
| 营业利润率 | 38.9% | 31.9% |
| 净利率 | 36.3% | 25.3% |
| 营收同比 | 18.7% | 3.0% |
| 净利润同比 | 65.5% | 3.8% |
| 每股收益（稀释后） | $5.42 | $1.37 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GMABZTS
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | $925.0M | $2.5B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | $779.0M | $2.4B | ||
| Q1 24 | — | $2.2B |
净利润GMABZTS
| Q4 25 | — | $603.0M | ||
| Q3 25 | — | $721.0M | ||
| Q2 25 | $336.0M | $718.0M | ||
| Q1 25 | — | $631.0M | ||
| Q4 24 | — | $581.0M | ||
| Q3 24 | — | $682.0M | ||
| Q2 24 | $203.0M | $624.0M | ||
| Q1 24 | — | $599.0M |
毛利率GMABZTS
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | 93.8% | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | 96.4% | 71.7% | ||
| Q1 24 | — | 70.6% |
营业利润率GMABZTS
| Q4 25 | — | 31.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | 38.9% | 36.7% | ||
| Q1 25 | — | 36.5% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | — | 36.6% | ||
| Q2 24 | 30.3% | 33.0% | ||
| Q1 24 | — | 34.1% |
净利率GMABZTS
| Q4 25 | — | 25.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | 36.3% | 29.2% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 28.6% | ||
| Q2 24 | 26.1% | 26.4% | ||
| Q1 24 | — | 27.4% |
每股收益（稀释后）GMABZTS
| Q4 25 | — | $1.37 | ||
| Q3 25 | — | $1.63 | ||
| Q2 25 | $5.42 | $1.61 | ||
| Q1 25 | — | $1.41 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $1.50 | ||
| Q2 24 | $3.13 | $1.37 | ||
| Q1 24 | — | $1.31 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.3B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.3B | $3.3B |
| 总资产 | $6.5B | $15.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GMABZTS
| Q4 25 | — | — | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $622.0M | $1.6B | ||
| Q1 24 | — | $2.0B |
股东权益GMABZTS
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $5.4B | ||
| Q2 25 | $5.3B | $5.0B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | $4.4B | $5.0B | ||
| Q1 24 | — | $5.1B |
总资产GMABZTS
| Q4 25 | — | $15.5B | ||
| Q3 25 | — | $15.2B | ||
| Q2 25 | $6.5B | $14.5B | ||
| Q1 25 | — | $14.1B | ||
| Q4 24 | — | $14.2B | ||
| Q3 24 | — | $14.4B | ||
| Q2 24 | $5.6B | $14.2B | ||
| Q1 24 | — | $14.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $349.0M | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $327.0M | $732.0M |
| 自由现金流率自由现金流/营收 | 35.4% | 30.7% |
| 资本支出强度资本支出/营收 | 2.4% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.48× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流GMABZTS
| Q4 25 | — | $893.0M | ||
| Q3 25 | — | $938.0M | ||
| Q2 25 | $349.0M | $486.0M | ||
| Q1 25 | — | $587.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $951.0M | ||
| Q2 24 | $438.0M | $502.0M | ||
| Q1 24 | — | $595.0M |
自由现金流GMABZTS
| Q4 25 | — | $732.0M | ||
| Q3 25 | — | $805.0M | ||
| Q2 25 | $327.0M | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | — | $784.0M | ||
| Q2 24 | $430.0M | $370.0M | ||
| Q1 24 | — | $455.0M |
自由现金流率GMABZTS
| Q4 25 | — | 30.7% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | 35.4% | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | 55.2% | 15.7% | ||
| Q1 24 | — | 20.8% |
资本支出强度GMABZTS
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | 2.4% | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | 1.0% | 5.6% | ||
| Q1 24 | — | 6.4% |
现金转化率GMABZTS
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 1.04× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 2.16× | 0.80× | ||
| Q1 24 | — | 0.99× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GMAB
| Darzalex | $638.0M | 69% |
| Kesimpta | $108.0M | 12% |
| Net Product Sales | $101.0M | 11% |
| Other | $28.0M | 3% |
| Tepezza | $20.0M | 2% |
| Reimbursement Revenue | $13.0M | 1% |
| Bio N Tech | $11.0M | 1% |
| Abb Vie | $5.0M | 1% |
| Milestone Revenue | $1.0M | 0% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
