Genmab Announces Financial Results for the First Quarter of 2023
10 Maio 2023 - 12:01PM
May 10,
2023 Copenhagen,
Denmark; Interim Report
for the First Quarter Ended March 31, 2023
Highlights
- Genmab revenue increased
35% compared to the first
quarter of 2022, to DKK
2,854
million
“In the first quarter of the year we continued to lay the
groundwork for the potential approval of epcoritamab in
relapsed/refractory diffuse large B-cell lymphoma (DLBCL). Looking
beyond this indication, together with our partner AbbVie Inc.
(AbbVie), we are committed to a robust clinical development
program, evaluating epcoritamab in a variety of patient populations
and treatment settings including in frontline DLBCL,” said Jan van
de Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First
Quarter of
2023
- Net sales of DARZALEX® by Janssen Biotech, Inc. (Janssen) were
USD 2,264 million in the first three months of 2023 compared to USD
1,856 million in the first three months of 2022, an increase of USD
408 million, or 22%.
- Royalty revenue was DKK 2,428 million in the first three months
of 2023 compared to DKK 1,836 million in the first three months of
2022, an increase of DKK 592 million, or 32%. The increase in
royalties was driven by higher net sales of DARZALEX and Kesimpta®
and a higher average exchange rate between the USD and DKK.
- Revenue was DKK 2,854 million for the first three months of
2023 compared to DKK 2,119 million for the first three months of
2022. The increase of DKK 735 million, or 35%, was primarily driven
by higher DARZALEX and Kesimpta royalties achieved under our
collaborations with Janssen and Novartis Pharma AG (Novartis),
respectively, and higher reimbursement revenue driven by increased
activities under our collaboration with BioNTech SE
(BioNTech).
- Operating expenses were DKK 2,417 million in the first three
months of 2023 compared to DKK 1,605 million in the first three
months of 2022. The increase of DKK 812 million, or 51%, was driven
by the expansion of our product pipeline, epcoritamab launch
readiness, the continued development of Genmab’s broader
organizational capabilities, and related team members to support
these activities.
- Operating profit was DKK 437 million in the first three months
of 2023 compared to DKK 514 million in the first three months of
2022.
- Net financial items resulted in expenses of DKK 151 million for
the first three months of 2023 compared to income of DKK 98 million
in the first three months of 2022. The decrease of DKK 249 million
was primarily driven by net foreign exchange rate losses due to the
USD weakening against the DKK.
Subsequent Event
- April: An arbitral tribunal issued an award in the second
arbitration arising under Genmab’s license agreement with Janssen
for daratumumab. The arbitral tribunal dismissed Genmab’s claims on
the basis that these claims should have been brought in the first
arbitration. One of the three arbitrators dissented. Genmab’s
dismissed claims were a claim for milestone payments with respect
to the subcutaneous formulation of daratumumab (“SC daratumumab,”
marketed as DARZALEX FASPRO® in the United States) and a claim for
a new 13-year royalty term, on a country-by-country basis, from the
date of the first commercial sale of SC daratumumab in each such
country. Genmab has filed a request for review of the award before
a single “appeal arbitrator.”
OutlookGenmab is maintaining its 2023 financial
guidance published on February 22, 2023.
Conference CallGenmab will hold a conference
call in English to discuss the results for the first quarter of
2023 today, Wednesday, May 10, at 6:00 pm CEST, 5:00 pm BST or
12:00 pm EDT. To join the call please use the below registration
link. Registered participants will receive an email with a link to
access dial-in information as well as a unique personal PIN:
https://register.vevent.com/register/BIae325ca4615b4846af524afb9d9b0af5.
A live and archived webcast of the call and relevant slides will be
available at www.genmab.com/investors.
Contact:Marisol Peron, Senior Vice President,
Global Communications & Corporate AffairsT: +1 609 524 0065; E:
mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor RelationsT: +45
3377 9558; E: acn@genmab.com
The Interim Report contains forward looking statements. The
words “believe,” “expect,” “anticipate,” “intend” and “plan” and
similar expressions identify forward looking statements. Actual
results or performance may differ materially from any future
results or performance expressed or implied by such statements. The
important factors that could cause our actual results or
performance to differ materially include, among others, risks
associated with pre-clinical and clinical development of products,
uncertainties related to the outcome and conduct of clinical trials
including unforeseen safety issues, uncertainties related to
product manufacturing, the lack of market acceptance of our
products, our inability to manage growth, the competitive
environment in relation to our business area and markets, our
inability to attract and retain suitably qualified personnel, the
unenforceability or lack of protection of our patents and
proprietary rights, our relationships with affiliated entities,
changes and developments in technology which may render our
products or technologies obsolete, and other factors. For a further
discussion of these risks, please refer to the risk management
sections in Genmab’s most recent financial reports, which are
available on www.genmab.com and the risk factors included in
Genmab’s most recent Annual Report on Form 20-F and other filings
with the U.S. Securities and Exchange Commission (SEC), which are
available at www.sec.gov. Genmab does not undertake any obligation
to update or revise forward looking statements in the Interim
Report nor to confirm such statements to reflect subsequent events
or circumstances after the date made or in relation to actual
results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks:
Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the
Y-shaped Genmab logo®; HuMax®; DuoBody®; DuoBody in combination
with the DuoBody logo®; HexaBody®; HexaBody in combination with the
HexaBody logo®; DuoHexaBody®; and HexElect®. Tivdak® is a trademark
of Seagen Inc.; EPCORE™ is a trademark of AbbVie Biotechnology
Ltd.; Kesimpta® and Sensoready® are trademarks of Novartis AG or
its affiliates; DARZALEX®, DARZALEX FASPRO®, RYBREVANT® and
TECVAYLI® are trademarks of Johnson & Johnson; TEPEZZA® is a
trademark of Horizon Therapeutics Ireland DAC.
Download the full Interim Report for the First Quarter of 2023
on attachment or at www.genmab.com/investors.
CVR no. 2102 3884LEI Code 529900MTJPDPE4MHJ122Genmab A/SKalvebod
Brygge 431560 Copenhagen VDenmark
- 20230510_CA26_Genmab_Q1_2023_Interim_Report
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