Genmab Announces Financial Results for the First Half of 2023
03 Agosto 2023 - 12:01PM
August 3,
2023 Copenhagen,
Denmark; Interim Report
for the First Six Months Ended June 30, 2023
Highlights
- EPKINLY™
(epcoritamab-bysp) was approved
by the U.S. Food and Drug Administration (U.S. FDA) as the first
bispecific antibody to treat adults with relapsed or refractory
diffuse large B-cell lymphoma (DLBCL)
- Genmab and AbbVie Inc. (AbbVie) announced positive
topline results from the Phase 1/2 EPCORE™ NHL-1 trial evaluating
epcoritamab in patients with relapsed/refractory follicular
lymphoma (FL)
- Genmab revenue increased
34% compared to the first
six months of 2022, to DKK
7,052 million
- Genmab 2023 financial guidance updated
“The U.S. FDA approval of EPKINLY as the first bispecific
antibody to treat adults with relapsed or refractory DLBCL was an
important milestone both for Genmab and for patients in need of an
innovative treatment option administered subcutaneously. We would
like to thank the patients and investigators who took part in the
EPCORE NHL-1 trial that was the basis of this approval, as well as
the unstoppable team at Genmab responsible for the discovery,
development and now commercialization of EPKINLY. We also thank our
partners at AbbVie for their excellent collaboration as we work
together to bring EPKINLY to cancer patients,” said Jan van de
Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First
Half of 2023
- Net sales of DARZALEX® by Janssen Biotech, Inc. (Janssen) were
USD 4,695 million in the first six months of 2023 compared to USD
3,842 million in the first six months of 2022, an increase of USD
853 million, or 22%.
- Royalty revenue was DKK 5,935 million in the first six months
of 2023 compared to DKK 4,727 million in the first six months of
2022, an increase of DKK 1,208 million, or 26%. The increase in
royalties was driven by higher net sales of DARZALEX and
Kesimpta®.
- Revenue was DKK 7,052 million for the first six months of 2023
compared to DKK 5,281 million for the first six months of 2022. The
increase of DKK 1,771 million, or 34%, was primarily driven by
higher DARZALEX and Kesimpta royalties achieved under our
collaborations with Janssen and Novartis Pharma AG (Novartis),
respectively, a milestone achieved under our collaboration with
AbbVie for the first commercial sale of EPKINLY in the United
States, and higher reimbursement revenue driven by increased
activities under our collaboration with BioNTech SE
(BioNTech).
- Operating expenses were DKK 5,118 million in the first six
months of 2023 compared to DKK 3,520 million in the first six
months of 2022. The increase of DKK 1,598 million, or 45%, was
driven by the expansion of our product pipeline, EPKINLY launch in
the U.S., the continued development of Genmab’s broader
organizational capabilities, and related increase in team members
to support these activities.
- Operating profit was DKK 1,934 million in the first six months
of 2023 compared to DKK 1,761 million in the first six months of
2022.
- Net financial items resulted in income of DKK 75 million for
the first six months of 2023 compared to DKK 1,340 million in the
first six months of 2022. The decrease of DKK 1,265 million, or
94%, was primarily driven by movements in USD to DKK foreign
exchange rates impacting Genmab’s USD denominated cash and cash
equivalents, and marketable securities in the respective
periods.
OutlookAs announced in Company Announcement No.
36, Genmab updated its 2023 financial guidance driven by the
continued strong growth of DARZALEX net sales and higher total
royalty revenues from DARZALEX and other marketed products, partly
offset by increased and accelerated investment for epcoritamab
clinical trials and progression of other pipeline products.
|
|
|
|
|
|
|
|
|
|
|
|
Revised |
|
Previous |
(DKK million) |
|
Guidance |
|
Guidance |
Revenue |
|
15,500 - 16,500 |
|
14,600 - 16,100 |
Operating expenses |
|
(10,400) - (10,900) |
|
(9,800) - (10,600) |
Operating profit |
|
4,500 - 6,000* |
|
3,900 - 6,200* |
*Operating profit does not sum due to rounding
Conference CallGenmab will hold a conference
call in English to discuss the results for the first half of 2023
today, Thursday, August 3, 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/BI9658367403a443db8fda64d31a3cfbc5.
A live and archived webcast of the call and relevant slides will be
available at www.genmab.com/investors.
ContactMarisol 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®; HexaBody®; DuoHexaBody®;
and HexElect®. Tivdak® is a trademark of Seagen Inc.; EPCORE™ and
EPKINLY™ are trademarks 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 Half of 2023 on
attachment or at www.genmab.com/investors.
CVR no. 2102 3884LEI Code 529900MTJPDPE4MHJ122Genmab A/SCarl
Jacobsens Vej 302500 ValbyDenmark
- 030823_CA37_Genmab Q2 2023 Interim Report
Gen Digital (NASDAQ:GEN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Gen Digital (NASDAQ:GEN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024