Genmab Announces Financial Results for the First Half of 2020
13 August 2020 - 1:23AM
August 12, 2020; Copenhagen,
Denmark;
Interim Report for the First Half of
2020
Highlights
·Genmab and
AbbVie enter into broad oncology collaboration; USD 750 million
upfront payment with total potential milestone and opt-in payments
of up to USD 3.15
billion ·Very
favorable topline results announced from Phase 2 clinical trial of
tisotumab vedotin in recurrent or metastatic cervical
cancer ·Subcutaneous
formulation of DARZALEX®
(daratumumab), known as DARZALEX
FASPRO™ (daratumumab and
hyaluronidase-fihj) in the U.S., approved in U.S. and Europe for
certain multiple myeloma
indications ·Positive
topline results in Phase 3 ANDROMEDA study of daratumumab in
light-chain (AL) amyloidosis
·DARZALEX net
sales increased approximately 31% compared to the first half of
2019 to USD 1,838 million, resulting in royalty income of DKK 1,652
million for the first half of 2020
“At Genmab our core purpose is to improve the lives of patients
by creating differentiated antibody medicines. Despite the
unprecedented challenges created by the global coronavirus
pandemic, the motivation provided by this core purpose, along with
our passion for innovation and determination to be the best at what
we do have driven our company to transformational success during
the first half of 2020. From our broad collaboration with AbbVie to
the impressive results from the tisotumab vedotin innovaTV 204
study, the second quarter of 2020 has further strengthened Genmab’s
position as a world-class innovation powerhouse,” said Jan van de
Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Half of
2020
- Revenue was DKK 6,343 million in the first half of 2020
compared to DKK 1,365 million in the first half of 2019. The
increase of DKK 4,978 million, or 365%, was primarily driven by the
upfront payment from AbbVie and higher DARZALEX royalties.
- Net sales of DARZALEX by Janssen were USD 1,838 million in the
first half of 2020 compared to USD 1,403 million in the first half
of 2019, an increase of USD 435 million, or 31%.
- Operating expenses were DKK 1,775 million in the first half of
2020 compared to DKK 1,254 million in the first half of 2019. The
increase of DKK 521 million, or 42%, was driven by the advancement
of epcoritamab (DuoBody®-CD3xCD20) and DuoBody-PD-L1x4-1BB,
additional investments in our product pipeline, and the increase in
new employees to support the expansion of our product
pipeline.
- Operating income was DKK 4,568 million in the first half of
2020 compared to DKK 111 million in the first half of 2019. The
increase of DKK 4,457 million was driven by higher revenue, which
was partly offset by increased operating expenses.
Outlook
Genmab is improving its 2020 financial guidance published on
June 10, 2020 due to increased royalty income related to the sales
of TEPEZZA®.
|
|
|
MDKK |
Revised |
Previous |
Guidance |
Guidance |
Revenue |
9,100 – 9,700 |
9,100 – 9,500 |
Operating
expenses |
(3,850) – (3,950) |
(3,850) – (3,950) |
Operating
income |
5,200 – 5,800 |
5,200 – 5,600 |
Conference
Call
Genmab will hold a conference call in English to discuss the
results for the first half of 2020 today, Wednesday, August 12, at
6:00 pm CEST, 5:00 pm BST or 12:00 pm EDT. To join the call dial +1
646 741 3167 (U.S. participants) or +44 2071 928338 (international
participants) and provide conference code 5658476.
A live and archived webcast of the call and relevant slides will
be available at www.genmab.com.
Contact:
Marisol Peron, Corporate Vice President,
Communications & Investor RelationsT: +1 609 524 0065; E:
mmp@genmab.com
For Investor
Relations:
Andrew Carlsen, Senior Director, 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®; HexElect®; and UniBody®. Arzerra® is
a trademark of Novartis AG or its affiliates. DARZALEX® and
DARZALEX FASPRO™ are trademarks of Janssen Pharmaceutica NV.
TEPEZZA® is a trademark of Horizon Therapeutics plc.
Download the full Interim Report for the First Half of 2020 on
attachment or at www.genmab.com.
CVR no. 2102 3884 LEI Code 529900MTJPDPE4MHJ122 Genmab A/S
Kalvebod Brygge 43 1560 Copenhagen V Denmark
- 120820_CA34_Genmab Q2 2020 Interim Report
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