TIDMGEN
Company Announcement
-- Genmab improves its 2022 financial guidance
COPENHAGEN, Denmark; August 8, 2022 --
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Genmab A/S (Nasdaq: GMAB) announced today that it is improving its
2022 financial guidance published on May 11, 2022. The improved
guidance is driven primarily by increased royalty revenue due to
higher net sales of DARZALEX and the positive net foreign exchange
impact of the strong U.S. Dollar.
Genmab expects its 2022 revenue to be in the range of DKK 12,000
-- 13,000 million, an increase to the previous guidance of DKK
11,000 -- 12,000 million, driven primarily by the continued strong
growth of DARZALEX net sales as well as the positive impact of the
strong U.S. Dollar. Genmab's projected revenue for 2022 primarily
consists of DARZALEX royalties. Such royalties are based on
Genmab's revised estimate of DARZALEX 2022 net sales of USD 7.8 --
8.2 billion compared to Genmab's previous estimate of USD 7.5 --
8.0 billion.
Genmab anticipates its 2022 operating expenses to be in the
range of DKK 7,600 -- 8,200 million, an increase to the previous
guidance of DKK 7,200 -- 7,800 million, driven by increased
investment related to pipeline progression and epcoritamab launch
readiness activities as well as the negative impact of the strong
U.S. Dollar.
Genmab now expects its 2022 operating profit to be in the range
of DKK 3,800 -- 5,400 million, an increase to the previous guidance
of DKK 3,200 -- 4,800 million, driven primarily by the items
described above.
Revised Previous
(DKK million) Guidance Guidance
---------------------
Revenue 12,000 - 13,000 11,000 -- 12,000
Operating expenses (7,600) - (8,200) (7,200) - (7,800)
Operating profit 3,800 - 5,400 3,200 -- 4,800
Genmab's financial results for the first half of 2022 will be
published on August 10, 2022.
The above expectations are based on assumptions including those
described on pages 5 and 6 of the Interim Report for the First
Quarter of 2022 (Company Announcement No. 17/2022) as well as an
updated USD/DKK exchange rate of 6.8, compared to the previous
exchange rate of 6.4.
About Genmab
Genmab is an international biotechnology company with a core
purpose to improve the lives of people with cancer. For more than
20 years, Genmab's vision to transform cancer treatment has driven
its passionate, innovative and collaborative teams to invent
next-generation antibody technology platforms and leverage
translational research and data sciences, fueling multiple
differentiated cancer treatments that make an impact on people's
lives. To develop and deliver novel therapies to patients, Genmab
has formed 20+ strategic partnerships with biotechnology and
pharmaceutical companies. Genmab's proprietary pipeline includes
bispecific T-cell engagers, next-generation immune checkpoint
modulators, effector function enhanced antibodies and antibody-drug
conjugates.
Genmab is headquartered in Copenhagen, Denmark with locations in
Utrecht, the Netherlands, Princeton, New Jersey, U.S. and Tokyo,
Japan. For more information, please visit Genmab.com
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and follow us on Twitter.com/Genmab
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.
Contact:
Marisol Peron, Senior Vice President, Communications and
Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
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Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
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This Company Announcement 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
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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
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www.sec.gov. Genmab does not undertake any obligation to update or
revise forward looking statements in this Company Announcement 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(R) ; the Y-shaped Genmab logo(R) ; Genmab in combination
with the Y-shaped Genmab logo(R) ; HuMax(R) ; DuoBody(R) ; DuoBody
in combination with the DuoBody logo(R) ; HexaBody(R) ; HexaBody in
combination with the HexaBody logo(R) ; DuoHexaBody(R) and
HexElect(R) .
Company Announcement no. 40
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Kalvebod Brygge 43
1560 Copenhagen V
Denmark
Attachment
-- 080822_CA40_Guidance Update
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August 08, 2022 12:33 ET (16:33 GMT)
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