TIDMGEN
Company Announcement
-- Genmab improves its 2022 financial guidance
COPENHAGEN, Denmark; November 3, 2022 --
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Genmab A/S (Nasdaq: GMAB) announced today that it is improving its
2022 financial guidance published on August 8, 2022. The improved
guidance is driven primarily by the positive foreign exchange rate
impact on our royalty revenue, and the continued strong performance
of DARZALEX(R) net sales.
Genmab expects its 2022 revenue to be in the range of DKK 13,500
-- 14,500 million, an increase to the previous guidance of DKK
12,000 -- 13,000 million, driven primarily by the positive foreign
exchange rate impact on our royalty revenue, and the continued
strong performance of DARZALEX net sales. The upper end of the
revenue guidance range now assumes a significant milestone
associated with the potential acceptance by the U.S. Food and Drug
Administration to review the Biologics License Application
submission for epcoritamab. 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 8.0
-- 8.2 billion compared to Genmab's previous estimate of USD 7.8 --
8.2 billion.
Genmab anticipates its 2022 operating expenses to be in the
range of DKK 8,000 -- 8,400 million, an increase to the previous
guidance of DKK 7,600 -- 8,200 million, primarily driven by the
negative impact of the strong U.S. Dollar. Operating expenses
continue to be driven by the advancement of Genmab's clinical
programs, continued investment in research and development, as well
as building Genmab's commercial organization and broader
organizational infrastructure.
Genmab now expects its 2022 operating profit to be in the range
of DKK 5,100 -- 6,500 million, an increase to the previous guidance
of DKK 3,800 -- 5,400 million, driven primarily by the items
described above.
Revised Previous
(DKK million) Guidance Guidance
---------------------
Revenue 13,500 - 14,500 12,000 - 13,000
Operating expenses (8,000) - (8,400) (7,600) - (8,200)
Operating profit 5,100 - 6,500 3,800 - 5,400
Genmab's financial results for the first nine months of 2022
will be published on November 9, 2022.
The above expectations are based on assumptions including those
described on pages 5 and 6 of the Interim Report for the first half
of 2022 (Company Announcement No. 41/2022) as well as an updated
USD/DKK exchange rate of 7.2, compared to the previous exchange
rate of 6.8.
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) ; DARZALEX(R) is a trademark of Johnson &
Johnson.
Company Announcement no. 54
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Kalvebod Brygge 43
1560 Copenhagen V
Denmark
Attachment
-- 031122_CA54_Guidance Update
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November 03, 2022 12:45 ET (16:45 GMT)
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