Genmab A/S Genmab Announces Financial Results For The First Quarter Of 2023
May 10 2023 - 10:01AM
UK Regulatory
TIDMGEN
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(R) 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(R) 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(R) 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."
Outlook
Genmab is maintaining its 2023 financial guidance published on
February 22, 2023.
Conference Call
Genmab 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 Affairs
T: +1 609 524 0065; E: mmp@genmab.com
https://www.globenewswire.com/Tracker?data=YBKbT5wu0qoU4tXueYGmb9z_Bfg2JhkLoQNp9KmPFGQI009kIT30UQ7u68Kcpgcj7smRoKfQJ4UY8lWUo7zvtQ==
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
https://www.globenewswire.com/Tracker?data=cFeJTeVkhZ4rrRkwAopktK83dGwD4r_586HMraE6w-D13xSCaW916E-TxjAFE1jDbrJ9uo6PmmdeQmEozRzvYw==
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
https://www.globenewswire.com/Tracker?data=U9uxjNF8MsOg_Hsm-xzeiKz0wS99JYIk270vapK1sZzSwnZmnAAwWlbaVXW6IL3bJ51r_eHO0LSbvgt6I1qj5w==
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
https://www.globenewswire.com/Tracker?data=U9uxjNF8MsOg_Hsm-xzeiByDL7JEo9pbK_ZqIG7BwCpcU_gRBahKjVh3p6_PFoM7caamdgdORIX1WqaFKLNTAA==
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(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) . Tivdak(R) is a trademark of Seagen Inc.; EPCORE(TM)
is a trademark of AbbVie Biotechnology Ltd.; Kesimpta(R) and
Sensoready(R) are trademarks of Novartis AG or its affiliates;
DARZALEX(R) , DARZALEX FASPRO(R) , RYBREVANT(R) and TECVAYLI(R) are
trademarks of Johnson & Johnson; TEPEZZA(R) 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 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Kalvebod Brygge 43
1560 Copenhagen V
Denmark
Attachment
-- 20230510_CA26_Genmab_Q1_2023_Interim_Report
https://ml-eu.globenewswire.com/Resource/Download/8535c1cc-e800-42ca-b70c-7e382afc9adc
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May 10, 2023 11:01 ET (15:01 GMT)
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