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Genmab’s Q3 results exceeded the street’s expectations. While Darzalex remained the primary contributor, a healthy uptick was also witnessed across most of the offerings. More importantly, the lower-end of sales guidance was upgraded but profitability was narrowed due to the progress on clinical trials and planned investments. Overall Genmab’s promising virtues remain intact underpinned by its healthy pipeline, planned product launches and strong balance sheet (2023e AV credit rating of AA), whi
Companies: Genmab A/S (GMAB:CPH)Genmab A/S (GMAB:CSE)
AlphaValue
Genmab reported a good set of Q2 results. Besides Darzalex, growth was also accompanied by the healthy uptick for the other offerings. More importantly, while the sales guidance was upgraded, the profitability outlook was narrowed down due to the expansion of clinical trials and investment in future product launches. The firm’s attractiveness nonetheless remains intact and is underpinned by better product diversity and the ability to clock healthy long-term growth.
Genmab reported mixed Q1 23 results. While Darzalex remained the chief value creator, growth was also complemented by the other offerings. More importantly, despite aggressive spending plans owing to the advancement of clinical trials and investment in future product launches, the 2023 outlook was maintained. Overall our positive stance on Genmab is maintained, banking on its high-potential oncology portfolio and healthy pipeline execution ability, resulting in better product diversity.
Genmab ended 2022 on a healthy note, with sales and operating profit ahead of consensus expectations. Besides Darzalex, growth was also complemented by the healthy uptick for other offerings. While sales growth is likely to continue in 2023, the operating profitability is expected to be restrained due to the advancement of clinical trials and investments in future product launches. Nevertheless, the firm remains an attractive bet, banking on promising newer drug initiatives – also expected to re
Genmab reported better-than-expected Q3 results. Unsurprisingly, Darzalex remained the outperformer and was again one of the key reasons for another guidance upgrade. More importantly, however, healthy developments were also witnessed across the other (newer) offerings. In view of the overall recovery in the oncology markets – also acknowledged by other pharma giants in AV coverage – and its action-packed pipeline, Genmab’s attractiveness remains intact.
Genmab reported a strong set of Q2 results. While robust performances were witnessed across the offerings, unsurprisingly Darzalex remained the primary value-creator, which also led to a guidance upgrade earlier this week. Despite losing the legal battle against Janssen, the firm is progressing well w.r.t other key drugs via collaborations/partnerships with other innovators, which should gradually help reduce its dependence on Darzalex/Janssen. The ‘ADD’ recommendation is re-iterated, also consi
Genmab reported a healthy set of Q1 results. This impressive performance was witnessed across the offerings, which were again led by Darzalex. Despite maintaining aggressive spending plans, the 2022 outlook was upgraded. Meanwhile the firm has lost its legal battle with Janssen and is not opting for a review meaning that the uncertainty is over and the focus should now be shift towards the newer offerings – where good progress is being achieved. Overall, the stock looks attractive at current lev
Genmab ended 2021 on a healthy note, with sales and operating profit slightly better than street expectations. Sales growth was again driven by Darzalex, but was also well-complemented by the healthy uptick for other offerings. While 2022 is poised for further healthy sales growth, the near-term profitability is likely to be restrained by the step-up in drug development and commercialisation investments. Nevertheless, the firm remains an attractive oncology bet, set to benefit from a slew of hig
Genmab reported strong Q3 results, with both sales and operating profit exceeding street expectations. Darzalex continued its strong show along with gradual progress in other areas. As a result, management upgraded its 2021 sales growth and profitability guidance. While these promising results should result in our estimates resetting higher, the upside should be limited, given the firm’s already very pricey multiples.
Driven by the robust demand for Darzalex and higher-than-expected milestone income, Genmab reported a revenue beat in Q2. Topped with the lower-than-expected R&D and selling expenses, mainly due to timing/ phasing issues, profitability’s outperformance was also encouraging. Given the strong show, the full-year outlook has been raised. Importantly, with the recent launch of Rybrevant and the upcoming approval of tisotumab, Genmab’s recurring revenue generation capability should strengthen further
Benefiting from the strong uptake of the subcutaneous formulation and continued market share gain across lines, Darzalex reported better-than-expected sales in Q1 21 with the ex-US region leading the momentum. Higher revenue trickled down and combined with higher financial income (driven by unrealised foreign exchange rate gains) led to a strong beat on earnings. Despite these good results, management has refrained from upgrading the guidance as there is uncertainty with respect to new cancer pa
FY20 sales and operating profit targets were exceeded, led by higher Darzalex royalties and lower R&D costs. Given its convenience dosing, Darzalex should hit the $5bn sales mark in FY21 (vs. FY20: $4.19bn). Although profitability could come under pressure, increasing R&D spend signal that the pipeline is rapidly maturing. Moreover, investments into the commercial infrastructure should make Genmab launch-ready for the next phase (two drug launches expected soon). Nonetheless, the legal battle wi
Better than expected performance of Tepezza and the upcoming launch of Amivantamab should bolster Genmab’s top line in the near term. Moreover, encouraging clinical data for pipeline assets, particularly, Epcoritamab and DuoBody PD-L1×4-1BB, bodes well for the mid-term.
Companies: Genmab A/S
After a soft Q2 due to COVID-19, Darzalex hit the blockbuster mark in Q3 driven by the robust uptake of the subcutaneous formulation and the resulting market share gain in the frontline multiple myeloma setting. Given its convenient administration, the drug should be a key growth driver going forward. Moreover, the recently-approved Kesimpta could help Genmab make a mark in the multiple sclerosis space. More details on the R&D pipeline at the Capital Markets Day next week.
Genmab has initiated a legal fight with partner Janssen over royalty payments for multiple myeloma drug, Darzalex. There are two bones of contention – royalties for the subcutaneous formulation and the tenure of the payments. In a worst case scenario, wherein Genmab’s loses both the battles, the Danish firm’s value could reset lower by c.20%.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Genmab A/S. We currently have 23 research reports from 4 professional analysts.
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
Companies: Warpaint London PLC
Shore Capital
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Companies: e-Therapeutics plc
Companies: IGP RUA BOOM
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total
ANGLE’s investment case rests on where Parsortix’s position in mainstream cancer diagnostics eventually lands. The place of liquid biopsies is now established and, increasingly, the additional clinical value that CTC (circulating tumour cells) assays bring is becoming clear. Addressing the many, varied opportunities directly is challenging and time consuming, with numerous barriers to overcome. Management is creating industry awareness through its demonstration and acceleration activities, which
Companies: ANGLE plc
Trinity Delta
Companies: Futura Medical plc
Liberum
23rd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Bidstack Group (BIDS.L) has left the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to
Companies: ELCO BOIL SAR GTC WJG CCS AREC
Warpaint London's strategy is to provide customers with access to an extensive range of high-quality and affordable cosmetics. Its focus has been to develop its flagship brand, W7, while capitalising on the growth potential of e-commerce and international expansion. Although the pandemic caused the temporary closure of a number of customer retail outlets, the business remains in a strong position thanks to management’s agility. Cash has been conserved and the business is now debt free. Given its
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