Genmab — Juli 2014
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Bowers fortsat: "
Kan Genmab komme op og få omkring de 150 mio. kr. i royalty-indtægter for Arzerra, så er det et break-even-projekt for selskabet, der jo i de senere år har haft årlige cappede omkostninger for 17 mio. pund. Dertil kommer, at antistoffet potentielt set kan stå over for en lille genfødsel, hvis der opnås succes med en kombination med f.eks. Imbruvica og Zydelig og inden for autoimmune sygdomme som multipel sklerose." -
Fantastisk
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Endelig nogle postiive amerikanere !
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så skal vi have GS til at ændre sig også
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en analyse fra MLI får du ikke lige fat i
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det er nok kun deres instititionelle kunder der får den
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Genmab (Buy, PT DKr274): Transformation underway – reinstate with Buy. Transformation underway - Buy, PO DKK274, 30% upside: We reinstate coverage of Genmab, a DKK12.4bn market cap, Copenhagen-based biotech company, with a Buy rating and DCF-derived PO of DKK274 (c30% upside). We believe the company is entering a new phase with its exciting lead asset daratumumab (multiple myeloma) and strong technology platform, more than offsetting our caution on its only marketed asset Arzzera (anti-CD-20,
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oncology). We see a 'blue sky' valuation of DKK570 (170% upside) based on full pipeline success and increased investor confidence in the technology platform. Daratumumab transformational & key to growth: 70% NPV: Daratumumab is an anti-CD38 in Ph III development for multiple myeloma (MM) and granted FDA breakthrough therapy. We believe it will be the first CD-38 to market from early-16. With its compelling efficacy and benign safety profile, we expect it to be used as an add-on to the current
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treatment paradigm (MM note here). We model a MM biologics market of $7.5bn by 2023, with $3bn for daratumumab. We expect significant newsflow 2H14, notably ASH in Dec to be a key driver of share price. Strong technology platform supports pipeline growth: Genmab has a number of active partnerships
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through its technology platforms, with most excitement around Duobody (bispecific antibodies) and Hexabody (antibodies with enhanced killing ability). We value the technology platform and partnered assets at DKK37/sh (14%) and believe the announcement of further partnerships should increase investor
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confidence in Genmab's revenue-generating potential. Cautious on Arzerra, struggling to compete: We are cautious on Arzerra (anti-CD-20) given increasing competition to both approved (chronic lymphocytic leukaemia) and pipeline indications from Roche's anti-CD20 Gazyva and newer oral therapies driving peak risk-adjusted forecasts of $125m in oncology, significantly below cons. modelled $1.1bn. However, we also
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http://research1.ml.com/C/?q=6ZQW8UPX8dIlmGSxo0xLDA__&e=vgupta33%40irevna2.com&h=1Qqthg This material was prepared by Sales personnel of Bank of America Merrill Lynch and is subject to the terms available at the following link: http://corp.bankofamerica.com/business/smb/landing/emaildisclaimer/emea/emea-gmi-disclaimer
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