Genmab — Juli 2015
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Glenn Novarro (Analyst - RBC Capital Markets): Just as a follow-up to that, if you look at the pipeline of M&A potential, number one, would you call the pipeline meaningful? In other words, there's a lot of rich targets out there. And then as you look at these targets, what do you see in terms of the valuation of these targets? Are these targets getting stretched and is that maybe one of the reasons
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why you haven't done as much M&A here in had the last few years? Thank you. Unidentified Company Representative: No, Glenn. Thank you. We do feel that there are several significant opportunities really across each one of our segments that offer potential for growth and that are consistent with the strategic outline that I mentioned earlier. At the same time, I think we demonstrated that we want to be thoughtful and disciplined about our approach and we intend to continue that path going
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Larry Biegelsen (Analyst - Wells Fargo):That's helpful. And I appreciate your comments earlier on M&A and the M&A environment, but do you have $15 billion in net cash which is obviously not earning much? I know your first priority for cash is the difficult conditioned dividend and then M&A.
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At what point do you consider using your cash to repurchase shares, Alex? Thanks for taking the question. Alex Gorsky (Chairman of the Board of Directors, CEO): Sure, Larry.Look, overall, ultimately we want to create more value for shareholders and as we look at our capital allocation strategy
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, you just iterated, we have a strong commitment to dividends. We've done that for a long time. You know our statistics and our track record there. Regarding M&A, it's also another area obviously that we keep our eye on. I mentioned earlier in the discussion that we're always looking for the right opportunity and we try to do that in a balanced approach.
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Analytikerne prøvede ellers deres bedste for at få svar på hvad de havde tænkt sig med kontanterne for de yngler jo ikke af sig selv, de skal investeres, men i hvad? Se det er spørgsmålet, men de skal spare noget mere sammen hvis de vil købe Genmab, de må op på 25mia.kr.$ ellers tjener jeg ikke nok siger konen.
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Et skriv fra ROI på Inrater: Wake up Denmark - the big bad wolf is coming!
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Tja, nok nærmere et opråb..
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Sov godt..
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Tak for linket - og gode pointer. Tiden nærmer sig, idet vi er tæt på at kunne se Genmab som en indtjeningsmaskine. Usikkerheden har hidtil forhindret et opkøb set fra en CEO. At der er nogle der argumenterer for at buddet starter i 1000-1300 er muligvis rigtigt, men forsigtigt og historisk betinget. Kommer buddene skal vi ryge over 1500 og de penge har fleks J&J allerede. Jeg er dog ikke i tvivl om at vi kan nå højere - men hvornår.1500+ ville jeg kunne acceptere, hvorimod 1200 er alt for lidt
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Tak for et godt indlæg ROI. Det sammenfatter mange af de væsentligste pointer i takeover diskussionen, samt bibringer et væsentligt budskab om snusfornuft. Tror desværre der er andre der arbejder på at holde prisen nede. Som altid er der garanti for spænding i Genmab.
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Tak for et rigtig godt indlæg ROI - tror vi er mange herinde der ikke håber på opkøb. Dels fordi prisen formentlig bliver for lav og dels fordi jeg i hvert fald ønsker at følge Daratumumabs udvikling og Genmabs præklinik på nærmere hold end gennem evt. JNJ. Der er nu flere ting i dit velskrevne indlæg jeg ikke er enig i - ligesom der er ting du burde uddybe meget mere, da det er ekstremt vigtigt for vurderingen af Genmab
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