Genmab — August 2019
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Fra Q1 Conference Call: Now we know where the rate is today. We can sort of assume where it's likely to go in Q2. Once it gets beyond that, we start looking out sort of 9 months, we know a year ago it was DKK 6.00. I don't know where that rate is going to be in the fourth quarter. And that's a very large portion of our revenue and of our operating result is based on those 2 milestones.
Also to put into context, if you look at the first quarter, we had the DARZALEX sales and you will have seen
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that the royalty income increased a lot more than the actual underlying base sales from Janssen. So in rough terms, we made about DKK 50 million extra on the FX gain on the royalty in Q1.
But if you think about it, DKK 50 million on a total revenue over the year of DKK 4.6 billion at this stage it's not material. Then we'll continue to look at that. I mean we like to be transparent. We do put down the rates that we're using. And I know in some of the consensus numbers, people are assuming a
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higher rate.
The only last thing I'd point out is, don't forget that there is actually European sales of DARZALEX. Those are getting converted into U.S. dollars as Janssen's functional currency. And you will have seen that in the first quarter Janssen reported sales of DARZALEX rest of world increasing by 65%. But on a constant dollar basis, they said it would have been 80%.
So you do have some sort of round-robin calculation there where you get European euro sales for DARZALEX getting
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Børsen har også opdaget det..:-)
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