Genmab — April 2020
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Ofatumumab sales underappreciated. We believe the next near-term sales opportunity will come from the mid-2020 launch of ofatumumab (partnered with Novartis), the second CD20 launch in multiple sclerosis. Genmab receives a 10% flat royalty on sales. We think investors are too focused on competition from the established Ocrevus (Roche) and are overlooking growth of the CD20 MS market. We forecast 2025 sales for ofatumumab of USD 4.5bn (90% PoS), more than double consensus’ USD 1.8bn.
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Multiple pipeline updates should drive potential upgrades. Genmab has been reinvesting its Darzalex income to leverage its own R&D platform to generate unpartnered assets. Pipeline momentum is building. In 2Q we should see P2 data for tisotumumab vedotin (TV) in cervical cancer, potentially its first commercial asset. The duobody-CD3xCD20 for B-cell malignancies is its most anticipated launch, and Genmab expects a potential partnership in 2H20. Our net present value (NPV) of its unpartnered prod
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Our net present value (NPV) of its unpartnered products is DKK35/share, with partnerships potentially unlocking more value.
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Catalysts: (1) 1Q20 results May 6; (2) TV P2 cervical data in 2Q20; and (3) SC Darzalex approval by mid-2020.
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Risks include pipeline failures and COVID-19 hindering sales.
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Valuation: As a development Biopharma, we view PharmaValues NPV as the best methodology to capture the value of the pipeline. Genmab trades on an EV/NPV of 0.75x, a 28% discount to its EU Specialty peers. CS HOLT
’s warranted price is DKK1,727/share. -
Target fra CS: 1950. Blue sky 2450
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sorry 2460
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Stort tak for info Stockwatch
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thanks @Stockwatch1 (and i don't really mind if it is 2450 or 2460
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From Bloomberg: HSBC reduce target 930 updated 04.03.2020
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CS - Lidt uddybning af blue sky: Our Blue Sky scenario gives a valuation of DKK2460. Our Blue Sky scenario is based on stronger sales of Darzalex (USD 10bn in 2025), and ofatumumab (USD 5.1bn in 2025) and 100% pipeline success.
(de kommer snart bagud... kursmålssætterne
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