Genmab — Februar 2024

[JørgenVarnæs]

What is the promise of the early stage pipeline? We have no idea

[JørgenVarnæs]

We have heard about solid tumors for quite some time now - but only seen glimpses of effect from tisutomab

[JørgenVarnæs]

Is there anything there? We don't know

[E_L]

ok, we would all like to hear that, but you know that there is a very small chance that we will get info on that at the earnings report.

[E_L]

It comes when the data is ready , and preferably at a medical conference

[E_L]

and to remind you , bringing out the early data on HexaCD38 wasn't exactly a very big success lol. my guess is that they will actually become even more carefull bringing out new
data...

[JørgenVarnæs]

...because data wasn't deemed to be very KYSO - in fact the data has changed market sentiment away from opt-in.

[JørgenVarnæs]

here we are in year 24 of GENs existence - CD38 is closed country, cd3cd20 is heavily contested by Roche - and little else to show

[E_L]

Kesimpta, tepezza, tisotumab, talquetamab, teclistamab, amivantamab, these are not little drugs. the technology is there. But there is nobody that can guarantee a repeat, that is true.

[JørgenVarnæs]

...with how much ownership? GEN is being traded as a bond with the royalties from dara and the cash holding as a foundation. Other than that, there is very little of value in the valuation

[JørgenVarnæs]

KYSO must be about how much value GEN leaves on the table for the partners

[E_L]

which is why they want 50/50 partnerships in the future. which they hope to get from the stronger position they are in now. beter deals were not possible in the past , unfortunately

[JørgenVarnæs]

Better deals were possible every step of the way

[JørgenVarnæs]

GEN hasn't missed one single step in messing up values

[Sukkeralf]

I think you are unbelievable harsh in your criticism of Genmab JV - its still one of the most successful biotechs in Europe

[JørgenVarnæs]

Seriously - take out dara and cash from the valuation and you are left with dust and tubleweeds. Is that the hallmark of a successful R&D organization?

[JørgenVarnæs]

Its time GEN starts earning its keep for the shareholders

[Bulder]

You cannot put a finger on the Scientific side of genmab. It’s been an unprecedented world class succes. Their wiilingness to pay out to shareholders however is far from satisfying.

[JørgenVarnæs]

Please note, that I'm not questioning the quality of the research - I'm questioning the business decisions following the research

[JørgenVarnæs]

Am I completely wrong in saying, that the current GEN valuation is made up ENTIRELY from cash and expected dara-derived royalties?