Genmab — Februar 2025
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Morningstar: Genmab Earnings: Darzalex Drives Growth as Pipeline Makes
Progress; Shares Very Undervalued
Analyst Note Rachel Elfman, Equity Analyst, 14 Feb 2025
Narrow-moat Genmab reported strong year-end results highlighted by revenue of DKK 21.5 billion,
representing 31% growth from the prior-year period. Darzalex remains entrenched in the standard of
care for multiple myeloma, and Darzalex royalties accounted for 80% of all the royalties Genmab earned
during the year. -
Genmab ’ s results are tracking our expectations, and we maintain our fair value
estimate of DKK 2,650 per share. We forecast Genmab will achieve over DKK 25 billion in revenue in
2025, representing growth of 16% from the prior year. We view the stock as very undervalued, currently
trading in 5-star territory. -
Royalties from Darzalex are providing ample cash flow, as the company works to develop its pipeline
and prioritize commercialization efforts for Epkinly/Tepkinly (codeveloped with wide-moat AbbVie),
which has received regulatory approvals for the treatment of diffuse large B-cell lymphoma and
follicular lymphoma in several markets, including the United States, Europe, and Japan. Epkinly has had
a strong launch, and it generated DKK 1.7 billion in net product sales in the US and Japan in 2024. -
We
forecast Epkinly/Tepkinly to be on track to generate over DKK 10 billion in sales toward the end of our
10-year forecast period.
During the year, Genmab ’ s operating expenses increased 24% compared with 2023, reflecting
investments in Genmab ’ s pipeline, postlaunch expenses for Epkinly, and profit-sharing commitments to AbbVie related to Epkinly sales. While these investments should contribute to future growth, cost
management will be important in the longer term to drive operating margins. -
We like that Genmab ’ s acquisition of Profound Bio gives it worldwide rights to three antibody-drug
conjugate candidates in clinical development, led by Rina-S, which is enrolling patients in its phase 3
ovarian cancer trial. We assign Rina-S a 40% probability of approval in our base case, and we think it
could reach the market as early as 2027. -
Darzalex udgjorde 65% af omsætningen i 2024
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I øvrigt faldet støt fra 82% i 2021.
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Jeg prøvede lige at sammenligne Darzelex andel af omsætningen de sidste 5 år. https://proinvestor.com/boards/124771/
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