Genmab — November 2017
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Raun - ASH kan meget vel være negativt, alt efter hvad diverse BCMA præsentationer hiver op af hatten. Nogle har dømt CAR-T som niche - fair nok so far. Men kig på GSKs BCMA ADC og se ekstremt flotte responser, men heldigvis også en måske problemfyldt bivirkningsprofil
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Jeg sagde for et par uger siden shorten skal op i 0.70%, sker automatisk uafhængig af nyheder, det de undrer mig er at en short kan sætte aktien 300 point ned på udelukkende gode nyheder, jeg hælder mere og mere til min konspiration, men nu må vi se om den kan presses mere ned efter ASH inden bud.
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Genmab announced late yesterday evening after market close that it has received a USD 20m milestone (DKK 125m) from JnJ (Janssen Biotech) based on progress made in the first phase III study in a disease other than multiple myeloma (non-MM). The milestone payment relates to progress in the ongoing phase III ANDROMEDA (AMY3001) study of daratumumab (Darzalex) in combination with cyclophosphamide, bortezomib and dexamethasone in amyloidosis. This is the first late-stage milestone related to ph III
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progress for Darzalex in a non-MM indication and hence we view it as important and positive news. The milestone is likely triggered by the enrolment and treatment of a certain number of patients in the ph III study, which helps to demonstrate the safety of the drug in this indication. Efficacy-wise, we note that earlier ph II data for Darzalex in amyloidosis have shown extremely impressive responses in this difficult to treat and non-curable disease. Based on the milestone from JnJ, Genmab once
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again raises guidance for 2017, but this raise is based on milestones (obviously), which are lumpy, and not the underlying performance of Darzalex. Lastly, we note an interesting interview with Genmab’s CEO last night on Bloomberg, with a very bullish tone on Darzalex’s peak sales potential. In the interview, the CEO noted that Darzalex’s future sales are underestimated, including the most positive forecasts of around USD 10bn in peak sales.
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