Genmab — November 2017
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God morgen.
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Following JnJ's Q3 results and ahead of Genmab's Q3 report, we cut our near-term Darzalex forecasts (2017-20) by moderating the penetration curve. This cuts 2017E-19E EPS by 8-16% and 2020E EPS by 4%. After 2020, we make no estimate revision as we still firmly believe in Darzalex reaching up to USD ~9bn in peak sales in myeloma. Hence, the NPV effect is more moderate than our near-term EPS forecast changes. On an accumulated basis, our 2017-25 EPS forecasts are down 2.3%
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and our DCF-derived target price faces the same cut, falling to DKK 1,480 (1,515). We believe that the recent share price slump is a significant overreaction and it provides a genuine buying opportunity ahead of sustainably strong Darzalex performance, ASH and solid cancers news flow. We reiterate our Buy rating on the share.
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Tak jky
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Enig Bibob - det burde det ikke i sig selv og han anbefaler jo også køb på en overreaktion (citat: a significant overreaction). Novod regner iøvrigt med 30 pct rabat i europa sammenlignet med US - og intet på solide eller Tiso - ikke ligefrem en aggressiv tilgang må man sige.
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