Genmab — April 2020
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summary : Daratumumab was approved in Taiwan for the treatment of adult patients with relapsed and refractory multiple myeloma in 2017, and was included in the health insurance benefits in April 2020. https://udn.com/news/story/7266/4511829
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AlphaValue har add target 1672 senest opdateret på Bloomberg den 16.04.2020
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overvægt eller køb vil jeg mene
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ja godt forslag
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Hold da op, jeg er desværre ude af GMAB lige for tiden. Men i dag er der indledt dækning fra Credit Suisse
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We initiate coverage of Genmab with an Outperform rating (TP DKK1,950). Genmab is a Danish Biopharma founded on a novel antibody platform. Success has been built on partnerships with Novartis (on Arzerra) and JNJ (on Darzalex), providing Genmab with cash and validation to expand its antibody discovery strategy. The investment thesis has moved beyond Darzalex, for which we think forecasts are well reflected (CSe USD 10bn peak; c17% royalty). Focus now switches to the pipeline as it prepares to be
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as it prepares to become a commercial Biopharma company.
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Valuation underpinned by Darzalex. There remains uncertainty surrounding coronavirus and its impact on Pharma. However, we believe Genmab is better placed than most peers, given an innovation platform and strong predictable cash flows from its anti-cancer drug, Darzalex. Our NPV is underpinned by Darzalex (DKK1,400, c.90% of current share price).
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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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