Genmab — Februar 2021

E_L

fair enough, but many analysts dropped their targets more then i would have expected, trying to understand

JørgenVarnæs

Hang on - ill dive into the spreadsheet with the quarterly nos

JørgenVarnæs

..and have a look at those comps I mentioned - we don’t have a reason to feel special

E_L

Genmab investors should always feel special

StockBull

Surely interesting with development of MOR, REGN, SGEN similar to Genmab but I would say Genmab have better balance sheet and in that way special with a big tank of money

E_L

ECB’s Schnabel: A Rise In Real Long-Term Rates At The Early Stages Of The Recovery May Withdraw Vital Policy Support Too Early And Too Abruptly. ECB May Need To Add Support If Yields Hurt Growth. ECB Still Has 'Some Room' To Cut Interest Rates.

StockBull

and MOR still got high PE of 95 versus sgen 47 and genmab 29.7 all info from tradingview. Strange

JørgenVarnæs

Ok - i’ve been diddling with the spreadsheet

JørgenVarnæs

First I found the USDDKK rates. I calculated the quarterly FX rate as simple average of the daily averages and i got:

JørgenVarnæs

Usddkk Q1 6,77, Q2 6,78, Q3 6,37 and Q4 6,24 giving a yearly usddkk rate of 6,54

gentogen

Til alm info var min primitive udregning forleden baseret på midtpunktet af 2021 dara salgsestimat = 32.4M (5.4US) og ved at estimere 55% FASPRO fik jeg 17.8M DK, hvoraf 5% så er 890MIO hvoraf Genmabs andel på450mio er 50%. Jeg ved ikke, om man kan regne sådan, men det var et slag på tasken

JørgenVarnæs

With that i get a yearly USD royalty of usd 675,5m

E_L

for 2020 $4.190?

JørgenVarnæs

But i’m a little uncertain about these nos because the Q4 royalty in my calcs is 19,4% (based on usddkk 6,24 and quarterly royalty of dkk 1521m

JørgenVarnæs

EL - yes

JørgenVarnæs

A yearly royalty rate of 16,12%

E_L

are you calculating the USD back from the DKK amounts you had?

E_L

this may paste messy, but i'll try:

E_L

$750.000.000 12% $90.000.000
$1.500.000.000 13% $97.500.000
$2.000.000.000 16% $80.000.000
$3.000.000.000 18% $180.000.000
$4.190.000.000 20% $238.000.000

E_L

Royalties 2020: $685.500.000