Genmab Announces Financial Results for the First Nine Months of 2020
November 04 2020 - 11:04AM
November 4, 2020; Copenhagen,
Denmark; Interim Report for the
First Nine Months Ended September 30, 2020
Highlights
-
Novartis granted U.S. FDA approval for
Kesimpta® (ofatumumab) in
relapsing multiple sclerosis
-
Janssen and European Myeloma Network achieved
positive topline results from Phase 3 APOLLO study of daratumumab
in relapsed or refractory multiple myeloma
-
Janssen was granted U.S. FDA approval for
DARZALEX® (daratumumab) in
combination with carfilzomib and dexamethasone in relapsed or
refractory multiple myeloma based on Phase 3 CANDOR
study
-
DARZALEX net sales increased 35% compared to the
first nine months of 2019 to USD 2,937 million, resulting in
royalty income of DKK 2,898 million for the first nine months of
2020
-
Genmab commenced binding arbitration of two matters
under daratumumab license agreement with
Janssen
·Announcement
of plan to transition Arzerra®
(ofatumumab) to an oncology access program for chronic
lymphocytic leukemia patients in the U.S.
“Genmab continued to deliver on the promise of improving the
lives of patients, with multiple regulatory milestones for
Genmab-created products under development by our partners,
including the exciting U.S. FDA’s approval of Kesimpta and the 8th
U.S. FDA approval for DARZALEX,” said Jan van de Winkel, Ph.D.,
Chief Executive Officer of Genmab. “During the first nine months of
2020, with our solid financial footing Genmab has continued its
focused investment in advancing its proprietary antibody product
pipeline and building its capabilities as we evolve into a fully
integrated biotech.”
Financial Performance First Nine Months of
2020
- Revenue was DKK
8,067 million in the first nine months of 2020 compared to DKK
2,405 million in the first nine months of 2019. The increase of DKK
5,662 million, or 235%, was primarily driven by the upfront payment
from AbbVie pursuant to our new collaboration announced in June and
higher DARZALEX royalties.
- Net sales of
DARZALEX by Janssen Biotech Inc. (Janssen) were USD 2,937 million
in the first nine months of 2020 compared to USD 2,168 million in
the first nine months of 2019, an increase of USD 769 million, or
35%.
- Operating expenses
were DKK 2,641 million in the first nine months of 2020 compared to
DKK 1,943 million in the first nine months of 2019. The increase of
DKK 698 million, or 36%, was driven by the advancement of
epcoritamab (DuoBody®-CD3xCD20) and DuoBody-PD-L1x4-1BB, additional
investments in our product pipeline, and the increase in new
employees to support the expansion of our product pipeline.
- Operating income was
DKK 5,426 million in the first nine months of 2020 compared to DKK
462 million in the first nine months of 2019. The increase of DKK
4,964 million was driven by higher revenue, which was partly offset
by increased operating expenses.
OutlookGenmab is maintaining
its 2020 financial guidance published on August 20, 2020.
Conference CallGenmab will
hold a conference call in English to discuss the results for the
first nine months of 2020 today, Wednesday, November 4, at 6:00 pm
CET, 5:00 pm GMT or 12:00 pm EST. To join the call dial +1 646 741
3167 (U.S. participants) or +44 2071 928338 (international
participants) and provide conference code 7839599. A live and
archived webcast of the call and relevant slides will be available
at www.genmab.com/investors.
Contact:Marisol Peron,
Corporate Vice President, Communications & Investor Relations
T: +1 609 524 0065; E: mmp@genmab.com
For Investor Relations: Andrew
Carlsen, Senior Director, Investor RelationsT: +45 3377 9558; E:
acn@genmab.com
The Interim Report contains forward looking statements. The
words “believe”, “expect”, “anticipate”, “intend” and “plan” and
similar expressions identify forward looking statements. Actual
results or performance may differ materially from any future
results or performance expressed or implied by such statements. The
important factors that could cause our actual results or
performance to differ materially include, among others, risks
associated with pre-clinical and clinical development of products,
uncertainties related to the outcome and conduct of clinical trials
including unforeseen safety issues, uncertainties related to
product manufacturing, the lack of market acceptance of our
products, our inability to manage growth, the competitive
environment in relation to our business area and markets, our
inability to attract and retain suitably qualified personnel, the
unenforceability or lack of protection of our patents and
proprietary rights, our relationships with affiliated entities,
changes and developments in technology which may render our
products or technologies obsolete, and other factors. For a further
discussion of these risks, please refer to the risk management
sections in Genmab’s most recent financial reports, which are
available on www.genmab.com and the risk factors included in
Genmab’s most recent Annual Report on Form 20-F and other filings
with the U.S. Securities and Exchange Commission (SEC), which are
available at www.sec.gov. Genmab does not undertake any obligation
to update or revise forward looking statements in the Interim
Report nor to confirm such statements to reflect subsequent events
or circumstances after the date made or in relation to actual
results, unless required by law.
Y-shaped Genmab logo®; HuMax®; DuoBody®; DuoBody in combination
with the DuoBody logo®; HexaBody®; HexaBody in combination with the
HexaBody logo®; DuoHexaBody®; HexElect®; and UniBody®. Arzerra®,
Kesimpta® and Sensoready® are trademarks of Novartis AG or its
affiliates. DARZALEX® and DARZALEX FASPRO™ are trademarks of
Janssen Pharmaceutica NV. TEPEZZA® is a trademark of Horizon
Therapeutics plc.
Download the full Interim Report for the First Nine Months of
2020 on attachment or at www.genmab.com/investors.
CVR no. 2102 3884 LEI Code 529900MTJPDPE4MHJ122 Genmab A/S
Kalvebod Brygge 43 1560 Copenhagen V Denmark
- 041120_Q3 2020 Interim Report
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