Genmab Announces Financial Results for the First Quarter of 2021
May 05 2021 - 11:01AM
May 5,
2021; Copenhagen,
Denmark;
Genmab Interim Report
for the First
Quarter Ended
March 31,
2021
Highlights
- Genmab and Seagen Inc.
submitted
tisotumab
vedotin Biologics License
Application (BLA) to the U.S. FDA
for patients with
recurrent or
metastatic
cervical
cancer
- First patient dosed in Phase 3 epcoritamab study
triggers USD 40 million milestone in collaboration
with AbbVie Inc.
- DARZALEX® net sales
increased 46% compared to the
first quarter of
2020 to USD
1,365 million, resulting in royalty income
of DKK 984 million
- Janssen Biotech, Inc. granted U.S. FDA approval for
DARZALEX FASPRO®
(daratumumab and
hyaluronidase-fihj) for
patients with
newly
diagnosed
light-chain (AL)
amyloidosis
- Novartis received a
positive CHMP opinion, followed by approval in Europe, for
Kesimpta®
(ofatumumab) in the treatment of
relapsing forms of multiple sclerosis in
adults with active disease defined by clinical or imaging
features
- Tahamtan Ahmadi appointed Executive Vice President
and Chief Medical Officer, Head of Experimental
Medicines
“In 2020, Genmab reached an inflection point in our evolution
into a fully integrated biotech innovation powerhouse. This
momentum has continued into the first quarter of 2021, with the BLA
submission for tisotumab vedotin, our product in development with
Seagen. If approved by the U.S. FDA, we believe that tisotumab
vedotin as monotherapy has the potential to become an important
treatment option for women with recurrent or metastatic cervical
cancer, who have disease progression on or after chemotherapy,”
said Jan van de Winkel, Ph.D., Chief Executive Officer of
Genmab.
Financial Performance First
Quarter of
2021
- Revenue was DKK 1,581 million in the first quarter of 2021
compared to DKK 892 million in the first quarter of 2020. The
increase of DKK 689 million, or 77%, was primarily driven by higher
DARZALEX royalties and milestones related to epcoritamab and
DARZALEX FASPRO.
- Net sales of DARZALEX by Janssen Biotech Inc. (Janssen) were
USD 1,365 million in the first quarter of 2021 compared to USD 937
million in the first quarter of 2020, an increase of USD 428
million, or 46%.
- Operating expenses were DKK 1,049 million in the first quarter
of 2021 compared to DKK 821 million in the first quarter of 2020.
The increase of DKK 228 million, or 28%, was driven by the
continued advancement of multiple pipeline projects, and the
increase in new employees to support the expansion of our product
pipeline and building our commercialization capabilities and
infrastructure.
- Operating result was DKK 532 million in the first quarter of
2021 compared to DKK 71 million in the first quarter of 2020. The
increase of DKK 461 million was driven by higher revenue, which was
partly offset by increased operating expenses.
OutlookGenmab is maintaining its 2021 financial
guidance published on February 23, 2021.
Conference CallGenmab will hold a conference
call in English to discuss the results for the first quarter of
2021 today, Wednesday, May 5, at 6:00 pm CEST, 5:00 pm BST or 12:00
pm EDT. To join the call dial +1 631 913 1422 (U.S. participants)
or +44 3333 000804 (international participants) and provide
conference code 29164332.A live and archived webcast of the call
and relevant slides will be available at
www.genmab.com/investors.
Contact:Marisol Peron, Senior Vice President,
Global Investor Relations and Communications T: +1 609 524 0065; E:
mmp@genmab.com
For Investor Relations: Andrew Carlsen, Vice
President, Head of 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®; and HexElect®. Kesimpta® and
Sensoready® are trademarks of Novartis AG or its affiliates.
DARZALEX® and DARZALEX FASPRO® are trademarks of Johnson &
Johnson. TEPEZZA® is a trademark of Horizon Therapeutics Ireland
DAC.
Download the full Interim Report for the First Quarter of 2021
on attachment or at www.genmab.com/investors.
CVR no. 2102 3884LEI Code 529900MTJPDPE4MHJ122Genmab A/SKalvebod
Brygge 431560 Copenhagen VDenmark
- 050521_CA36_Q1 2021 Interim Report
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