Genmab Improves its 2021 Financial Guidance
November 04 2021 - 4:24PM
Company Announcement
- Genmab improves its
2021 financial guidance
COPENHAGEN, Denmark;
November 4,
2021 –
Genmab A/S
(Nasdaq:
GMAB) announced today
that it is improving
its 2021 financial guidance published on August 11,
2021. The improved guidance is driven
primarily by increased royalty revenue related to the net sales of
DARZALEX® (daratumumab), both intravenous and subcutaneous
formulations, and lower operating expense resulting from
timing of investments for R&D activities and organizational
capability build.
Genmab’s projected revenue for 2021 primarily consists of
DARZALEX royalties. Such royalties are based on Genmab’s revised
estimate of DARZALEX 2021 net sales of USD 5.9–6.2 billion compared
to Genmab’s previous estimate of USD 5.6-5.9 billion.
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Revised |
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Previous |
|
(DKK million) |
|
Guidance |
|
Guidance |
|
Revenue |
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7,900 - 8,500 |
|
7,300 - 7,900 |
|
Operating expenses |
|
(5,300) - (5,600) |
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(5,500) - (5,800) |
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Operating result |
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2,300 - 3,200 |
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1,500 - 2,400 |
|
Genmab’s financial results for the first nine months of 2021
will be published on November 10, 2021.
The above expectations are based on assumptions including those
described on pages 5 and 6 of the Interim Report for the First Half
of 2021 (Company Announcement No. 60 / 2021).
About Genmab Genmab is an international
biotechnology company with a core purpose to improve the lives of
people with cancer. For more than 20 years, Genmab’s vision to
transform cancer treatment has driven its passionate, innovative
and collaborative teams to invent next-generation antibody
technology platforms and leverage translational research and data
sciences, fueling multiple differentiated cancer treatments that
make an impact on people’s lives. To develop and deliver novel
therapies to patients, Genmab has formed 20+ strategic partnerships
with biotechnology and pharmaceutical companies. Genmab’s
proprietary pipeline includes bispecific T-cell engagers,
next-generation immune checkpoint modulators, effector function
enhanced antibodies and antibody-drug conjugates.
Genmab is headquartered in Copenhagen, Denmark with
locations in Utrecht, the Netherlands, Princeton, New Jersey, U.S.
and Tokyo, Japan. For more information, please visit Genmab.com and
follow us on Twitter.com/Genmab.
Contact: Marisol
Peron, Senior Vice President, Global Investor Relations &
CommunicationsT: +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 This Company Announcement 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 this Company
Announcement 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.
Genmab A/S and/or its subsidiaries own the following trademarks:
Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the
Y-shaped Genmab logo®; HuMax®; DuoBody®; DuoBody in combination
with the DuoBody logo®; HexaBody®; HexaBody in combination with the
HexaBody logo®; DuoHexaBody® and HexElect®. DARZALEX® is
a trademark of Johnson & Johnson.
Company Announcement no. 66CVR no. 2102 3884LEI Code
529900MTJPDPE4MHJ122
Genmab A/SKalvebod Brygge 431560 Copenhagen VDenmark
- 041121_CA66_Financial Guidance Update
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