Interim Report for the First Nine Months Ended
Highlights
- The
U.S. Food and Drug Administration (U.S. FDA) grantedGenmab and Seagen Inc. (Seagen) accelerated Approval for TIVDAK™ (tisotumab vedotin-tftv) for patients with recurrent or metastatic cervical cancer - DARZALEX® net sales as reported by Johnson & Johnson increased 49% compared to the first nine months of 2020 to USD 4,378 million, resulting in royalty income of DKK 4,167 million
Genmab improves its 2021 financial guidance
“The
Financial Performance First Nine Months of 2021
- Net sales of DARZALEX by
Janssen Biotech Inc. (Janssen) wereUSD 4,378 million in the first nine months of 2021 compared toUSD 2,937 million in the first nine months of 2020, an increase ofUSD 1,441 million , or 49%. - Royalty revenue was
DKK 4,698 million in the first nine months of 2021 compared toDKK 3,090 million in the first nine months of 2020, an increase ofDKK 1,608 million , or 52%. The increase was driven by higher net sales of DARZALEX, TEPEZZA® and Kesimpta® resulting in higher royalties. - Total revenue was
DKK 5,863 million in the first nine months of 2021. In addition to the royalty revenue described above,Genmab also recognizedDKK 794 million of milestone revenue during the first nine months of 2021. Revenue for the first nine months of 2020 wasDKK 8,067 million and included the one-time upfront payment ofDKK 4,398 million recognized as license revenue from AbbVie Inc. (AbbVie) pursuant to our collaboration announced inJune 2020 . - Operating expenses were
DKK 3,654 million in the first nine months of 2021 compared toDKK 2,641 million in the first nine months of 2020. The increase ofDKK 1,013 million , or 38%, was driven by the continued advancement of multiple pipeline projects, the increase in new employees to support the launch of TIVDAK and expansion of our product pipeline, as well as the continued development of commercialization capabilities and Genmab’s broader organizational infrastructure. - Operating result was
DKK 2,209 million in the first nine months of 2021 compared toDKK 5,426 million in the first nine months of 2020. The decrease ofDKK 3,217 million , or 59%, was driven by lower revenue as a result of the non-recurring license revenue in 2020 associated with the upfront payment from AbbVie and increased operating expenses.
Outlook
As announced in Company Announcement No. 66,
Revised | Previous | ||||
(DKK million) | Guidance | Guidance | |||
Revenue | 7,900 - 8,500 | 7,300 - 7,900 | |||
Operating expenses | (5,300) - (5,600) | (5,500) - (5,800) | |||
Operating result | 2,300 - 3,200 | 1,500 - 2,400 |
Conference Call
+1 631 913 1422 (
A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investors.
Contact:
T: +1 609 524 0065; E: mmp@genmab.com
For Investor Relations:
T: +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
Download the full Interim Report for the First Nine Months of 2021 on attachment or at www.genmab.com/investors.
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Attachment
- 101121_CA67_Q3 2021 Interim Report
Source:
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