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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Genmab A/S    GMAB   DK0010272202

GENMAB A/S

(GMAB)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 10/19 10:55:00 am
2314 DKK   -1.41%
10/16GENMAB A/S : has published its Articles of Association
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10/16NOVARTIS : Genmab to Host Capital Markets Day
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10/15GENMAB A/S : Articles of association dated October 07, 2020 – English
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Genmab shares drop on legal battle with J&J over cancer drug

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09/23/2020 | 04:57am EDT

COPENHAGEN, Sept 23 (Reuters) - Shares in Danish biotech firm Genmab fell as much as 14% on Wednesday after it said it was locked in a legal battle with its partner Johnson & Johnson over royalty payments for its key cancer drug.

Genmab, which specialises in the development of antibody therapeutics for cancer treatment, currently receives royalties from Janssen, a Johnson & Johnson company, for sales of its blockbuster Darzalex drug for treatment of multiple myeloma.

The Danish firm said late on Tuesday that a New York arbitration court will determine whether it is entitled to part of Janssen's royalty payments to Halozyme which supplies the enzyme technology for Darzalex injections.

Janssen started reducing royalty payments to Genmab in the second quarter, the Danish firm said.

The arbitration will also decide the duration of Darzalex royalty payments to Genmab, whether they should expire around 2030, when most of the Genmab patents expire, or in 2035 when Janssen's patents for Darzalex injections expire.

Most analysts assume Genmab will receive royalty payments until 2035. If the arbitration court rules against Genmab on the duration of Darzalex royalties, it would reduce the biotech firm's market value by a quarter, according to analysts at Jefferies.

"While Genmab intends to vigorously protect its rights under the agreement, the outcome of any arbitration proceeding, as well as its duration, is inherently uncertain," Genmab said.

The legal battle creates both an overhang and uncertainty for Genmab shares, which will quickly be priced in, Citi analysts said in a note.

Genmab was the worst performer on the European STOXX 600 index, trading 10.8% lower at 2154 Danish crowns each by 0833 GMT.

(Reporting by Jacob Gronholt-Pedersen; Editing by Kirsten Donovan)


Stocks mentioned in the article
ChangeLast1st jan.
GENMAB A/S -1.75% 2306 Delayed Quote.58.42%
HALOZYME THERAPEUTICS, INC. 2.45% 29.46 Delayed Quote.66.16%
STOXX EUROPE 600 -0.18% 366.81 Delayed Quote.-11.63%
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All news about GENMAB A/S
10/16GENMAB A/S : has published its Articles of Association
AQ
10/16NOVARTIS : Genmab to Host Capital Markets Day
AQ
10/15GENMAB A/S : Articles of association dated October 07, 2020 – English
PU
10/15GENMAB A/S : has published its Articles of Association
PU
10/15GENMAB A/S : to Host Capital Markets Day
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Financials
Sales 2020 9 612 M 1 521 M 1 521 M
Net income 2020 4 629 M 732 M 732 M
Net cash 2020 13 480 M 2 132 M 2 132 M
P/E ratio 2020 31,9x
Yield 2020 -
Capitalization 151 B 23 862 M 23 843 M
EV / Sales 2020 14,3x
EV / Sales 2021 17,2x
Nbr of Employees 636
Free-Float 95,2%
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Technical analysis trends GENMAB A/S
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 2 093,01 DKK
Last Close Price 2 306,00 DKK
Spread / Highest target 21,4%
Spread / Average Target -9,24%
Spread / Lowest Target -90,1%
EPS Revisions
Managers
NameTitle
Jan G. J. van de Winkel President & Chief Executive Officer
Deirdre P. Connelly Chairman
Anthony Mancini Chief Operating Officer & Executive Vice President
Anthony Pagano Chief Financial Officer & Executive Vice President
Michael K. Bauer SVP, Head-Operations, Research & Development
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