GENMAB NEUTRAL | DKK2150 Darza continues to drive the beat and raise, Epco filing drawing near.
Genmab released 2Q after a pre-announcement of improved guidance (~8% for FY) earlier this week, the midpoint of guidance is already near consensus expectations, and results feature nothing new in terms of sales trends with Darza (1LMM) continuing on a strong trajectory with Kesimpta (2L MS), and Tepezza (TED). We continue to believe epcoritamab sales are likely too bullish given the options and complexity in 1L/2L DLBCL/NHL. We re-iterate Neutral and DKK2150 target price.Genmab is a biotechnology company specializing in the creation and development of differentiated human antibody therapeutics focused on the treatment of cancer. Co.'s product pipeline includes one marketed product, Arzerra, daratumumab in late stage clinical development, four antibodies in clinical development, and over 20 in-house and partnered pre-clinical programs. Co.'s Arzerra (ofatumumab) is a human monoclonal antibody which targets an epitope on the CD20 molecule. Co.'s proprietary technologies include the DuoBody technology, which creates antibodies that can target two molecules at once, and the HexaBody technology, which allows for the creation of more potent antibodies.
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