Genmab (Buy, TP: DKK2500.00) - 2024 guidance likely to narrow
We forecast Q3 sales c1.5% above consensus, an operating profit margin of 31.8% (consensus 31.5%), and net profit c6.1% below consensus, hurt by a net financial loss. We expect Genmab to narrow its 2024 guidance for revenue of DKK20.7bn–21.7bn and operating profit of DKK5.1bn–6.4bn. We expect investor focus to be on HexaBody-CD38, and we view J&J’s opt-in decision as a clearing event. We reiterate our BUY but have lowered our target price to DKK2,500 (2,600).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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.