Genmab (Buy, TP: DKK2500.00) - Still awaiting CD-38 decision
Q3 revenue missed our expectations, but operating profit exceeded due to lower operating costs. 2024 guidance for revenue was raised to DKK21.1bn–21.7bn; for opex was narrowed downwards to DKK14.1bn–14.4bn (due to portfolio prioritisation); and for operating profit, narrowed to the high end of DKK6.2bn–7.1bn. Investor focus was on JNJ’s upcoming opt-in decision (data submission expected end-2024). We reiterate our BUY and DKK2,500 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.
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.
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