Genmab (Buy, TP: DKK2630.00) - Attractive opportunity
With Q4 revenue of DKK4,678m and operating profit of DKK1,670m, the 2023 guidance was met. Genmab has guided for 2024 revenue of DKK18.7bn–20.5bn, opex of DKK12.4bn–13.4bn, and operating profit of DKK4.6bn–7.1bn. We believe investors expected higher costs in 2024, and we see upside potential to consensus peak sales for Tecvayli and Talvey. We reiterate our BUY and have raised our target price to DKK2,630 (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.
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