Genmab (Hold, TP: DKK1685.00) - Cost focus in 2020 guidance
Darzalex sales are set for continued growth in 2020, with global sales guided for cUSD3.9bn–4.2bn, although this was lower than our forecasts and consensus. Operating expenses for 2020 were guided up c43% YOY, to cDKK3.85bn–3.95bn, representing 2020e EBIT of cDKK0.85bn–1.25bn, well below consensus of cDKK2.1bn. We retain our HOLD and DKK1,685 target price, and expect the shares to trade down 3–5% today on higher costs and lower 2020 EBIT guidance.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.