Genmab (Hold, TP: DKK1685.00) - Watch out for high costs in 2020e
With the 2019 Darzalex sales figure not yet passed from JNJ to Genmab, we believe it must be close to USD3bn. Hence, we cautiously move the USD150m sales milestone from 2019e to 2020e, assuming global Darzalex sales below USD3bn. We expect significantly higher operating costs than consensus in the 2020 guidance, which we believe could be a negative trigger in the Q4 results (results due 17:00 CET, 19 February). We reiterate our HOLD and DKK1,685 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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