Genmab (Sell, TP: DKK2250.00) -
2021 Darzalex sales guidance of cUSD5.2bn–5.6bn was in line while the expected royalty payment disappointed as Janssen is withholding 2.5%-points to pay Halozyme. The guidance for operating expenses was cDKK5.5bn–5.8bn with EBIT of cDKK1.0bn–2.0bn, well below consensus of cDKK3.1bn. We expect the stock to trade down 3–5% today on higher costs and lower 2021 EBIT guidance. We reiterate our SELL but have cut our target price to DKK2,250 (2,500).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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