Strong Darzalex Growth in 2Q, but Genmab Remains Overvalued
We are increasing our fair value estimate for Genmab to DKK 1,150 per share from DKK 1,140 to reflect the time value of money since our last update. We believe Darzalex’s promise as a backbone therapy in combination drug regimens supports our positive moat trend rating. However, despite our optimism for Genmab’s lead drug, we are hesitant to award the company a moat rating on the back of a single molecule in a competitive oncology market. We model higher-than-consensus peak sales estimates for D...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.
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