Genmab's Darzalex Further Entrenched in Multiple Myeloma Regimens in 4Q; DKK 1150 FVE Unchanged
Following solid fourth-quarter earnings, we are maintaining our DKK 1150 per share fair value estimate for Genmab. Growth from Darzalex in the second-line multiple myeloma setting, thanks to new patients starts and longer durations of treatment, was a primary driver to U.S. sales, while launches of the drug in Japan, Spain, and Italy drove rest-of-world performance. The jump in royalty rate from Genmab’s partner J&J also boosted fourth-quarter results. With expected approval of Darzalex (in ...
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