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COPENHAGEN - Genmab A/S (NASDAQ:GMAB) has announced that the third-quarter global net sales of DARZALEX® (daratumumab), including the subcutaneous form DARZALEX FASPRO® in the U.S., reached USD 3,016 million as reported by Johnson & Johnson. In the U.S., DARZALEX sales amounted to USD 1,684 million, while sales in other markets totaled USD 1,332 million.
As part of an exclusive licensing agreement, Genmab receives royalties from Janssen Biotech, Inc., a Johnson & Johnson company, on worldwide net sales of both intravenous and subcutaneous forms of DARZALEX. This monoclonal antibody is used in the treatment of multiple myeloma, a type of cancer that affects plasma cells.
Genmab, an international biotechnology firm headquartered in Copenhagen, is focused on developing innovative antibody therapeutics for cancer and other serious diseases. The company's pipeline features a variety of proprietary technologies, including bispecific T-cell engagers and antibody-drug conjugates.
The company's vision for 2030 is to transform the treatment of cancer and other serious diseases with its proprietary antibody medicines. Genmab was founded in 1999 and has since established a global presence with teams across North America, Europe, and the Asia Pacific region.
This financial update is based on a press release statement from Genmab and contains forward-looking statements that involve risks and uncertainties. These include the potential for unforeseen safety issues during product development, market acceptance challenges, and competitive pressures. Further details on these risks can be found in Genmab's financial reports and filings with the U.S. Securities and Exchange Commission.
The reported sales figures reflect the company's performance up to the third quarter of 2024 and are a testament to the commercial success of DARZALEX in the global market.
In other recent news, Genmab A/S has seen a series of significant developments. The company reported strong sales estimates for its cancer drug, Darzalex, with TD Cowen projecting figures around $3.0 billion globally. Redburn-Atlantic initiated coverage of Genmab with a Buy rating, forecasting peak end-user sales for Darzalex of approximately $15.7 billion by 2029. However, the company is preparing for a significant revenue gap post-patent expiration.
Genmab also announced a capital increase due to the exercise of employee warrants, reflecting the company's commitment to aligning the interests of its employees with those of its shareholders. Furthermore, Genmab issued restricted stock units and warrants to employees as part of its incentive program.
The FDA approved RYBREVANT, a lung cancer treatment developed in partnership with Janssen. This approval was supported by results from the Phase 3 MARIPOSA-2 trial. Additionally, the European Commission approved Genmab's TEPKINLY® for the treatment of adults with relapsed or refractory follicular lymphoma.
In terms of analyst notes, H.C. Wainwright maintained a Buy rating for Genmab, while Truist Securities reduced its price target from $53 to $50. Morgan Stanley resumed coverage on Genmab, assigning an Equalweight rating. These are the recent developments that have been shaping the course of Genmab A/S.
InvestingPro Insights
Genmab's strong market position in the biotechnology industry is further underscored by recent data from InvestingPro. The company's revenue growth of 17.19% over the last twelve months, with a notable 29.58% increase in the most recent quarter, aligns with the robust sales figures reported for DARZALEX. This growth trajectory supports Genmab's vision to transform cancer treatment by 2030.
InvestingPro Tips highlight that Genmab holds more cash than debt on its balance sheet, indicating a strong financial position that could fuel further research and development initiatives. This solid financial footing is crucial for a biotechnology company focused on innovative antibody therapeutics.
Additionally, Genmab's impressive gross profit margin of 96.95% in the last twelve months reflects the company's efficiency in converting revenue into profit, a key strength in the competitive pharmaceutical landscape.
For investors seeking a deeper understanding of Genmab's potential, InvestingPro offers 12 additional tips, providing a comprehensive analysis of the company's financial health and market position.
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