Fubotv earnings beat by $0.10, revenue topped estimates
Investing.com -- Shares of Genmab A/S (CSE:GMAB) rose after the Danish biotech company reported second-quarter earnings that beat expectations, driven by strong sales of Darzalex and positive trial results for Epkinly in follicular lymphoma.
Revenue for the quarter reached $925 million, up 5% from consensus estimates of $882 million.
Royalty income from Darzalex came in at $789 million, 7% above expectations, contributing to a 23% beat in operating profit, which totaled $360 million compared with forecasts of $292 million.
Net profit rose 31% to $336 million, while research and development expenses fell 9% to $364 million.
The company also raised its full-year operating profit guidance by 9% at the midpoint, now expecting $1.23 billion, reflecting an anticipated additional $100 million in Darzalex royalties.
Revenue guidance was lifted to $3.6 billion from $3.5 billion, with gross profit now projected at $3.37 billion, up from $3.27 billion.
Genmab said its phase III EPCORE-FL-1 trial showed Epkinly, in combination with rituximab and lenalidomide, significantly improved progression-free survival compared with rituximab and lenalidomide alone in second-line follicular lymphoma.
The trial delivered a hazard ratio of 0.21, well below the 0.8 threshold typically considered clinically meaningful.
“The FDA has accepted a submission under priority review, and Epkinly when we expect it will likely be approved for this additional indication by 30 November this year,” said analysts at RBC Capital Markets in a note.