Genmab Publishes
2021
Annual Report
Company Announcement
Copenhagen, Denmark; February
16,
2022 –
Genmab A/S
(Nasdaq:
GMAB) announced
today the publication of its
Annual Report for
2021.
Below is a summary of business progress in 2021, financial
performance for the year and the financial outlook for 2022. The
full report is attached as a PDF file and can be found in the
investor section of the company’s website,
www.genmab.com/investors.
Conference CallGenmab will hold a conference
call in English to discuss the full year results for 2021 today,
February 16, 2022 at 6:00 pm CET, 5:00 pm GMT or noon EST. To join
the call dial +1 631 913 1422 (U.S. participants) or +44 3333
000804 (international participants) and provide conference code
76485840.
A live and archived webcast of the call and relevant slides will
be available at www.genmab.com/investors.
2021
ACHIEVEMENTSBusiness Progress
Bring our own medicines to patients
- Tisotumab vedotin1 — U.S. FDA decision on BLA and progress to
market — achieved
- Tisotumab vedotin — Japanese New Drug Application (JNDA)
submission in cervical cancer — potential JNDA filing timeline
postponed to include Phase 3 innovaTV 301 data
- Epcoritamab2 — acceleration & maximization of development
program by advancing expansion cohorts and initiating additional
Phase 3 trials — partial criteria was met for this goal in 2021,
further progress is anticipated in 2022
Build world-class differentiated product pipeline
- DuoBody-PD-L1x4-1BB3 — expansion cohort data — achieved
- DuoBody-CD40x4-1BB3 — dose escalation data — achieved
- Tisotumab vedotin — data in other tumor indication —
achieved
- Earlier stage products — progress & expand innovative
product pipeline — partial criteria was met for this goal in 2021,
further progress is anticipated in 2022
Become leading integrated innovation powerhouse
- Operational commercialization model in US & Japan —
achieved
- Further strengthen solid financial foundation — achieved
Financial Performance
- Net sales of DARZALEX® by Janssen Biotech Inc. (Janssen) were
USD 6,023 million in 2021 compared to USD 4,190 million in 2020, an
increase of USD 1,833 million, or 44%.
- Royalty revenue was DKK 6,977 million in 2021 compared to DKK
4,741 million in 2020, an increase of DKK 2,236 million, or 47%.
The increase was driven by higher net sales of DARZALEX, TEPEZZA®
and Kesimpta® resulting in higher royalties.
- Total revenue was DKK 8,482 million in 2021. In addition to the
royalty revenue described above, Genmab also recognized DKK 954
million of milestone revenue during 2021. Revenue in 2020 was DKK
10,111 million and included the one-time upfront payment of DKK
4,398 million recognized as license revenue from AbbVie Inc.
(AbbVie) pursuant to our collaboration announced in June 2020.
- Operating expenses were DKK 5,464 million in 2021 compared to
DKK 3,798 million in 2020. The increase of DKK 1,666 million, or
44%, was driven by the continued advancement of multiple pipeline
projects, the increase in new team members to support the launch of
Tivdak® and expansion of our product pipeline, as well as the
continued development of commercialization capabilities and
Genmab’s broader organizational infrastructure.
- Operating profit was DKK 3,018 million in 2021 compared to DKK
6,313 million in 2020. The decrease of DKK 3,295 million, or 52%,
was driven by lower revenue as a result of the non-recurring
license revenue in 2020 associated with the upfront payment from
AbbVie and increased operating expenses.
2022
OUTLOOK
(DKK million) |
2022
Guidance |
2021 Actual
Result |
Revenue |
10,800 - 12,000 |
8,482 |
Operating expenses |
(7,200) - (7,800) |
(5,464) |
Operating profit |
3,000 - 4,800 |
3,018 |
RevenueGenmab expects its 2022 revenue to be in
the range of DKK 10,800 – 12,000 million, compared to DKK 8,482
million in 2021. Our revenue in 2021 was driven primarily by the
continued strong growth of DARZALEX net sales.
Genmab’s projected revenue for 2022 primarily consists of
DARZALEX royalties of DKK 7,700 – 8,500 million. Such royalties are
based on estimated DARZALEX 2022 net sales of USD 7.3 – 8.0 billion
compared to actual net sales in 2021 of approximately USD 6.0
billion. Since the second quarter of 2020, Janssen has reduced its
royalty payments to Genmab by what it claims to be Genmab’s share
of Janssen’s royalty payments to Halozyme Therapeutics, Inc. in
connection with subcutaneous sales. Given the ongoing arbitration,
Genmab has reflected this as a reduction to estimated 2022 revenue.
The remainder of Genmab’s revenue consists of increasing royalties
from TEPEZZA, Kesimpta and RYBREVANT®, reimbursement revenue,
milestones for epcoritamab, other milestones and collaboration
revenue related to Tivdak commercialization efforts in the U.S. as
part of our Seagen Inc. (Seagen) collaboration.
Operating ExpensesGenmab anticipates its 2022
operating expenses to be in the range of DKK 7,200 – 7,800 million,
compared to DKK 5,464 million in 2021. The increase is driven by
the advancement of Genmab’s clinical programs, continued investment
in research and development, as well as building Genmab’s
commercial organization and broader organizational
infrastructure.
Operating ProfitWe expect our operating profit
to be in the range of DKK 3,000 – 4,800 million in 2022, compared
to DKK 3,018 million in 2021.
More information on the Risks and Assumptions for the 2022
Financial Guidance can be found in the 2021 Annual Report available
on our website www.genmab.com/investors.
About GenmabGenmab is an international
biotechnology company with a core purpose to improve the lives of
people with cancer. For more than 20 years, Genmab’s vision to
transform cancer treatment has driven its passionate, innovative
and collaborative teams to invent next-generation antibody
technology platforms and leverage translational research and data
sciences, fueling multiple differentiated cancer treatments that
make an impact on people’s lives. To develop and deliver novel
therapies to patients, Genmab has formed 20+ strategic partnerships
with biotechnology and pharmaceutical companies. Genmab’s
proprietary pipeline includes bispecific T-cell engagers,
next-generation immune checkpoint modulators, effector function
enhanced antibodies and antibody-drug conjugates.
Genmab is headquartered in Copenhagen, Denmark with
locations in Utrecht, the Netherlands, Princeton, New Jersey, U.S.
and Tokyo, Japan. For more information, please visit Genmab.com and
follow us on
Twitter.com/Genmab.Contact: Marisol
Peron, Senior Vice President, Global Investor Relations &
CommunicationsT: +1 609 524 0065; E: mmp@genmab.com
For Investor Relations: Andrew Carlsen, Vice President, Head of
Investor RelationsT: +45 3377 9558; E: acn@genmab.com
The Annual Report contains forward looking statements. The words
“believe”, “expect”, “anticipate”, “intend” and “plan” and similar
expressions identify forward looking statements. Actual results or
performance may differ materially from any future results or
performance expressed or implied by such statements. The important
factors that could cause our actual results or performance to
differ materially include, among others, risks associated with
pre-clinical and clinical development of products, uncertainties
related to the outcome and conduct of clinical trials including
unforeseen safety issues, uncertainties related to product
manufacturing, the lack of market acceptance of our products, our
inability to manage growth, the competitive environment in relation
to our business area and markets, our inability to attract and
retain suitably qualified personnel, the unenforceability or lack
of protection of our patents and proprietary rights, our
relationships with affiliated entities, changes and developments in
technology which may render our products or technologies obsolete,
and other factors. For a further discussion of these risks, please
refer to the risk management sections in Genmab’s most recent
financial reports, which are available on www.genmab.com and the
risk factors included in Genmab’s most recent Annual Report on Form
20-F and other filings with the U.S. Securities and Exchange
Commission (SEC), which are available at www.sec.gov. Genmab does
not undertake any obligation to update or revise forward looking
statements in the Annual Report nor to confirm such statements to
reflect subsequent events or circumstances after the date made or
in relation to actual results, unless required by law.Genmab A/S
and/or its subsidiaries own the following trademarks: Genmab®; the
Y-shaped Genmab logo®; Genmab in combination with the Y-shaped
Genmab logo®; HuMax®; DuoBody®; DuoBody in combination with the
DuoBody logo®; HexaBody®; HexaBody in combination with the HexaBody
logo®; DuoHexaBody® and HexElect®. Kesimpta® is a trademark of
Novartis AG or its affiliates. DARZALEX® and RYBREVANT® are
trademarks of Johnson & Johnson. TEPEZZA® is a trademark of
Horizon Therapeutics Ireland DAC. Tivdak® is a trademark of Seagen
Inc.
1Developed in collaboration with Seagen2Developed in
collaboration with AbbVie3Created and developed in collaboration
with BioNTech SE
CVR no. 2102 3884LEI Code 529900MTJPDPE4MHJ122
Genmab A/SKalvebod Brygge 431560 Copenhagen VDenmark
- 160222_CA05_Genmab_2021_Annual_Report
- 529900MTJPDPE4MHJ122-2021-12-31-en
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