Genmab Announces Financial Results for the First Nine Months of 2024
November 6, 2024 Copenhagen, Denmark; Interim Report for the First Nine Months Ended September 30, 2024
Highlights
European Commission (EC) granted conditional marketing authorization for TEPKINLY® (epcoritamab) as a monotherapy for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy
Genmab announced that it will assume sole responsibility for the continued development and potential commercialization of acasunlimab
Genmab revenue increased 29% compared to the first nine months of 2023, to DKK 15,085 million
Genmab 2024 financial guidance updated
"The third quarter of 2024 presented Genmab with additional opportunities to progress towards our goal of fundamentally transforming the lives of people with cancer and other serious diseases. The additional approval for TEPKINLY, along with positive data presentations for our promising late-stage assets acasunlimab and rinatabart sesutecan (Rina-S), underscore the potential of our pipeline and our commitment to the development of innovative antibody-based therapeutics," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Nine Months of 2024
Revenue was DKK 15,085 million for the first nine months of 2024 compared to DKK 11,715 million for the first nine months of 2023. The increase of DKK 3,370 million, or 29%, was primarily driven by higher DARZALEX® (daratumumab) and Kesimpta® (ofatumumab) royalties achieved under our collaborations with Janssen Biotech, Inc. (Janssen) and Novartis Pharma AG (Novartis), respectively, and increased EPKINLY® (epcoritamab) net product sales.
Royalty revenue was DKK 12,367 million in the first nine months of 2024 compared to DKK 9,722 million in the first nine months of 2023, an increase of DKK 2,645 million, or 27%. The increase in royalties was driven by higher net sales of DARZALEX and Kesimpta.
Net sales of DARZALEX, including sales of the subcutaneous (SC) product (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO® in the U.S.), by Janssen were USD 8,586 million in the first nine months of 2024 compared to USD 7,194 million in the first nine months of 2023, an increase of USD 1,392 million or 19%.
Total costs and operating expenses were DKK 10,542 million in the first nine months of 2024 compared to DKK 8,145 million in the first nine months of 2023. The increase of DKK 2,397 million, or 29%, was driven by the expansion of our product pipeline, including the addition of ProfoundBio related research and development expenses, primarily Rina-S, the continued development of Genmab's broader organizational capabilities and related increase in team members to support these activities, as well as profit-sharing amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.
Operating profit was DKK 4,543 million in the first nine months of 2024 compared to DKK 3,570 million in the first nine months of 2023.
Net financial items resulted in income of DKK 1,019 million for the first nine months of 2024 compared to DKK 1,060 million in the first nine months of 2023.
OutlookGenmab is updating the lower end of its revenue range of 2024 financial guidance driven by higher total royalty revenues from DARZALEX. Genmab is also lowering the upper end of its operating expense range to reflect a ...
