GMAB - Genmab raises FY 2023 guidance on back of Darzalex sales
2023-07-28 03:14:44 ET
Genmab ( GMAB ) expects 34% Y/Y growth in H1 2023 revenue to reach DKK 7.05B, with operating expenses expected to jump 45% to DKK 5.12B. This gives a 10% boost to operating profit, touching DKK 1.93B.
Genmab ( GMAB ) also lays down 2023 FY guidance , with a revenue range expected to be DKK 15.5B – 16.5B, an increase from the previous guidance of DKK 14.6B – 16.1B, driven by the continued strong growth of DARZALEX net sales and higher total royalty revenues from DARZALEX and other marketed products.
DARZALEX royalties are based on Genmab’s ( GMAB ) revised estimate of DARZALEX 2023 net sales of $9.8B-$10B compared to the previous estimate of $9.4B-10B.
FY 2023 operating expenses range was revised to DKK 10.4B-10.9B from DKK 9.8B-10.6B, primarily related to increased and accelerated investment for epcoritamab clinical trials and the progression of other pipeline products. Hence, the operating profit range was revised to DKK 4.5B- 6B, compared to the previous guidance of DKK 3.9B-6.2B.
More on Genmab:
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Genmab: Epkinly's Approval Not Big Enough Needle-Mover (Neutral)
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Genmab: Maintaining Hold Rating Due To Arbitration Dismissal And Pipeline Prospects
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Genmab raises FY 2023 guidance on back of Darzalex sales