Fra Kempens Industri rapport - Life Scienes - update Q2 2021:
Genmab:
Adding into the mix on valuation and news flow The start of the year for Genmab was mixed - while positive incremental news came in the form of i) accelerated US approval for Darzalex in AL amyloidosis, ii)European approval for Kesimpta in RMS, and iii) a BLA filing seeking accelerated approval for tisotumab in r/m cervical cancer, the FY'21 guidance combined with fluctuating market sentiment sent the stock back to trade around DKK 2000 levels. Most notably, the guided royalty income resulting from Darzalex sales came in well below expectations.
We update our estimates to reflect the FY'21 guidance and recent developments - all in all, our model points to a slightly adjusted PT of DKK 2750 / $46 for ADR (was DKK 2800).
Considering the attractiv evaluation, upcoming news flow on key pipeline programs epcoritamab, tisotumab,and GEN1046, and seeing Genmab as one of those typical stocks to own when markets are jittery, we add Genmab to our best value list.
Genmab:
Adding into the mix on valuation and news flow The start of the year for Genmab was mixed - while positive incremental news came in the form of i) accelerated US approval for Darzalex in AL amyloidosis, ii)European approval for Kesimpta in RMS, and iii) a BLA filing seeking accelerated approval for tisotumab in r/m cervical cancer, the FY'21 guidance combined with fluctuating market sentiment sent the stock back to trade around DKK 2000 levels. Most notably, the guided royalty income resulting from Darzalex sales came in well below expectations.
We update our estimates to reflect the FY'21 guidance and recent developments - all in all, our model points to a slightly adjusted PT of DKK 2750 / $46 for ADR (was DKK 2800).
Considering the attractiv evaluation, upcoming news flow on key pipeline programs epcoritamab, tisotumab,and GEN1046, and seeing Genmab as one of those typical stocks to own when markets are jittery, we add Genmab to our best value list.
