Genmab

	23/4 16:02 af E L	In hopes of expanding the drug’s label, Horizon will soon launch an exploratory study in patients with diffuse cutaneous scleroderma, an autoimmune disorder in which excess collagen production causes skin thickening over large swathes of the body
	23/4 15:59 af E L	“I’ve had patients crying and hugging me” after receiving Tepezza, adds Wester, who was involved in the drug’s clinical testing. “For those patients who have a good response, it’s really life-altering for them.”
	23/4 15:46 af E L	re Tepezza (teprotumumab) : IGF-1R drugs travel from cancer cradle to Graves’ (link)
	23/4 14:36 af Bulder	Bliver der forresten q&a igen, Helge?
	23/4 14:35 af Bulder	Mon ikke Winkel kommer det lidt nærmere om et par uger?
	23/4 14:29 af kkjoel	juni, juli - tomato, tomaato ;-)
	23/4 14:25 af GeorgeBest	Jan mener partnerdeal kan være på plads omkring halvårsskiftet på trods af corona. Iflg. Stockwatch1 kl. 11.33 så mener Credit Suisse den kommer i andet halvår
	23/4 12:58 af StockBull	Genmab ser sku stærk ud og mon ikke en partnerdeal forhåbentligt inden udgang af Q2 får kursen i ny ATH. P.t oppe med ca. 8% for 2020
	23/4 12:37 af E L	next week we'll get the ASCO Abstract Titles Released and then May 6 we may get some insight from Jan on any Corona impact on Dara sales?
	23/4 12:33 af DevOp	Dara SC godkendelse, Ofa godkendelse og partneraftale i nævnte rækkefølge, så kan de vist bare sætte et "1" foran.
	23/4 12:31 af DevOp	Ja, HSBC må jo have vurderet upside-risikoen grundigt.. bob bob...
	23/4 12:26 af GeorgeBest	kkjoel 11:48. HSBCs anbefaling er reducer - med kursmål 930
	23/4 11:53 af Solsen	10% of $4,5bn is a lot :-)
	23/4 11:48 af kkjoel	GB, er HSBCs kursmål 930 OG en "reducer" anbefaling? (eller reducerede de deres kurmål..)
	23/4 11:46 af E L	so one would imagine a CD3/CD20 deal at reasonable terms would imediately get them to raise target
	23/4 11:45 af E L	ok, they appear to put hardly any value in the pipeline for the 1950 valuation, with NPV of unpartnered products at DKK35/share
	23/4 11:45 af Bulder	4.5 mia $ for ofa i rms i 2025 er vist pænt over konsensus. Lå det ikke omkring 1 mia?
	23/4 11:43 af Stockwatch1	CS - Lidt uddybning af blue sky: Our Blue Sky scenario gives a valuation of DKK2460. Our Blue Sky scenario is based on stronger sales of Darzalex (USD 10bn in 2025), and ofatumumab (USD 5.1bn in 2025) and 100% pipeline success.
	23/4 11:43 af kkjoel	GB, you've got it all ;-)
	23/4 11:43 af E L	oh, ok, so that is their recent opinion. weird, I already consider the 1400 Dara value by CS low...
	23/4 11:42 af Bulder	Tak Sw1
	23/4 11:42 af GeorgeBest	From Bloomberg: HSBC reduce target 930 updated 04.03.2020
	23/4 11:41 af kkjoel	Jep, super referat af CS analyse :-)
	23/4 11:40 af E L	thanks @Stockwatch1 (and i don't really mind if it is 2450 or 2460 ;-) )

	23/4 11:39 af GeorgeBest	Stort tak for info Stockwatch
	23/4 11:37 af kkjoel	EL, jeg har 784 fra 09.11.2017 og 910 fra "en senere dato" (ikke konkret). Der er sikkert nogen der har bedre inf. om det herinde...
	23/4 11:34 af Stockwatch1	sorry 2460
	23/4 11:34 af kkjoel	Nu har jeg så snit på 29 kurrsmål på 1665 :-) (de kommer snart bagud... kursmålssætterne )
	23/4 11:34 af Stockwatch1	Target fra CS: 1950. Blue sky 2450
	23/4 11:34 af E L	@kkjoel that HSBC, is that still the old one from a few years ago, around dkk800, or did they ever update it?
	23/4 11:34 af Stockwatch1	Valuation: As a development Biopharma, we view PharmaValues NPV as the best methodology to capture the value of the pipeline. Genmab trades on an EV/NPV of 0.75x, a 28% discount to its EU Specialty peers. CS HOLT®’s warranted price is DKK1,727/share.
	23/4 11:34 af Stockwatch1	Risks include pipeline failures and COVID-19 hindering sales.
	23/4 11:33 af Stockwatch1	Catalysts: (1) 1Q20 results May 6; (2) TV P2 cervical data in 2Q20; and (3) SC Darzalex approval by mid-2020.
	23/4 11:33 af Stockwatch1	Our net present value (NPV) of its unpartnered products is DKK35/share, with partnerships potentially unlocking more value.
	23/4 11:33 af Stockwatch1	Multiple pipeline updates should drive potential upgrades. Genmab has been reinvesting its Darzalex income to leverage its own R&D platform to generate unpartnered assets. Pipeline momentum is building. In 2Q we should see P2 data for tisotumumab vedotin (TV) in cervical cancer, potentially its first commercial asset. The duobody-CD3xCD20 for B-cell malignancies is its most anticipated launch, and Genmab expects a potential partnership in 2H20. Our net present value (NPV) of its unpartnered prod
	23/4 11:33 af Stockwatch1	Ofatumumab sales underappreciated. We believe the next near-term sales opportunity will come from the mid-2020 launch of ofatumumab (partnered with Novartis), the second CD20 launch in multiple sclerosis. Genmab receives a 10% flat royalty on sales. We think investors are too focused on competition from the established Ocrevus (Roche) and are overlooking growth of the CD20 MS market. We forecast 2025 sales for ofatumumab of USD 4.5bn (90% PoS), more than double consensus’ USD 1.8bn.
	23/4 11:33 af Stockwatch1	Valuation underpinned by Darzalex. There remains uncertainty surrounding coronavirus and its impact on Pharma. However, we believe Genmab is better placed than most peers, given an innovation platform and strong predictable cash flows from its anti-cancer drug, Darzalex. Our NPV is underpinned by Darzalex (DKK1,400, c.90% of current share price).
	23/4 11:32 af Stockwatch1	as it prepares to become a commercial Biopharma company.
	23/4 11:32 af Stockwatch1	We initiate coverage of Genmab with an Outperform rating (TP DKK1,950). Genmab is a Danish Biopharma founded on a novel antibody platform. Success has been built on partnerships with Novartis (on Arzerra) and JNJ (on Darzalex), providing Genmab with cash and validation to expand its antibody discovery strategy. The investment thesis has moved beyond Darzalex, for which we think forecasts are well reflected (CSe USD 10bn peak; c17% royalty). Focus now switches to the pipeline as it prepares to be
	23/4 11:32 af Stockwatch1	Hold da op, jeg er desværre ude af GMAB lige for tiden. Men i dag er der indledt dækning fra Credit Suisse
	23/4 11:31 af kkjoel	Tak for AlphaValue update, GB - jeg havde dem 1529 og sælg.. men det var jo så en gl anbefaling.
	23/4 10:46 af GeorgeBest	ja godt forslag
	23/4 10:42 af Bulder	akkumuler?
	23/4 10:23 af GeorgeBest	overvægt eller køb vil jeg mene
	23/4 10:21 af Bulder	add - er det en anbefaling?
	23/4 10:18 af GeorgeBest	AlphaValue har add target 1672 senest opdateret på Bloomberg den 16.04.2020
	23/4 10:10 af kkjoel	Jeg har noteret mig 29 kursmål med snit på 1660: 16 køb, 8 hold, 2 sælg (AlphaValue, HSBC), 3 u/anbef.
	23/4 10:04 af kkjoel	Fra Ritzau 09:43: "Credit Suisse indleder dækning af Genmab med et kursmål på 1950 kr. Det viser data fra Bloomberg News. Banken har givet Genmab anbefalingen outperform."
	23/4 09:37 af E L	;-)
	23/4 09:32 af bibob	Thx E L. And very easy to read. :-D