Genmab

	6/2 13:02 af JørgenVarnæs	When Verdult says he still has respect for GEN leadership - but dara has been gifted to the partner and hexacd38 is closed country, he is really saying - there is not much respect left
	6/2 12:59 af JørgenVarnæs	No? I beg to differ
	6/2 12:57 af Bulder	Genmab is not to be blamed for the current Price. It’s not Long ago it was +3000. Business hasn’t changed since then.
	6/2 12:46 af JørgenVarnæs	Am I completely wrong in saying, that the current GEN valuation is made up ENTIRELY from cash and expected dara-derived royalties?
	6/2 12:45 af JørgenVarnæs	Please note, that I'm not questioning the quality of the research - I'm questioning the business decisions following the research
	6/2 12:44 af Bulder	You cannot put a finger on the Scientific side of genmab. It’s been an unprecedented world class succes. Their wiilingness to pay out to shareholders however is far from satisfying.
	6/2 12:31 af JørgenVarnæs	Its time GEN starts earning its keep for the shareholders
	6/2 12:30 af JørgenVarnæs	Seriously - take out dara and cash from the valuation and you are left with dust and tubleweeds. Is that the hallmark of a successful R&D organization?
	6/2 12:29 af Sukkeralf	I think you are unbelievable harsh in your criticism of Genmab JV - its still one of the most successful biotechs in Europe
	6/2 12:12 af JørgenVarnæs	GEN hasn't missed one single step in messing up values
	6/2 12:12 af JørgenVarnæs	Better deals were possible every step of the way
	6/2 12:08 af E L	which is why they want 50/50 partnerships in the future. which they hope to get from the stronger position they are in now. beter deals were not possible in the past , unfortunately
	6/2 12:02 af JørgenVarnæs	KYSO must be about how much value GEN leaves on the table for the partners
	6/2 12:02 af JørgenVarnæs	...with how much ownership? GEN is being traded as a bond with the royalties from dara and the cash holding as a foundation. Other than that, there is very little of value in the valuation
	6/2 11:56 af E L	Kesimpta, tepezza, tisotumab, talquetamab, teclistamab, amivantamab, these are not little drugs. the technology is there. But there is nobody that can guarantee a repeat, that is true.
	6/2 11:49 af JørgenVarnæs	here we are in year 24 of GENs existence - CD38 is closed country, cd3cd20 is heavily contested by Roche - and little else to show
	6/2 11:48 af JørgenVarnæs	...because data wasn't deemed to be very KYSO - in fact the data has changed market sentiment away from opt-in.
	6/2 11:46 af E L	and to remind you , bringing out the early data on HexaCD38 wasn't exactly a very big success lol. my guess is that they will actually become even more carefull bringing out new data...
	6/2 11:44 af E L	It comes when the data is ready , and preferably at a medical conference
	6/2 11:44 af E L	ok, we would all like to hear that, but you know that there is a very small chance that we will get info on that at the earnings report.
	6/2 11:16 af JørgenVarnæs	Is there anything there? We don't know
	6/2 11:16 af JørgenVarnæs	We have heard about solid tumors for quite some time now - but only seen glimpses of effect from tisutomab
	6/2 11:15 af JørgenVarnæs	What is the promise of the early stage pipeline? We have no idea
	6/2 11:15 af JørgenVarnæs	Sure - I want to see signs of clinical effect coming out of phase 1 programs. So far we get nothing or vailed references to synergistic effect

	6/2 11:12 af E L	what do you expect from them then, concretely? because the only way i can imagine them proving this to you is to grind through these early stage programs into maturity and hopefully approval. i don't know how else they can do this? isn't that what biotech is all about?
	6/2 11:05 af JørgenVarnæs	I'm looking for a more direct connection between development cost and clinical effect - till now a lot of money has been thrown at early stage programs with no visible effect. This has forced analysts to consider development initiatives as pure loss-giving activities - maybe this is why Genmab is considered a cost sinkhole by the market...?
	6/2 10:59 af E L	could well be. not easy to estimate this guidance either, not so sure what to expect from the cost side. Actually their first Darzalex guidance last year was quite good in hindsight, with a mid point of 9.7bn
	6/2 09:56 af Sukkeralf	It seems like we need to get guidance out of the way before fokus will be on data and alike
	6/2 08:43 af E L	BOFA sees a peak sales for Kesimpta of $5.7bn vs cons $5.1bn (link)
	6/2 08:29 af E L	Epcoritamab on the EMA PRAC agenda, Scope: Extension of indication to include treatment of adult patients with relapsed or refractory (R/R) follicular lymphoma (FL) after two or more lines (link)
	6/2 08:14 af JKY_VH	Fedt og fortsat god ferie;-)
	6/2 08:13 af StockBull	mange tak jky. Jeg er nu stadig på ferie men lidt skal der arbejdes selv i ferien. Som fuldtids investor bestemmer man selv tempo og arbejdstimer per uge. Gik på selvbetalt pension i 2020.
	6/2 08:06 af JKY_VH	god morgen og velkommen tilbage fra ferie SB ;-)
	6/2 07:38 af LP90	God morgen :-)
	6/2 07:38 af bibob	God morgen :-)
	6/2 07:02 af StockBull	Correction - det var 2021 PE var over 70
	6/2 06:54 af StockBull	Genmab har egentlig ok profit margin. PE har nok bare været kørt for højt op f.eks i 2022 var PE omkring 70. Nu er PE mere rimlig i.f.t profit. Alt bliver godt igen hvis JNJ opter in på cd38 - så vil PE blæse op over 40 igen
	6/2 06:47 af StockBull	(link)
	6/2 06:42 af StockBull	Average profit: (31.5% of cumulative revenue) -- of industry average
	6/2 06:41 af StockBull	60-70% går til udgifter inklusiv skat, lønninger, R/D
	6/2 06:36 af StockBull	Feb 14, 2024 kommer regnskab og 2024 guiding som vil give svar på fremtidige udgifter. Typisk 32-35% af omsætningen går til udgifter
	6/2 06:34 af Stroka	God morgen :-)
	6/2 06:31 af StockBull	Men der er vel en rationel bund et eller andet sted her omkring de 1900 i genmab og p.t ser sp500 faktisk lidt overvurderet ud.
	6/2 06:25 af StockBull	Godmorgen :-) @w, der er jo stille periode nu 14 dage før regnskabet så begrænset hvad svar man kan forvente. Men enig i Biotech er high risk i.f.t at investere i ETFer, index m.m. Men hvis alt går godt kan Genmab da sikkert slå SP500 index på den lange bane. Det har Genmab jo faktisk gjort hvis vi ser bort fra de sidste 2 år hvor den tabte voldgift og de høje renter vel er skyld i tab på ca. 1000 kurs point.
	6/2 06:15 af Helge Larsen/PI-redaktør	Godmorgen :-)
	6/2 05:44 af Sukkeralf	(link)
	6/2 05:44 af Sukkeralf	Novartis bud på Morphosys
	5/2 20:11 af JørgenVarnæs	Haha - det svar er der ikke meget KYSO over! Tak for indsatsen w
	5/2 19:17 af JKY_VH	;-) = ?
	5/2 19:16 af JKY_VH	til bestyrelseslokalet, men jeg er villig til at lade mig overraske?