Genmab: share drops after unsurprising H1 results

(CercleFinance.com) - Danish biotech Genmab shares are down nearly 3% in Copenhagen on Friday, following H1 results that came as no great surprise.


Shortly before 2 pm, the share was down 2.9%, underperforming the OMXN40 index (-0.5%).

Last night, it reported H1 net sales of $4.7bn for its cancer drug Darzalex, marketed by the American Janssen, representing y-o-y growth of 22%.

"Operating profit was DKK 1,934 million in the first six months of 2023 compared to DKK 1,761 million in the first six months of 2022."

This publication was in line with expectations, noted UBS analysts, who nevertheless stressed that the Group's performance was largely thanks to Darzalex.

Genamab had recently raised its annual targets, expecting 2023 sales of 15.5bn to 16.5bn DKK, compared with 14.6-16.1bn DKK previously.

The company had also reduced its operating profit target, now anticipating between 4.5bn and 6bn DKK billion crowns, down from of 6bn to 6.2bn DKK previously.


Copyright (c) 2023 CercleFinance.com. All rights reserved.