Genmab A/S (NASDAQ: GMAB) shares are witnessing an upward surge on the US market today, displaying a noteworthy increase of 5.97% to $29.37 as per the latest premarket assessment. This positive momentum in GMAB stocks can be attributed to the unveiling of its financial outcomes, which have evidently resonated well with investors.
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Genmab (GMAB) has unveiled its interim report for Q1 2024, spotlighting a robust revenue surge of 46% compared to the preceding period, amounting to DKK 4,143 million. This surge is chiefly propelled by escalated DARZALEX and Kesimpta royalties garnered through GMAB’s partnerships with Janssen and Novartis Pharma AG (Novartis), respectively, alongside heightened EPKINLY net product sales and a significant milestone accomplished in collaboration with AbbVie.
Total expenditures and operational costs have concurrently surged by 38% to DKK 3,342 million, primarily driven by the expansion of GMAB’s product pipeline, post-launch activities of EPKINLY in the U.S. and Japan, the continuous evolution of Genmab’s organizational capabilities, coupled with the consequent augmentation of the team to facilitate these initiatives, alongside profit-sharing disbursements to AbbVie linked to EPKINLY sales.
The operational profit has amounted to DKK 801 million, whereas net financial items have yielded an income of DKK 915 million, primarily influenced by fluctuations in USD to DKK foreign exchange rates, which have notably impacted Genmab’s USD-denominated cash reserves and marketable securities. Notably, the USD/DKK rate has strengthened in the initial three months of 2024 compared to its weakening counterpart in the corresponding period of 2023.
The recent acceptance for Priority Review by the U.S. FDA of the sBLAs for EPKINLY and Tivdak marks a pivotal development for Genmab. These regulatory endorsements for priority review have been facilitated through collaborative efforts between Genmab and its partners, AbbVie Inc. (AbbVie) and Pfizer Inc. (Pfizer), aimed at broadening the labels for EPKINLY and Tivdak, respectively.
