On November 3, 2022 Genmab A/S (Nasdaq: GMAB) reported that it is improving its 2022 financial guidance published on August 8, 2022 (Press release, Genmab, NOV 3, 2022, View Source [SID1234622949]). The improved guidance is driven primarily by the positive foreign exchange rate impact on our royalty revenue, and the continued strong performance of DARZALEX net sales.
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Genmab expects its 2022 revenue to be in the range of DKK 13,500 – 14,500 million, an increase to the previous guidance of DKK 12,000 – 13,000 million, driven primarily by the positive foreign exchange rate impact on our royalty revenue, and the continued strong performance of DARZALEX net sales. The upper end of the revenue guidance range now assumes a significant milestone associated with the potential acceptance by the U.S. Food and Drug Administration to review the Biologics License Application submission for epcoritamab. Genmab’s projected revenue for 2022 primarily consists of DARZALEX royalties. Such royalties are based on Genmab’s revised estimate of DARZALEX 2022 net sales of USD 8.0 – 8.2 billion compared to Genmab’s previous estimate of USD 7.8 – 8.2 billion.
Genmab anticipates its 2022 operating expenses to be in the range of DKK 8,000 – 8,400 million, an increase to the previous guidance of DKK 7,600 – 8,200 million, primarily driven by the negative impact of the strong U.S. Dollar. Operating expenses continue to be driven by the advancement of Genmab’s clinical programs, continued investment in research and development, as well as building Genmab’s commercial organization and broader organizational infrastructure.
Genmab now expects its 2022 operating profit to be in the range of DKK 5,100 – 6,500 million, an increase to the previous guidance of DKK 3,800 – 5,400 million, driven primarily by the items described above.
Genmab’s financial results for the first nine months of 2022 will be published on November 9, 2022.
The above expectations are based on assumptions including those described on pages 5 and 6 of the Interim Report for the first half of 2022 (Company Announcement No. 41/2022) as well as an updated USD/DKK exchange rate of 7.2, compared to the previous exchange rate of 6.8.