On August 9, 2017 Genmab reported Interim Report for the First Half of 2017 (Press release, Genmab, AUG 9, 2017, View Source [SID1234520116]). Schedule your 30 min Free 1stOncology Demo! Highlights
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USD 554 million in net sales of DARZALEX (daratumumab); resulting in royalty income of DKK 454 million
DARZALEX approved by U.S. Food and Drug Administration (FDA) in combination with pomalidomide and dexamethasone for relapsed or refractory multiple myeloma
DARZALEX received European regulatory approval in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone for relapsed or refractory multiple myeloma
Announced Phase III study combining daratumumab with pomalidomide and dexamethasone in multiple myeloma
Announced plans for new studies of daratumumab in smoldering multiple myeloma and with subcutaneous formulation in amyloidosis and multiple myeloma
Reported preliminary Phase I/II tisotumab vedotin data in cervical cancer
"It’s been another exciting and busy quarter, with highlights including further DARZALEX label expansions allowing for a broader number of multiple myeloma patients to be treated with the drug, as well as the announcement of a number of new pivotal studies with daratumumab. In addition we announced encouraging data from our ongoing Phase I/II tisotumab vedotin trial and have been working hard on progressing projects in our innovative pipeline," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Half of 2017
Revenue was DKK 1,024 million in the first half of 2017 compared to DKK 524 million in the first half of 2016. The increase of DKK 500 million, or 95%, was mainly driven by higher DARZALEX royalties and milestones.
Operating expenses were DKK 442 million in the first half of 2017 compared to DKK 366 million in the first half of 2016. The increase of DKK 76 million, or 21%, was due to the additional investment in our pipeline of products, including the advancement of tisotumab vedotin, HexaBody-DR5/DR5, DuoBody-CD3xCD20, and other products in our pipeline.
Operating income was DKK 582 million in the first half of 2017 compared to DKK 158 million in the first half of 2016. The increase of DKK 424 million, or 268%, was driven by higher revenue, which was partly offset by increased operating expenses in 2017.
On June 30, 2017, Genmab had a cash position of DKK 5,215 million compared to DKK 3,922 million at December 31, 2016. This represented a net increase of DKK 1,293 million, which was mainly driven by positive working capital adjustments of DKK 630 million related to milestones achieved in the fourth quarter of 2016 that were received in 2017, our operating income of DKK 582 million, and proceeds from the exercise of warrants of DKK 194 million.