COPENHAGEN – Genmab A/S (NASDAQ:) disclosed on Monday that the first quarter of 2024 saw robust sales of DARZALEX® (daratumumab), reaching a total of USD 2,692 million globally. DARZALEX®, including its subcutaneous formulation DARZALEX FASPRO® in the U.S., is licensed to Janssen Biotech, Inc., a Johnson & Johnson company, which reported these figures.
The U.S. market contributed USD 1,464 million to the net trade sales, while the remaining USD 1,228 million was generated from international markets. Genmab, as the originator of the drug, receives royalties from Janssen on these worldwide sales.
DARZALEX® is used in the treatment of certain types of cancer, including multiple myeloma. The medication is available in both intravenous and subcutaneous forms, with the latter being marketed in the U.S. as DARZALEX FASPRO®.
Genmab, headquartered in Copenhagen, Denmark, is a biotechnology firm that has been developing innovative antibody therapeutics for 25 years. The company holds a diverse portfolio of product candidates in various stages of clinical development, focusing on serious diseases such as cancer.
The company’s proprietary pipeline includes bispecific T-cell engagers, next-generation immune checkpoint modulators, effector function-enhanced antibodies, and antibody-drug conjugates. Genmab’s vision is to transform the treatment landscape for cancer and other serious diseases with its antibody medicines by 2030.
As per the press release, Genmab has formed over 20 strategic partnerships to further the development and delivery of novel antibody therapies.
This information is based on a press release statement from Genmab A/S.
InvestingPro Insights
Following the recent announcement of strong sales figures for DARZALEX®, Genmab A/S’s (NASDAQ:GMAB) financial health and market performance offer a broader context to understand the company’s current position. An InvestingPro analysis reveals that Genmab holds more cash than debt on its balance sheet, which may provide a degree of financial stability and flexibility in its operations. Additionally, analysts predict that the company will be profitable this year, which aligns with the positive sales trajectory reported for DARZALEX®.
From a market perspective, Genmab’s stock trades at a high earnings multiple, with a P/E ratio of 31.14 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 32.48. This valuation reflects the market’s expectation of future earnings growth, which may be supported by the continued success of DARZALEX® and other products in the pipeline. Despite a recent downturn in the stock’s price, with a 1-year price total return of -28.19%, Genmab’s low price volatility could indicate a level of resilience in its share price.
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