On July 28, 2023 Genmab A/S (Nasdaq: GMAB) reported its preliminary first half 2023 financial results and its updated 2023 financial guidance (Press release, Genmab, JUL 28, 2023, View Source [SID1234633454]).
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Preliminary First Half 2023 Financial Results
In the first half of 2023, Genmab’s revenue increased by 34% and operating profit increased by 10%, compared to the first half of 2022 primarily due to higher product royalties. Operating expenses increased by 45%, reflecting continued focused investments in Genmab’s key priorities.
First Half First Half
(DKK million) 2023 2022 % Increase
Revenue 7,052 5,281 34%
Operating expenses (5,118) (3,520) 45%
Operating profit 1,934 1,761 10%
Updated 2023 Financial Guidance
Genmab expects its 2023 revenue to be in the range of DKK 15,500 – 16,500 million, an increase to the previous guidance of DKK 14,600 – 16,100 million, driven by the continued strong growth of DARZALEX net sales and higher total royalty revenues from DARZALEX and other marketed products. DARZALEX royalties are based on Genmab’s revised estimate of DARZALEX 2023 net sales of USD 9.8 – 10.0 billion compared to Genmab’s previous estimate of USD 9.4 – 10.0 billion.
Genmab anticipates its 2023 operating expenses to be in the range of DKK 10,400 – 10,900 million, an increase to the previous guidance of DKK 9,800 – 10,600 million, primarily related to increased and accelerated investment for epcoritamab clinical trials and progression of other pipeline products.
Genmab now expects its 2023 operating profit to be in the range of DKK 4,500 – 6,000 million, compared to the previous guidance of DKK 3,900 – 6,200 million, driven primarily by the items described above.
Revised Previous
(DKK million) Guidance Guidance
Revenue 15,500 – 16,500 14,600 – 16,100
Operating expenses (10,400) – (10,900) (9,800) – (10,600)
Operating profit 4,500 – 6,000* 3,900 – 6,200*
*Operating profit does not sum due to rounding
Genmab’s full financial results for the first half of 2023 will be published on August 3, 2023.