Genmab (CSE:GMAB) A/S (NASDAQ:GMAB), a pharmaceutical company specializing in antibody therapeutics for cancer and maintaining an impressive 96.1% gross profit margin, has reported its net sales for DARZALEX® (daratumumab) for the year 2024. The announcement was made in a Form 6-K report filed with the SEC today.
According to InvestingPro analysis, the company has demonstrated strong financial health with a "GREAT" overall score, supported by robust cash flows and solid balance sheet metrics.
DARZALEX, Genmab's leading product, is used in the treatment of multiple myeloma, a type of blood cancer. The drug has been a significant contributor to the company's revenue stream, helping drive a 17.75% year-over-year revenue growth. The exact sales figures for the year were not disclosed in the summary provided.
The Danish-based company, listed on the NASDAQ under the ticker GMAB, has stated that the Form 6-K report will be incorporated by reference into its registration statements on Form S-8, which includes file numbers 333-232693, 333-253519, 333-262970, and 333-277273. This incorporation is to the extent that the information contained within the report has not been superseded by subsequent filings or furnished documents.
The report was signed by Executive Vice President & Chief Financial Officer Anthony Pagano, who is duly authorized to act on behalf of Genmab A/S. The filing ensures that the company adheres to the requirements set by the Securities Exchange Act of 1934.
Investors and stakeholders are encouraged to review the full details of Genmab's financial performance as they become available in the company's subsequent filings, with the next earnings report scheduled for February 12, 2025. For deeper insights into Genmab's financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis, including 8 additional ProTips and a detailed Pro Research Report, part of the platform's coverage of over 1,400 US equities.
In other recent news, Genmab has made significant strides in its operations and financial performance. The company reported a 29% increase in revenues for the first nine months of 2024, amounting to more than DKK 15 billion. This was primarily driven by the successful sales of its bispecific antibody EPKINLY, especially in Japan, and increased royalties from DARZALEX and other products. As a result, Genmab upgraded its full-year revenue guidance to between DKK 21.1 billion and DKK 21.7 billion.
In terms of corporate actions, Genmab has also announced a capital increase resulting from the exercise of employee warrants, part of its employee incentive program. Furthermore, the company issued restricted stock units and warrants to its employees as part of its long-term incentive plan. Genmab disclosed transactions involving its shares by managerial employees and associated persons, maintaining transparency with its stakeholders.
H.C. Wainwright maintains a Buy rating on Genmab shares, highlighting the company's robust financial health and the recent announcement from Genmab's partner Janssen regarding the Phase 3 MARIPOSA trial. The trial's results showed a statistically significant overall survival benefit of the combination treatment RYBREVANT and LAZCLUZE, compared to Tagrisso, as a first-line treatment for certain types of non-small cell lung cancer.
Lastly, Genmab is focusing on its Phase 3 programs, including EPKINLY, Rina-S, and acasunlimab, leading to the termination of several early-stage programs. The company is also anticipating the submission of a HexaBody-CD38 data package, showing its commitment to continued growth and innovation in the biotechnology industry.
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