Genmab (NASDAQ: GMAB) Reports 1H 2021 Revenue of DKK 2.55 Billion Driven by DARZALEX Sales

Genmab (NASDAQ: GMAB) has announced financial results for 1H 2021  and provided corporate updates. 

1H 2021 DARZALEX revenue up 52%

In the first half of 2021, the company reported a 52% increase in DARZALEX sales to $2.798 billion resulting in royalty revenue of DKK 2.36 billion. The increase in royalty revenue was driven by high net sales of TEPEZZA, Kesimpta, and DARZALEX.  

The company reported total revenue in 1H 2021 of DKK 2.553 billion. Besides the royalty revenue mentioned, the company recognized the milestone revenue of  DKK 731 million compared to DKK 6.343 billion in 1H 2020. The previous year’s revenue included a DKK 4.398 billion license revenue following AbbVie Inc.’s collaboration in June 2020. 

The company has revised its revenue guidance for full-year 2021, citing the increased royalty revenue associated with DARZALEX net sales. As a result, the company is holding for revenue of DKK 7.3 billion to DKK 7.9 billion, up from the previous guidance of DKK 6.8 billion to 7.5 billion. 

DARZALEX approved in EU

In Q2 2021, the company announced that the FDA had approved a Priority Review for tisotiumab vedotin BLA for metastatic or recurrent cervical cancer treatment. Also, after the positive CHMP opinion, the EMA gave Janssen-Cilag International NV marketing approval for DARZALEX SC in newly diagnosed light-chain amyloidosis patients.

CEO Jan van de Winkel said, “Genmab’s antibody expertise and innovation were on display during the second quarter of 2021 with the U.S. FDA’s acceptance for priority review of the BLA for tisotumab vedotin, which we are developing with Seagen, and with the approval of Janssen’s RYBREVANT™ (amivantamab-vmjw), the first regulatory approval for a product created using Genmab’s proprietary DuoBody® technology platform. The majority of Genmab’s clinical stage products are based on our DuoBody technology, and we hope that the approval of RYBREVANT is just the first validation of many of the potential for this technology to create effective treatments for patients with cancer.”