Genmab A/S has raised its financial guidance for 2024 in light of stronger than expected royalty income from its two leading antibody drugs which are out-licensed to Janssen Biotech Inc and Novartis. Revenue for the year is now expected to be in the range of DKK 20.5 to DKK 21.7 billion ($3.06 to $3.23) compared with an earlier forecast of DKK 18.7 to DKK 20.5 billion. Sales by Janssen of Darzalex (daratumumab) for multiple myeloma, and by Novartis of Kesimpta (ofatumumab) for multiple sclerosis, delivered royalty income of DKK 7.67 billion in the first half year – an increase of 30%. The royalty income represented 80% of total Genmab revenue of DKK 9.5 billion in the first half. The new guidance was announced on 8 August.
Other income in the first half included sales and collaboration revenue from Epkinly (epcoritamab) for diffuse large B cell lymphoma, and Tivdak (tisotumab vedotin) for cervical cancer, which were co-developed respectively with AbbVie Inc and Pfizer Inc.
The big event of the first half was Genmab’s acquisition of the US company Profound Bio Inc for $1.8 billion which gives the Danish company a pipeline of antibody-drug conjugates (ADCs) and an opportunity to expand into treatments for gynaecologic cancers and other solid tumours.
Profound’s lead product is rinatabart sesutecan, an ADC for the treatment of ovarian cancer and other tumours expressing folate receptor alpha (FR-alpha). In January the therapy received a Fast Track designation from the US Food and Drug Administration based on its potential to address a major medical need. Rinatabart sesutecan is comprised of an FR-alpha-directed antibody conjugated to a cleavable linker and a topoisomerase-1 inhibitor, a class of anticancer drug designed to interrupt DNA replication in cancer cells. The drug reportedly has a high drug-to-antibody ratio as well as a bystander effect.
Separately, Genmab said that it is to take over development from partner BioNTech SE of acasunlimab, a candidate product for non-small cell lung cancer. This follows a review by BioNTech of its portfolio strategy but does not affect the companies’ other collaborations.
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