Genmab A/S Q3 FY2024 earnings call

• Genmab has a history of success with 8 approved products. EPKINLY has strong performance with launches in US, Japan, Europe. TEPKINLY approved in EU and US. Rina-S and acasunlimab moved to late-stage development. Terminated early-stage clinical programs GEN1047, GEN3017 and Gen1056 and halted Phase 3 for TIVDAK in second line plus head and neck cancer. Brad Bailey discussed strong commercial performance of EPKINLY and TIVDAK. Anthony Pagano highlighted financials with revenue up 29%, recurring revenues 92% of total revenue, operating profit over DKK 4.5 billion up over 27%, net profit almost DKK 4 billion. Acquisition of ProfoundBio for next-generation ADC platforms. Upcoming data submission for HexaBody-CD38 by end of December with J&J decision expected by first quarter of 2025.

EPKINLY: In Q3, net sales were $82 million with 17% growth, year-to-date sales $203 million. TIVDAK: Had $32 million in sales with 12th consecutive quarter of demand growth. Recurring revenues grew by 37%, principally driven by strong royalties from DARZALEX, Kesimpta and other approved medicines as well as strong performance for EPKINLY and TIVDAK. EPKINLY and TIVDAK contributed 35% of Genmab's total revenue growth in the first nine months.

• Revised revenue range to DKK 21.1 billion to DKK 21.7 billion, growth of 30% at midpoint. - Lowered OpEx range to DKK 13.7 billion to DKK 14 billion. - Expected operating profit between DKK 6.2 billion to DKK 7.1 billion, up 25% compared to last year. - Committed to investment in Phase 3 trials for EPKINLY, Rina-S and acasunlimab.

Q: Clarification on HexaBody-CD38 top line data disclosure and Rina-S Phase 3 rationale A: Jan van de Winkel said top line data on HexaBody-CD38 will be announced when J&J makes opt-in decision. Judith Klimovsky said Rina-S Phase 3 not preselecting for folate receptor alpha expression as data showed activity regardless of expression Q: Follow-up on Rina-S Phase 3 and TIVDAK Phase 3 discontinuation A: Judith Klimovsky said TIVDAK Phase 3 discontinuation was strategic prioritization. Rina-S Phase 3 not preselecting for folate receptor alpha expression as data showed activity in patients with low expression Q: On GEN1042 and HexaBody-CD38 timeline A: Jan van de Winkel said GEN1042 data will be reviewed in coming months to decide next steps. HexaBody-CD38 data package to J&J in December with decision expected in first quarter 2025 Q: EPKINLY commercial traction and HexaBody-CD38 timeline A: Brad Bailey said EPKINLY commercial drivers are US and Japan with potential new approvals. Jan van de Winkel said HexaBody-CD38 data to be presented in Q1 2025 Q: Rina-S trial folate receptor expression and Revitope collaboration A: Judith Klimovsky said Rina-S trial not preselecting for folate receptor expression. Tahi Ahmadi said Revitope collaboration complements discovery efforts to expand T-cell redirection in solid oncology Q: Rina-S trial folate receptor expression and pipeline reprioritization A: Judith Klimovsky said Rina-S trial not preselecting for folate receptor expression. Jan van de Winkel said pipeline reprioritization focused on winners and rigorous evaluation of programs Q: EPKINLY patient profile evolution and autoimmune platforms A: Brad Bailey said EPKINLY patient profile evolving to third-line plus DLBCL. Jan van de Winkel said Genmab has preclinical programs in autoimmune with next-gen antibody tech but focus on cancer currently Q: Portfolio review and autoimmune platforms A: Jan van de Winkel said Genmab has preclinical autoimmune programs using next-gen tech but majority focus on cancer