PresentationAre you ready to get going now? All right. Good morning, everyone, and welcome to the Baylin Technologies Kaelus Acquisition Conference Call. Today is Thursday, December 4, and joining us today is CEO, Leighton Carroll. He will present an overview of the acquisition and its rationale, after which he will respond to questions. [Operator Instructions] Before we begin, I would like to remind everyone that certain statements made today may contain forward-looking statements that are subject to known ...

PresentationAnd welcome to the next session. So it's sticking with -- we've got a European pharma afternoon, in fact, pharma biotech afternoon. So we have with Genmab and Anthony Pagano, who is the CFO. Anthony, I don't know if you wanted to make some sort of opening remarks, there's been obviously a lot going on for Genmab the last 6, 12 months, maybe just run through some key points, and then we'll get into some Q&A.Anthony PaganoExecutive VP & CFO Yes. Thanks, Graham. And again, thanks for having us at t ...

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [3][4] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing efforts to expand into earlier lines of therapy [22][23] Market Data and Key Metrics Changes - The total addressable market for Epkinly in second-line follicular lymphoma is approximately 9,000 patients across major markets, contributing to a larger total addressable market of around 146,000 [26] - The company anticipates that PETO could exceed $1 billion in sales by 2029, indicating strong market potential [20] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and marketing its own assets, focusing on growth through internal product development and strategic acquisitions [5][6] - The acquisition of Maris is aimed at enhancing capabilities in antibody development, particularly in oncology, and is seen as a natural evolution of the business [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, with a focus on maintaining a competitive edge in a crowded market [15][17] Other Important Information - The company is planning to start a phase 2 trial for non-small cell lung cancer, indicating a proactive approach to exploring new indications [46][48] - Aclasunamab is also progressing well in phase 3 trials, with potential to be a significant product in the non-small cell lung cancer market [49] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Maris acquisition? - The acquisition is focused on enhancing capabilities in antibody development, particularly in oncology, and is expected to add substantial value post-deal close [9][10] Question: How does PETO compare to competition? - Management believes PETO has a strong product profile that could lead to a best-in-class designation, with plans to expand beyond current trials [15][16] Question: What are the expectations for Epkinly's market performance? - The company is confident in Epkinly's potential to reach $3 billion in peak year sales, contingent on successful expansion into earlier lines of therapy [23][27] Question: How does the company plan to manage operating expenses? - The company will invest in areas with clear return opportunities while maintaining efficiency in resource allocation [53][54]

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [2][3] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing phase three trials aimed at earlier lines of therapy [22][23] Market Data and Key Metrics Changes - The total addressable market for Epkinly is around 146,000 patients across major markets, with a specific focus on expanding into earlier lines of therapy [26][27] - The company anticipates that PETO could exceed $1 billion in sales by 2029, with significant readouts expected next year [20] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and developing its own assets, focusing on antibody therapies in oncology [5][6] - The acquisition of Merus is part of a strategy to enhance capabilities and expand the oncology portfolio, particularly in head and neck cancer [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, which are expected to drive growth [20][39] Other Important Information - The company is committed to investing in its late-stage programs while managing leverage, aiming to be below three times gross leverage within 24 months of the Merus acquisition [51] - The focus remains on maximizing the potential of existing products while exploring new opportunities for growth [52] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Merus acquisition? - The acquisition is intended to leverage existing capabilities in antibody therapies and enhance the oncology portfolio, particularly with PETO [9][10] Question: How does PETO compare to competitors? - Management believes PETO has a strong product profile and plans to expand its clinical trials to enhance its competitive position [15][16] Question: What is the expected timeline for data readouts and launches? - The company expects one or both ongoing phase three trials for PETO to read out next year, with a potential commercial launch in 2027 [20] Question: How is Epkinly positioned in the market? - Epkinly is currently approved for third-line therapies, with ongoing trials aimed at earlier lines, which are crucial for achieving its peak sales target [22][23]

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [3][4] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing efforts to expand into earlier lines of therapy [24][28] Market Data and Key Metrics Changes - The total addressable market for Epkinly in second-line follicular lymphoma is around 9,000 patients across major markets, contributing to a larger total addressable market of approximately 146,000 [27][28] - The company anticipates that PETO could exceed $1 billion in sales by 2029, indicating strong market potential [21] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and developing its own assets, focusing on building capabilities in the U.S. and Japan [6][7] - The acquisition of Merus is part of a strategy to enhance capabilities in antibody development, particularly in oncology [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, particularly in 2026 and 2027 [21][42] Other Important Information - The company is committed to investing in its late-stage programs while managing leverage, aiming to be below three times gross leverage within 24 months of the Merus acquisition [52] - The focus remains on maximizing the potential of existing products while exploring new opportunities for growth [53] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Merus acquisition? - The acquisition is intended to leverage existing expertise in antibodies and oncology, enhancing the company's growth trajectory [9][10] Question: How does PETO compare to competitors? - PETO is positioned as a potential best-in-class product with strong efficacy data, and the company plans to expand its clinical trials [15][16] Question: What are the expectations for Epkinly's market performance? - The company expects Epkinly to achieve peak year sales of $3 billion, contingent on successful expansion into earlier lines of therapy [24][28] Question: How will the company manage operating expenses with upcoming launches? - The company plans to invest strategically in areas with clear return opportunities while maintaining operational efficiency [55]

Media Release COPENHAGEN, Denmark; December 3, 2025 Genmab A/S (Nasdaq: GMAB) (“Genmab”) announced today that it and its wholly owned subsidiary Genmab Finance LLC (“Genmab Finance”) have closed their previously announced offering of $1.5 billion of 6.250% senior secured notes due 2032 (the “Secured Notes”) and $1.0 billion of 7.250% senior unsecured notes due 2033 (the “Unsecured Notes,” and together with the Secured Notes, the “Notes”). Genmab intends to use the net proceeds from this offering of the Not ...

Core Points - Genmab A/S announced that its Chief Financial Officer, Anthony Pagano, will participate in a fireside chat at the Citi Global Healthcare Conference on December 4, 2025 [1] - A webcast of the event will be available on Genmab's website [1] Company Overview - Genmab is an international biotechnology company focused on improving patient lives through innovative antibody therapeutics [2] - The company has over 25 years of experience in developing next-generation antibody technology platforms, including bispecific T-cell engagers and antibody-drug conjugates [2] - Genmab aims to transform the lives of patients with cancer and serious diseases by 2030 with its proprietary antibody medicines [2] Company History and Presence - Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with a presence in North America, Europe, and Asia Pacific [3]

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Summary of Genmab's Conference Call Company Overview - **Company**: Genmab - **Event**: Jefferies London Healthcare Conference - **Key Speakers**: CEO Jan van de Winkel, CFO Anthony Pagano Key Focus Areas Late-Stage Programs - Genmab is focusing on late-stage programs including: - **Epkinly** - **Rinatabart sesutecan** - **Acasunlimab** - **Patu Centamab** (acquisition of Merus) [2][3][4] Patu Centamab - **Description**: A bispecific antibody targeting EGFR, showing significant tumor shrinkage in clinical trials. - **Clinical Data**: - In frontline head and neck cancer, a **63% overall response rate** when combined with Pembrolizumab, tripling the benchmark response [9]. - In second-line settings, a **36% overall response rate** with impressive median progression-free survival of **11.4 months** [9]. - **Safety Profile**: New dosing schedules have improved infusion-related reactions, and a subcutaneous version is in development to further mitigate these issues [11]. - **Potential**: Beyond head and neck cancer, Patu Centamab is expected to have applications in other EGFR-positive tumors [6][12]. Epkinly - **Launch Performance**: Launched in May 2023, with potential to become a **$3 billion-plus global brand**. - **Recent Developments**: Positive data in second-line follicular lymphoma, with a significant hazard ratio of **0.21**, indicating a **79% risk reduction** for disease progression [21]. - **Commercial Strategy**: Focus on subcutaneous delivery and maintaining a balance of safety and efficacy [20]. Rinatabart sesutecan - **Characteristics**: Combines a good antibody with a hydrophilic linker, allowing for multiple toxin attachments without compromising pharmacodynamics [23]. - **Clinical Data**: Expected to have a clean safety profile with no ocular toxicity or interstitial lung disease observed [24]. - **Market Potential**: Peak year sales guidance upgraded to **$2 billion**, with a launch expected in **2027** [28]. Acasunlimab - **Clinical Development**: Ongoing studies in second-line plus lung cancer, with follow-up data expected to bolster confidence in its efficacy [30]. - **Sales Guidance**: Projected peak sales of around **$1 billion**, reflecting a conservative approach due to competition in the lung cancer market [31]. Financial Considerations - **Investment Strategy**: 2026 is expected to be an investment year, focusing on late-stage pipeline and commercialization capabilities [14][15]. - **EBITDA Growth**: Anticipated meaningful growth in EBITDA by **2027**, with projections of over **$1 billion** in sales for Patu Centamab by **2029** [16][17]. Other Considerations - **Pipeline Focus**: Genmab remains primarily focused on oncology, with over **90%** of activities in this area, while maintaining some preclinical work in immunology and inflammation [34][35]. - **Future Developments**: Plans to advance two bispecifics and one ADC from the organic pipeline by the end of the year [36]. Conclusion - Genmab is strategically positioned with a robust late-stage pipeline and a clear focus on maximizing the potential of its key assets, particularly Patu Centamab, Epkinly, and Rinatabart sesutecan, while managing investments and operational efficiencies to drive future growth.

Core Points - Genmab A/S announced the pricing of $1.5 billion of 6.250% senior secured notes due 2032 and $1.0 billion of 7.250% senior unsecured notes due 2033, with an issue price of 100.000% [1] - The company has completed the syndication of a new $2.0 billion senior secured term loan "B" facility, in addition to existing credit facilities [2] - The net proceeds from the notes offering will be used to fund the acquisition of Merus N.V. and related expenses [3] Financing Details - The total financing includes $1.5 billion in secured notes and $1.0 billion in unsecured notes, alongside a $2.0 billion senior secured term loan "B" facility [1][2] - The secured notes will be backed by segregated accounts prior to the acquisition closing, and will later be secured by a first priority interest in certain assets of Genmab and its subsidiaries [4] - The indentures governing the notes will include covenants that restrict Genmab and its subsidiaries from incurring additional debt and other financial activities [5] Regulatory Information - The notes have not been registered under the Securities Act and are available only to qualified institutional buyers or non-U.S. persons [6] - The offering does not constitute an offer to sell or a solicitation of an offer to purchase any securities [7]