Genmab(US:GMAB)2025-11-19 13:02Summary 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.