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Genmab Highlights 2019 Net DARZALEX Sales By Johnson & Johnson Of $2.998B

  Company Announcement Net trade sales of DARZALEX in 2019 totaled USD 2,998 million Genmab to receive milestone payment of USD 150 million in DARZALEX collaboration Milestone triggered by sales of DARZALEX

Benzinga · 01/22/2020 11:35

 

Company Announcement

  • Net trade sales of DARZALEX in 2019 totaled USD 2,998 million
  • Genmab to receive milestone payment of USD 150 million in DARZALEX collaboration
  • Milestone triggered by sales of DARZALEX reaching USD 3 billion in the calendar year of 2019 as calculated on the basis of the license agreement terms

Copenhagen, Denmark; January 22, 2020 – Genmab A/S (NASDAQ:GMAB) announced today that worldwide net trade sales of DARZALEX® (daratumumab) as reported by Johnson & Johnson were USD 2,998 million in 2019. Net trade sales were USD 1,567 million in the U.S. and net trade sales in the rest of the world were USD 1,430 million. Genmab receives royalties on the worldwide net sales of DARZALEX as calculated on the basis of the license agreement terms under the exclusive worldwide license to Janssen Biotech, Inc. (Janssen) to develop, manufacture and commercialize DARZALEX. Worldwide net trade sales of DARZALEX in 2018 were USD 2,025 million, resulting in royalty income of DKK 1,708 million to Genmab.

Genmab has also achieved a USD 150 million sales volume milestone payment triggered by sales of DARZALEX reaching USD 3 billion in the calendar year of 2019 as calculated on the basis of the license agreement terms. Under the license agreement, DARZALEX sales are calculated based on a hedged foreign exchange rate and as such are different than net trade sales reported by Johnson & Johnson. The difference was mainly due to the translation of sales denominated in currencies other than USD into USD under the license agreement. No further sales volume milestones are due under the license agreement.

“We are extremely pleased that DARZALEX continued its solid sales growth in 2019, as it is indicative of the strong benefit DARZALEX provides across its many indications in multiple myeloma,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. “We are grateful to our partner for DARZALEX, Janssen, and their continued efforts to ensure that this treatment is made available to all the many patients who might benefit from it.”

The milestone was included in the original financial guidance issued by Genmab on February 20, 2019, and in the improved financial guidance issued on November 6, 2019, as such there is no change to the company’s financial guidance for 2019.