Genmab A/S (GMAB) Reports Q1 Net Sales of DARZALEX of $1.86B

Genmab A/S (Nasdaq: GMAB) announced today that worldwide net trade sales of DARZALEX® (daratumumab), including sales of the subcutaneous (SC) formulation (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO® in the U.S.), as reported by Johnson & Johnson were USD 1,856 million in the first quarter of 2022. Net trade sales were USD 953 million in the U.S. and USD 903 million in the rest of the world. Genmab receives royalties on the worldwide net sales of DARZALEX, both the intravenous and SC formulations, under the exclusive worldwide license to Janssen Biotech, Inc. (Janssen) to develop, manufacture and commercialize daratumumab.

As previously announced, Janssen is reducing its royalty payments to Genmab by what it claims to be Genmab’s share of Janssen’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme), cf. company announcement No. 39 of September 22, 2020. Subsequently, Genmab announced that an arbitral tribunal ruled by majority opinion that Janssen is permitted to continue reducing its royalty payments to Genmab as an offset against a share of Janssen’s royalty payments made to Halozyme, cf. company announcement No. 14 of April 8, 2022. Genmab has the right to seek review of the award, which it must do within a limited period of time. Such review should conclude with the issuance of a final award prior to the end of 2022. Genmab is currently considering its options.

Genmab has reflected the withholding by Janssen of royalty payments related to the Halozyme matter as a reduction to estimated 2022 revenue in our guidance as of February 16, 2022, and as such our 2022 financial guidance remains unchanged.

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