Genmab shares fall 7.3% after profit misses forecasts
Updated
Updated · MarketWatch · May 8
Genmab shares fall 7.3% after profit misses forecasts
5 articles · Updated · MarketWatch · May 8
The Danish biotech's stock dropped to 1,630 kroner after first-quarter net profit fell to $53 million from $195 million, below Jefferies' $66 million estimate.
$45 million in Merus acquisition and integration costs, plus higher taxes, weighed on earnings, though quarterly revenue reached $896 million and operating profit was $180 million.
Genmab kept its full-year guidance of $4.065 billion-$4.395 billion in revenue and $900 million-$1.40 billion in operating profit; the shares are down 20% so far this year.
Genmab's stock plunged on lower profit, but sales are soaring. Is the market missing the company's real value?
As Genmab bets its future on the high-risk ADC market, can its pipeline succeed where many others have failed?