Genmab A/s · OMXCOP:GMAB
Genmab A/s — Shareholder Meeting (April 2010)
28 slides from Genmab A/s's shareholder meeting presentation, Apr 21, 2010
Slide 1: Annual General Meeting
Annual General Meeting Copenhagen, Denmark April 21, 2010
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, inclu
Slide 3: First Product on the Market
First Product on the Market Ofatumumab FDA accelerated approval for CLL refractory to fludarabine & alemtuzumab European Commission conditional approval for CLL refractory to fludarabine & alemtuzumab Net sales of ofatumumab in the US for the fourth quarter of 2009 of approximately DKK 29 million (a
Slide 4: Milestones Achieved 2009
Milestones Achieved 2009 Ofatumumab clinical trial results Phase III RA study Phase II front line combination studies: CLL, NHL Pivotal Phase III study in rituximab refractory NHL Pipeline studies Initiated Phase III head to head with rituximab in refractory DLBCL Completed enrolment in three studie
Slide 5: Compensation Information
Compensation Information Executive Management and Board Remuneration in the annual report includes cash compensation and warrant expenses The warrant expense is an accounting charge, and does not represent cash received Executives and Board Members did not receive any cash from warrant exercises in
Slide 6: Genmab and the Future
Genmab and the Future Innovation to Treat Cancer Focus on growth area of cancer antibody innovation Robust antibody discovery & development capabilities Proven track record in bringing innovation to the market Arzerra market penetration - growing royalty stream Zalutumumab – planning for meetings wi
Slide 7: Arzerra
Arzerra Arzerra approved in US for CLL Work with GSK to broaden label 20 studies announced Arzerra received conditional approval in EU for CLL 7
Slide 8: Oncology, Antibodies and the Future
Oncology, Antibodies and the Future Biotech innovation urgently needed to help patients and the biopharmaceutical industry of the future Many unmet medical needs Patent cliff, pricing pressures, lack of R&D efficiency Oncology and Antibodies – focus area for the industry Genmab: demonstrated ability
Slide 9: Innovation Black Hole
Innovation Black Hole “No big Pharma has shown itself capable of creating a sustainable pipeline of new products.” - Roger Longman, PSA Conference, 2007 60 $60 53 $48.5 50 $50 $43.0 39 $38.8 $39.4 40 $40 35 $ billions $32.1 $33.2 Pharma NMEs 30 $29.8 31 30 28 27 Productivity $30 26 25 Gap $22.7 24 2
Slide 10: Compound Annual Growth Rate by Molecule Type
Compound Annual Growth Rate by Molecule Type “The Monoclonal antibody market will deliver the biggest portion of sales growth across the entire pharmaceutical industry, at the fastest rate.” 12 10.3 10 8 7.1 6 Total Sales 2.7 2008-2014 4 CAGR (%) 2 -0.4 0 -2 Antibodies Vaccines Proteins Small Molecu
Slide 11: Robust Discovery Engine
Robust Discovery Engine Creating antibodies for the future Focus on finding the best cancer therapeutic antibodies to help patients and Genmab’s business Goal: to create and select the best antibodies to treat cancer Industrial strength capacity to create very large numbers of potential products Bro
Slide 12: Broad and Extensive Pipeline
Broad and Extensive Pipeline Generating a New IND Each Year Product Category 2010 2011 2012 2013 2014 2015 IND HuMax-cMet Best-in-Class Clinical POC HuMax-TF First-in-Class IND Clinical POC HuMax-Her2 Best-in-Class IND mAb-CA4 First-in-Class IND mAb-CA5 First-in-Class IND mAb-CA6 First-in-Class IND
Slide 13: HuMax-cMet
HuMax-cMet New pre-clinical program Target: cMet Involved with wide variety of solid tumors, including Breast, lung, pancreatic, ovarian, prostate, renal, gastric & colorectal HuMax-cMet Best-in-class characteristics Preparations underway for IND to begin clinical trials 13
Slide 14: Next Generation Technologies
Next Generation Technologies Improved Bispecific Antibodies [BsAb] BsAb: specificity for two targets combined in one antibody Goals More precise targeting and increased efficiency of disease killing mechanisms New invention potentially overcomes obstacles encountered by old bispecific technologies P
Slide 15: Genmab's Market Cap
Genmab’s Market Cap 3.1 B DKK Market cap (~ 557 M USD) 6 out of 58 public European biotech companies 42nd largest international biotech among 798 public and 4,414 total companies worldwide Private Public 15
Slide 16: Investment Points
Investment Points Last independent large scale antibody company Validated technology, industrial strength discovery, proprietary next generation technologies Arzerra: potential blockbuster product – US and EU approved Increasing royalty stream $650 M+ in potential milestone income Co development rig
Slide 17: Upcoming Milestones
Upcoming Milestones Continuing commercial rollout of Arzerra by GSK Upcoming ofatumumab data 2010 Phase II DLBCL data Phase I/II RA trial, subcutaneous formulation Zalutumumab Regulatory advice Oral presentation of pivotal data at 2010 ASCO meeting Sale of state-of-the-art manufacturing facility Gen
Slide 18: Financial Summary
Financial Summary For 12 months ended December 31, 2009
Slide 19: Financial Summary – Key Data
Annual Report 2009 Financial Summary – Key Data 12 Months ended December 31, 2009 2009 2008 2009 2008 DKK millions USD millions * Revenue 586 692 113 133 Net Loss (1,011) (965) (195) (186) R&D employees 269 505 All other employees 40 50 Employees at end of period 309 555 DKK millions USD millions *
Slide 20: Financial Summary – Income Statement
Annual Report 2009 Financial Summary – Income Statement 12 Months ended December 31, 2009 2009 2008 2009 2008 DKK millions USD millions * Revenue 586 692 113 133 R&D Costs (935) (1,271) (180) (245) G&A Expenses (149) (143) (29) (28) Operating Expenses (1,084) (1,414) (209) (273) Operating Loss (498)
Slide 21: Comparison to last guidance
Annual Report 2009 Comparison to last guidance 2009 Actual result Continuing Discontinued Previous Total Operations Operations Guidance DKK DKK DKK Millions DKK Millions Millions Millions Revenue 586 42 628 640 Operating Expenses (1,030) (239) (1,269) (1,300) Reorganization Charge (54) (47) (101) (8
Slide 22: Accounting for Warrants
Accounting for Warrants Director & Executive Compensation Remuneration includes cash compensation and warrant compensation expenses The warrant compensation is an expense recognized in accordance with international accounting rules It represents the technical fair value of the warrants at the grant
Slide 23: Guidance 2010
Guidance 2010 Note Arzerra Royalties are not Guidance 2010 included in this guidance DKK Millions USD Millions * Revenue 350 - 450 67 - 87 Operating Expenses (950) - (1,050) (183) - (202) Operating Loss from Continuing Ops. (550) - (650) (106) - (125) Discontinued Operations (50) (10) Facility Sale
Slide 24: Sources of Value
Sources of Value Potential cash generation Arzerra royalty At analyst’s median peak sales projection of $1.5 bil. Genmab royalty income >$300 mil. per year GSK milestones ~$650 mil. of development and sales milestones Zalutumumab partnering Median up-front for a product in phase III ~$100 mil. Darat
Slide 25: Election
Election Board of Directors Member Election 25
Slide 26: Anders Gersel Pedersen, MD, Ph.D.
Anders Gersel Pedersen, MD, Ph.D. Re-Election for 3 years Executive Vice President, Development at H. Lundbeck A/S More than 20 years experience in pharma/biotech Currently Deputy Chairman, board member since 2003 26
Slide 27: Burton G. Malkiel, Ph.D.
Burton G. Malkiel, Ph.D. Chemical Bank Chairman’s Professor of Economics at Princeton University Former member President’s Council of Economic Advisors Over 50 years experience in economics and finance Board member since 2007 27
Slide 28: Annual General Meeting
Annual General Meeting Copenhagen, Denmark April 21, 2010