Yifeng Liu's questions to Genmab A/S (GMAB) leadership • Q1 2025
Question
Yifeng Liu from HSBC inquired about the current business development environment amid macro volatility and sought clarity on the R&D expense trajectory for the remainder of 2025, given the reiterated full-year guidance.
Answer
CEO Jan van de Winkel described the current BD environment as 'excellent' for an acquirer like Genmab, noting that challenging conditions for smaller biotechs create opportunities. CFO Anthony Pagano explained that R&D spending will ramp up through 2025, driven primarily by three late-stage trials: the acasunlimab Phase 3, the Rina-S PROC Phase 3, and the initiation of the Rina-S endometrial cancer Phase 3 in the second half.