Genmab ADR

Graeme Forster, head of Orbis’s international equity strategy, builds a concentrated portfolio of undervalued companies that offer asymmetric upside—stocks with a positive-skew probability of a large payoff. Positions include Genmab for antibody-platform drug optionality, Glencore and other miners as inflation/commodity hedges, SK Hynix via discounted holding-company structures, and movie-theater operators on a theatrical-revival thesis. Orbis charges incentive fees tied to outperformance and emphasizes buying present earnings while capturing optional future upside rather than paying for narratives-driven growth stocks. » More on forbes.com

The phase-3 EPCORE DLBCL-1 trial showed that Epcoritamab monotherapy improved progression-free survival with a hazard ratio of 0.74 (95% CI 0.60–0.92) versus standard therapies in 483 patients with relapsed/refractory DLBCL. Overall response rate, duration of response and time to next treatment also improved, while overall survival showed no significant benefit (HR 0.96). Genmab and partner AbbVie plan to discuss the results with regulatory authorities; Epcoritamab is already approved in more than 65 countries for certain lymphoma indications. The company reports a strong balance sheet and a high gross margin (94.4%); the stock rose significantly in the prior year and Genmab plans further analyses and additional phase-3 data in 2026. » More on de.investing.com

Genmab plans to issue $2.5bn of senior notes to fund the takeover of Merus: $1.5bn senior secured (due 2032) and $1bn unsecured (due 2033). It has also launched syndication of a $2bn senior secured term‑loan B facility; together with an already syndicated $1bn term‑loan A facility and a $500m revolving credit line, the proceeds are intended to cover the acquisition and related costs. The notes will initially be secured by issuance proceeds held in segregated accounts and later guaranteed by certain assets; they include market‑standard covenants and are targeted at institutional investors outside the US. Genmab currently reports more cash than debt and a very low leverage ratio; the company also posted strong Q3 growth (YTD revenue +21%, operating profit +52%), while the stock slipped slightly in premarket trading and Truist marginally lowered its price target. » More on de.investing.com