20 Sep 2017 07:28 AM BST
`Completed
`Disseminated 20 Sep 2017 07:28 AM BST
`
`JP. Morgan CAZENOVE
`
`
`
`Europe Equity Research
`
`Genmab AIS (GEN DC)
`
`Darzalex US sales tracker - August sales of $91 .4m,
`8.8% underlying growth on July sales. US annualising
`at c.$1bn.
`
`20 September 2017
`
`Overwei ht
`
`”$0,343,
`
`19 Sep 2011
`
`We have been tracking Darzalex US sales data provided by Symphony Health. In August, Darzalex US sales
`were $91.369m compared to $73.017m in July being a 25% m-o-m increase, Adjusting for the number of selling
`days, the underlying m—o—m growth was 8.8% (23 days in August vs. 20 days in July). Darzalex US sales are
`now annualising at c.$lbn (JPMe FY17 US sales $lbn) which would be growth of 112% y—o—y from a 2016 base
`of $471111 In order to achieve our sales number, Darzalex US sales will need to continue to grow at around 9%
`month over month for the remainder of 2017, which we believe is achievable. Genmab have guided for FY17
`global Darzalex sales of $1.1bn-$1.3bn (Company Consensus: $1.4bn). We forecast total global Darzalex sales
`of$1.4bn in FY17.
`
`We see the strong bounce in Darzalex sales as a clear positive with global sales remaining on track to hit
`our FY17 estimate of $1.4hn. Therefore, we expect the shares to outperform by c.1—2% today.
`
`Figure 1: Darzalex US month on month sales (Sm)
`100,000,000
`
`90,000,000
`
`80,000,000
`
`70,000,000 .
`
`60,000,000
`
`50,000,000
`
`40,000,000
`
`30,000,000
`
`20,000,000 .
`
`10,000,000
`
`Page 1 of 5
`
`Biogen Exhibit 2181
`Mylan v. Biogen
`IPR 2018-01403
`
`

`

`European Healthcare (Pharma, Biotech)
`James P Quigley AC
`(44-20) 7742-1444
`james.quigley@jpmorgan.com
`Bloomberg JPMA QUIGLEY <GO>
`James D Gordon
`(44-20) 7742-6654
`james.d.gordon@jpmorgan.com
`Richard Vosser
`(44-20) 7742-6652
`richard.vosser@jpmorgan.com
`Diana Na
`(44 20) 7742-7922
`diana.na@jpmorgan.com
`J.P. Morgan Securities plc
`For Specialist Sales advice, please contact:
`Marjan Daeipour
`(44 20) 7134-1329
`marjan.daeipour@jpmorgan.com
`www.jpmorganmarkets.com
`
`Biogen Exhibit 2181
`Mylan v. Biogen
`IPR 2018-01403
`
`Page 2 of 5
`
`

`

`Analyst Certification: The research analyst(s) denoted by an “AC" on the cover of this report certifies (or. where multiple research
`analysts are primarily responsible for this report. the research analyst denoted by an "A ” on the cover or within the document
`individually certifies. with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views
`expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers: and (2) no part of
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`KOFIA requirements. that their analysis was made in good faith and that the views reflect their own opinion. without undue influence or
`mterventron.
`
`J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result. investors should be aware that the
`firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
`factor in making their investment decision.
`
`Important Disclosures
`
`0 Market Maker/ Liquidity Provider: J.P. Morgan Securities plc and/or an afliliate is a market maker and/or liquidity provider in
`securities issued by Genmab NS.
`
`0 Client: J.P. Morgan currently has. or had within the past 12 months. the following entity(ies) as clients: Genmab NS.
`
`0 Other Significant Financial Interests: J.P. Morgan owns a position of 1 million USD or more in the debt securities of Genmab A!S.
`
`Company-Specific Disclosures: Important disclosures. including price charts and credit opinion history tables. are available for
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`
`Genmab AIS (GEN.CO. Gal DO) Plice Chit
`
`Date
`
`Rating Share Price Prieerarget
`(Dkr)
`(Dkr)
`
`1475
`
`2,424
`
`2.020
`
`1,616
`
`"MUM 1212
`
`m
`
`20—Jurr16 N
`10—Aug-16 N
`
`03-Jan-17 ow
`23-Feb-17 ow
`
`11-May-17 ow
`
`1139
`1233
`
`1204
`1424
`
`1403
`
`1040
`1100
`
`1350
`1500
`
`SepDecllaerSepDeclquSepDeclflaerSep
`14
`14
`15
`15
`15
`15
`16
`16
`16
`16
`17
`11
`11
`
`summing-urnmpiioemmummmm
`mmmnma
`
`The chart(s) show J.P. Morgan's continuing coverage of the stocks: the current analysts may or may not have covered it over the entire
`period.
`J.P. Morgan ratings or designations: OW = Overweight. N= Neutral. UW = Underweight. NR = Not Rated
`
`Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
`J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months. we expect this stock will outperform the
`average total return of the stocks in the analyst’s (or the analyst’s team’s) coverage universe] Neutral [Over the next six to twelve
`months. we expect this stock will perform in line with the average total return of the stocks in the analyst’s (or the analyst’s team’s)
`coverage universe] Underweight [Over the next six to twelve months. we expect this stock will underperform the average total return of
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`applicable. the price target. for this stock because of either a lack of a suficient fundamental basis or for legal. regulatory or policy
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`
`Coverage Universe: Quigley, James P: Ablynx NV (ABLXBR). Genmab A/S (GEN.CO). Lonza Group AG (LONN. S)
`
`J.P. Morgan Equity Research Ratings Distribution, as of July 03, 2017
`Page 3 of 5
`
`Biogen Exhibit 2181
`Mylan v. Biogen
`IPR 2018-01403
`
`

`

`Overweight
`(buy)
`44%
`J.P. Morgan Global Equity Research Coverage
`52%
`IB clients*
`44%
`JPMS Equity Research Coverage
`68%
`IB clients*
`*Percentage of investment banking clients in each rating category.
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`rating category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation are not included in the table
`above.
`
`Underweight
`(sell)
`11%
`31%
`6%
`46%
`
`Neutral
`(hold)
`45%
`50%
`50%
`65%
`
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`
`Biogen Exhibit 2181
`Mylan v. Biogen
`IPR 2018-01403
`
`Page 4 of 5
`
`

`

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`
`Biogen Exhibit 2181
`Mylan v. Biogen
`IPR 2018-01403
`
`Page 5 of 5
`
`