Genmab A/S (GMAB) Earnings Call Transcript & Summary

Great. Good afternoon, everyone. Welcome to the 3 p.m. session of day 3 at the Goldman Sachs Global Healthcare Conference. My name is Graig Suvannavejh. I cover European and U.S. biopharma for the firm. I've got the great pleasure of hosting Genmab today in our fireside chat. With us is Anthony Pagano. He is Executive Vice President and Chief Financial Officer for the company. It's a role that he had -- recently appointed to him. And with that, Anthony, I want to welcome you to your first GS Global Healthcare Conference. Hopefully, next year, we can do this in person in Southern California.

Yes, Graig. It's an absolute pleasure to be here and look forward to sort of talking about all the exciting stuff that's going on here at Genmab. And I can honestly say, there's really been never more exciting time for the company, and taking over this new role at such an exciting time is really a pleasure. I mean if you look at the very, very solid foundation that we have in terms of what we've built up over the number of years. And for me, it's really that entire package. It starts with the deep antibody science, know-how, understanding, all of the development [ capabilities ] [Audio Gap] our clinical pipeline, the team that we've assembled [Audio Gap] over the years. And [Audio Gap] from a financial perspective, this really [Audio Gap] from a financial foundation [Audio Gap] place [Audio Gap] years. Looking at our P&L [Audio Gap] characteristics in terms of [Audio Gap] new streams that are growing [Audio Gap] obviously led by [Audio Gap] to some interesting products [Audio Gap] in that. Then really taking that [Audio Gap] in a really focused and disciplined way. And [Audio Gap] along the way, on a key part of our strategy [Audio Gap] around partner [Audio Gap] part of our DNA. And a great example of that was really this broad, foundational oncology collaboration [ that we ] [Audio Gap] more excited to forge with AbbVie, which we announced yesterday. So as I said, fantastic time, strong foundation [ for ] Genmab and wonderful, wonderful growth prospects [ moving forward ].

Okay. Anthony, thank you so much for that high-level intro perspective.

I think you nailed it on the head in terms of what topic it will be, which is the deal that you announced with AbbVie just very recently. I think it was yesterday morning, I don't remember the days now. But with that said, this clearly was a deal that Jan, your CEO, had been kind of telegraphing for quite some time. And we saw the news yesterday morning. I think I'll speak for myself, I don't know about others on the buy side or sell side. We're struck by the breadth of the deal and the depth of the deal [ as well ] to have multiple [ aspects ] that basically [ when your other product will be collaborated on ] as well. Let's talk about the deal. The -- maybe we can start off from a high level. You can recap [ actually what, also tell us why ].

So I'll start with sort of setting the scene. It's about what's the deal [ essentially like -- for aid ] and this was really building -- build out our pipeline, to build out this foundation, right, [ to trend a ] life science company [indiscernible] our own products [indiscernible] financial, how can we really get to this sort of more -- not much growth for the company. And [ what this will tell ] with the right part of [indiscernible] that's important for our business, [ but with this ] leveraging all development and commercial platform of an organization like AbbVie. So that's sort of the rationale. In terms of what's in it, you're right, this is a broad, foundational oncology partnership. [indiscernible] followed it up with some more exciting data at ASCO. [indiscernible]. So the first clinical asset is epcoritamab, which I just [ described ]. And then [ the other ] [indiscernible] DuoBody [indiscernible]. So we're working on these programs on a 50-50 basis. For epcoritamab, we'll be co-commercializing in the United States and in Japan with Genmab recording sales. In the other territories, Genmab will be getting a really nice royalty from 22% up to 26%. For the other 2 clinical programs there, it's -- the simplest way to think about it is that, say, it's a global 50-50. From the get-go, we'll be copromoting in the U.S. and Japan. And really, as part of the rest of world, AbbVie will be leading that, but we have a very, very important co-commercialization option, which could help us sort of build out our -- the platform, our commercial platform in the years to come. So that kind of rounds out the first element of the deal, which is really around the clinical programs. And really, what we're looking for from AbbVie is for us to really expand and accelerate all of the development on that work and really get our products to more patients and faster. The other element of the deal is this research collaboration. And this is really a case -- I know it's kind of a tired phrase, but a case of 1 plus 1 is going to equal something greater than 2, 3 or more. And this is a case where we're going to mix and match some of Genmab's antibodies and technologies, most notably DuoBody. And likewise, AbbVie is going to bring some forth -- bring forth their ADC technologies and some of their targets, and we're going to move those programs forward together. Ultimately, the way that's structured is it's a -- Genmab will be taking -- doing a lot of the work but in a very collaborative way, we'll bear the cost to around Phase I, and AbbVie holds an option. So that kind of explains holistically what we're looking for. So in summary, we think AbbVie is absolutely the right partner, and this is the right structure for these clinical programs for the discovery collaboration but also for Genmab to build out our company moving forward. Your other question, Graig, was around why AbbVie. And I think I covered a lot through my commentary, but I'll give you 4 additional points. It really started with the shared vision, not only to help cancer patients, but really around epcoritamab, really viewing this as an important asset and product, not only for Genmab, but for them and for cancer patients. And we have a shared vision that this has -- this product has best-in-class characteristics. The second thing would be their commitment and their experience to really execute 50-50 partnerships. Third, I would say their deep experience and capabilities in the heme malignancy area, and then last but not least, their really global platform around development and commercial.

That's really great for you to provide such a comprehensive view. I was going to say, I may not have any more questions around the deal, but of course, I've got tons of questions on the deal. I don't want to talk exclusively about the deal. But if I look back in time, Jan had mentioned the type of partner he was looking for. And ultimately, I think you've walked us through, very nicely, the rationale as to why AbbVie ends up making a lot of sense. I'm going to assume that there were other interested parties. And so ultimately, at the end of the day, did you feel that you had to trade-off one for the other in terms of whether it was the economics of the deal, whether it's kind of like a shared vision? Was it the assets that are up for negotiation? Is there any color you can provide there?

Yes. What I would say about this is we couldn't be happier. I mean that's the simplest thing I would say. I mean from the sort of first conversations with AbbVie, there was this sort of shared vision, if you like. There was this commitment to the 50-50. And I think there's sort of development and commercial capabilities on a global scale, go without question. So from that perspective and as well as then ultimately the win-win deal and partnership that we negotiated, really, I feel, both from the Genmab perspective and certainly don't want to speak for AbbVie, but I don't think we could be any happier. This is absolutely the right partner for Genmab. And I think we have the right structure in place, not only for today, but as we move forward here, over a number of years, which will be a very sort of long-term foundational relationship.

As I think about the company's pipeline as well as its core capabilities, it seems that more and more of the focus for the company is going to be bispecifics. And as you're just -- you've got this very broad deal in place now with AbbVie, and obviously, you've got to tackle list partnership first, but is there a way that we should be thinking about -- you mentioned earlier that partnership is the foundation -- or one of the foundational pillars of Genmab. So how does partnership look like going forward as it relates to either existing pipeline assets, be they early stage or pipeline assets that come? Or is this basically it for you?

Yes. So what I'd say there is this is obviously a very important partnership. It's the most recent one, and it is a very important partnership. We have a number of other important partnerships, whether it be with Janssen for DARZALEX; Seattle Genetics, we have tisotumab vedotin; with BioNTech, we have the 2 bispecifics. So I think partnerships are and will continue to be important moving forward. What exactly that looks like, I think we'll have to sort of look and see. I think more recently, what you see from Genmab really building upon our deep antibody science understanding as we've been sort of looking outside the 4 walls of Genmab to bring in-house some sort of complementary technologies but cases where we can really be, what I call, sort of natural owners, meaning that we can really carefully sort of think about what we're looking at. And then once we have it, be really good owners and really maximize the value of that. Some examples include recent partnerships with Immatics for access to their technology and targets, with CureVac getting some exposure to the mRNA space, with Tempus on the data science space. So I think there's more to come exactly what they're going to look like. We'll have to wait and see. And another one I would just highlight, and this is what we really look for, that together with a partner, we can do more than we could otherwise do by ourself, that we can really both bring something to the table. And a great example of that is what we've done with BioNTech and really with our bispecific programs. So I think there's going to be more to come. Exactly what they look like and what the components part -- components will be, time will tell. But partnerships will continue to -- are part of our DNA. We really view ourselves as being part of this sort of biotech ecosystem, and that will continue on in the future.

Since you're the CFO, maybe we'll just spend a little time more just on how this impacts the P&L. You actually adjusted in your 2020 financial guidance. Maybe walk us through how this impacts how investors should be thinking about modeling the company on a go-forward basis.

Yes. So the way I sort of think about our business and our financial framework is really the 2 key components, right? One is around this concept of recurring revenue growth. And there, we have DARZALEX, ofatumumab and TEPEZZA. And what we're doing is taking that capital from that recurring revenue growth platform that's really solid and growing and deploying that back into our business, and that's coupled with the strong balance sheet. And really, our partnership with AbbVie just really adds on top of that. So to just sort of talk about some of the highlights of the financial aspects of the deal. The total potential deal value could be up to $3.9 billion. There's a component of that, which is the upfront, which is $750 million. For the 3 clinical assets I described, potential milestones of around $1.15 billion, with around half of those relating to epco. And sort of -- then to sort of think about how that relates to our current year financial guidance, out of that $750 million upfront, just around 90% -- just nearly 90% of that will be sort of recognized this year or immediately. And that's sort of what we've done yesterday in terms of bumping up our revenue guidance from around DKK 4.75 billion to DKK 5.15 billion up to DKK 9.1 billion to DKK 9.5 billion. In terms of the OpEx for 2020, you should think about this again on the development side with the collaboration with AbbVie as being a 50-50. So they'll be contributing half of the cost. So we'll have an offset to our OpEx line for 50% of the partnered programs, if you like. But what we've looked at based upon the continued emergence of really encouraging data on the epco program, coupled with now having AbbVie's scale, we're really looking for opportunities to expand and accelerate. So I put those sort of 2 components together, we feel that leaving our OpEx range at the same level of DKK 3.85 billion to DKK 3.95 billion, at the same level, is the right thing to do because we think there are some significant investment opportunities for epco this year that we can look to do now based upon the emerging data and having AbbVie onboard.

Great. It's clear that Genmab is evolving into more than just a DARZALEX company, but I feel we'd be remiss if we didn't spend some time talking about DARZALEX. And I think particularly since there's been some good news -- a lot of good news with that asset over the past, I'd say, 12, 24 months. But more recently, there was approvals in both the U.S. and in Europe for a subcu version of DARZALEX, and I'm trying to see how the company is thinking about what that means in terms of whether -- how you're looking at the current revenue trajectory for DARZALEX and if there's a comment that you can make about how you think that conversion might look like from the IV to the subcu.

So if I think about DARZALEX and really from a high level, it's sort of, again -- like I talk about Genmab in being -- having -- looking at the complete package, I think the same is true for DARZALEX. Just looking at the 7 approved indications, the ongoing investment, now having the subcu formulation, it really is that complete package. As we sort of thought about 2020 and providing our thoughts around what 2020 could look like, we highlighted 3 key drivers, one being -- following the MAIA approval last year, further market share gains in frontline. Second being the subcu approval, now which we've secured. And then third is the sort of thinking of going back to this complete package, just sort of globally and in all lines of therapy, we really expect that DARZALEX is going to have very strong market share gains. Now coming back to your question around subcu, again, this is, in our view, going to be an important value driver, not only for DARZALEX, right, but really for both patients and physicians. The clinical data has been there. It's very clear that DARZALEX either -- is on its way to be a backbone therapy. In many respects, it already is on a clear path to market leadership. This is going to make it much, much easier and provide that value proposition both for patients and physicians. For patients, you think about the convenience factor, taking something that's sort of multiple hours down to now minutes in terms of the infusion. You think about the IRRs, the infusion-related reactions, being significantly reduced from the IV to the subcu version. And a lot of this, you can actually look and see in some of the COLUMBA data in terms of seeing this data, including some really nice data on patient-reported outcomes. So that's for patients. And on the physician side, and we know that around 2/3 of the patients are treated in the community center, you think about significant improvements along the lines of a simple kind of fixed-dose now, you think about chair time and you think about nurse time. So it really comes back to DARZALEX being this sort of complete package. And we very much view that DARZALEX is on a clear path to market leadership in multiple myeloma moving forward. And just building on top of that, outside of multiple myeloma, we had the recent data in amyloidosis with the ANDROMEDA study.

Yes. It's a nice segue into amyloidosis, and truly the question I'm going to have is really about what are those next legs of growth for DARZALEX. The positive data certainly serves as one of those legs of growth. Maybe before we move to amyloidosis, if we could just think about the growth that you see in DARZALEX, where is that growth really being driven from? Is it really driven from movement into a first-line setting? Is it new patients? Is it -- does the subcu do anything? How does the company think about how it models the potential growth going forward? And the timing of the approvals both in the U.S. and Europe seem to be relatively on time, but I'm wondering if you're thinking about any changes. Or does it make any sense to think about your current 2020 guidance around DARZALEX?

Yes. Maybe that's where I'll sort of start to remind everybody what our guidance is and sort of start with 2009 (sic) [ 2019 ] where we came in just a touch under $3 billion in 2019. For 2020, we were expecting significant growth, and we're forecasting -- are forecasting a range of $3.9 billion to $4.2 billion. And the key drivers that I highlighted around market share gains in front line, the subcu approval as well as the sort of globally and looking at all lines of therapy, adding either growth or very strong market share -- market shares, all of this remains intact. As we sit here today, and we talked about this on our Q1 call, we did see a bit of softness in April, probably like a lot of people, but we very quickly did see nice stabilization. And as we sit here today, we expect to sort of see a further stabilization and some growth here as we exit Q2 and enter H2. So I think the overall key drivers remain absolutely intact, not only for today, but for the years to come. And as such, have our guidance range of $3.9 billion to $4.2 billion still being very much appropriate. In terms of just sort of thinking about it broadly, I think those are the right drivers. We've seen nice market shares this year. I think it's always sort of dangerous to maybe look at it from month-to-month. But if you certainly look at it over a period of time and what will we see since the MAIA approval last year, we really do see continued migration of the very strong market shares we saw in third and fourth line to second line and also into front line. And maybe migration isn't the right word. I would say that the market shares in the later lines have held up just fine. I think it's just DARZALEX is really that complete package. And this is, I think, will be very important as we move forward. And the other thing I'd highlight, Graig, as we sort of think about DARZALEX, the investment hasn't stopped, right? There are 2 large ongoing Phase IIIs front line with combining DARZALEX with Revlimid and Velcade. So not only are we sort of looking at what we have today, but there's continued investment to sort of build out and secure a dominant position.

And now just switching back to amyloidosis, how do we think about the opportunity? I don't think we've had Genmab talk too much about how to size the opportunity, and it's been a little bit below the radar screen, at least admittedly maybe my radar screen. But how should we be thinking about that opportunity?

Yes. So I think that the starting point, right, is really thinking about it from the patient perspective, and this is a disease with no cure or approved treatments. And if we look at the ANDROMEDA data, it's quite striking, and we look forward to sort of sharing more of that here in the not-too-distant future. And that will be -- I believe discuss at EHA in the very, very near future. But from a -- so I think from that perspective, starting with the patient, it's a wonderful opportunity. Now if you look at it from a market perspective, it is a rare disease. If you think about prevalence in the United States, I believe, it's around 12,000, and the incidence is around 3,000 or 4,000. So compared to multiple myeloma, it is a smaller opportunity from a product perspective. But from a patient perspective, the opportunity and the value that we hopefully convey is very significant. So very -- couldn't be more pleased with the data. Very excited to share more with the medical community and then ultimately have it brought to the regulators.

Clearly, it seems that DARZALEX is kind of the 800-pound gorilla in multiple myeloma. But obviously, there's always room for other novel mechanisms of action as well as other approaches. And there are -- whether they be other anti-CD38s that are now coming to market, whether they are CAR T efforts, different targets like BCMA. So how should we be thinking about competition and the sustainability of DARZALEX going forward?

Yes. So in terms of DARZALEX, again, it goes back to this concept of being the complete package. And here, I just look at the breadth and the depth of the data. I talked about the 7 approved indications in the United States, continued investment and then looking at sort of the body of evidences out there, we have regulatory approvals in over 85 countries. It's reimbursed in more than 40 countries. And at this point, more than 125,000 patients that have been treated over the years. What that really then leads to is DARZALEX is really on a clear path to get to market leadership in MM but really establishing itself as that backbone therapy. It's demonstrated over and over again that it's additive to whatever you added to with really striking results. You saw that very clearly with the MAIA data, with the CASTOR & POLLUX data, the CASSIOPEIA data over and over again, that DARZALEX really is that backbone therapy. And it's really shown very strong data, both in front and second line, and continued strong market shares in later lines. Now of course, we have to be mindful that there is competition out there, whether it be other CD38 antibodies, whether it be CAR Ts, whether it be other approaches, BCMA approaches, whether it being bispecifics or CAR Ts. And there, I think I go back to the -- one of the key features of DARZALEX is the combinability. We know that Janssen has a CD3 BCMA. And a clear part of their strategy, certainly, as I sort of understand it, is to combine with DARZALEX. So I think DARZALEX is going to continue to establish a very strong position in front and second line. There will be opportunities for others in later lines. But looking at the data from the DARZALEX trials from MAIA and POLLUX, you get into sort of PFS situations where you're starting to approach 7, 8, 9, 10 years plus if we sort of think about combining the improved benefit from DARZALEX in front and second line. And I think that will continue to take up a larger and larger portion of the overall multiple myeloma space. In terms of -- one other point I was going to make in terms of continuing to invest in CD38s, right, so we have DARZALEX, but we're not stopping there. We talked and announced last year sort of -- another sort of collaboration, if you like, with Janssen, our partner for DARZALEX, on a next-generation CD38, in this case, utilizing our HexaBody technology. And we're working really hard to put that into the clinic, at least file the IND or CTA later this year. So I think about DARZALEX, I think about the CD38 space, I think we're in a pretty strong position.

Great. Let's -- with about a little bit more than 10 minutes to go in our fireside chat, maybe we can switch off of DARZALEX and talk about tisotumab vedotin, which given all of the progress and the news that's coming out of your hematology, oncology efforts, you've got this partnership with Seattle Genetics for tisotumab vedotin, and this is an asset that has got some important data coming out soon and potentially is setting up the company to be commercial in the not-too-distant future. So maybe could you remind us where we are with that asset? When we can expect the data? And then a follow-up I'll have is, where is the company in terms of its precommercialization efforts?

Yes. So here's a case where I'll start with the patients. Again, what you're sort of alluding to is the TV 204 trial. And this really -- this idea for tisotumab vedotin in cervical cancer, this opportunity sort of found us because of looking at later-line cervical cancer, the huge unmet medical need, the poor prognosis and outcomes, lack of many available options. This led us to sort of take tisotumab vedotin and sort of think about what it could do in cervical cancer. And following some of the early data that we saw, we decided to launch what we call the TV 204 trial, which is a Phase II potentially registrational trial in late-line cervical cancer as a monotherapy. And we're expecting to see this data in either June or July. So the data is imminent, and we're really excited to sort of see what's going to -- what the data is going to be once we have a chance to sort of open it up and take a look at it. But again, we're very hopeful that this could potentially be a needed treatment option for later-line cervical cancer patients.

And then just on the chance that you do get striking data -- or maybe before I even go there, realizing that you're the CFO, but what would look good that would give you the confidence or give the 2 companies the confidence to think about filing this as a potential registrational study? And is there a backup -- not a backup plan, but is there an alternative development plan that's already been contemplated?

Yes. So I think -- look, I think we'd look at the totality of the data, right? As I said, there's not a lot of treatment options that are out there for patients at the moment. Pembro was approved, maybe not last year or the year before, with an overall response rate, I believe, of around 14%, with a median PFS of around 2 or 3 months or so. What we observed in some -- one of our, I guess, sort of Phase I/II trials was a -- an overall response rate of around 20% and around 6 months of duration. So we'll look at both the efficacy. We'll look at the safety, really look at the total package. But again, like I said, these patients are really in need of new and improved treatment options. For tiso, beyond that, this trial, we're continuing to invest in this program. We're looking at potential tiso in combination in cervical cancer, both in second and third line as well as front line. We're also looking at tiso in other tumor types. And we're also looking at tiso in terms of looking for ways to potentially think about a more dose dense dosing regimen. So we'll look -- we're very excited to see the data. But meanwhile, we're continuing to invest in this asset, both Genmab and Seattle Genetics.

There's 2 other programs that are partnered that I think we should talk about. One of them is teprotumumab and -- or brand name is TEPEZZA, and that's marketed by Horizon Therapeutics, and it's gotten off to a -- quite a rapid starts, to begin with. And then there's also ofatumumab, which is partnered with Novartis and MS. So from those products, can you remind us how Genmab participates in the success of those products and how you're seeing the opportunity, at least from a Genmab perspective?

Sure. So again, this sort of fits back into our recurring revenue growth platform. Sort of starting with TEPEZZA, we were really encouraged by management's comments on their Q1 earnings call about what we saw, not only for Q1 in terms of the strong sales, their commentary around raising their guidance for 2020, but maybe as important or more important, their continued investment in the program. So it's really great to see that TEPEZZA is providing this sort of needed treatment option for patients with TED. In terms of the financial impact to Genmab, sort of in the -- sort of the short to medium term, we're still taking that in and digesting it. To remind everyone, we have mid-single-digit royalties that Genmab is eligible for. And at this point, we haven't guided explicitly what our expectations are, either in the short or the longer term. This one sort of oriented you in our guidance for the year. We had DKK 200 million of other items, which include -- that's where we included some amounts for potential TEPEZZA royalties. We're very excited about what we've seen and really their strong launch and their commitment to continue to invest. As it relates to ofatumumab, really, it starts about, I think, with the opportunity now in MS. And to sort of step back, the -- sort of the story that ofatumumab, our CD20 antibody, was initially part of the asset swap between GSK and Novartis back in, I think it was 2014 or '15 now. But what was interesting, what was left behind were the sort of ex-oncology rights. Those were left behind in oncology. And Novartis went out of their way to go back and secure those rights. And what we've seen since they secured the MS rights is nothing short of spectacular. Very quickly, got some of the clinical work started, then got the pivotal trial started. And then we saw the data last year from the Phase III trials reported in August, presented at -- in September, filed around the turn of the year. And really what you see is Novartis' commitment not only to execute clinical development but really to put a lot of muscle around really gearing up for a potential commercial launch. So right now, that's with the regulators. And in terms of the economics for Genmab, we're eligible for a flat 10% royalty. For both of these programs, Graig, both TEPEZZA and -- in TED and ofatumumab in MS, both of Horizon and Novartis have characterized these programs as potential blockbusters, which could stead very well and be a really big added bonus, if you like, to our recurring revenues moving forward.

Any -- we've heard some news recently on ofatumumab that the BLA review was extended. Anything to comment on around that?

Yes. There's not much I could say that would be additive to what you've heard from Novartis. I think it starts with the product, the quality of the data. I think what we've heard Novartis say, even at your conference here this week, is that they're confident about securing an approval for ofatumumab. And that with -- the PDUFA delay is because the FDA needs more time to review the data, and it's not related to any label or manufacturing issues. So I really don't have anything incremental to say other than that. Looking at the quality of the data that we saw in August and was presented to the medical community last September is quite remarkable.

Great. We've got just a few minutes left with -- in our fireside chat. Maybe we'll conclude it with just some short questions around kind of cash, although, obviously, you just will be getting or have already gotten a very huge cash infusion. But relative to the spend that perhaps we can start envisioning Genmab having over the next several years given its R&D and commercial ambitions, where are you in cash? And how are you thinking about kind of capital allocation? And then we'll turn to kind of catalysts and maybe one last concluding question.

Great. Yes. So as part -- I talked about the -- my opening remarks around this sort of complete package, and part of that is the strong financial foundation in terms of the P&L characteristics. We've been profitable here for a number of years. We've been generating cash flow. We enter it -- we entered -- or ended, sorry, Q1 with $1.9 billion of cash. The deal that we've just announced with AbbVie will bring in an additional $750 million. So you can do the math there. We'll be in a nice, strong financial position from a balance sheet cash perspective. As a reminder, we have no debt. So taking that strong balance sheet, those recurring revenues that are going to grow, we've been really deploying that back into our business in terms of investing in R&D and just investing in our business generally, and that's going to continue in a really focused and disciplined way. If you sort of think about a lot of the growth we've seen in R&D and most notably for transitioning from 2019 to 2020, we're very clear about where those dollars were going, and a lot of it related to epcoritamab, which is our DuoBody-CD3xCD20 and our DuoBody-PD-L1x4-1BB. So I would say more of that to come. And then thinking about your R&D question, we're going to continue to invest in these great therapies, we -- these great potential therapies we have. I would sort of talk about this sort of R&D leverage that we get through these partnerships, right? We're able to invest more with the same amount given that we have tisotumab vedotin, which is a 50-50 with Seattle Genetics, we now have a very broad and important collaboration with AbbVie. And then for 2 of our other clinical programs, we have the partnership with BioNTech around DuoBody-PD-L1x4-1BB and the DuoBody-CD40 program. So we have the -- all these components together really means I think we have a very sort of strong financial position, and we'll have that bandwidth to continue to invest. So that kind of answers partly your capital allocation question. The other thing is I think we're going to continue to look, like we've done over the last number of years, for these sort of places where we can look for outside opportunities about cases where we can be really sort of natural owners that I previously described. And the examples again of that were the deals that we've done with Immatics, CureVac, Tempus, among others.

Okay. Great. Catalyst over the next 6 to 12 months, can you quickly recap kind of what investors should be looking for?

So I think I'll start with epcoritamab. There isn't like a specific catalyst, but just sort of generally, epcoritamab is going to continue to generate data as we move forward, and it's going to be really important for the company. We talked about the TV 204 data, which we'll see at the end of June, early July, hopefully. And also the other program I sort of was alluding to in terms of when I was answering your question around capital allocation, we put a lot of focus on is the DuoBody-PD-L1x4-1BB program. In partnership with BioNTech, we're going to look forward to presenting data to the medical community and our investors in the second half of the year. And so I think -- and what -- last thing I'd say is just again coming back to this concept of this entire Genmab story as Genmab continues this progression from the company with a deep antibody science, the early-stage development capabilities, the late-stage development capabilities. And now -- hopefully, now the commercial capabilities, just this whole package that we're going to continue to build out and put this really strong foundation in place as we move forward. So a lot to be excited about. And really coming back to your first question, Graig, the best is yet to come for Genmab.

Great. And in fact, how you just answered that last question was actually the last question that I had in terms of what the vision for the company is as it finds itself kind of at this precipice of a kind of a transformation from an early R&D partner for other companies to now this fully integrated commercial company. And it clearly seems with this deal with AbbVie, this sets you up well for a very promising future over the next 5 to 10 years. So with that, I think we've come to an end to our fireside session -- fire chat session. I want to thank you, Anthony, for joining us and wish you well in your role as CFO. And I want to thank those who have joined virtually. Have a great rest of your day. Thank you very much.

Yes. My pleasure, Graig. Thank you very much.

Okay. Bye.

Bye.