En Analyse af regnskabspraksis i Genmab A/S, herunder indregning og måling af immaterielle aktiver, efterfulgt af en fundamental analyse og værdiansættelse af Genmab A/S

Jonas Munksgaard Severinsen

Student thesis: Master thesis


EXECUTIVE SUMMARY: The purpose of this thesis has been to discover and discuss Genmab’s use of intangible assets and to make a valuation of the Danish public listed company Genmab A/S. Genmab is a company in the biotech industry, where they are focusing on research and development within cancer treatments. Genmab is focusing on treating people and have a lot of companies which they are partner with, but also competing with. At the moment Genmab only has one product on the market Arzerra ®, but hopefully they will have such in the future, such as DLBCL and Daratumumab. This thesis has a lot of different steps. The first steps, looks at the initial thoughts, problem formulation, structure. Afterward the thesis focuses on conceptual framework and a discussion of the intangible assets. The discussion will focus mainly on the difference between research and development and how this affects the outcome in the annual reports. The third step looks on the strategic analysis, where the industry will be analyzed, together with different macro-environmental factors which can have an impact on Genmab’s future economic situation. Afterward the thesis focuses on historical financial performance over the latest 5 years and how this affects Genmab now and in the future. The last aspect of the thesis focus on the former three steps, where I will forecast the future financial result for Genmab and in the end make an valuation of Genmab using the DCF-model. The strategic analysis has a lot of focus on the external factors, where the models PESTEL and Porters-5-Forces will be used to collect information about the macro-environmental. The strategic analysis shows that Genmab is in a competitive industry where there are a lot of competitors that are trying to research and develop against cancer. Expecially collaborations and governmental decisions have a big impact on Genmab. Besides that, comes that cost to research and develop is high, and the time in the phases has a long way to get out to the market and get the approval by FMA and EMA. In addition is the patent phase important. In the end, the strategic analysis will be summed up in a SWOT-analysis which focus and giving a description of the internal strengths and weaknesses, together with the external threats and opportunities. In the end there will be made a valuation of Genmab using the DCF-model, using the information made in the estimate of my future growth of Genmab’s economic situation.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2015
Number of pages94