Summary: Genmab reports results for the nine month period ended September 30,
2007
Copenhagen, Denmark; October 30, 2007 - Genmab A/S (OMX: GEN) announced today
results for the nine month period ended September 30, 2007, as follows:
Revenues of DKK 356.1 million (approx. USD 67.7 million) for the nine month
period ended September 30, 2007. In the same period of 2006, Genmab recognized
DKK 105.6 million (approx. USD 20.1 million) in revenues.
An Operating Loss of DKK 309.0 million (approx. USD 58.8 million). This compares
to an Operating Loss of DKK 324.1 million (approx. USD 61.7 million) reported
for the corresponding period of 2006.
Net Financial Income totaled DKK 47.7 million (approx. USD 9.1 million),
compared to Net Financial Income of DKK 22.7 million (approx. USD 4.3 million)
in the nine month period ended September 30, 2006. Net financial income has
benefited from the higher average cash position in 2007.
A Net Loss of DKK 261.2 million (approx. USD 49.7 million) compared to a Net
Loss of DKK 301.5 million (approx. USD 57.3 million) for the same period in
2006. The Net Loss per share was DKK 5.97 (approx. USD 1.14) for the nine month
period ended September 30, 2007 compared to DKK 7.79 (approx. USD 1.48) in the
nine month period ended September 30, 2006.
Genmab ended the nine month period with a cash position of DKK 3.921 billion
(approx. USD 746 million), which is a net increase of DKK 2.197 billion (approx.
USD 417.9 million) from the end of 2006.
Highlights
During the third quarter of 2007, Genmab achieved a number of business and
scientific milestones, including:
Regaining all rights to the HuMax-TAC™ antibody from Merck Serono following a
portfolio review.
Roche filing an investigational new drug application (IND) with the FDA for a
Genmab antibody.
Initiation of a Phase III clinical study of HuMax-EGFr™ (zalutumumab) to treat
front line head and neck cancer in cooperation with the Danish Head and Neck
Cancer Group (DAHANCA).
An asset exchange agreement with Medarex to gain all rights to HuMax-Inflam™,
now known as HuMax-IL8™. Genmab plans to develop the antibody for the treatment
of glioblastoma, a cancer of the central nervous system.
Amending a pivotal study of HuMax-CD20® (ofatumumab) to treat non-hodgkin's
lymphoma from two arms to a single arm study.
Outlook
Genmab is maintaining its financial guidance for the year. We expect our
revenues to benefit from the achievement of certain development milestones in
the fourth quarter of 2007 and we continue to project a 2007 operating loss of
DKK 385 to 435 million and a net loss in the range of DKK 260 to 310 million.
Genmab's projected December 31, 2007 cash position is expected to be in the
range of DKK 3.8 to 3.9 billion.
Conference Call
Genmab will hold a conference call to discuss the results for the nine month
period ended September 30, 2007 tomorrow, Wednesday, October 31, 2007, at
2.00 pm CET
1.00 pm GMT
9.00 am EDT
The conference call will be held in English.
The dial in numbers are as follows:
+1 800-231-9012 (in the US) and ask for the Genmab conference call
+1 719-457-2706 (outside the US) and ask for the Genmab conference call
A live webcast of the call and relevant slides will be available at
www.genmab.com. The webcast will also be archived on Genmab's website.
About Genmab A/S
Genmab is a leading international biotechnology company focused on developing
fully human antibody therapeutics for unmet medical needs. Using unique,
cutting-edge antibody technology, Genmab's world class discovery and development
teams have created and developed an extensive pipeline of products for potential
treatment of a variety of diseases including cancer and autoimmune disorders.
As Genmab advances towards a commercial future, we remain committed to our
primary goal of improving the lives of patients who are in urgent need of new
treatment options. For more information on Genmab's products and technology,
visit www.genmab.com.
This press release contains forward looking statements. The words “believe”,
“expect”, “anticipate”, “intend” and “plan” and similar expressions identify
forward looking statements. Actual results or performance may differ materially
from any future results or performance expressed or implied by such statements.
The important factors that could cause our actual results or performance to
differ materially include, among others, risks associated with product discovery
and development, uncertainties related to the outcome and conduct of clinical
trials including unforeseen safety issues, uncertainties related to product
manufacturing, the lack of market acceptance of our products, our inability to
manage growth, the competitive environment in relation to our business area and
markets, our inability to attract and retain suitably qualified personnel, the
unenforceability or lack of protection of our patents and proprietary rights,
our relationships with affiliated entities, changes and developments in
technology which may render our products obsolete, and other factors. Genmab is
not under an obligation to up-date statements regarding the future following the
publication of this release; nor to confirm such statements in relation to
actual results, unless this is required by law.
Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD4(R); HuMax-CD20(R);
HuMax-EGFr(TM); HuMax-IL8(TM); HuMax-TAC(TM); HuMax-HepC(TM); HuMax-CD38(TM);
and UniBody(R) are all trademarks of Genmab A/S.
Contact: Helle Husted, Sr. Director, Investor Relations, T: +45 33 44 77 30, M:
+45 25 27 47 13, E: hth@genmab.com
Stock Exchange Release no. 51/2007
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