Copenhagen, Denmark; March 2, 2015 – Genmab A/S (OMX: GEN) announced today its Annual Report for 2014. Below is a summary from the report of business progress and financial performance for the year, and financial outlook for 2015. The full report is attached as a PDF file and can be found on the investor section of the company’s website, www.genmab.com.
2014 ACHIEVEMENTS
Business Progress
Maximize value of ofatumumab
- Phase III relapsed CLL ofatumumab + fludarabine and cyclophosphamide data – Milestone moved to 2015
- Phase III maintenance CLL data - Achieved
- Phase III bulky refractory CLL ofatumumab vs physician’s choice data – Not achieved
- Phase III relapsed DLBCL ofatumumab + chemotherapy vs rituximab + chemotherapy data – Not achieved
- Update progress ofatumumab subcutaneous autoimmune development – Achieved
Expand pipeline
- Progress Phase I HuMax-TF-ADC study - Achieved
- Report progress pre-clinical ADC, DuoBody & HexaBody projects - Achieved
Next generation technologies
- Enter new DuoBody technology collaborations - Achieved
- Report progress DuoBody collaborations - Achieved
- Start HexaBody technology collaborations - Achieved
Expansion Arzerra
- CLL front line label expansion and launch - Achieved
- Launch & reimbursement in new countries - Achieved
Fully exploit the potential of daratumumab
- Phase I/II monotherapy mature efficacy data - Achieved
- Phase I/II MM daratumumab + Revlimid safety & efficacy data - Achieved
- Phase II MM monotherapy preliminary data – Achieved in February 2015
- Phase Ib MM multiple combination data - Achieved
- Start multiple new MM trials - Achieved
- Progress non-MM indications - Achieved
Partnerships
- Report progress partnered programs - Achieved
- Enter new collaboration - Achieved
Disciplined financial management
- Significant daratumumab milestones - Achieved
- No significant increase in cost base - Achieved
- Increase operating income and reduce cash burn – Achieved
Financial Performance
- Revenue increased by DKK 186 million, 28%, from DKK 664 million in 2013 to DKK 850 million in 2014, mainly driven by higher revenue related to our daratumumab and DuoBody collaborations with Janssen, partially offset by lower Arzerra royalties.
- Operating expenses were reduced from DKK 594 million in 2013 to DKK 585 million in 2014.
- Operating income improved by DKK 196 million, from DKK 69 million in 2013 to DKK 265 million in 2014.
- 2014 year end cash position of DKK 2,661 million, compared to DKK 1,557 million as of December 31, 2013.
2015 OUTLOOK
| MDKK | 2015 Guidance | 2014 Actual Result |
| Revenue | 650 – 725 | 850 |
| Operating expenses | (600) – (650) | (585) |
| Reversal of GSK liability | 175 | - |
| Operating income | 200 – 275 | 265 |
| Cash position at end of year* | 2,300 – 2,400 | 2,661 |
| *Cash, cash equivalents, and marketable securities | ||
Conference Call
Genmab will hold a conference call in English to discuss the results for the full year 2014 today, Monday, March 2, at 6.00 pm CET, 5.00 pm GMT or noon EST. The dial in numbers are:
+1 866 682 8490 (US participants) and ask for the Genmab conference call
+44 1452 555131 (international participants) and ask for the Genmab conference call
A live and archived webcast of the call and relevant slides will be available at www.genmab.com.
About Genmab A/S
Genmab is a publicly traded, international biotechnology company specializing in the creation and development of differentiated human antibody therapeutics for the treatment of cancer. Founded in 1999, the company currently has one marketed antibody, Arzerra® (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications and daratumumab in late stage clinical development for multiple myeloma. Additionally Genmab has a clinical pipeline with both late and early stage programs, and an innovative pre-clinical pipeline. Genmab's technology base consists of validated and proprietary next generation antibody technologies - the DuoBody® platform for generation of bispecific antibodies, and the HexaBody™ platform which creates effector function enhanced antibodies. Genmab's deep antibody expertise is expected to provide a stream of future product candidates. Partnering of selected innovative product candidates and technologies is a key focus of Genmab’s strategy and the company has alliances with top tier pharmaceutical and biotechnology companies. For more information visit www.genmab.com.
Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations & Communications
T: +45 33 44 77 20; M: +45 25 12 62 60; E: r.gravesen@genmab.com
This Company Announcement 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 pre-clinical and clinical development of products, 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. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements in relation to actual results, unless required by law.
Genmab A/S and its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo™; the DuoBody logo™; the HexaBody logo™; HuMax®; HuMax-CD20®; DuoBody®; HexaBody™ and UniBody®. Arzerra® is a registered trademark of the GSK group of companies.
Company Announcement no. 06
CVR no. 2102 3884
Genmab A/S
Bredgade 34E
1260 Copenhagen K
Denmark
