Genmab Announces 2008 First Quarter Results

Summary: Genmab reports results for the first three months of 2008.             

Copenhagen, Denmark; May 28, 2008 - Genmab A/S (OMX: GEN) announced today       
results for the three month period ended March 31, 2008.  During this period,   
Genmab reported the following results:                                          

Genmab's revenues were DKK 167 million (approx. USD 36 million) for the first   
quarter of 2008. In the same period of 2007, Genmab recognized revenues of DKK  
80 million (approx. USD 17 million).                                            

An operating loss of DKK 197 million (approx. USD 42 million). This compares to 
an operating loss of DKK 106 million (approx. USD 22 million) reported for the  
corresponding period of 2007.                                                   

Net financial income for the first quarter of 2008 reflected a net loss of DKK  
14 million (approx. USD 3 million) compared to a net income of DKK 29 million   
(approx. USD 6 million) in the same period of 2007. The net financial income    
reflects a combination of positive yield from our portfolios of marketable      
securities and unrealized foreign exchange losses derived from the continued    
weakening of the USD against the DKK in the first quarter of 2008.              
                                                                                
A net loss of DKK 210 million (approx. USD 45 million) compared to a net loss of
DKK 77 million (approx. USD 16 million) for the same period in 2007. The net    
loss per share was DKK 4.73 (approx. USD 1.00) for the first quarter of 2008    
compared to DKK 1.81 (approx. USD 0.38) in the first quarter of 2007.           

Genmab ended the first quarter with a cash position of DKK 2.4 billion (approx. 
USD 503 million), which is a decrease of DKK 1.3 billion (approx. USD 280       
million) from the end of 2007. The decrease primarily arises from the DKK 1.2   
billion (approx. USD 240 million at the date of acquisition) acquisition of the 
manufacturing facility in March 2008.                                           

Highlights                                                                      
During the first quarter of 2008, Genmab achieved a number of business and      
scientific milestones, as follows:                                              

In March, Genmab acquired an antibody manufacturing facility from PDL BioPharma 
at a price of DKK 1.2 billion (USD 240 million at the date of acquisition).     

In January, Genmab announced a new pre-clinical product, HuMax-CD32b. The       
antibody may have therapeutical potential in the treatment of B-cell chronic    
lymphocytic leukemia, small lymphocytic lymphoma, Burkitt's lymphoma, follicular
lymphoma and diffuse large B-cell lymphoma.                                     

We reached the third milestone in the GlaxoSmithKline collaboration in January  
when the first patient in the Phase III RA program received treatment and we    
received a payment of DKK 87 million (approx. USD 18 million).                  

Outlook                                                                         
Genmab is maintaining its financial guidance for the year and continue to       
project an operating loss of DKK 900 to 1,000 million and a net loss in the     
range of DKK 800 to 900 million. Revenues for 2008 are expected to be approx.   
DKK 1.0 billion.                                                                

As of December 31, 2007, Genmab had cash, cash equivalents and short-term       
marketable securities of DKK 3.7 billion.  For 2008, we project that our        
operations together with the DKK 1.2 billion acquisition of the manufacturing   
facility in Minnesota will lead to a year end cash position of DKK 1.7 to 1.8   
billion (approx. USD 360 million to USD 382 million).                           

Conference Call                                                                 
Genmab will hold a conference call to discuss the first quarter results         
tomorrow, Thursday, May 29, 2008, at                                            

3:30 pm CEST                                                                    
2:30 pm BST                                                                     
9:30 am EDT                                                                     

The conference call will be held in English.                                    

The dial in numbers are as follows:                                             

+1 877-857-6173 (in the US) and ask for the Genmab conference call              
+1 719-325-4792 (outside the US) and ask for the Genmab conference call         

To listen to a live webcast of the call please visit www.genmab.com.            

Relevant slides for the call can be found on www.genmab.com prior to the call.  

About Genmab A/S                                                                
Genmab is a leading international biotechnology company focused on developing   
fully human antibody therapeutics for unmet medical needs.  Using cutting-edge  
antibody technology, Genmab's world class discovery, development and            
manufacturing 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);   
HuMax-CD32b(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. 23/2008                                              

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