Genmab Announces 2008 First Half Year Results

Genmab Announces 2008 First Half Year Results                                   

Summary:  Genmab reports results for the six month period ended June 30, 2008   

Copenhagen, Denmark; August 27, 2008 - Genmab A/S (OMX: GEN) announced today    
results for the six month period ended June 30, 2008. During this period, Genmab
reported the following results:                                                 

Genmab's revenues were DKK 277 million (USD 59 million) for the first half of   
2008. In the same period of 2007, Genmab recognized revenues of DKK 280 million 
(USD 59 million).                                                               

An operating loss of DKK 471 million (USD 100 million). This compares to an     
operating loss of DKK 119 million (USD 25 million) reported for the             
corresponding period of 2007. The larger operating loss was driven by the       
increased level of pre-clinical and clinical activities associated with the     
advancement of our product pipeline.                                            

Net financial income for the first half of 2008 reflected a net loss of DKK 20  
million (USD 4 million), compared to a net income of DKK 32 million (USD 7      
million) in the same period of 2007. The net financial income reflects a        
combination of interest income and fair market value adjustments 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    
half of 2008.                                                                   
                                                                                
A net loss of DKK 491 million (USD 104 million) compared to a net loss of DKK 87
million (USD 18 million) for the same period in 2007. The net loss per share was
DKK 11.02 (USD 2.33) for the first half of 2008 compared to DKK 2.01 (USD 0.42) 
in the first half of 2007.                                                      

Genmab ended the six month period with cash and marketable securities of DKK 2.1
billion (USD 443 million), which is a decrease of DKK 1.6 billion (USD 338      
million) from the end of 2007. The decrease primarily arises from the DKK 1.2   
billion (USD 240 million at the date of acquisition) acquisition of the         
manufacturing facility in March 2008.                                           

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

We achieved a development milestone for ofatumumab (HuMax-CD20®) under the      
collaboration with GlaxoSmithKline (GSK). A milestone payment of DKK 29 million 
(USD 6 million) was triggered by the first patient participating in the Phase II
study for the treatment of relapsing remitting multiple sclerosis (RRMS).       

We announced a Phase I/II study to evaluate a subcutaneous route of             
administration of ofatumumab (HuMax-CD20®) in rheumatoid arthritis (RA).        

We appointed David Eatwell as new Chief Financial Officer.                      

We initiated two Phase I/II studies of zalutumumab (HuMax-EGFr™), one to treat  
colorectal cancer (CRC) and another study in combination with radiotherapy for  
the treatment of advanced head and neck cancer.                                 

Subsequent to the balance sheet date:                                           

We announced the positive top-line results from a Phase III pivotal study       
evaluating ofatumumab (HuMax-CD20®) in two groups of patients with chronic      
lymphocytic leukaemia (CLL). The study met the primary endpoint in both patient 
populations and the results from the secondary endpoints also supported the     
primary endpoint. This event also marked the achievement of a DKK 233 million   
(USD 49 million) milestone under the GSK collaboration agreement.               

We announced plans to begin four studies of ofatumumab in CLL and NHL this year,
including;                                                                      

1) Phase III CLL front line chlorambucil combination study. This open-label,    
parallel-arm study will include 444 patients with previously untreated CLL.     

2) Phase II CLL ofatumumab retreatment and maintenance treatment study. This    
study will examine the retreatment and maintenance treatment of refractory CLL  
patients who participated in the ongoing Phase III CLL study.                   

3) Phase II NHL ofatumumab retreatment and maintenance study. This study will   
examine the retreatment and maintenance treatment of refractory follicular NHL  
patients who participated in the ongoing Phase III NHL study.                   

4) Phase I study in Japan. The primary objective of the study is to evaluate the
safety and tolerability of ofatumumab in Japanese relapsed/refractory follicular
NHL and CLL patients.                                                           

We completed recruitment of 56 patients in the Phase II study of ofatumumab in  
combination with fludarabine and cyclophosphamide to treat CLL in previously    
untreated patients.                                                             

Amgen informed Genmab that it would discontinue development for AMG714 in       
psoriasis and RA based on disappointing results from recent clinical studies.   
Amgen is exploring options to maximize the value of this asset, but at this time
no further internal development of a lead indication is planned.                

Outlook                                                                         
Genmab is maintaining its financial guidance for the net loss in 2008 in the    
range of DKK 800 to 900 million and projects a slightly improved operating loss 
of DKK 850 to 950 million compared to previous guidance of DKK 900 to 1,000     
million. This is despite a lower revenue estimate, which is now anticipated to  
be in the range of DKK 850 to 900 million due to a slight change in the timing  
of some anticipated milestone events and lower net financial income which is now
expected to be DKK 40 to 50 million. The savings are driven by a reduction in   
our research and development costs which is a result of our efforts to focus on 
the most critical programs in our portfolio in the most efficient manner. We    
therefore currently anticipate that we will start fewer new studies in 2008 than
the 17 previously planned.                                                      
                                                                                
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 (USD 359 million to USD 380 million), unchanged from previous guidance. 
The proportion of the budget spent on research and development, and on the      
ofatumumab program, also remain approximately the same as previous guidance.    
                                                                                
Conference Call                                                                 
Genmab will hold a conference call to discuss the 2008 first half year results  
tomorrow, Thursday, August 28, 2008, at                                         

3.00 pm CEST                                                                    
2.00 pm BST                                                                     
9.00 am EDT                                                                     

The conference call will be held in English.                                    

The dial in numbers are as follows:                                             

+1 877 795 3648 (in the US) and ask for the Genmab conference call              
+1 719 325 4750 (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 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. For a     
further discussion of these risks, please refer to the section “Risk Management”
in Genmab's Annual Report, which is available on www.genmab.com.  Genmab does   
not undertake any obligation to update or revise forward looking statements in  
this press release nor to confirm such statements in relation to actual results,
unless 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. 38/2008                                              

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