Genmab A/S Announces Results For The First Nine Months Of 2005

COPENHAGEN, Denmark, Nov. 8 /PRNewswire-FirstCall/ -- Genmab A/S (CSE: GEN) announced today results for the nine month period ended September 30, 2005. During this period, Genmab reported the following results:

* A Net Loss of DKK 293 million (approx. USD 47 million) compared to a Net Loss of DKK 293 million (approx. USD 47 million) for the same period in 2004. The Net Loss per share was DKK 9.57 (approx. USD 1.54) in the first nine months of 2005 compared to DKK 11.57 (approx. USD 1.87) in the corresponding period of 2004. * An Operating Loss of DKK 323 million (approx. USD 52 million). This compares to an Operating Loss of DKK 318 million (approx. USD 51 million) reported for the corresponding period of 2004. * Net Financial Income totalled DKK 30 million (approx. USD 5 million), compared to Net Financial Income of DKK 25 million (approx. USD 4 million) in the first nine months of 2004. * Genmab ended the nine month period with a cash position of DKK 1.394 billion (approx. USD 225 million). This represents a net increase of DKK 236 million (approx. USD 38 million) during the first nine months of 2005. * Revenue for the first nine months of 2005 totalled DKK 45 million (approx. USD 7 million). For comparison, no revenues were recognized in the corresponding period of 2004. Highlights

The third quarter of 2005 included the following business and scientific achievements:

* Initiation of a Phase II study with HuMax-CD20 to treat patients with active rheumatoid arthritis (RA) who have failed treatment with one or more disease modifying anti-rheumatic drugs (DMARDs). * Genmab granted Serono exclusive worldwide rights to develop and commercialize HuMax-CD4 in August. Genmab received a license fee of USD 20 million and Serono made a USD 50 million investment in Genmab's common stock at an 18% premium. Genmab may receive up to USD 215 million in total payments including milestones and will be entitled to receive royalties on global sales of HuMax-CD4. * Positive interim results in a Phase I/II HuMax-CD20 study to treat patients with chronic lymphocytic leukaemia (CLL) were presented in September. A response rate of 52% was observed in patients treated at the highest dose level. * Bo Kruse was appointed as Vice President, Chief Financial Officer of Genmab as of October 2005. Financial Guidance

Genmab is updating its financial guidance for 2005. Due to increased efficiency of operations and beneficial development on foreign exchange rates, we have updated our estimate for the cash position at the end of 2005 to be in the range of DKK 1.225 billion, corresponding to an increase of approximately DKK 67 million from the cash position at the end of 2004.

We have also updated our projections for the operating loss and net loss and now expect them to be in the range of DKK 440 million and DKK 410 million, respectively. Although we have received the full USD 20 million license fee for HuMax-CD4 from Serono during the third quarter, we have chosen a conservative revenue recognition approach in line with the highest standards of accounting. Consequently, we have deferred the recognition of part of this license fee and this portion will be taken to income on a straight line basis through the end of 2007.

The estimates are subject to possible change primarily due to the timing and variation of clinical activities, related costs and fluctuating exchange rates. The estimates also assume that no further agreements are entered into during 2005 that could materially affect the results.

Conference call

Genmab will hold a conference call to discuss the third quarter results tomorrow, Wednesday, November 9, 2005 at:

3:30 pm CET 2:30 pm GMT 9:30 am EST The conference call will be held in English. The dial-in numbers are as follows: +1 800-946-0786 (in the US) +1 719-457-2662 (outside the US) --ask for the Genmab conference call

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

About Genmab A/S

Genmab A/S is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. Genmab has numerous products in development to treat cancer, infectious disease, rheumatoid arthritis and other inflammatory conditions, and intends to continue assembling a broad portfolio of new therapeutic products. At present, Genmab has multiple partnerships to gain access to disease targets and develop novel human antibodies including agreements with Roche, Amgen and Serono. A broad alliance provides Genmab with access to Medarex, Inc.'s array of proprietary technologies, including the UltiMAb(R) platform for the rapid creation and development of human antibodies to virtually any disease target. Genmab has operations in Copenhagen, Denmark, Utrecht, the Netherlands, and Princeton, New Jersey in the US. For more information about Genmab, visit

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 update 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.

UltiMAb(R) is a trademark of Medarex, Inc.

Genmab(R); HuMax(R); HuMax-CD4(TM) and the Y-shaped Genmab logo are all trademarks of Genmab A/S.

Genmab A/S

CONTACT: Helle Husted, Director, Investor Relations, Genmab A/S, +45 33 4477 30 or mobile, +45 25 27 47 13,

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