COPENHAGEN, May 28 /PRNewswire-FirstCall/ -- 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
Relevant slides for the call can be found on http://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 http://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: Contact: Helle Husted, Sr. Director, Investor Relations, T:
+45-33-44-77-30, M: +45-25-27-47-13, E: hth@genmab.com
