Genmab (CPH:GEN)

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Genmab Announces Financial Results for the First Quarter 2012

COPENHAGEN K, Denmark, May 15, 2012 (GLOBE NEWSWIRE) --

May 15, 2012; Copenhagen, Denmark;
Interim Report for the First Quarter 2012

  • Arzerra(r) net sales increased 32% over Q1 2011
  • New Drug Application for ofatumumab submitted in Japan
  • Amended protocol for ofatumumab Phase III head to head study vs rituximab in DLBCL; moved estimated primary data readout forward
  • Improved operating result year on year due to lower operating expenses and increased revenues

"We have achieved a number of business milestones during the last months including the filing of the New Drug Application (NDA) in Japan for ofatumumab and another milestone in our Lundbeck collaboration. We also continue to focus on resources and in the first quarter of the year we have improved the operating result and lowered operating expenses compared to the same period last year," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Quarter

  • Genmab's revenues were DKK 94 million for the first quarter of 2012 compared to DKK 83 million for the corresponding period in 2011. The increase was mainly driven by higher Arzerra(r) royalties and the inclusion of one milestone under our collaboration with Lundbeck.
  • Operating expenses decreased 5% from DKK 145 million in the first quarter of 2011 to DKK 138 million in the first quarter of 2012.
  • An operating loss of DKK 44 million in the first quarter of 2012 compared to DKK 62 million in the corresponding period for 2011. The improved operating result was driven by increased revenues, and continued strong focus on cost control.
  • On March 31, 2012, Genmab had a cash position of DKK 1,030 million resulting in a cash burn of DKK 74 million in the first quarter of 2012. This was a reduction of DKK 20 million compared to the corresponding period in 2011.

Business Progress First Quarter to Present

  • February: Achieved second preclinical milestone in Lundbeck collaboration, triggering EUR 1 million payment to Genmab.
  • March: Announced submission of protocol amendment for ofatumumab Phase III head to head study vs rituximab in diffuse large B-cell lymphoma (DLBCL). Estimate for primary data readout moved forward.
  • March: Announced that GlaxoSmithKline (GSK) had entered a settlement resolving all litigation related to ofatumumab under both the Cabilly II and the Cabilly III patent.
  • April: GSK reported net sales for Arzerra for the first quarter of 2012 of GBP 12.4 million, resulting in royalty income of DKK 22 million to Genmab.
  • April: GSK submitted a NDA for ofatumumab to regulatory authorities in Japan for the treatment of patients with chronic lymphocytic leukemia (CLL) who have received prior treatment.

Outlook

Genmab is maintaining its 2012 financial guidance as announced on March 7, 2012.

Conference Call

Genmab will hold a conference call in English to discuss the results for the first quarter of 2012 today, Tuesday, May 15, at 6.00 pm CEST, 5.00 pm BST or noon EDT. The dial in numbers are:

+1 718 354 1226 (US participants) and ask for the Genmab conference call
+44 207 509 5139 (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.

To read the full PDF version of the Interim Report for the First Quarter 2012, visit Genmab's website at http://ir.genmab.com/annuals.cfm.

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's first marketed antibody, ofatumumab (Arzerra(r)), was approved to treat chronic lymphocytic leukemia in patients who are refractory to fludarabine and alemtuzumab after less than eight years in development.  Genmab's validated and next generation antibody technologies are expected to provide a steady stream of future product candidates.  Partnering of 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 interim report 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 and the "Significant Risks and Uncertainties" section in this interim report. Genmab does not undertake any obligation to update or revise forward looking statements in this interim report 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-CD20(r); HuMax(r)-EGFr; HuMax(r)-IL8; HuMax(r)-TAC; HuMax(r)-CD38; HuMax(r)-TF; HuMax(r)-TF-ADC; HuMax(r)-Her2; HuMax(r)-cMet, HuMax(r)-CD74, DuoBody(tm) and UniBody(r)are all trademarks of Genmab A/S. Arzerra(r) is a trademark of GlaxoSmithKline.

Company Announcement no. 14
CVR no. 2102 3884

Genmab A/S
Bredgade 34
1260 Copenhagen K
Denmark

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