COPENHAGEN, May 28 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 thefirst quarter of 2008. In the same period of 2007, Genmab recognized revenuesof DKK 80 million (approx. USD 17 million).
An operating loss of DKK 197 million (approx. USD 42 million). Thiscompares 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 lossof DKK 14 million (approx. USD 3 million) compared to a net income of DKK 29million (approx. USD 6 million) in the same period of 2007. The net financialincome reflects a combination of positive yield from our portfolios ofmarketable securities and unrealized foreign exchange losses derived from thecontinued 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 netloss 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 quarterof 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 theDKK 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 ofbusiness and scientific milestones, as follows:
In March, Genmab acquired an antibody manufacturing facility from PDLBioPharma at a price of DKK 1.2 billion (USD 240 million at the date ofacquisition).
In January, Genmab announced a new pre-clinical product, HuMax-CD32b. Theantibody may have therapeutical potential in the treatment of B-cell chroniclymphocytic leukemia, small lymphocytic lymphoma, Burkitt's lymphoma,follicular lymphoma and diffuse large B-cell lymphoma.
We reached the third milestone in the GlaxoSmithKline collaboration inJanuary when the first patient in the Phase III RA program received treatmentand we received a payment of DKK 87 million (approx. USD 18 million).
Outlook Genmab is maintaining its financial guidance for the year andcontinue to project an operating loss of DKK 900 to 1,000 million and a netloss in the range of DKK 800 to 900 million. Revenues for 2008 are expectedto be approx. DKK 1.0 billion.
As of December 31, 2007, Genmab had cash, cash equivalents and short-termmarketable securities of DKK 3.7 billion. For 2008, we project that ouroperations together with the DKK 1.2 billion acquisition of the manufacturingfacility in Minnesota will lead to a year end cash position of DKK 1.7 to 1.8billion (approx. USD 360 million to USD 382 million).
Conference Call Genmab will hold a conference call to discuss the firstquarter results tomorrow, Thursday, May 29, 2008, at
Relevant slides for the call can be found on http://www.genmab.com priorto the call.
About Genmab A/S Genmab is a leading international biotechnology companyfocused on developing fully human antibody therapeutics for unmet medicalneeds. Using cutting-edge antibody technology, Genmab's world classdiscovery, development and manufacturing teams have created and developed anextensive pipeline of products for potential treatment of a variety ofdiseases including cancer and autoimmune disorders. As Genmab advancestowards a commercial future, we remain committed to our primary goal ofimproving the lives of patients who are in urgent need of new treatmentopt