Genmab Announces 2007 First Half Year Results
22/08/2007 16:39
PR Newswire
COPENHAGEN, August 22 /PRNewswire/ --
- Summary: Genmab Reports Results for the Six Month Period Ended
June 30, 2007
Genmab A/S (OMX: GEN) announced today results for the six month period
ended June 30, 2007. During this period, Genmab reported the following
results:
Genmab's revenues were DKK 279.6 million (approx. USD 50.7 million) for
the first half of 2007. In the same period of 2006, Genmab recognized DKK
74.3 million (approx. USD 13.5 million) in revenues.
An Operating Loss of DKK 118.9 million (approx. USD 21.6 million). This
compares to an Operating Loss of DKK 187.5 million (approx. USD 34.0 million)
reported for the corresponding period of 2006.
Net Financial Income totaled DKK 31.8 million (approx. USD 5.8 million),
compared to Net Financial Expenses of DKK 2.3 million (approx. USD 0.4
million) in the first six months of 2006. Net Financial Income has benefited
from the higher average cash position, whereas the negative net financial
income reported for the first half of 2006 was impacted by increasing
interest rates and weakening of the USD against the DKK.
A Net Loss of DKK 87.0 million (approx. USD 15.8 million) compared to a
Net Loss of DKK 189.8 million (approx. USD 34.4 million) for the same period
in 2006. The Net Loss per share was DKK 2.01 (approx. USD 0.36) for the first
half of 2007 compared to DKK 4.96 (approx. USD 0.90) in the first half of
2006.
Genmab ended the six month period with a cash position of DKK 3.980
billion (approx. USD 722 million), which is a net increase of DKK 2.256
million (approx. USD 409.4 million) from the end of 2006.
Highlights
During the second quarter of 2007, Genmab achieved a number of business
and scientific milestones, as follows:
On June 29, Genmab regained all rights to HuMax-CD4(R) (zanolimumab) from
Merck Serono S.A. and announced final data from the HuMax-CD4 Phase II data
in cutaneous T-cell lymphoma (CTCL).
On June 18, Genmab announced further development plans for HuMax-CD20(R)
(ofatumumab), including clinical expansion into the new disease indications
of multiple sclerosis and diffuse large B-cell lymphoma (DLBCL).
Effective June 18, Genmab became a member of the OMXC20 index on the OMX
Nordic Exchange Copenhagen.
Genmab and GlaxoSmithKline reported positive results from the Phase II
study of HuMax-CD20 in rheumatoid arthritis (RA) on June 15. These positive
results triggered the first milestone payment to Genmab in the companies'
collaboration.
On June 14, we announced initiation of a Phase II study of HuMax-CD20 in
combination with CHOP chemotherapy in previously untreated follicular
non-Hodgkin's lymphoma (NHL) patients.
On June 3, Genmab presented positive pre-clinical data illustrating the
broad potential of HuMax-EGFr(TM) for the treatment of cancer.
On May 21, Genmab announced positive data showing that HuMax-HepC(TM)
prevented Hepatitis C infection in a pre-clinical study.
On April 12, Genmab initiated a Phase II study of HuMax-EGFr in
combination with chemo-radiation to treat non small cell lung cancer.
Outlook
Genmab is maintaining its financial guidance for the year. We project a
2007 operating loss of DKK 385 to 435 million and a net loss in the range of
DKK 260 to 310 million. The company's projected December 31, 2007 cash
position is expected to be in the range of DKK 3.8 to 3.9 billion.
Conference Call
Genmab will hold a conference call to discuss the first quarter results
tomorrow, Wednesday, August 22, 2007, 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:
+1-800-475-3716 (in the US) and ask for the Genmab conference call
+1-719-457-2728 (outside the US) and ask for the Genmab conference call
A live webcast of the call and relevant slides will be available at
http://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
unique, cutting-edge antibody technology, Genmab's world class discovery and
development 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-Inflam(TM); HuMax-TAC(TM);
HuMax-HepC(TM); HuMax-CD38(TM); HuMax-ZP3(TM); and UniBody(TM) 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