This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genmab Reaches First Milestone In Daratumumab Collaboration With Janssen & Improves 2013 Financial Guidance

Company Announcement

  • Genmab to receive USD 8 million milestone payment from Janssen
  • Milestone triggered by clinical development progress
  • 2013 financial guidance improved

COPENHAGEN, Denmark, Nov. 26, 2013 (GLOBE NEWSWIRE) -- Genmab A/S (Copenhagen:GEN) announced today it has reached the first milestone in its daratumumab collaboration with Janssen Biotech, Inc. ("Janssen"). The milestone was triggered by progress in the clinical development of daratumumab.  Genmab will receive a USD 8 million milestone payment from Janssen in connection with this event.

"Since the inception of our agreement with Janssen, we have reported encouraging data from two clinical studies of daratumumab and have started one new study.  We are pleased to reach the first milestone in this productive collaboration and look forward to making further progress with daratumumab," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Outlook

Income Statement Revised Guidance (MDKK) Previous Guidance (MDKK)
Revenue 595 – 635 550 - 590
Operating expenses (600) – (625) (600) – (625)
Operating result continuing operations  35 – (30) (10) – (75)
Discontinued operation 42 42
     
Cash Position Revised Guidance (MDKK) Previous Guidance (MDKK)
Cash position beginning of year* 1,516 1,516
Cash used in operations (180) – (230) (225) – (275)
MN facility sale 52 52
Warrant exercise 155 155
Cash position at end of year* 1,475 – 1,525 1,430 – 1,480
*Cash, cash equivalents, and marketable securities

Genmab is improving its 2013 financial guidance as published on August 14, 2013 and as amended on November 13, 2013 due to proceeds from warrant exercises.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs