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.