Genmab 2012 Annual Report

Genmab 2012 Annual Report

Company Announcement

COPENHAGEN, Denmark, March 7, 2013 (GLOBE NEWSWIRE) -- Genmab A/S
(Copenhagen:GEN) today published its Annual Report for 2012.Below is a
summary from the report of business progress and financial performance for the
year and financial outlook for 2013. The full report is attached in PDF form
or can be found on the investor section of the company's website,


Business Progress

Maximizing the Value of Ofatumumab

>Reported Phase II data in fludarabine and alemtuzumab refractory
chronic lymphocytic leukemia (CLL) at American Society of Clinical Oncology
(ASCO) meeting
>Independent Data Monitoring Committee (IDMC) recommended continuing
Phase III study of ofatumumab plus chemotherapy versus rituximab plus
chemotherapy in diffuse large B-cell lymphoma (DLBCL) following interim
>Data from 11 Investigator Sponsored Studies (ISS) presented at three
major medical conferences
oAmended protocol for Phase III head-to-head DLBCL study, bringing timeline
forward by one year
oCompleted patient enrollment in Phase III study of ofatumumab in
combination with fludarabine and cyclophosphamide (FC) vs FC in patients with
relapsed CLL
oInitiated new Phase I/II study of ofatumumab plus chlorambucil in
previously untreated Japanese patients with CLL
oCompleted patient enrollment in Phase II study of ofatumumab in
combination with bendamustine for treatment of front line and relapsed CLL
oCompleted patient enrollment in Phase IV observational study in CLL
oPresented Phase II follicular lymphoma (FL) data at American Society of
Hematology (ASH) meeting
xPhase III CLL maintenance safety interim data analysis expected H1
2013, no impact on trial timeline

Expansion of Arzerra(r)

>First launch in South America; launched in 26 countries by end of
>GlaxoSmithKline (GSK) submitted New Drug Application (NDA) in Japan
oGSK sales increased in British pounds by 38%, resulting in DKK 111 million
in royalty income to Genmab

Advancing Daratumumab

>Reported efficacy data from Phase I/II study in refractory multiple
>Initiated Phase I/II study of daratumumab in combination with
>Entered partnership agreement with Janssen Biotech, Inc., one of the
Janssen Pharmaceutical Companies

Expanding Our Pipeline

>Presented proof-of-concept for DuoBody(r) technology platform
>Presented proof-of-concept for HuMax(r)-TF-ADC

Progressing Next Generation Technologies

>Entered DuoBody Platform collaborations with Novartis, Janssen and
Kyowa Hakko Kirin
>Janssen activated three DuoBody programs; achieved technical
proof-of-concept milestone
oUnveiled proprietary HexaBody(tm) technology platform

Driving Value through Collaborations

>Achieved second and third pre-clinical milestones in Lundbeck
>Outlicensed HuMax-IL8 to Cormorant Pharmaceuticals
xProgress on partnered clinical programs not yet reported

Manage and Control Cash Burn

>Reduced cash burn & lengthened cash runway
>Improved loss from continuing operations three times
xWrote down value of manufacturing facility in 2012, sale executed in
Q1 2013

Financial Performance

oRevenue increased by DKK 134 million, 38%, from DKK 351 million in 2011 to
DKK 485 million, mainly due to revenue related to our daratumumab and DuoBody
collaborations with Janssen, higher Arzerra royalties, and a milestone payment
from GSK.
oAs the operating expenses remained at the same level as 2011, the
operating loss improved by DKK 132 million, or 53%, from DKK 249 million in
2011 to DKK 117 million in 2012.
oDue to continued uncertainty, we wrote down the value of the facility from
USD 58 million to zero, which resulted in the recognition of a non-cash
impairment charge of approximately DKK 331 million.
o2012 year end cash position of DKK 1,516 million, compared to DKK 1,105
million as of December 31, 2011. The improvement was driven by the proceeds of
approximately DKK 800 million received from the daratumumab deal,partially
offset by the ongoing investment in our research and development activities.

> = Stated objective met
o = Other achievement
x = Stated objective not met


MDKK                                          2013 Guidance 2012 Actual Result
Revenue                                       540 - 580     485
Operating expenses                            (600) - (650) (602)
Operating loss continuing operations          (40) - (90)   (117)
Discontinued operation                        40            (376)
Cash position beginning of year*              1,516         1,105
Cash used in operations                       (250) - (300) (389)
Cash from license & share subscription        -             800
MN facility sale                              50            -
Cash position at end of year*                 1,266 - 1,316 1,516
*Cash, cash equivalents, and marketable securities

Conference Call

Genmab will hold a conference call in English to discuss the results for the
full year 2012 today, Thursday, March 7, at 6:00pm CET, 5:00pm GMT or 12:00pm
EST. The dial in numbers are:

+1 866 682 8490 (US participants) and ask for the Genmab conference call
+44 1452 555131 (international participants) and ask for the Genmab conference

A live and archived webcast of the call and relevant slides will be available

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

This Company Announcement 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
pre-clinical and clinical development of products, 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 risk management sections in Genmab's most recent
financial reports, which are available on Genmab does not
undertake any obligation to update or revise forward looking statements in
this Company Announcement nor to confirm such statements in relation to actual
results, unless required by law.

Genmab A/S and its subsidiaries own the following trademarks: Genmab^(r); the
Y-shaped Genmab logo^(r); HuMax^(r); HuMax-CD20^(r); DuoBody^(r), HexaBody^TM
and UniBody^(r). Arzerra^(r) is a trademark of GlaxoSmithKline.

Company Announcement no. 06
CVR no. 2102 3884

Genmab A/S
Bredgade 34E
1260 Copenhagen K

CONTACT:  Rachel Curtis Gravesen, Senior Vice President
          Investor Relations & Communications
          T: +45 33 44 77 20;
          M: +45 25 12 62 60;
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