Genmab Announces Financial Results for the First Quarter of 2013

Genmab Announces Financial Results for the First Quarter of 2013

COPENHAGEN, Denmark, May 7, 2013 (GLOBE NEWSWIRE) -- Interim Report First
Quarter 2013

  *Arzerra^(r) received approval in Japan
  *Arzerra net sales increased 65% over Q1 2012
  *Manufacturing facility sold to Baxter
  *Improved operating result by DKK 73 million over Q1 2012

"We expect 2013 to be another exciting and productive year at Genmab and are
working hard to fulfill the objectives we set for this year. We were pleased
to gain approval for Arzerra in Japan, the first Asian territory to give
marketing authorization to the product, as well as to see growing sales during
Q1. We recently reported impressive top line results from a Phase II study
using ofatumumab together with bendamustine to treat CLL patients and look
forward to reporting important Phase III data from our frontline CLL study
with ofatumumab in the coming time," said Jan van de Winkel, Ph.D., Chief
Executive Officer of Genmab.

Financial Performance First Quarter

  *Genmab's revenue was DKK 160 million for the first quarter of 2013
    compared to DKK 94 million for the corresponding period in 2012. The
    increase of DKK 66 million or 70% was mainly driven by higher Arzerra
    royalties, revenue related to our daratumumab collaboration with Janssen
    Biotech (Janssen) and the achievement of a milestone under our
    collaboration with GlaxoSmithKline (GSK).
  *Operating expenses decreased 5% from DKK 138 million in the first quarter
    of 2012 to DKK 131 million in the first quarter of 2013.
  *Operating income was DKK 29 million in the first quarter of 2013 compared
    to an operating loss of DKK 44 million in the corresponding period for
    2012, an improvement of DKK 73 million. The improved operating result was
    driven by increased revenue and continued strong focus on cost control.
  *The net result for discontinued operation amounted to a net income of DKK
    42 million in the first quarter of 2013. The net income in 2013 related to
    the final few months of running costs of the Minnesota manufacturing
    facility of DKK 10 million prior to its divestiture and a gain on the sale
    of DKK 52 million. The facility maintenance cost amounted to DKK 10
    million in the first quarter of 2012.
  *On March 31, 2013, Genmab had a cash position of DKK 1,554 million. This
    represented a net increase of DKK 38 million from the beginning of 2013,
    which was primarily related to proceeds received from the sale of the
    manufacturing facility. The cash burn for the first quarter of 2012 was
    DKK 74 million.

Business Progress First Quarter to Present

  *February: The Minnesota manufacturing facility was sold to Baxter
    Healthcare (Baxter) Corporation for USD 10 million.
  *March: Arzerra received approval in Japan for use in patients with
    relapsed/refractory CD20-positive chronic lymphocytic leukemia (CLL). The
    approval triggered a milestone payment of DKK 20 million from GSK to
    Genmab.
  *April: The US Food and Drug Administration (FDA) granted Fast Track
    designation for daratumumab. This designation covers patients with
    multiple myeloma who have received at least three prior lines of therapy
    including a proteasome inhibitor (PI) and an immunomodulatory agent (IMiD)
    or are double refractory to a PI and an IMiD.
  *April: GSK reported net sales for Arzerra for the first quarter of 2013 of
    GBP 20.5 million, an increase of 65% over Q1 2012, resulting in royalty
    income of DKK 36 million to Genmab. A large portion of the rest of the
    world sales in the first quarter of 2013 were related to the supply of
    ofatumumab for clinical trials run by other companies, and as such does
    not reflect ongoing commercial demand.
  *April: The U.S. Court of Appeals for the Federal Circuit upheld the U.S.
    District Court's judgment in favor of GSK in a patent infringement case
    involving Arzerra brought against GSK by Genentech and Biogen Idec.
  *May: Reported impressive top line data from a Phase II study of ofatumumab
    in combination with bendamustine in patients with untreated or relapsed
    CLL. The overall response rate (ORR) in the study was 95% in previously
    untreated patients and 74% in patients with relapsed CLL.
  *May: The US FDA granted Breakthrough Therapy Designation for daratumumab
    for the treatment of patients with multiple myeloma who have received at
    least three prior lines of therapy including a PI and an IMiD or who are
    refractory to a PI and an IMiD.

Outlook

Genmab is maintaining its 2013 financial guidance as announced on March 7,
2013.

Conference Call

Genmab will hold a conference call in English to discuss the results for the
first quarter of 2013 today, Tuesday, May 7, at 6.00 pm CEST, 5.00 pm BST or
noon EDT. The dial in numbers are:

+1 866 682 8490 (US participants) and ask for the Genmab conference call
+44 1452 555 131 (international participants) and ask for the Genmab
conference call

A live and archived webcast of the call and relevant slides will be available
at www.genmab.com.

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 www.genmab.com.

This interim report 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. For a further discussion of these risks, please
refer to the section "Risk Management" in Genmab's annual report, which is
available on www.genmab.com and the "Significant Risks and Uncertainties"
section in this interim report. Genmab does not undertake any obligation to
update or revise forward looking statements in this interim report nor to
confirm such statements in relation to actual results, unless required by law.

Genmab^(r); the Y-shaped Genmab logo^(r); the DuoBody logo^(r); HuMax^(r);
HuMax-CD20^(r); DuoBody^(r); HexaBody(tm) and UniBody^(r)are all trademarks of
Genmab A/S. Arzerra^(r) is a trademark of GlaxoSmithKline.

Company Announcement no. 20
CVR no. 2102 3884

Genmab A/S
Bredgade 34E
1260 Copenhagen K
Denmark

CONTACT: Rachel Curtis Gravesen, Senior Vice President,
         Investor Relations & Communications
         T: +45 33 44 77 20; M: +45 25 12 62 60
         E: r.gravesen@genmab.com
 
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