Genmab to Receive Milestone Payment in DuoBody Platform Collaboration with Janssen - Financial Guidance Improved

Genmab to Receive Milestone Payment in DuoBody Platform Collaboration with
Janssen - Financial Guidance Improved

Company Announcement

  *Genmab to receive $4 million milestone payment in DuoBody(r) collaboration
    with Janssen
  *2013 financial guidance improved

COPENHAGEN, Denmark, Dec. 6, 2013 (GLOBE NEWSWIRE) -- Genmab A/S
(Copenhagen::GEN) announced today it has reached a new milestone in its
DuoBody technology platform collaboration with Janssen Biotech, Inc.
("Janssen"), triggering a $4 million milestone. The milestone payment is for
pre-clinical progress on the EM1-mAb DuoBody product which targets EGFr and
cMet, two validated targets for cancer therapy.

"This pre-clinical milestone marks robust and very rapid progress in our
DuoBody technology collaboration with Janssen. The pre-clinical data for
EM1-mAb has been encouraging so far and we are proud that both antibodies used
to generate this unique bispecific product were created at Genmab," said Jan
van de Winkel, Chief Executive Officer of Genmab.

Outlook
Genmab is improving its 2013 financial guidance as published on November 26,
2013.

Income Statement                 Revised Guidance       Previous Guidance
                                 (MDKK)                 (MDKK)
Revenue                          645 - 670              595 - 635
Operating expenses               (600) - (625)          (600) - (625)
Operating result continuing      20 - 70                (30) - 35
operations
Discontinued operation           42                     42
Cash Position                    Revised Guidance       Previous Guidance
                                 (MDKK)                 (MDKK)
Cash position beginning of year* 1,516                  1,516
Cash used in operations          (180) - (230)          (180) - (230)
MN facility sale                 52                     52
Warrant exercise                 155                    155
Cash position at end of year*    1,475 - 1,525          1,475 - 1,525
*Cash, cash equivalents, and marketable securities      

Continuing Operations

We are improving the revenue guidance which is now expected to be in the range
of DKK 645 - 670 million compared to DKK 595 - 635 million in the previous
guidance. This is mainly due to the achievement of the USD 4 million
(approximately DKK 22 million) DuoBody milestone and the achievement of the
Lundbeck milestone, of approximately DKK 11 million, announced earlier today.

There is no change to the operating expense guidance, which remains at DKK 600
- 625 million.

As a result of the improved revenue, we now project operating income of DKK 20
- 70 million compared to the previous guidance which called for an operating
result ranging from a loss of DKK 30 million to income of DKK 35 million.

Cash Position

There is no change to the cash position as the receipt of the milestones is
anticipated in 2014. As of December 31, 2012, we had a cash position of DKK
1,516 million and we are projecting a cash burn from operations in 2013 of DKK
180 - 230 million. With the proceeds from warrant exercises of DKK 155 million
and the facility sale of DKK 52 million we are projecting a cash position at
the end of 2013 of DKK 1,475 - 1,525 million.

The estimates above are subject to change for numerous reasons, including but
not limited to, the timing and variation of development activities (including
activities carried out by our collaboration partners) and related income and
costs; achievement of certain milestones associated with our collaboration
agreements; Arzerra sales and corresponding royalties to Genmab; fluctuations
in the value of our marketable securities; and currency exchange rates. The
financial guidance also assumes that no significant agreements are entered
into during 2013 that could materially affect the results.

About the DuoBody Technology Collaboration with Janssen

Under the original agreement, Janssen has the right to use the DuoBody
technology to create panels of bispecific antibodies (up to 10 DuoBody
programs) to multiple disease target combinations with Genmab research funded
by Janssen. Genmab received an upfront payment of $3.5 million (approx. DKK 21
million on the date of the agreement) from Janssen in July 2012 and will
potentially be entitled to milestone and license payments of up to
approximately $175 million (approx. DKK 1,062 million on the date of the
agreement), as well as royalties for each commercialized DuoBody product.

Under the terms of a December 2013 amendment, Janssen is entitled to work on
up to ten additional programs. Genmab received an initial payment of $2
million (approximately DKK 11 million on the date of the amendment) from
Janssen. For each of the ten additional programs that Janssen successfully
initiates, develops and commercializes, Genmab will potentially be entitled to
milestone and license payments of up to approximately $174 million (DKK 956
million on the date of the amendment) to $219 million (DKK 1.2 billion on the
date of the amendment), depending on the date each program is initiated. In
the most favorable scenario in which all ten additional programs are
successfully initiated, developed and commercialized, Genmab would receive
average milestone and license payments of approximately $191 million (DKK 1.0
billion on the date of the amendment) for each of the ten programs. In
addition, Genmab will be entitled to royalties on sales of any commercialized
products.

About the DuoBody Platform

The DuoBody platform is an innovative platform for the discovery and
development of bispecific antibodies that may improve antibody therapy of
cancer, autoimmune, infectious and central nervous system disease. Bispecific
antibodies bind to two different epitopes either on the same, or on different
targets (also known as dual-targeting) which may improve the antibodies'
specificity and efficacy in inactivating the disease targets. DuoBody
molecules are unique in combining the benefits of bispecificity with the
strengths of conventional antibodies which allows DuoBody molecules to be
administered and dosed as other antibody therapeutics. Genmab's DuoBody
platform generates bispecific antibodies via a fast and broadly applicable
process which is easily performed at standard bench, as well as commercial,
manufacturing scale.

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.

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

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 www.genmab.com . 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); Genmab in combination with the Y-shaped Genmab
logo^TM; the DuoBody(tm) logo; HuMax^(r); HuMax-CD20^(r); DuoBody^(r),
HexaBody^TM and UniBody^(r). Arzerra^(r) is a registered trademark of
GlaxoSmithKline.

Company Announcement no. 54
CVR no. 2102 3884

Genmab A/S
Bredgade 34E
1260 Copenhagen K
Denmark
 
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