Genmab 2011 Annual Report
Genmab A/S
07.03.2012 17:11
---------------------------------------------------------------------------
Copenhagen, Denmark; March 7, 2012 - Genmab A/S (OMX: GEN) today published its
Annual Report for 2011. Below is a summary from the report of business progress
and financial performance for the year and financial outlook for 2012. The full
report is attached in PDF form here and available on the investor section of
the company's website www.genmab.com.
2011 HIGHLIGHTS
Business Progress
Maximizing the Value of ofatumumab
-- Launched in 23 countries by end of 2011 under the trade name Arzerra(r)
-- Increased sales in GBP by 40%, resulting in DKK 75 million in royalty
income to Genmab
-- GSK initiated first study of subcutaneous ofatumumab in relapsing remitting
multiple sclerosis (RRMS)
-- More than 75 Investigator Sponsored Studies (ISS) planned or ongoing
Progressing Our Pipeline
-- Initiated three new clinical studies
-- Published data from nine clinical studies
-- Fifteen abstracts published at American Society of Hematology Annual
Meeting
-- Announced decision to wind down the zalutumumab program
-- Announced HuMax(r)-CD74 antibody-drug conjugate (ADC) as new IND candidate
Driving Value through Collaborations
-- Expanded research collaboration with Seattle Genetics to include HuMax-CD74
ADC
-- Achieved first pre-clinical milestone in Lundbeck collaboration
-- Entered DuoBody(tm) research collaboration with undisclosed pharmaceutical
company
Progressing Next Generation Technologies
-- Presented update on DuoBody platform at R&D Day
-- Validated large scale manufacturing process for DuoBody products
Financial Performance
-- Revenue decreased by DKK 231 million, 40%, from DKK 582 million in 2010 to
DKK 351 million, mainly due to the inclusion of two milestone payments from
GSK in 2010.
-- Operating expenses decreased by DKK 143 million, 19%, from DKK 743 million
in 2010 to DKK 600 million.
-- Operating loss was DKK 249 million in 2011 compared to DKK 161 million in
2010. Despite the reduction in revenue the increase was limited to DKK 88
million due to a continued focus on cost control.
-- Due to the difficult general market conditions, worsening economic outlook
and other factors, the fair value less cost for a sale of the company's
manufacturing facility has been reduced from approximately USD 120 million
to USD 58 million, resulting in a non-cash impairment charge of DKK 342
million. The expected sale was moved to 2012.
-- 2011 year end cash position of DKK 1,105 million compared to DKK 1,546
million as of December 31, 2010.
-- Exceeded original and latest guidance from continuing operations in 2011
through further reductions in operating expenses.
2012 OUTLOOK
MDKK 2012 Guidance 2011 Actual Results
------------------------------------------------------------------------
------------------------------------------------------------------------
Revenue 350 - 375 351
Operating expenses (600) - (625) (600)
Operating loss continuing operations (225) - (275) (249)
Discontinued operation (40) (381)
Cash position beginning of year* 1,105 1,546
Cash used in operations (425) - (450) (441)
Cash position at end of 655 - 680 1,105
year* excl. facility sale
Facility sale 320 -
Cash position at end of year* 975 - 1,000 1,105
------------------------------------------------------------------------
*Cash, cash equivalents, and marketable securities
-------------------------------------------------------------------------
Conference Call
Genmab will hold a conference call in English to discuss the results for the
full year 2011 today, Wednesday, March 7, at 6.30 pm CET, 5.30 pm GMT or 12.30
pm EST. The dial in numbers are:
+1 718 354 1226 (US participants) and ask for the Genmab conference call
+44 207 509 5139 (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.
Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations &
Communication
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(r); the Y-shaped Genmab logo(r); HuMax(r); HuMax-CD20(r); HuMax(r)-EGFr;
HuMax(r)-IL8; HuMax(r)-TAC; HuMax(r)-CD38; HuMax(r)-TF; HuMax(r)-Her2; HuMax(r)-cMet,
HuMax(r)-CD74, DuoBody(tm) and UniBody(r) are all trademarks of Genmab A/S. Arzerra(r)
is a trademark of GlaxoSmithKline.
Company Announcement no. 03
CVR no. 2102 3884
Genmab A/S
Bredgade 34
1260 Copenhagen K
Denmark
Click on, or paste the following link into your web browser, to view the associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=381928
News Source: NASDAQ OMX
07.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Genmab A/S
DÀnemark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0010272202
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Genmab A/S
07.03.2012 17:11
---------------------------------------------------------------------------
Copenhagen, Denmark; March 7, 2012 - Genmab A/S (OMX: GEN) today published its
Annual Report for 2011. Below is a summary from the report of business progress
and financial performance for the year and financial outlook for 2012. The full
report is attached in PDF form here and available on the investor section of
the company's website www.genmab.com.
2011 HIGHLIGHTS
Business Progress
Maximizing the Value of ofatumumab
-- Launched in 23 countries by end of 2011 under the trade name Arzerra(r)
-- Increased sales in GBP by 40%, resulting in DKK 75 million in royalty
income to Genmab
-- GSK initiated first study of subcutaneous ofatumumab in relapsing remitting
multiple sclerosis (RRMS)
-- More than 75 Investigator Sponsored Studies (ISS) planned or ongoing
Progressing Our Pipeline
-- Initiated three new clinical studies
-- Published data from nine clinical studies
-- Fifteen abstracts published at American Society of Hematology Annual
Meeting
-- Announced decision to wind down the zalutumumab program
-- Announced HuMax(r)-CD74 antibody-drug conjugate (ADC) as new IND candidate
Driving Value through Collaborations
-- Expanded research collaboration with Seattle Genetics to include HuMax-CD74
ADC
-- Achieved first pre-clinical milestone in Lundbeck collaboration
-- Entered DuoBody(tm) research collaboration with undisclosed pharmaceutical
company
Progressing Next Generation Technologies
-- Presented update on DuoBody platform at R&D Day
-- Validated large scale manufacturing process for DuoBody products
Financial Performance
-- Revenue decreased by DKK 231 million, 40%, from DKK 582 million in 2010 to
DKK 351 million, mainly due to the inclusion of two milestone payments from
GSK in 2010.
-- Operating expenses decreased by DKK 143 million, 19%, from DKK 743 million
in 2010 to DKK 600 million.
-- Operating loss was DKK 249 million in 2011 compared to DKK 161 million in
2010. Despite the reduction in revenue the increase was limited to DKK 88
million due to a continued focus on cost control.
-- Due to the difficult general market conditions, worsening economic outlook
and other factors, the fair value less cost for a sale of the company's
manufacturing facility has been reduced from approximately USD 120 million
to USD 58 million, resulting in a non-cash impairment charge of DKK 342
million. The expected sale was moved to 2012.
-- 2011 year end cash position of DKK 1,105 million compared to DKK 1,546
million as of December 31, 2010.
-- Exceeded original and latest guidance from continuing operations in 2011
through further reductions in operating expenses.
2012 OUTLOOK
MDKK 2012 Guidance 2011 Actual Results
------------------------------------------------------------------------
------------------------------------------------------------------------
Revenue 350 - 375 351
Operating expenses (600) - (625) (600)
Operating loss continuing operations (225) - (275) (249)
Discontinued operation (40) (381)
Cash position beginning of year* 1,105 1,546
Cash used in operations (425) - (450) (441)
Cash position at end of 655 - 680 1,105
year* excl. facility sale
Facility sale 320 -
Cash position at end of year* 975 - 1,000 1,105
------------------------------------------------------------------------
*Cash, cash equivalents, and marketable securities
-------------------------------------------------------------------------
Conference Call
Genmab will hold a conference call in English to discuss the results for the
full year 2011 today, Wednesday, March 7, at 6.30 pm CET, 5.30 pm GMT or 12.30
pm EST. The dial in numbers are:
+1 718 354 1226 (US participants) and ask for the Genmab conference call
+44 207 509 5139 (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.
Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations &
Communication
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(r); the Y-shaped Genmab logo(r); HuMax(r); HuMax-CD20(r); HuMax(r)-EGFr;
HuMax(r)-IL8; HuMax(r)-TAC; HuMax(r)-CD38; HuMax(r)-TF; HuMax(r)-Her2; HuMax(r)-cMet,
HuMax(r)-CD74, DuoBody(tm) and UniBody(r) are all trademarks of Genmab A/S. Arzerra(r)
is a trademark of GlaxoSmithKline.
Company Announcement no. 03
CVR no. 2102 3884
Genmab A/S
Bredgade 34
1260 Copenhagen K
Denmark
Click on, or paste the following link into your web browser, to view the associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=381928
News Source: NASDAQ OMX
07.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Genmab A/S
DÀnemark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0010272202
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------