Summary: Genmab Reports Results for the First Three Months of 2008.
COPENHAGEN, May 28 /PRNewswire-FirstCall/ -- Genmab A/S (OMX: GEN) announced today results for the three month period ended March 31, 2008. During this period, Genmab reported the following results:
Genmab's revenues were DKK 167 million (approx. USD 36 million) for the first quarter of 2008. In the same period of 2007, Genmab recognized revenues of DKK 80 million (approx. USD 17 million).
An operating loss of DKK 197 million (approx. USD 42 million). This compares to an operating loss of DKK 106 million (approx. USD 22 million) reported for the corresponding period of 2007.
Net financial income for the first quarter of 2008 reflected a net loss of DKK 14 million (approx. USD 3 million) compared to a net income of DKK 29 million (approx. USD 6 million) in the same period of 2007. The net financial income reflects a combination of positive yield from our portfolios of marketable securities and unrealized foreign exchange losses derived from the continued weakening of the USD against the DKK in the first quarter of 2008.
A net loss of DKK 210 million (approx. USD 45 million) compared to a net loss of DKK 77 million (approx. USD 16 million) for the same period in 2007. The net loss per share was DKK 4.73 (approx. USD 1.00) for the first quarter of 2008 compared to DKK 1.81 (approx. USD 0.38) in the first quarter of 2007.
Genmab ended the first quarter with a cash position of DKK 2.4 billion (approx. USD 503 million), which is a decrease of DKK 1.3 billion (approx. USD 280 million) from the end of 2007. The decrease primarily arises from the DKK 1.2 billion (approx. USD 240 million at the date of acquisition) acquisition of the manufacturing facility in March 2008.
Highlights During the first quarter of 2008, Genmab achieved a number of business and scientific milestones, as follows:
In March, Genmab acquired an antibody manufacturing facili
|SOURCE Genmab A/S|
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