Genmab Reports Financial Results for the 12 Months Ended December 31, 2007
COPENHAGEN, Denmark, March 31 /PRNewswire-FirstCall/ -- Genmab A/S (OMX: GEN) announced today results for the financial year ended December 31, 2007.
Revenues of DKK 530 million (approximately USD 104 million) compared to DKK 136 million (approximately USD 27 million) in 2006.
An Operating Loss of DKK 437 million (approximately USD 86 million). This compares to an Operating Loss of DKK 472 million (approximately USD 93 million) reported in 2006.
Net Financial Income totaled DKK 54 million (approximately USD 11 million) compared to Net Financial Income of DKK 34 million (approximately USD 7 million) in 2006.
A Net Loss of DKK 383 million (approximately USD 76 million) compared to a Net Loss in 2006 of DKK 438 million (approximately USD 86 million). The Net Loss per share was DKK 8.72 (approximately USD 1.72) in 2007 compared to a Net Loss per share of DKK 11.26 (approximately USD 2.22) in 2006. The 2007 Net Loss exceeded Genmab's guidance of DKK 260 to 310 million as a development milestone payment projected for late 2007 was not received until January 2008. The milestone payment of DKK 87 million was triggered by the first patient receiving treatment in the HuMax-CD20 (ofatumumab) Phase III rheumatoid arthritis (RA) program.
Genmab ended the year with a cash position of DKK 3.7 billion (approximately USD 728 million), which is an increase of approximately DKK 2.0 billion (approximately USD 388 million) from the end of 2006.
USD 1.00 = DKK 5.075 (Danish Central Bank's spot rate on December 31, 2007)
Genmab achieved a number of business and scientific milestones, as
Genmab and GlaxoSmithKline received antitrust clearance for the
HuMax-CD20 co-development and commercialization agreement; achieved first
two milestones in collaboration
|SOURCE Genmab A/S|
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