Genmab Announces Financial Results for the First Half of 2017

Interim Report for the First Half 2017

August 9, 2017; Copenhagen, Denmark;

Interim Report for the First Half of 2017

Highlights

  • USD 554 million in net sales of DARZALEX® (daratumumab); resulting in royalty income of DKK 454 million
  • DARZALEX approved by U.S. Food and Drug Administration (FDA) in combination with pomalidomide and dexamethasone for relapsed or refractory multiple myeloma
  • DARZALEX received European regulatory approval in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone for relapsed or refractory multiple myeloma
  • Announced Phase III study combining daratumumab with pomalidomide and dexamethasone in multiple myeloma
  • Announced plans for new studies of daratumumab in smoldering multiple myeloma and with subcutaneous formulation in amyloidosis and multiple myeloma
  • Reported preliminary Phase I/II tisotumab vedotin data in cervical cancer

"It's been another exciting and busy quarter, with highlights including further DARZALEX label expansions allowing for a broader number of multiple myeloma patients to be treated with the drug, as well as the announcement of a number of new pivotal studies with daratumumab. In addition we announced encouraging data from our ongoing Phase I/II tisotumab vedotin trial and have been working hard on progressing projects in our innovative pipeline," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Half of 2017

  • Revenue was DKK 1,024 million in the first half of 2017 compared to DKK 524 million in the first half of 2016. The increase of DKK 500 million, or 95%, was mainly driven by higher DARZALEX royalties and milestones.
  • Operating expenses were DKK 442 million in the first half of 2017 compared to DKK 366 million in the first half of 2016. The increase of DKK 76 million, or 21%, was due to the additional investment in our pipeline of products, including the advancement of tisotumab vedotin,  HexaBody®-DR5/DR5, DuoBody®-CD3xCD20, and other products in our  pipeline.
  • Operating income was DKK 582 million in the first half of 2017 compared to DKK 158 million in the first half of 2016.  The increase of DKK 424 million, or 268%, was driven by higher revenue, which was partly offset by increased operating expenses in 2017.
  • On June 30, 2017, Genmab had a cash position of DKK 5,215 million compared to DKK 3,922 million at December 31, 2016. This represented a net increase of DKK 1,293 million, which was mainly driven by positive working capital adjustments of DKK 630 million related to milestones achieved in the fourth quarter of 2016 that were received in 2017, our operating income of DKK 582 million, and proceeds from the exercise of warrants of DKK 194 million. 

Outlook                                                                                          

Genmab is maintaining its 2017 financial guidance published on February 22, 2017 and reiterated on May 10, 2017.

Conference Call

Genmab will hold a conference call in English to discuss the results for the first half of 2017 today, Wednesday, August 9, at 6.00 pm CEST, 5.00 pm BST or 12.00 pm EDT. The dial in numbers are:

+1 646 254 3366 (US participants) and ask for the Genmab conference call
+44 20 3427 1912 (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

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

The 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 the interim report. Genmab does not undertake any obligation to update or revise forward looking statements in the interim report 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®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo™; the DuoBody logo®; the HexaBody logo™; HuMax®; HuMax-CD20®; DuoBody®; HexaBody® and UniBody®. Arzerra® is a trademark of Novartis AG or its affiliates. DARZALEX® is a trademark of Janssen Biotech, Inc.

Download the full Interim Report for the first half of 2017 on attachment or at www.genmab.com.


CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122

Genmab A/S
Kalvebod Brygge 43
1560 Copenhagen V
Denmark