Company Announcement
Copenhagen, Denmark; February 17, 2016 – Genmab A/S (OMX: GEN) announced today its Annual Report for 2015. Below is a summary of business progress and financial performance for the year, and financial outlook for 2016 from the report. The full report is attached as a PDF file and can be found on the investor section of the company’s website, www.genmab.com.
2015 ACHIEVEMENTS
Business Progress
Maximize daratumumab clinical progress
- Phase II multiple myeloma (MM) monotherapy data, and, if favorable, discuss regulatory next steps with health authorities - Achieved
- Start multiple new MM trials - Achieved
- Start non-MM clinical trial - Achieved
Optimize ofatumumab value
- File for an additional indication - Achieved
- Phase III relapsed chronic lymphocytic leukemia (CLL) data - Achieved
- Start Phase III subcutaneous autoimmune trials – Moved to 2016
Strengthen differentiated product pipeline
- Phase I tisotumab vedotin (HuMax-TF-ADC) data - Achieved
- Progress HuMax-AXL-ADC - Achieved
- Progress pre-clinical DuoBody & HexaBody projects - Achieved
Broaden partnership portfolio with next generation technologies
- Expand DuoBody & HexaBody collaborations - Achieved
- Progress partnered programs - Achieved
- New Investigational New Drug (IND) filings - Achieved
Disciplined financial management
- Maintain cost base while selectively investing to advance pipeline - Achieved
Financial Performance
- Revenue increased by DKK 283 million, from DKK 850 million in 2014 to DKK 1,133 million in 2015, mainly driven by higher revenue related to our daratumumab and DuoBody collaborations with Janssen.
- Operating expenses were reduced from DKK 585 million in 2014 to DKK 579 million in 2015.
- Operating income improved by DKK 465 million, from DKK 265 million in 2014 to DKK 730 million in 2015.
- 2015 year end cash position of DKK 3,493 million, compared to DKK 2,661 million as of December 31, 2014.
2016 OUTLOOK
| MDKK | 2016 Guidance | 2015 Actual Result |
| Revenue | 825 – 875 | 1,133 |
| Operating expenses | (775) – (825) | (579) |
| Reversal of GSK liability | - | 176 |
| Operating income | 25 – 75 | 730 |
| Cash position at end of year* | 3,300 – 3,400 | 3,493 |
| *Cash, cash equivalents, and marketable securities | ||
Conference Call
Genmab will hold a conference call in English to discuss the results for the full year 2015 today, Wednesday, February 17, at 6.00 pm CET, 5.00 pm GMT or noon EST. The dial in numbers are:
+1 646 254 3367 (US participants) and ask for the Genmab conference call
+44 20 3427 1911 (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
Genmab is a publicly traded, international biotechnology company specializing in the creation and development of differentiated antibody therapeutics for the treatment of cancer. Founded in 1999, the company has two approved antibodies, Arzerra® (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications and DARZALEX™ (daratumumab) for the treatment of heavily pretreated or double refractory multiple myeloma. Daratumumab is in clinical development for additional multiple myeloma indications and for non-Hodgkin’s lymphoma. Genmab also has a broad clinical and pre-clinical product pipeline. Genmab's technology base consists of validated and proprietary next generation antibody technologies - the DuoBody® platform for generation of bispecific antibodies, and the HexaBody® platform which creates effector function enhanced antibodies. The company intends to leverage these technologies to create opportunities for full or co-ownership of future products. Genmab 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®; 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.
Company Announcement no. 03
CVR no. 2102 3884
Genmab A/S
Bredgade 34E
1260 Copenhagen K
Denmark
