Genmab reports nine month interim results, including $31 million revenue increase on 2013

Danish biotech company Genmab has reported its nine-month interim results, including an increase in revenue of 187 million Danish kroner ($31 million). Its revenue increase to 635 million kroner was mainly driven by higher revenue related to the daratumumab collaboration with US health care giant Johnson & Johnson’s (NYSE: JNJ) Europe-based subsidiary Janssen. This was partly offset by lower milestones and royalties related to a collaboration with GlaxoSmithKline (LSE: GSK).

Operating income for the period was 204 million kroner, compared to 16 million kroner in the first nine months of 2013, an increase of 188 million kroner which was driven by increased revenue.

Jan van de Winkel, chief executive  of Genmab, said: “The third quarter was solid from both a financial and clinical development perspective.  Operating income increased through significant revenue growth combined with our disciplined financial management which kept our operating expenses flat year over year. The daratumumab program is making excellent progress with two Phase III studies recruiting patients and two others which will start recruiting patients over the next few months.”