Genmab's 1st-half loss falls 54% on sales hike

Danish biotechnology firm Genmab AS says that, for the six months ended June 20, 2007, net losses were 87.0 million Danish kroner ($15.9 million) a reduction of 54% on the deficit it recorded in the comparable period last year. The firm said that the improvement was largely a result of higher revenues, which increased to 279.6 million kroner from 74.3 million kroner in the first half of 2006.

Genmab also highlighted a number of significant business and scientific milestones it achieved in the period, including: regaining all rights to the anticancer agent HuMax-CD4 (zanolimumab) from Merck Seono SA; the expansion of its clinical development program for HuMax-CD20 (ofatumumab) for indications including multiple sclerosis and diffuse large B-cell lymphoma; positive data from trials of its broad anticancer agent HuMax-EGFr and the hepatitis C treatment HuMax-HepC; and the favorable results from a Phase II study of HuMax-CD20 in rheumatoid arthritis that it is being conducted by GlaxoSmithKline. The latter announcement triggered a 116.3 million kroner payment from the UK firm under the licensing deal signed late last year (Marketletter January 1 & 8).

Genmab, which also joined the OMX Nordic Exchange in Copenhagen in the period, maintained its full year guidance, predicting a net loss in the 260.0 million kroner to 310.0 million kroner range. Analysts at ING Financial Markets upgraded the company's share from sell to hold.