Genmab share sales boosts Medarex' 1st qtr

Medarex' first-quarter 2008 net income totaled $103.3 million, or $0.81 per share, versus $110.3 million, or $0.88 per share, for the same period last year, due to a charge of $2.9 million, or $0.02 per share, representing the US drugmaker's share of the 2008 net loss of its Celldex Therapeutics subsidiary prior to its merger with Avant Immunotherapeutics (Marketletter October 29, 2007), as well as a non-cash charge of $5.3 million, or $0.04 per share, for stock-based compensation.

Excluding the impact of these items, as well as a gain of $151.8 million from the sale of 2.5 million shares of Genmab AS in February, the firm's net loss on a non-GAAP basis was $38.5 million, or $0.30 per share, as total revenues reached $12.0 million vs $11.5 million, while R&D expenses increased from $47.0 million to $49.3 million. General and administrative cost rose from $11.3 million to $12.4 million.