Loss down on rocketing sales for Genmab

Copenhagen, Denmark-based biotechnology company Genmab narrowed its first-quarter 2009 loss by 5%, year-on-year, on rocketing sales and R&D  cuts.

The firm's net loss fell to 199.2 million Danish kroner ($36.5 million),  or 4.44 kroner per share, versus a loss of 210.5 million kroner, or 4.73  kroner per share. However, as of March 31, the firm had 1.43 billion  kroner in cash and cash equivalents, down 19% on the end of last year.  Fuelling the improvement were sales up 51% to 252.2 million kroner. R&D  expenses were 295.7 million kroner, down 10%.

Genmab is maintaining its 2009 financial guidance, expecting revenue of  1.2 billion kroner primarily consisting of milestone payments. Operating  expenses are forecast to be in line with 2008 operating costs of 1.6  billion kroner. With the projected increase in revenue and stable  operating expenses, the firm expects operating loss for 2009 to be  around 400.0 million kroner, with a cash balance of 1.25 billion kroner.