Danish biotechnology company Genmab A/S (OMX: GEN) announced second quarter results yesterday after the bell. The financial guidance for this year was raised slightly. Revenue is still expected to fall between 325 and 350 million DKK. Operating expense expectations range was shifted slightly down to 650 – 700 million from 675 – 725. This also meant similar adjustment for operating loss expectations. Genmab continues to try to sell its Minnesota manufacturing facility and expects
Arzerra (ofatumumab) second quarter net sales were 10.5 million GBP (~88.6 million DKK). Genmab expects a royalty of about 17.7 million DKK from GlaxoSmithKline for the sales.
Savings from winding down the development program of zalutumumab will be realized in 2012. Genmab highlighted CD74 antibody-drug conjugate (ADC) research collaboration with Seattle Genetics. The stock is flat for the day so far.
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