Genmab A/S (Copenhagen:GEN) announced today it is revising its 2009 financial guidance. We now expect our 2009 revenue to be approximately DKK 750 million compared to the previous estimate of DKK 1.2 billion. The reduction in revenue is primarily due to the exclusion of a milestone payment under the Arzerra(tm) (ofatumumab) collaboration with GlaxoSmithKline.

With a continued focus on cost control we now anticipate that our operating expenses will be approximately DKK 1.4 billion, DKK 200 million below our previous guidance of DKK 1.6 billion. This will result in a revised operating loss of approximately DKK 650 million, as compared to our previous guidance of DKK 400 million.

We now expect the cash burn for 2009 to be approximately DKK 700 million compared to previous guidance of DKK 500 million. Therefore we project a cash balance at the end of the year of approximately DKK 1,050 million, DKK 200 million below our previous guidance.

2009 Guidance

                                           New             Previous                                    DKK      USD       DKK       USD                                 Millions  Millions  Millions  Millions  Revenue                            750       142     1,200       228  Operating expenses               1,400       265     1,600       304  Operating loss                    (650)     (123)     (400)      (76)   Cash burn                         (700)      133      (500)      (95)  Cash at end of year*             1,050       199     1,250       237   * Cash, cash equivalents and marketable securities 

The estimates above are subject to change due to numerous factors, including the timing and variation of development activities, related income and costs and fluctuations in the value of our marketable securities and currency exchange rates. The financial guidance also assumes that no further significant agreements are entered into during 2009 that could materially affect the results.

Conversion of our 2009 guidance has been made using the Danish Central Bank closing spot rate on June 30, 2009 of USD 1.00 = DKK 5.2689.

About Genmab A/S

Genmab is a leading international biotechnology company focused on developing fully human antibody therapeutics for the potential treatment of cancer. Genmab's world class discovery, development and manufacturing teams are using cutting-edge technology to create and develop products to address unmet medical needs. Our primary goal is to improve the lives of patients who are in urgent need of new treatment options.