Genmab A/S · OMXCOP:GMAB
Genmab A/S — 9M 2010 Earnings Presentation
14 slides from Genmab A/S's earnings presentation, November 2010
Slide 1: Nine Month Results
Nine Month Results Period ended September 30, 2010
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, inclu
Slide 3: Summary of Progress
Summary of Progress Current Priorities Progress to Date Contract amended with GSK as of July 1, 2010. New Phase III oncology trials announced. GSK Maximize value of ofatumumab moving forward with subcutaneous delivery in autoimmune. Update on potential regulatory pathway Evaluate all opportunities f
Slide 4: Ofatumumab: Maximizing Value of Ofatumumab
Ofatumumab Autoimmune to focus on subcutaneous delivery MS Phase II to start in 2011 following positive Phase I/II results Phase III NHL combination study with bendamustine starts Phase III head to head study in follicular NHL starts ASH presentations in December Maximizing Value of Ofatumumab 4
Slide 5: Zalutumumab: Extract Value from Our Pipeline
Zalutumumab Encouraged by overall regulatory feedback Possibility to pursue MAA Additional study data needed in US Partnership discussions can now begin in earnest Marketing campaign underway Extract Value from Our Pipeline 5
Slide 6: Lundbeck: Utilize Utrecht as a Profit Center
Lundbeck Agreement to create & develop human antibodies for CNS disorders Genmab to create novel antibodies to 3 targets identified by Lundbeck Lundbeck have the option to move antibodies into clinical development at own cost Up front €7.5 mil. (DKK 56 mil.) Total value up to €38 mil. (DKK 283 mil.)
Slide 7: Reorganization - Objectives
Reorganization - Objectives Build a profitable & successful Biotech – sustainable Match resources with current and future workload Reduce operating expense burn rate Retain core (strategic skills) in-house Outsource non-core skills Flexibility, speed, economies of scale Utilize Utrecht capabilities
Slide 8: Reorganization
Reorganization Headcount Reduction September Other New Location 2010 Day 1 Transition Changes Organization Copenhagen 74 (6) (21) (4) 43 Utrecht 96 - - 10 106 Princeton 16 (5) (1) - 10 Sub total 186 (11) (22) 6 159 Minnesota 24 - - - 24 Total 210 (11) (22) 6 183 33 Positions 8
Slide 9: Reorganization Cost
Reorganization Cost P&L and Cash Flow P&L Impact Cash Flow Impact DKK Millions 2010 2011 Total 2010 2011 Total Severance/Transition 15 8 23 6 17 23 Warrant Expense 4 - 4 - - - Other 10 - 10 1 1 2 Total Impact of Reorganization 29 8 37 7 18 25 Cash cost of reorganization DKK 25 million Total P&L impa
Slide 10: Key Data
Key Data 9 Months Ended September 30, 2010 2010 2009 2010 2009 DKK millions USD millions * Revenue 491 393 90 72 Net Loss (238) (403) (44) (74) R&D employees 153 316 Administration employees 33 46 Discontinued operations 24 158 Employees at end of period 210 520 DKK millions USD millions * Cash and
Slide 11: Income Statement
Income Statement 9 Months Ended September 30, 2010 2010 2009 2010 2009 DKK millions USD millions * Revenue 491 393 90 72 R&D Costs (434) (639) (79) (117) G&A Expenses (130) (115) (24) (21) Operating Expenses (564) (754) (103) (138) Operating Loss (73) (361) (13) (66) Net Financial Items & Tax 7 133
Slide 12: Guidance 2010
Guidance 2010 DKK millions Revised Previous Revenue 575 - 585 475 - 525 Operating Expenses (775) - (825) (825) - (875) Operating Loss from Continuing Ops. (200) - (250) (325) - (375) Discontinued Operations (55) (60) MN impairment charge (130) - Opening Cash * 1,281 1,281 GSK upfront payment 815 815
Slide 13: Upcoming News-Flow
Upcoming News-Flow Ofatumumab R&D Day New Phase II MS trials mid 2011 Utrecht Jan 20, 2011 ASH presentations Dec 2010 Update pipeline & next generation technologies Additional trials; ClinicalTrials.gov Partnerships Zalutumumab RG1512 moving to Ph II Q4 Partnership progress H1 2011 Update other part
Slide 14: Q&A
Q&A