Genmab raises 2014 operating income guidance

COPENHAGEN Wed Aug 13, 2014 11:25am EDT

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COPENHAGEN Aug 13 (Reuters) - Danish biotech company Genmab increased its 2014 operating income guidance to between 175 million and 250 million Danish crowns ($31-45 million) from a previous 140 million to 210 million crowns due to its expectations of higher revenues.

It said its raised forecast "is mainly due to the inclusion of an anticipated milestone associated with the Phase III daratumumab VMP study, which is anticipated to start in the fourth quarter".

The company, whose only drug on the market is blood cancer treatment Arzerra, reported an operating loss of 31.7 million crowns in the second quarter although it had made a 64.6 million operating profit in the first half of the year.

Genmab said last month that sales of Arzerra amounted to 12.8 million pounds ($21.53 million) for which it would receive royalties of 23 million crowns. The company has sold the licence for the drug to GlaxoSmithKline.

Arzerra is an antibody used in the treatment of certain chronic lymphocytic leukemia indications. (1 US dollar = 5.5715 Danish crown) (Reporting by Sabina Zawadzki, editing by Terje Solsvik)

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