COPENHAGEN May 1 Danish biotech firm Genmab raised its full-year profit forecast after announcing its partner will start a new phase III clinical study of a cancer drug, a move which will give it a milestone payment of 50 million Danish crowns ($9.3 million).
Genmab now expects operating income of 140-210 million crowns, compared with the guidance of 90-160 million it gave in March.
Genmab's partner Janssen Biotech, a unit in Johnson & Johnson, will start the phase III study of cancer drug candidate daratumumab in relapsed or refractory multiple myeloma.
Genmab expects 2014 operating expenses to remain in a range of 600-650 million crowns.
($1 = 5.3830 Danish Crowns) (Reporting by Ole Mikkelsen; Editing by Mark Potter)