Genmab Q3 losses deepen, exceed average forecast
COPENHAGEN, Nov 10 (Reuters) - Danish biopharma company Genmab (GEN.CO) reported third-quarter losses deepening from a year ago and exceeding analysts' average expectation on Tuesday and repeated its revised 2009 loss guidance given last week.
Operating losses grew to 210 million Danish crowns ($42.27 million) in July-September from 37 million in the same quarter last year, Genmab said in a statement.
Market consensus, according to Thomson Reuters I/B/E/S, had been for a July-September loss before interest and tax of 147 million crowns.
Genmab's third-quarter report reiterated the downward revised full-year 2009 revenue and earnings guidance given in a surprise Nov. 5 profit warning, which sent the company's shares to four-year lows. [ID:nL5519065]
The lowered guidance last week came with an announcement that Genmab would close its U.S. manufacturing facility and shed 300 jobs across the business.
"We revised our 2009 financial guidance due to the announcement of a reorganization plan including a contemplated reduction in headcount of approximately 300 positions and decision to sell our manufacturing facility in Brooklyn Park, Minnesota," Genmab said in the statement. (Reporting by Copenhagen newsroom; john.acher@reuters.com; +45 2630 9650; Reuters Messaging: john.acher.reuters.com@reuters.net)) ($1=4.968 Danish Crown)
