May 1, 2014 / 8:00 PM / in 4 years

Genmab raises 2014 profit forecast, expects milestone

COPENHAGEN, May 1 (Reuters) - 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

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