August 14, 2013 / 4:27 PM / in 4 years

Higher royalties help Genmab narrow Q2 operating loss

COPENHAGEN, Aug 14 (Reuters) - Higher royalty income helped Genmab more than halve its operating loss in the second quarter and the Danish biotech company said it expected a smaller full-year operating loss than it previously anticipated.

Its operating loss fell to 17.9 million Danish crowns ($3.18 mln) from 37.4 million in the corresponding quarter in 2012.

“The improved operating result was driven by increased revenue and continued strong focus on cost control,” the company said on Wednesday.

Revenue rose 23 percent to 138 million crowns in the quarter boosted by higher royalties for Arzerra, which is used to treat blood cancer and is Genmab’s only product on the market.

Genmab now expects a full-year operating loss of between 10 million and 75 million crowns against an earlier forecast of between 40 million and 90 million crowns.

It also forecast full-year revenue between 550 and 590 million crowns versus earlier guidance of 540 to 580 million.

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