Genmab A/s · OMXCOP:GMAB
Genmab A/s — H1 2010 Earnings Presentation
13 slides from Genmab A/s's earnings presentation, August 2010
Slide 1: Half Year Results
Half Year Results Period ended June 30, 2010
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, inclu
Slide 3: Key Data 6 Months Ended June 30, 2010
Key Data 6 Months Ended June 30, 2010 2010 2009 2010 2009 DKK millions USD millions * Revenue 276 324 46 53 Net Loss (219) (314) (36) (52) R&D employees 159 320 Administration employees 33 48 Discontinued operations 25 162 Employees at end of period 217 530 DKK millions USD millions * Cash and marke
Slide 4: Income Statement 6 Months Ended June 30, 2010
Income Statement 6 Months Ended June 30, 2010 2010 2009 2010 2009 DKK millions USD millions * Revenue 276 324 46 53 R&D Costs (413) (462) (68) (76) G&A Expenses (103) (75) (17) (12) Operating Expenses (516) (537) (85) (88) Operating Loss (240) (213) (39) (35) Net Financial Items & Tax 49 12 8 2 Net
Slide 5: GSK Amendment
GSK Amendment GBP 90 million upfront payment to Genmab Autoimmune control and all costs handed over to GSK, double digit royalties maintained Oncology remains joint development Total cap on Genmab funding commitment - GBP 145 million Annual cash spending cap over next 6 years - GBP 17 million p.a. N
Slide 6: Deferred Revenue
Deferred Revenue DKK millions 2010 2011 2012 2013 2014 2015 Total Booked H1 2010 109 109 Old Deferred 29 59 59 59 59 60 325 Revenue Remaining New Upfront Payment 74 148 148 148 148 149 815 Deferred Revenues 212 207 207 207 207 209 1,249 Previous guidance for 2010 Deferred Revenue was DKK 217 million
Slide 7: Funding Cap
Funding Cap GBP millions 2010 2011 2012 2013 2014 2015 Total Annual Cash Cap 17 17 17 17 17 17 102 P&L Cap 24 24 24 24 24 25 145 Annual Difference 7 7 7 7 7 8 43 For illustrative purposes only, P&L cap will likely not occur evenly over time and may go beyond 2015. 7
Slide 8: Guidance 2010
Guidance 2010 Previous New Guidance Royalty Income not Guidance 2010 2010 included in Guidance DKK Millions DKK Millions Revenue 350 - 450 475 - 525 Operating Expenses (950) - (1,050) (825) - (875) Operating Loss from Continuing Ops. (550) - (650) (325) - (375) Discontinued Operations (55) (60) Faci
Slide 9: Guidance Comparison
Guidance Comparison Guidance Mid Point of Range Old New Change DKK millions Revenue 400 500 100 Operating Expenses (1,000) (850) 150 Operating Loss from Continuing Ops. (600) (350) 250 Discontinued Operations (55) (60) (5) Opening Cash 1,281 1,281 - Cash Burn (956) (671) 285 Closing Cash before MN/G
Slide 10: Controlling Costs
Controlling Costs 1800 1600 1400 DKK 1.6B 1200 DKK ooo's DKK 1.3B 1000 DKK 900M DKK 1. 1B DKK 100M 800 600 DKK 800M 400 200 0 2008 2009 2010 2010 Old New Year Guidance Guidance Includes expenses related to continuing and discontinued operations. 2009 excludes the non cash Minnesota impairment charge
Slide 11: Summary
Summary GSK amendment clarifies cash commitment, reduces expense and cash burn and provides upfront cash Guidance improves Revenue by DKK 100 million Operating Expenses by DKK 150 million Cash from “normal” operations by DKK 285 million Year End cash by DKK 1.1 billion Controlling expenses 2008 ~DKK
Slide 12: Upcoming News-flow 2010
Upcoming News-flow 2010 Strategy Update – September 14 Ofatumumab Study results Ph II multiple sclerosis additional data – Q3 Multiple potential ASH presentations – Q4 New studies to be initiated – Q4 Zalutumumab Regulatory feedback – Oct Other partnered clinical programs, updates – Q4 12
Slide 13: Genmab
*Genmab