Genmab A/S revised earnings guidance for the full year 2009. The company expects 2009 revenue to be approximately DKK 640 million compared to the previous estimate of DKK 750 million. The reduction in revenue is primarily due to the delay of a milestone payment to 2010 that was originally expected in 2009 under the Arzerra(TM) (ofatumumab) collaboration with GlaxoSmithKline. Operating loss is expected at DKK 1,160 million from DKK 650 million provided earlier. The company expects to recognize an impairment charge in the fourth quarter of 2009 related to the proposed sale of the Brooklyn Park facility. The company has estimated the fair value of the facility to be approximately USD 150 million less sales related costs of approximately USD 5 million, resulting in a fair value less cost to sell of approximately USD 145 million (DKK 737 million as of November 3, 2009), which resulted in a non-cash impairment charge of approximately USD 83 million (DKK 420 million as of November 3, 2009).

Genmab A/S, 2009 Guidance/Update Call, Nov-05-2009

On November 5, Genmab A/S stated that it plans to divest its manufacturing facility at Brooklyn Park, Minnesota, in the United States. The company is also looking at cutting about 300 jobs across its international operations.