Genmab — Management Reports 2010

Oct 25, 2010

News Details

Ad-hoc | 25 October 2010 14:55

Genmab Announces Reorganization Plan

Genmab A/S

25.10.2010 14:55

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The issuer is solely responsible for the content of this announcement.

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• Intent to reduce headcount by approximately 33 positions to match future
  workload
• Annualized savings of approximately DKK 30 million
• Development programs will not be affected

Copenhagen, Denmark; October 25, 2010 - Genmab A/S (OMX: GEN) announced today
plans to reorganize its workforce as part of its strategy to build a profitable
and successful biotech company. The company intends to reduce its staff by
approximately 33 positions as a result of the reorganization. The annualized
impact of the reorganization is estimated to yield savings of approximately DKK
30 million.

Genmab's corporate strategy is to employ a disciplined approach in maintaining
an efficient operating model, while retaining core skills in-house. As a result
of this initiative, the restructuring of the ofatumumab agreement with
GlaxoSmithKline, and the intent to partner zalutumumab, the workload for certain
employees will decline. This reorganization will more closely align headcount
with future workload. In addition, the reorganization will contribute to
Genmab's plan to reduce operating expenses by 20% in 2011. No development
programs will be discontinued as a result of this reorganization.

'I truly regret the need to reorganize our workforce especially given the
tremendous efforts and loyalty displayed over the years by Genmab's employees.
I would like to express my gratitude to all the employees who have contributed
to Genmab's success,' said Jan van de Winkel, Ph.D., Chief Executive Officer of
Genmab. 'We must, however, continue to focus on Genmab's core competency of
antibody creation, development and innovation. Today's reorganization is a key
step in our commitment to our updated corporate strategy and our goal of
becoming a profitable business.'

This reorganization plan is not expected to have a material impact on Genmab's
2010 financial guidance, with an anticipated total cash impact of DKK 25
million, with DKK 7 million impacting 2010.

About Genmab A/S
Genmab is a leading international biotechnology company focused on developing
fully human antibody therapeutics for the potential treatment of cancer.
Genmab's world class discovery and development teams are using cutting-edge
technology to create and develop products to address unmet medical needs. Our
primary goal is to improve the lives of patients who are in urgent need of new
treatment options. For more information on Genmab's products and technology,
visit www.genmab.com.

Contact:
Helle Husted, Vice President, Investor Relations
T: +45 33 44 77 30, M: +45 25 27 47 13, E: h.husted@genmab.com

This Stock Exchange Release contains forward looking statements. The words
'believe', 'expect', 'anticipate', 'intend' and 'plan' and similar expressions
identify forward looking statements. Actual results or performance may differ
materially from any future results or performance expressed or implied by such
statements. The important factors that could cause our actual results or
performance to differ materially include, among others, risks associated with
product discovery and development, uncertainties related to the outcome and
conduct of clinical trials including unforeseen safety issues, uncertainties
related to product manufacturing, the lack of market acceptance of our products,
our inability to manage growth, the competitive environment in relation to our
business area and markets, our inability to attract and retain suitably
qualified personnel, the unenforceability or lack of protection of our patents
and proprietary rights, our relationships with affiliated entities, changes and
developments in technology which may render our products obsolete, and other
factors. For a further discussion of these risks, please refer to the section
'Risk Management' in Genmab's Annual Report, which is available on
www.genmab.com. Genmab does not undertake any obligation to update or revise
forward looking statements in this Stock Exchange Release nor to confirm such
statements in relation to actual results, unless required by law.

Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD20(R); HuMax-EGFr(TM);
HuMax-IL8(TM); HuMax-TAC(TM); HuMax-HepC(TM); HuMax-CD38(TM); HuMax-TF(TM);
HuMax-Her2(TM); HuMax-Wnt(TM); HuMax-cMet(TM) and UniBody(R) are all trademarks
of Genmab A/S. Arzerra(R) is a trademark of GlaxoSmithKline.

Stock Exchange Release no. 42

News Source: NASDAQ OMX

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Language: English
Company: Genmab A/S

          Denmark

Phone:
Fax:
E-mail:
Internet:
ISIN: DK0010272202
WKN:

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