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Genmab Q2 after-tax profit declines YOY; revenue outlook raised

Genmab A/S said its after-tax profit for the second quarter of 2019 declined year over year and updated its revenue outlook for the full year.

After-tax profit totaled 84.9 million Danish kroner, down from 260.5 million kroner in the year-earlier period. EPS came in at 1.35 kroner, a decline from 4.21 kroner in the prior-year period.

The S&P Global Market Intelligence consensus normalized estimate for the quarter was 1.09 kroner.

The Danish company, which develops cancer treatments, said its revenue grew year over year to 773.9 million kroner from 509.7 million kroner.

Genmab's research and development expenses rose to 563.4 million kroner in the second quarter from 318.9 million kroner in the year-earlier period.

Copenhagen-based Genmab also increased its revenue guidance for the year to 4.80 billion kroner from the previous guidance of 4.60 billion kroner. Additionally, it also revised its operating income outlook for 2019 to 2.05 billion kroner from the previous guidance of 2 billion kroner.

As of Aug. 13, US$1 was equivalent to 6.67 Danish kroner.