Genmab revenues more than double year to date

Denmark-based biotech firm Genmab (OMX: GEN) saw its shares jump 9.5% to 1,168.00 Danish kroner this morning, after it posted financial results showing sharply higher revenues and profits.

Genmab reported revenue of 889 million kroner in the first nine months of 2016 compared to 558 million kroner in the first nine months of 2015. The increase of 331 million kroner, or 59%, was mainly driven by higher royalty and milestone revenue under the daratumumab (trade name Darzalex) collaboration with Janssen.

Operating expenses were 544 million kroner, up 43% compared with the like 2015 period. The increase was due to the additional investment in our pipeline of products, including the advancement of tisotumab vedotin, HuMaxAXL-ADC, HexaBody-DR5/DR5, DuoBody-CD3xCD20, and the firm’s other pre-clinical programs.