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Genmab Q2 Loss Narrows

Denmark-based Genmab A/S (GNMSF.PK), Wednesday reported second-quarter net loss of 2.1 million Danish krone or 0.05 krone per share, compared to 80.6 million krone or 1.79 krone per share last year.

Net earnings from continuing operations for the quarter was 8.0 million krone or 0.18 krone per share, compared to net loss from continuing operations of 71.4 million krone or 1.59 krone per share last year.

Net revenues for the quarter was 111.6 million krone, up from 83.9 million krone last year.

The company net loss for the first half of 2012 was 71.6 million krone or 1.59 krone per share, compared to 191.8 million krone or 4.27 krone per share last year.

Net loss from continuing operations for the period was 51.8 million krone or 1.15 krone per share, compared to 172.7 million krone or 3.84 krone per share last year.

Genmab's revenues for the first half period grew 23 percent to 206 million krone from 167 million krone in the prior year period, driven mainly by higher Arzerra royalties and the achievement of a milestone under our collaboration with GlaxoSmithKline.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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