UPDATE 2-Genmab US plant sale, job cuts to hit year results

Thu Nov 5, 2009 6:00pm GMT
 
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* Says to sell U.S. plant, cut jobs, incur costs

* Cuts 2009 guidance to operating loss of 1.16 bln crowns

* Shares end down 9.3 percent, after hitting a 4-year low

(Adds detail, quotes; updates share price)

By John Acher

COPENHAGEN, Nov 5 (Reuters) - Danish biopharma company Genmab (GEN.CO) said it would post a deeper than expected full-year loss due to its plan to sell its U.S. manufacturing plant and cut about 300 jobs across its business.

Genmab said it expected a full-year 2009 operating loss of 1.16 billion Danish crowns ($231 million) instead of an earlier indicated loss of 650 million.

It lowered year revenue guidance to about 640 million crowns from a previous estimate of 750 million.

It was the second downgrade of 2009 guidance in less than three months. The planned sale of its Brooklyn Park, Minnesota plant marked a reversal of a less than two-year-old strategy to secure its own manufacturing capacity.  Continued...

 

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