March 3 (Reuters) - Danish biotech firm Genmab reported 2014 operating income (EBIT) above its own guidancelate on Monday.
Genmab's operating profit rose to 265 million Danish crowns($40 million), up from 69 million crowns in 2013. It hadpreviously predicted profits would come in at between 175 and250 million crowns.
Genmab said it saw an operating profit between 200 and 275million crowns in 2015 and revenue of between 650 and 725million crowns.
Analysts made the following comments:
FRANK HORNING ANDERSEN, JYSKE BANK (Buy)
"Sales guidance for 2015 was slightly below our expectationswhile earnings outlook was better than we had expected,benefiting from a reversal of the GlaxoSmithKline (GSK) liability of 175 million crowns.
"Following the report we have cut our 2015 sales forecast by10 percent to reflect expectations of slightly lower milestonepayments.
"On the other hand we have now included the reversal of theGSK liability of 175 million crowns and therefore increase ourEBIT forecast from 188 million crowns to 267 million crowns."
PETER WELFORD, JEFFERIES (Buy)
"Net cash at year-end 2014 is more than sufficient as weforecast sustainable profitability with daratumumab potentiallycatapulting the earnings trajectory from 2016.
"Genmab's clear commitment to cost control and signing newcollaborations with the three antibody tech platforms (...)could also provide future upside, which we believe is stilllargely underappreciated by investors."
($1 = 6.6558 Danish crowns) (Reporting by Teis Jensen, editing by Terje Solsvik)
Glaxosmithkline (GSK)