2. Forward Looking Statement
This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and
similar expressions identify forward looking statements. All statements other than statements of historical facts included in this
presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of
management for future operations (including development plans and objectives relating to our products), are forward looking
statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. Such forward looking statements are based on
numerous assumptions regarding our present and future business strategies and the environment in which we will operate in
the future. The important factors that could cause our actual results, performance or achievements to differ materially from
those in the forward looking statements include, among others, risks associated with product discovery and development,
uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues
resulting from the administration of our products in patients, uncertainties related to product manufacturing, the lack of market
acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and
markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents
and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our
products obsolete, and other factors. Further, certain forward looking statements are based upon assumptions of future events
which may not prove to be accurate. The forward looking statements in this document speak only as at the date of this
presentation.
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3. 2011 Highlights
Year to Date
Held R&D Day in Utrecht
Ofatumumab
Reported sales for 2010 & YTD 2011
Initiated new Ph III study in bulky fludarabine-refractory CLL
Ph I/II RA subcutaneous data presented at EULAR
Completed enrollment in Ph III study of ofatumumab + chlorambucil
GSK filed IND for subcutaneous formulation of ofatumumab in MS
Reported Ph II DLBCL data
Completed Phase I/II CLL study in Japan
Roche initiated second study of RG1512
Expanded Seattle Genetics collaboration
Added new product to pre-clinical pipeline – HuMax®-CD74 ADC
Decision to wind down zalutumumab program
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4. Q3 Year to Date Results
Key Data
9 Months ended September 30, 2011 9 months 9 months
2011 2010 2011 2010
DKK millions Change USD millions *
Revenue 258 491 (233) 47 89
Net Loss (553) (238) (315) (100) (43)
R&D Employees 137 153 (16)
Admin Employees 20 33 (13)
Continuing Employees 157 186 (29)
Disco Ops MN 23 24 (1)
Employees at end of period 180 210 (30)
DKK millions USD millions *
Cash and marketable securities
Balance at end of 2010 1,546 281
Balance at end of the period 1,221 222
Cash Burn (325) (59)
* USD 1.00 = DKK 5.5111 (Danish Central Bank spot rate on September 30, 2011)
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5. Q3 Year to Date Results
Income Statement
9 Months ended September 30, 2011 9 months 9 months
2011 2010 2011 2010
DKK millions Change USD millions *
Revenue 258 491 (233) 47 89
R&D Costs (390) (434) 44 (71) (79)
G&A Expenses (53) (130) 77 (10) (23)
Operating Expenses (443) (564) 121 (81) (102)
Operating Loss (185) (73) (112) (34) (13)
Net Financial Items & Tax 3 7 (4) 1 1
Net Loss - Continuing Operations (182) (66) (116) (33) (12)
Net Loss - Discontinued Operations (371) (172) (199) (67) (31)
Net Loss (553) (238) (315) (100) (43)
* USD 1.00 = DKK 5.5111 (Danish Central Bank spot rate on September 30, 2011)
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8. Guidance 2011
DKK Millions New Previous
Guidance Guidance
Revenue 340 - 350 325 - 350
Operating Expenses (625) - (650) (650) - (700)
Operating Loss from Continuing Ops. (275) - (300) (325) - (375)
Discontinued Operations (385) (40) - (50)
Opening Cash * 1,546 1,546
Cash Used in Operations (500) - (550) (550) - (600)
Closing Cash* before MN sale 1,000 - 1,050 940 - 990
Facility Sale - 660
Cash* Position at End of Year 1,000 - 1,050 1,600 - 1,650
* Cash, cash equivalents and marketable securities
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9. 2011 Objectives
Managing Our Priorities
Priority Goal Current Progress
Maximize value of ofatumumab Report Ph II CLL and DLBCL DLBCL data reported
data Presented at EULAR in May
Report Ph I/II RA subQ data IND filed with FDA
Start Ph II MS subQ trial Launched in 22 countries
Launch & reimbursement in new
countries
Evaluate opportunities for Partnership progress Decision to wind down program
zalutumumab Reduce cash investment Spend mostly complete in 2011
Daratumumab Report Ph I/II study data Clinical data to be presented at ASH
Initiate Ph I/II combination trial Trial planning in progress, 1st patient
anticipated in early 2012
Expand pipeline Announce new IND candidate Announced HuMax-CD74 ADC
Enter new strategic Sign new partnership agreement Entered 2nd ADC agreement with
collaboration Seattle Genetics
Optimize ways to advance next Advance DuoBody
generation technologies Enter new collaborations
Promote sale of manufacturing Progress sale Fair value reduced to USD 58M
facility Sale moved to 2012
Manage and control cash burn Meet or beat 2011 guidance Guidance for continuing
operations improved in Q2 & Q3
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