gmab-20251231

Research
Track record of success
and investing for tomorrow

Development
Scaled up capabilities to expand
from early- to late-stage development

Technical Operations
and Commercialization
Capabilities in place to support
commercialized medicines

Enabling functions: Supporting growth and managing risk


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	4



Our 2030 Vision By 2030, our KYSO antibody medicines® are fundamentally transforming the lives of people with cancer and other serious diseases.		Our Core Purpose, Supporting Our 2030 Vision Our unstoppable team will improve the lives of patients through innovative and differentiated antibody therapeutics.

Over 25 Years of Innovation


	1999 – 2009	2010 – 2020	2021 – 2025

•Genmab founded

•Nasdaq Copenhagen A/S

(Nasdaq Copenhagen) Initial

Public Offering (IPO)

•First partnership (F. Hoffmann-La

Roche AG (Roche))

•Ofatumumab program

announced

•Daratumumab selected

•Arzerra®1 (ofatumumab)

first approval

•DuoBody® technology platform announced

•Collaboration with Seagen Inc. (Seagen)

•DuoBody research and license agreement

with Johnson & Johnson (J&J, legal entity

Janssen Biotech, Inc.)

•Daratumumab agreement with J&J

•DARZALEX®2 (daratumumab) approval

and launch

•U.S. IPO under Nasdaq Global Select

Market; dual listed as GMAB

•Japan Operations established under

Genmab K.K.

•AbbVie Inc. (AbbVie) partnership

•DARZALEX FASPRO®2 (daratumumab

and hyaluronidase fihj) approval and

launch

•Kesimpta®3 (ofatumumab) approval

and launch

•TEPEZZA®4 (teprotumumab) approval

and launch

•Tivdak®5 (tisotumab vedotin-tftv)

initial approval and launch in the US

for recurrent or metastatic cervical

cancer

•DuoBody-based bispecifics

RYBREVANT®2 (amivantamab),

TECVAYLI®2 (teclistamab) and

TALVEY®2 (talquetamab) approval

and launch

•DuoBody-based bispecific

EPKINLY®6 (epcoritamab-bysp)/

TEPKINLY®6 (epcoritamab) initial

approvals and launches in relapsed/

refractory diffuse large B-cell

lymphoma (DLBCL) in US, Europe

and Japan

•ProfoundBio Inc. (ProfoundBio)

acquisition, including rinatabart

sesutecan (Rina-S®)

•Rina-S moves into Phase 3

development in platinum resistant

ovarian cancer (PROC)

•Rina-S granted Breakthrough

Therapy designation (BTD) by the

U.S. Food and Drug Administration

(FDA) in advanced endometrial

cancer

•EPKINLY approval and launch in

relapsed/refractory follicular

lymphoma (FL) in US, Europe

and Japan

•Tivdak approved in Europe and

Japan for recurrent or metastatic

cervical cancer

•EPKINLY approval in US in

combination with rituximab and

lenalidomide (R2) for relapsed/

refractory FL

•Rina-S expands Phase 3

development into endometrial

cancer and platinum sensitive

ovarian cancer (PSOC)

•Genmab acquisition of Merus

N.V. (Merus), including

petosemtamab

1. Developed and commercialized by GlaxoSmithKline (GSK); 2. Developed and commercialized by J&J; 3. Developed and commercialized by Novartis AG (Novartis); 4. Developed and commercialized by Amgen Inc. (Amgen); 5. Co-developed

and commercialized with Pfizer Inc. (Pfizer); 6. Co-developed and commercialized with AbbVie


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	5

Chair’s Statement

Deirdre P. Connelly

Board Chair

Dear Shareholder,

As we close another successful year, we reflect

on our progress and growth. The past year

has been one of intentional transformation,

marked by a strengthening pipeline and

meaningful steps toward our long-term goals.

Genmab remains committed to its purpose:

to improve the lives of patients with cancer

and other serious diseases through innovative

and differentiated antibody therapeutics.

Genmab’s Evolution

Genmab is celebrating another transformational

year. With the acquisition of Merus, a clinical-

stage biotechnology company with late-stage

breakthrough asset petosemtamab, Genmab

has taken another important step — this

strategic move accelerates our transition to a

fully integrated biotech company. We continue to

strengthen our position as a global leader in

antibody therapeutics, driven by the strength

of our science and our unstoppable team.

Empowering Our People

In this exciting time of change, it is crucial

that Genmab maintains and grows our

team to create value for the years to come.

Our colleagues are the foundation of our

achievements and sustain our innovation.

This year, Genmab surpassed 3,000 employees

in eight countries, reflecting our commitment

to building a diverse, multicultural and high-

performing organization.

Experienced Leadership

In 2025 Genmab further strengthened

its Executive Management team with the

appointment of Greg Mueller as General Counsel

and Chief Legal Officer. Mr. Mueller will lead

global legal affairs, intellectual property rights,

corporate secretary and global compliance and

risk functions. Bringing more than 20 years of

experience, Greg joins a robust leadership team,

guiding Genmab through its next phase of growth

to a fully integrated biotech company.

Our Board of Directors, comprised of experts

in their fields, also saw a change this year.

Michael Kavanagh was elected to the Board

by fellow employees at Genmab’s 2025 Annual

General Meeting, linking the workforce and

Genmab’s governing body.

Looking Ahead

The year ahead will bring new opportunities

and challenges, but with our talented team,

strong leadership, and clear strategic vision,

we are well positioned to continue making

a meaningful difference.

On behalf of the Board, I thank Genmab’s

dedicated team members, Chief Executive

Officer Jan van de Winkel and the global

leadership team for their extraordinary

contributions, and our shareholders for

your continued support.

Sincerely,

Deirdre P. Connelly

Board Chair


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	6

Letter from the CEO

Jan van de Winkel

Ph.D. President & CEO

Dear Shareholder,

As we look back on 2025, I am proud of how

Genmab advanced our strategy, strengthened

our foundation, and stayed true to our purpose:

improving the lives of patients through

innovative, differentiated antibody medicines.

We entered the year focused on disciplined

execution and ended it poised for our next

decade of sustainable growth.

Acquisition of Merus

A pivotal step on that journey is our acquisition of

Merus. This transaction enhances our late-stage

portfolio with petosemtamab, a potential

first-in-class bispecific for head and neck cancer

with two BTDs from the FDA, reflecting its

potential to meaningfully improve outcomes

for patients.

Importantly, Merus strengthens, not changes,

our strategy as it accelerates our shift toward

a fully integrated, 100%-owned medicines

model. The addition of petosemtamab to

our pipeline diversifies our sources of future

revenue, reduces our dependence on royalties

over time, and enhances our flexibility to

invest in the “next winners” emerging from

our research and development (R&D) engine.

With petosemtamab joining EPKINLY

(epcoritamab) and Rina-S, we have a strong

pipeline of late-stage assets that will provide

us with multiple value-creating catalysts in the

coming years.

Transforming Science

Into Medicine

Our late-stage portfolio made meaningful strides

in 2025. EPKINLY continued to demonstrate

the potential to become a core therapy in B-cell

lymphomas with its FDA approval in second-line

FL in combination with R2, as well as the

unprecedented data in this indication, highlighted

during an oral presentation at the 2025

prestigious American Society of Hematology

(ASH) Annual Meeting. Together, these

milestones move treatment into earlier lines of

therapy and expand our impact for people living

with FL.

Our other commercialized medicine, Tivdak

(tisotumab vedotin), was approved in Europe

and Japan for recurrent or metastatic cervical

cancer after prior therapy, and these became

our first independent Genmab launches.

These launches, and the offices we have

now opened in Germany, the United Kingdom

(UK) and France, lay the groundwork for a

broader Genmab commercial footprint and

deepen our commitment to the gynecologic

oncology community.

We will further build on this commitment

with our advancement of Rina-S. In addition

to encouraging clinical data presented in both

PROC and endometrial cancer, the FDA granted

BTD for Rina-S in 2025, in recurrent or

progressive endometrial cancer. This support

from the FDA provides confidence for our

expanded development for Rina-S, as we

ended the year with three Phase 3 trials

across PROC, endometrial cancer and PSOC.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	7

Letter from the CEO

A Strong Financial Foundation

To Enable Our Evolution

Our financial performance this year has been

a testament to the strength of our strategy.

Revenue grew significantly, driven by royalties

from our collaborations as well as sales of our

own medicines. We anticipate this trend will

continue into the future. We look forward to

both expanded indications for EPKINLY and

the potential for Rina-S and petosemtamab

to launch in 2027, as well as due to the

expansion of our royalty medicines. In 2025,

J&J’s subcutaneous (SC) DARZALEX

(daratumumab and hyaluronidase fihj) became

the first and only treatment approved in both

the US and Europe for patients with high-risk

smoldering multiple myeloma. The landmark

approvals support earlier intervention before the

disease progresses to active multiple myeloma.

Also this year Novo Nordisk A/S (Novo Nordisk)

submitted a Biologics License Application (BLA)

to the FDA for Mim8, also known as denecimig,

a DuoBody-based investigational prophylaxis

treatment for people living with hemophilia A

with or without inhibitors. If approved, denecimig

would become the ninth approved medicine

created using Genmab’s technology and

innovation.

Acknowledgments and Outlook

Looking ahead, our priorities are clear:

•Integrate Merus to preserve momentum on

the petosemtamab program and prepare for

potential launch in 2027.

•Accelerate the development of our late-stage

pipeline, delivering key clinical readouts

across our late-stage portfolio, especially

for epcoritamab and Rina-S, while preparing

for potential label expansions and launches.

•Continue to deliver on our capital allocation

priorities, maintaining financial discipline

while focusing our investments on the

highest-growth opportunities.

With EPKINLY, Rina-S and petosemtamab,

we believe Genmab is positioned to deliver

multiple potential launches and label expansions

over the next several years, deepen our

leadership in antibody innovation, and create

durable, long-term value.

Our progress this year reflects the passion of our

people, the strength of our partnerships, and the

confidence of our shareholders. Looking ahead,

we are energized by the opportunities before us.

With a resilient financial foundation, a

world-class team, and a differentiated late-stage

pipeline, we believe Genmab is positioned to

deliver durable growth and, most importantly,

better futures for patients in the years ahead.

Sincerely yours,

Jan van de Winkel, Ph.D.

President & CEO


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	8

2025 at a Glance

Operational

•EPKINLY (epcoritamab-bysp) moves into

earlier lines of therapy in FL with FDA

approval in combination with R2, based

on Phase 3 EPCORE® FL-1

•Epcoritamab Phase 3 EPCORE FL-1 trial met

dual primary endpoints of overall response

rate (ORR) and progression free survival

(PFS), demonstrating statistically significant

and clinically meaningful differences in both

endpoints, basis for global regulatory

submissions

•Acquisition of Merus, including its late-stage

breakthrough therapy asset petosemtamab,

which provides additional transformational

opportunity

•Tivdak (tisotumab vedotin) approved in Europe

and Japan for recurrent or metastatic cervical

cancer, first independent Genmab launches,

laying groundwork for future

•Rina-S expands Phase 3 development beyond

PROC, into endometrial cancer and PSOC

•Rina-S granted BTD by the FDA

•Approvals in the US and Europe for J&J

therapy, SC DARZALEX in smoldering

multiple myeloma

•Submission of BLA for Novo Nordisk’s

DuoBody-based denecimig

•Continued development of Genmab’s

broader organizational infrastructure with the

addition of over 300 new colleagues

Sustainability

Environmental

•Achieved a 56% reduction in Scope 1

and market-based Scope 2 greenhouse

gas (GHG) emissions

•Achieved 99% renewable electricity

across all sites

•Developed a sustainability roadmap

to meet both short- and long-term

GHG emission reduction targets

Social

•Met life sciences industry benchmark

for favorability rate and exceeded for

participation rate for Global Employee

Engagement Survey

•Rate of recordable work-related accidents



Financial			Operating Profit
USD	USD	USD	(USD Million)
20.5B	3,720M	2,219M
2025 year-end market cap	2025 revenue	2025 adjusted operating expenses1, 72% invested in R&D

Liquidity and Capital Resources
USD	USD
1,715M	5,847M
Cash and cash equivalents	Shareholders’ equity
1.Operating Expenses exclude 2025 charges related to: 1) acquisition and integration-related charges of $185 million and 2) amortization of intangible assets acquired through acquisitions of $13 million.

(accidents per million hours worked) at 0.4

•100% of eligible team members with

access to year-end performance process

•Training available to all team members

at varying degrees

Governance

•Code of Conduct applies to all Genmab

team members


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	9

Consolidated Key Figures


(USD Millions)	2021	2022	2023	2024	2025
Income Statement
Revenue	1,337	2,031	2,390	3,121	3,720
Cost of product sales	—	—	(33)	(143)	(238)
Research and development expenses	(664)	(787)	(1,107)	(1,414)	(1,606)
Selling, general and administrative expenses	(204)	(379)	(478)	(549)	(626)
Acquisition and integration related charges	—	—	—	(43)	(185)
Total costs and operating expenses	(868)	(1,166)	(1,618)	(2,149)	(2,655)
Operating profit	469	865	772	972	1,065
Net financial items	153	96	45	354	139
Net profit	470	750	631	1,133	963
Balance Sheet
Total non-current assets	300	273	320	2,514	9,988
Marketable securities	1,650	1,783	1,967	1,574	—
Cash and cash equivalents	1,423	1,419	2,204	1,380	1,715
Total assets	3,899	4,321	5,232	6,414	12,873
Borrowings	—	—	—	—	5,274
Share capital	10	10	10	10	10
Shareholders' equity	3,405	3,915	4,687	5,137	5,847
Cash Flow Statement
Investment in acquisitions, net of cash acquired	—	—	—	(1,783)	(7,215)
Cash flow from operating activities	354	555	1,071	1,126	1,186
Cash flow from investing activities	(153)	(392)	(185)	(1,447)	(5,643)
Cash flow from financing activities	(67)	(110)	(89)	(566)	4,789
Investments in intangible assets	—	—	(1)	(17)	(18)
Investments in tangible assets	(40)	(45)	(53)	(27)	(37)
Financial Ratios and Other Information
Basic net profit per share	7.19	11.47	9.67	17.66	15.50
Diluted net profit per share	7.12	11.36	9.58	17.53	15.37
Year-end share market price	2,630.00	2,941.00	2,155.00	1,492.50	2,027.00
Price/book value	7.72	7.51	4.60	2.91	3.47
Shareholders' equity per share	340.50	391.50	468.70	513.70	584.70
Equity ratio	87%	91%	90%	80%	45%
Shares outstanding	65,718,456	65,961,573	66,074,535	66,187,186	64,238,408
Average number of employees (FTE)¹	1,022	1,460	2,011	2,535	2,694
Number of employees (FTE) at year-end	1,212	1,660	2,204	2,682	3,029

Revenue

(USD million)

Operating Expenses

(USD million)


	n	Research and development expenses	n	Selling, general and administrative expenses	n	Acquisition and integration related charges

FTE at Year End

1.Full-time equivalent (FTE) or team member


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	10

2026 Outlook



(USD millions)	2025 Actual Result	2025 Adjusted Result2	2026 Guidance2	2026 Guidance Mid-Point2
Revenue	3,720	3,720	4,065 - 4,395	4,230
Royalties	3,102	3,102	3,440 - 3,685	3,563
Net product sales/ Collaboration revenue1	468	468	490 - 555	522
Milestones/ Reimbursement revenue	150	150	135 - 155	145
Gross profit	3,482	3,482	3,810 - 4,110	3,960
Operating expenses	(2,417)	(2,219)	(2,710) - (2,910)	(2,810)
Operating profit	1,065	1,263	900 - 1,400	1,150

1.Net product sales and collaboration revenue consists of EPKINLY net product sales in the US and Japan, and

Tivdak ex-US net product sales plus Genmab's share of US gross profits.

2.Operating expenses and operating profit exclude 2026 and 2025 charges related to: 1) acquisition and

integration-related charges of $65 million and $185 million, respectively, and 2) amortization of intangible assets

acquired through acquisitions of $45 million and $13 million, respectively.

Revenue

Genmab expects its 2026 revenue to be in the

range of $4.1 - 4.4 billion, compared to $3.7 billion

in 2025.

Genmab’s projected revenue growth for 2026 is driven

by higher royalties, net product sales and collaboration

revenue. Royalty growth relates mainly to DARZALEX

and Kesimpta net sales growth. Net product sales and

collaboration revenue growth is driven by strong

performance for both EPKINLY and Tivdak. Net

product sales and collaboration revenue consists of

EPKINLY net product sales in the US and Japan, and

Tivdak ex-US net product sales plus Genmab's share

of US gross profits.

Genmab’s projected revenue for 2026 primarily

consists of DARZALEX royalties of approximately

$2.7 billion at the midpoint. Such royalties are

based on estimated DARZALEX 2026 net sales of

$15.6 - 16.4 billion compared to actual net sales in

2025 of $14.3 billion. DARZALEX royalties are

partly offset by Genmab’s share of J&J’s royalty

payments to Halozyme Therapeutics, Inc.

(Halozyme) in connection with SC net sales as well

as royalty reduction in countries and territories

where there is no Genmab patent coverage.

The remainder of Genmab’s revenue consists

primarily of royalties from Kesimpta, TEPEZZA,

RYBREVANT, TECVAYLI, TALVEY and TEPKINLY,

net product sales and collaboration revenue

from EPKINLY and Tivdak, reimbursement

revenue and milestones.

Operating Expenses

Genmab anticipates its 2026 operating expenses to

be in the range of $2.7 - 2.9 billion, compared

to $2.2 billion in 2025. The increase in operating

expenses is primarily related to investments in

late-stage programs and launch readiness in

key markets.

Operating Profit

Genmab expects its 2026 operating profit to be

in the range of $0.9 - 1.4 billion, compared to

$1.3 billion.

Outlook: Risks and Assumptions

In addition to factors already mentioned, the

estimates above are subject to change due to

numerous reasons, including but not limited to: the

achievement of certain milestones associated with

Genmab’s collaboration agreements; the timing and

variation of development activities (including

activities carried out by Genmab’s collaboration

partners) and related income and costs;

DARZALEX, DARZALEX FASPRO, Kesimpta,

TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and

TEPKINLY net sales and royalties paid to Genmab;

changing rates of inflation; and currency exchange

rates (the 2026 guidance assumes a USD/DKK

exchange rate of 6.2). The financial guidance

assumes that no significant new agreements are

entered into during 2026 that could materially affect

the results.

The factors discussed above, as well as other

factors that are currently unforeseeable, may result

in further material adverse impacts on Genmab’s

business and financial performance, including

unfavorable impacts on the sales of Tivdak and

EPKINLY/TEPKINLY, and on the net sales of

DARZALEX, Kesimpta, TEPEZZA, RYBREVANT,

TECVAYLI, and TALVEY by Genmab’s collaboration

partners and on Genmab’s royalties, collaboration

revenue and milestone revenue therefrom.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	11

Who We Are

Our Core Values

In our quest to turn science into medicine, we

use these guideposts to transform the future of

cancer treatment:

•Passion for innovation

•Determination — being the best at

what we do

•Integrity — we do the right thing

•We work as one team and respect each other

Our Key Accomplishments

•Each of our achievements stands as evidence

of our unyielding determination, including:

•Two Genmab co-owned medicines on the

market: Tivdak with Pfizer and EPKINLY/

TEPKINLY with AbbVie

•Six additional medicines that were created

by Genmab, or that leverage Genmab’s

DuoBody technology, are being developed

and marketed by global pharmaceutical

and biotechnology companies

•Late-stage pipeline with high potential: EPKINLY,

Rina-S and petosemtamab

•Suite of proprietary antibody technologies

including bispecifics and antibody-drug

conjugate (ADC) platform technologies

fueling future innovations

•Robust clinical and preclinical pipeline fueling

future growth

•Over 45 Investigational New Drugs (IND) filed by

Genmab and/or partners, based on Genmab’s

innovations and technology, since 1999

•Industry-leading team with antibody know-how,

and expertise in R&D and commercial fields

•Partnerships with industry leaders and

innovators across the innovation ecosystem

of pharma, biotech and academia

•Partnership with ChatGPT to launch

“AI Everywhere,” providing ChatGPT

access to our teams

•Solid financial foundation enabling our

evolution to a fully integrated biotech

•Building and expanding our capabilities

with more than 3,000 team members

across our international locations

Genmab’s Growing Organization

and Presence

Utrecht, The Netherlands

•Discovery and Antibody Research

•Translational and Quantitative Sciences

•Development Operation

Copenhagen, Denmark

•Headquarters

•Chemistry, Manufacturing and

Controls (CMC) Operations

•Development Operations

•Quality Control (QC) Laboratory

Princeton, US

•Translational and

Quantitative Sciences

•Clinical development

•Development Operations

•U.S. Market Operations

Cambridge, US

•Late-stage clinical

development

•Enabling functions

Suzhou and Shanghai,

China

•Early-stage R&D

•CMC Operations

Tokyo, Japan

•Development Operations

•Japan Market Operations

European Union

(EU) Market Offices

•Munich

•Paris

•London


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	12

Business Model

At Genmab, we have built

a profitable and successful

biotech that creates value

for our stakeholders.

Our Strengths and

Differentiators

World-class antibody biology knowledge

and insight into disease targets

Discovery and development engine

with proprietary technologies that allow us to build a

differentiated pipeline

In-house expertise with a solid track record of building

successful strategic partnerships

Pipeline of potential best-in-class and/or

first-in-class therapies

Experienced, diverse leadership team

Business Strategy

Build a profitable and successful biotech

•Maintain a flexible and capital-efficient model

•Maximize relationships with partners

•Retain ownership of select products

Focus on core competence

•Identify the best disease targets

•Develop unique first-in-class or

best-in-class antibodies

•Develop next-generation technologies

Turn science into medicine

•Create differentiated antibody therapeutics

with significant commercial potential

Building a Fully Integrated Biotech Innovation Powerhouse

Translational

and precision

medicine, data

science and artificial

intelligence (AI)

Key to accelerating

development and ensuring

the right therapies get to

the right patients

Team

Deeply driven

One Genmab team

rooted in science and

inspired by patients

Strong financials

Growing revenues,

strategic prioritization and

focused investments

Collaboration

Reaches across the

innovation ecosystem

of pharma, biotech and

academia, and drives

our business forward


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	13

Value Chain

Genmab’s value chain encompasses

the full journey from discovery to global

commercialization of innovative antibody-based

therapies. Each stage is designed to drive

scientific excellence, ensure product quality,

and deliver value to patients, partners, and

shareholders.

Research & Development

Our value chain begins with research and

discovery, where disease-related targets—

primarily in oncology—are identified and

proprietary antibody technologies, including

DuoBody, HexaBody®, and ADC platforms, are

applied to design and optimize novel antibody

candidates. These candidates progress to

preclinical development, where they are

rigorously evaluated for safety, efficacy, and

therapeutic potential prior to advancement

into human studies. Clinical development

then assesses safety, dosage, and efficacy in

patients and achieve Proof of Concept. Where

appropriate, we engage strategic partners to

co-develop and co-fund clinical programs,

enabling risk sharing across the value chain.

Technical Operations

In manufacturing, Genmab focuses on

developing scalable efficient, and sustainable

production processes. While we partner with

contract manufacturing organizations (CMOs) for

manufacturing and production, we maintain strict

oversight and quality control to ensure product

consistency and compliance with global

standards.

Commercialization

Genmab pursues regulatory approval with

authorities such as the European Medicines Agency

(EMA), FDA, and the Ministry of Health, Labor

and Welfare (MHLW), paving the way for

product launch.

Our commercialization activities include market

access strategies, engagement with payors and

healthcare professionals, and distribution through

our own network or in collaboration with partners.

Continuous pharmacovigilance ensures

the ongoing safety and effectiveness of

our marketed therapies.

Partnerships and Alliances

Partnerships and alliances are integral to our

value chain. Through licensing of our proprietary

technologies, co-development arrangements,

and strategic collaborations. Genmab expands

its innovative ecosystem, advances its pipeline, and

generates sustainable revenue through upfront

payments, milestones, and royalties.

Refer to section SBM-2 in the sustainability

statements for details of key stakeholders

including a mapping to Genmab’s value chain.

Refer to the Sustainability Statements within

this Annual Report for material topics identified

as part of Genmab’s Double Materiality

Assessment (DMA). The visual maps the

material topics to Genmab’s value chain.

Refer to the Who We Are section for Genmab’s

presence.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	14

Research and Development Capabilities



	Inspired by Nature At Genmab, we are inspired by nature and understand how antibodies work. We are deeply knowledgeable about antibody biology and our scientists harness this expertise to create and develop differentiated investigational antibody medicines. We utilize a sophisticated and highly automated process to efficiently generate, select, produce, and evaluate antibody-based products. Our teams have established a fully integrated R&D enterprise and streamlined process to coordinate the activities of antibody product discovery, preclinical testing, manufacturing, clinical trial design and execution, and regulatory submissions across Genmab’s international operations. We have expanded our scientific focus to use data science and AI to aid in the discovery of new targets and biomarkers and bolster our in-depth precision medicine and translational laboratory capabilities. Through our expertise in antibody drug development, we pioneer technologies that allow us to create differentiated and potentially first-in-class or best- in-class investigational medicines with the potential to improve patients’ lives. Our antibody expertise has enabled us to create our cutting-edge technology platforms: DuoBody, HexaBody, DuoHexaBody® and HexElect®. With our acquisition of ProfoundBio we gained novel ADC technology platforms. We gained additional proprietary technology platforms as part of our acquisition of Merus. Additional information about our technologies is available on Genmab’s website, genmab.com/ antibody-science/antibody-technology-platforms.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	15

Research and Development Capabilities

Sustainable and State-of-the-Art Facilities

The Netherlands

In the Netherlands, Genmab operates from

two adjoined state-of-the-art buildings at the

Utrecht Science Park—the Genmab research

and Development Center (GRDC) and the

Accelerator. Mainly discovery, translational and

CMC research is conducted at these facilities,

which house state-of-the-art laboratories,

including a new chemistry lab that opened at the

GRDC in 2024. The GRDC was one of the first

Building Research Establishment Environmental

Assessment Method (BREEAM) Excellent

laboratory buildings in the Netherlands. The

Accelerator, a multi-tenant ultra-modern R&D

facility, was opened in 2023, enabling our

continued R&D growth trajectory. These two

spaces are located in close proximity to premier

universities, academic medical centers and other

life science companies. They accommodate

modern auditoriums, and innovative

brainstorming and meeting rooms. They provide

a bright, open, and collaborative atmosphere

and enable the Genmab team to continue to

innovate and create new ways to help patients.

Denmark

Denmark, with its rich history of scientific

achievement and innovation, has been home to

Genmab's headquarters for more than 25 years.

We are surrounded by a vibrant ecosystem of

talent, with multiple biotech and pharma peers,

academia and research centers, knowledge, and

resources. Genmab opened our new headquarters

in Valby, Denmark in 2023, a space designed

specifically for Genmab. In addition, Genmab

introduced our own Good Manufacturing Practice

(GMP) QC laboratory in 2023. The new space

insources certain business-critical processes and

capabilities for our early clinical development. With

our growing pipeline and commercial ambitions, we

are taking control of processes, prioritization,

people, and timing and taking another tremendous

step toward becoming an end-to-end biotech

innovation powerhouse.

United States

Genmab opened a new US facility in 2020, which

was subsequently expanded in 2025. This space,

modeled on the open and collaborative spirit of the

R&D labs and offices in Utrecht, includes both

offices and laboratories. The U.S. translational and

quantitative laboratories allow Genmab to expand

our preclinical and clinical drug development

expertise and are part of the strategic growth of the

Company. As with our Utrecht facilities, our U.S.

office and laboratories were designed and built with

sustainability in mind and meet the requirements for

Leadership in Energy and Environmental Design

(LEED) Gold certification for sustainable design

features.

Japan

Genmab’s Japan office is located in Roppongi,

an international business district in the center

of Tokyo. It offers an open and collaborative

environment that fosters Genmab’s culture

of innovation and teamwork.

China

As part of our acquisition of ProfoundBio,

Genmab expanded our presence with

state-of-the-art ADC research and CMC

capabilities in Suzhou, China.

Europe

In 2025 and 2026 we opened Market offices

in Munich, Germany, London, UK and

Paris, France.

As Genmab continues to grow our

geographical footprint, we will endeavor to

do so with minimal impact to the environment

and with a focus on sustainable practices.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	16

Expanding the Reach of Our Medicines

A fully integrated biotech

delivering for patients

around the world

This year, we accelerated our transformation into

a fully integrated biotechnology company—one

designed to deliver meaningful, antibody-based

medicines to patients at scale. We reached more

patients than ever before, reflecting the growing

global impact of our science and our ability to

reliably bring innovation to the people who

need it most.

Our medicines have achieved leading positions

worldwide, reaching more than 13,000 patients

through 2025. We also celebrated a major

milestone with our first independently led launches,

and expanded our operations into France,

Germany, and the UK, supported by

extra[not]ordinary® talent and capabilities that

position us to extend our reach and impact even

further in the years ahead.

Driving Meaningful

Progress in Lymphoma

EPKINLY (epcoritamab) continued to redefine

what’s possible for patients as the only bispecific

antibody with indications in both FL and DLBCL

in the U.S., Europe, and Japan.

In February, EPKINLY became the first bispecific

therapy approved in Japan for 3L+ relapsed/

refractory FL, marking the medicine’s second

indication in the country and reinforcing its growing

global presence.

In November, EPKINLY in combination with R2

became the first bispecific-based therapy to enter

earlier lines of FL treatment with FDA approval in

relapsed/refractory FL. This approval has the

potential to broaden access to this bispecific-based

treatment across sites of care, including community

settings closer to where patients live. A submission

for this indication was also filed in Japan in

November.

Building on its established role as a later-line

monotherapy option, this progress underscores

EPKINLY’s potential to become a core therapy for

B-cell malignancies, demonstrating meaningful

benefit both as a single agent and in combination,

as well as in earlier stages of disease.

With regulatory approvals now in more than 65

countries and ongoing Phase 3 studies across

multiple lymphoma histologies and lines of therapy,

EPKINLY is well-positioned to continue expanding

its reach to more patients around the world.



	Follicular Lymphoma Follicular lymphoma is the second most common non-Hodgkin lymphoma and is considered incurable, underscoring the need for new treatments.




	Cervical Cancer Support: CeMe™ The CeMe campaign in the U.S., created with Pfizer, creates connection and community for those affected by cervical cancer. “To be diagnosed with cervical cancer… knocked the wind out of me,” said Karen. “Sharing your story… lets people know that there are other people out there that can support you.”

	youtube.com/cemestories

Working to Improve

Outcomes in Gynecologic

Cancers

Genmab’s commitment to patients with gynecologic

cancers is rooted in a simple belief: people facing

these diseases deserve better options. We are

working to deliver on that promise by expanding

access to Tivdak (tisotumab vedotin) today, while

advancing a pipeline of potential therapies for

tomorrow.

Cervical cancer remains the fourth leading cause of

cancer-related death among women worldwide.

The need for improved treatments is particularly

urgent in Japan, where both incidence and mortality

have risen in recent years, especially among

women under 50. In Europe, despite advances in

prevention and early detection, there remains a

significant unmet need for effective treatments for

advanced-stage disease.

Approved in the U.S. in 2021, Tivdak transformed

the treatment landscape for advanced cervical

cancer, offering a new standard of care where

options were limited. In 2025, Tivdak achieved

additional regulatory approvals in the EU, Japan,

and the UK, marking the start of a new chapter in

its global reach.

Tivdak also continues to catalyze our evolution into

a fully integrated, end-to-end company. It was the

first medicine we launched in partnership and

continues to set the course for how we bring

medicines to patients. The launch of Tivdak in

Japan, the first executed independently by

Genmab, represents a major step toward our

ambition to bring our own medicines to market.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	17

Expanding the Reach of Our Medicines

In September, Tivdak became available in

Germany, marking our first commercial launch in

Europe and establishing the foundation for our

expanding regional footprint, including new

operations in France, Germany, and the

United Kingdom.

With increasing global access to Tivdak and strong

patient uptake, Genmab is building a robust

foundation for broader impact across gynecologic

cancers as we continue to advance our innovative

pipeline with investigational assets like Rina-S that

could broaden our reach to areas including ovarian

and endometrial cancers.



	Tivdak Tivdak is the first and only ADC approved in the US, Europe, and Japan for the treatment of recurrent or metastatic cervical cancer after prior therapy and is the only ADC with demonstrated overall survival data in this setting compared to chemotherapy.

Ensuring Rapid and

Sustainable Access to

Our Medicines

We are focused on our pursuit to turn innovative

science into medicines that create value and

provide meaningful impact to patients and

health systems.

Ultimately, we positively impact the lives of people

with cancer when our science becomes medicine,

our medicine creates value, and the value of our

medicine is realized by patients who can benefit.

Patient access and affordability are key

components of this.

We aim to ensure patients have timely access to

our medicines, regardless of their socioeconomic or

insurance status. Our pricing approach balances

this commitment to access with the value of our

innovations and our ability to invest in the

breakthrough science of the future.

Together with our partners, we work with local

country regulatory and payer authorities in the U.S.,

Japan, and throughout Europe to facilitate

registration and reimbursement to help enable

patient access to our medicines around the

world. At the same time, we fundamentally

believe that global, sustainable access requires fair

contribution among developed nations towards

innovation costs. For the global innovation

ecosystem to thrive and for patients to benefit,

value and pricing mechanisms must recognize the

different healthcare infrastructures and economic

contexts of individual markets.

We understand that true patient impact happens

when our medicines reach the patients who need

them. In the U.S., MyNavCare Patient Support® by

Genmab was created to offer support services to

patients prescribed Genmab medicines to help

them navigate each step of their unique

treatment journey.



	Our Approach to Value, Access, and Pricing •Value: The value of our medicines is driven by our innovative science. •Access: Patient impact happens when our medicines reach the people who need them and help them live better. •Pricing: The price of our medicines reflects the innovation behind our science, its impact on patients, and our commitment to bringing that science to patients.



	Elevating Patient Voices Our Patient Advisory Council gives patients a seat at the table, ensuring their insights and experiences will help guide our work, from trial design to how we support and deliver our medicines. “Serving on Genmab’s Patient Advisory Council means the patient voice will have a direct influence on what comes next,” said Jim Zervanos. “It’s empowering and inspiring to know my experience will help shape decisions that can benefit others like me.”


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	19

Products and Technologies



	Pipeline At the end of 2025, Genmab’s proprietary pipeline of investigational medicines, where we are responsible for at least 50% of development, consisted of five antibody products in active clinical development. Our approved medicines are EPKINLY/TEPKINLY, which Genmab is co-developing and co-commercializing in the US and Japan in collaboration with AbbVie and Tivdak, which Genmab is co-developing globally and co-promoting in the US in collaboration with Pfizer and exclusively by Genmab outside of the US and China. In addition to our own pipeline, there are multiple investigational medicines in development by global pharmaceutical and biotechnology companies and six approved medicines powered by Genmab’s technology and innovations. BIZENGRI® (zenocutuzumab-zbco) was also added to our portfolio of royalty medicines as part of our acquisition of Merus. Beyond the investigational medicines in active clinical development, our pipeline includes multiple promising preclinical programs. An overview of the development status of our approved medicines and our late-stage investigational medicines is provided in the following sections. Detailed descriptions of dosing and efficacy and safety data from certain clinical trials have been disclosed in company announcements and media releases published via the Nasdaq Copenhagen stock exchange and may also be found in Genmab’s filings with the U.S. Securities and Exchange Commission (SEC). Additional information is available on Genmab’s website, genmab.com. The information accessible through our website is not part of and is not incorporated by reference herein.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	20

Products and Technologies

Genmab’s Proprietary1 Products

Approved Medicines


Approved Product	Target	Developed By	Disease Indication(s)2
EPKINLY (epcoritamab-bysp, epcoritamab) TEPKINLY (epcoritamab)	CD3xCD20	Co-development Genmab/AbbVie	Approved in multiple territories including the US and Europe for adult patients with relapsed or refractory DLBCL after two or more lines of systemic therapy and in Japan for adult patients with certain types of relapsed or refractory large B-cell lymphoma (LBCL) after two or more lines of systemic therapy
			Approved in multiple territories including the US, Europe and Japan for adult patients with relapsed or refractory FL after two or more lines of systemic therapy Approved in multiple territories including the US in combination with R2 for the treatment of adult patients with relapsed or refractory FL, following at least one prior systemic therapy
Tivdak (tisotumab vedotin-tftv, tisotumab vedotin)	TF	Co-development Genmab/ Pfizer	Approved in territories including the US, Europe and Japan for adult patients with recurrent/metastatic cervical cancer with disease progression on or after chemotherapy

1.Approved and investigational medicines where Genmab has ≥50% ownership, in co-development with partners as indicated.

2.Refer to local country prescribing information for precise indication and safety information.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	21

Products and Technologies

Pipeline in Active Clinical Development, Including Further Development for Approved Medicines

Product

Developed By

Target(s)

Technology

Disease Indications

Most Advanced Development Phase

Preclinical

Epcoritamab

Co-development

Genmab/AbbVie

CD3, CD20

DuoBody

Relapsed/refractory DLBCL

Relapsed/refractory FL

First line DLBCL

First line FL

Non-Hodgkin lymphoma (NHL)

Relapsed/refractory chronic lymphocytic leukemia (CLL) & Richter's

Syndrome

Aggressive mature B-cell neoplasms in pediatric patients

Rinatabart

Sesutecan

(Rina-S,

GEN1184)

Genmab

Folate receptor alpha

(FRα)

ADC

PROC

Endometrial cancer

PSOC

NSCLC

Solid tumors

Petosemtamab

Genmab

Epidermal growth factor receptor

(EGFR), leucine-rich repeat-containing

G-protein coupled receptor 5 ( LGR5)

Biclonics®

Recurrent/metastatic head and neck squamous cell carcinoma (r/m

HNSCC)

Advanced solid tumors including metastatic colorectal cancer (mCRC)

First line NSCLC with pembrolizumab

GEN1059

(BNT314)

Co-development

Genmab/BioNTech

SE (BioNTech)

Epithelial cell adhesion

molecule (EpCAM), 4-1BB

DuoBody

Solid tumors

mCRC, in combination with pumitamig/chemo

GEN1057

Genmab

Fibroblast activation protein alpha

(FAPα), death receptor 4 (DR4)

DuoBody

Malignant solid tumors

In the fourth quarter of 2025, further development of acasunlimab was discontinued as part of Genmab’s strategic focus on the most value‑creating opportunities in its late‑stage portfolio and following a thorough

assessment of the evolving competitive landscape.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	22

Products and Technologies

Royalty Medicines Portfolio1

Approved Medicines


Approved Product	Discovered and/or Developed/Marketed By	Disease Indication(s)2
DARZALEX (daratumumab)/DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)	J&J (Royalties to Genmab on global net sales)	Multiple myeloma
	J&J (Royalties to Genmab on global net sales)	Light-chain (AL) Amyloidosis
Kesimpta (ofatumumab)	Novartis (Royalties to Genmab on global net sales)	Relapsing multiple sclerosis (RMS)
TEPEZZA (teprotumumab-trbw)	Amgen (under sublicense from Roche, royalties to Genmab on global net sales)	Thyroid eye disease (TED)
RYBREVANT (amivantamab/amivantamab-vmjw)/RYBREVANT FASPROTM (amivantamab and hyaluronidase-lpuj)	J&J (Royalties to Genmab on global net sales)	Advanced NSCLC with certain EGFR mutations
TECVAYLI (teclistamab/teclistamab-cqyv)	J&J (Royalties to Genmab on global net sales)	Relapsed and refractory multiple myeloma
TALVEY (talquetamab/talquetamab-tgvs)	J&J (Royalties to Genmab on global net sales)	Relapsed and refractory multiple myeloma
BIZENGRI (zenocutuzumab-zbco)	Partner Therapeutics, Inc. (part of Genmab’s acquisition of Merus, royalties to Genmab on U.S. net sales)	Pancreatic adenocarcinoma and NSCLC that are advanced, unresectable or metastatic and harbor NRG1 gene fusions

1.Approved and investigational medicines under development, and where relevant, commercialized by a company other than Genmab for which we receive royalties.

2.See local prescribing information for precise indication and safety information.

Pipeline, Including Further Development for Approved Medicines, ≥Phase 2 Development


Product	Technology	Discovered and/or Developed By	Disease Indications	Most Advanced Development Phase
				Preclinical	1	2	3
Daratumumab	UltiMAb1	J&J	Multiple myeloma
			AL Amyloidosis
Teprotumumab	UltiMAb	Amgen	TED
Amivantamab	DuoBody	J&J	NSCLC
			Advanced or mCRC
			Recurrent/metastatic head and neck cancer
Teclistamab	DuoBody	J&J	Multiple myeloma
Talquetamab	DuoBody	J&J	Multiple myeloma
Mim8 (denecimig)	DuoBody	Novo Nordisk	Hemophilia A
Amlenetug (Lu AF82422)	UltiMAb	H. Lundbeck A/S (Lundbeck)	Multiple system atrophy

1.UltiMab transgenic mouse technology licensed from Medarex, Inc. (Medarex), a wholly owned subsidiary of Bristol-Myers Squibb.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	23

Genmab’s Late-stage Proprietary Pipeline

Approved and Phase 3 Programs where Genmab has ≥50% ownership.

EPKINLY/TEPKINLY

(epcoritamab)

The only bispecific antibody

approved to treat multiple B-cell

malignancies in the US, Europe

and Japan

•Epcoritamab (approved as

EPKINLY and TEPKINLY) has

received regulatory approvals in

multiple territories including in the

US and Europe for adult patients

with relapsed or refractory DLBCL

after two or more lines of systemic

therapy, and in Japan for adult

patients with certain types of

relapsed or refractory LBCL after

two or more lines of systemic

therapy

11965 Epkinly_48mg_3DRender_US V2-group.jpg

•EPKINLY/TEPKINLY has also been

approved in multiple territories

including the US, Japan and Europe

for the treatment of adults with

relapsed or refractory FL after two

or more lines of systemic therapy

•In 2025 EPKINLY plus R2 became

the first bispecific antibody

combination regimen available in

the US as a treatment option for

patients with relapsed/refractory FL

•More than 40 clinical trials are

ongoing across different treatment

settings, lines of therapy and in

combination regimens across

histologies, including five

Phase 3 trials

•Two BTDs granted by the FDA

for relapsed/refractory FL: as

monotherapy after two or more

therapies and in combination with

R2 following at least one prior

systemic therapy

•SC bispecific antibody targeting

CD3 and CD20, created using

Genmab’s DuoBody technology

platform

•Co-developed and

co-commercialized in collaboration

with AbbVie

Epcoritamab is a proprietary bispecific

antibody created using Genmab’s DuoBody

technology platform. Epcoritamab targets

CD3, which is expressed on T-cells, and

CD20, a clinically validated target on

malignant B-cells. Genmab used technology

licensed from Medarex to generate the

CD20 antibody forming part of epcoritamab.

Epcoritamab is marketed as EPKINLY in

the US, Japan, and other regions, and as

TEPKINLY in Europe and other regions.

See local prescribing information for specific

indications and safety information. In 2020,

Genmab entered into a collaboration

agreement with AbbVie to jointly develop and

commercialize epcoritamab. The companies

share commercialization responsibilities in

the US and Japan, with AbbVie responsible

for further global commercialization.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	24

Genmab’s Late-stage Proprietary Pipeline

Genmab records sales in the US and Japan

and receives tiered royalties between 22% and

26% on remaining global sales outside of these

territories, subject to certain royalty reductions.

The companies have a broad clinical

development program for epcoritamab including

five ongoing Phase 3 trials and additional trials

in planning. Please refer to Note 5.6 of the

financial statements for further details regarding

the epcoritamab collaboration with AbbVie.

Please consult the U.S. Prescribing

Information for EPKINLY and the European

Summary of Product Characteristics for

TEPKINLY for the labeled indication and

safety information.

EPKINLY/TEPKINLY (CON’T)

Fourth Quarter Updates

December: Epcoritamab-bysp in

combination with R2 was added to the National

Comprehensive Cancer Network® (NCCN®)

Clinical Practice Guidelines in Oncology (NCCN

Guidelines®) for “B-Cell lymphomas” (Version

1.2026) for second-line FL therapy as a

Category 1, preferred regimen, the only

bispecific antibody listed in this setting.

November: FDA approval of EPKINLY in

combination with R2 for the treatment of

adult patients with relapsed or refractory FL,

following at least one prior systemic therapy.

The approval was based on data from the first

interim analysis of the Phase 3 EPCORE FL-1

(NCT05409066) trial. With the results from this

study the FDA also converted the June 2024

accelerated approval of EPKINLY monotherapy

for the treatment of relapsed/refractory FL

following two or more lines of systemic therapy

into a full approval.

October: Epcoritamab-bysp monotherapy

was added to the NCCN Guidelines for “Chronic

Lymphocytic Leukemia/Small Lymphocytic

Lymphoma” (Version 1.2026) for Richter’s

transformation as a Category 2A, preferred

regimen.

Key Updates From First Quarter

To Third Quarter

August: In a second pre-planned interim analysis

the Phase 3 EPCORE FL-1 trial met its dual

primary endpoints of ORR and PFS. The safety

profile of epcoritamab in combination with R2 was

consistent with the known safety profiles of the

individual regimens and as presented in the U.S.

prescribing information for epcoritamab. These

results will serve as the basis for global regulatory

submissions. The data was selected for an oral

presentation at the 67th Annual Meeting and

Exposition of ASH in December 2025.

September: Updated results from the Phase 2

EPCORE NHL-6 trial (NCT05451810) were

presented as a poster at the 13th Society of

Hematologic Oncology Annual Meeting. These

results demonstrated the feasibility of treating

and monitoring patients in an outpatient setting

following the first dose of epcoritamab and showed

that the incidence and severity of adverse events

associated with epcoritamab were consistent with

previous epcoritamab studies in patients with

relapsed/refractory DLBCL.

February: Epcoritamab-bysp in combination

with gemcitabine and oxaliplatin (GemOx) was

added to the NCCN Clinical Practice Guidelines in

Oncology for “B-cell Lymphomas” (Version 2.2025)

for second-line patients with DLBCL who are

ineligible for transplant as a Category 2A,

preferred regimen.

January: The Japan MHLW approved EPKINLY

(epcoritamab) for the treatment of patients with

relapsed or refractory FL who have received two

or more lines of therapy.

About Diffuse Large B-cell

Lymphoma

DLBCL is the most common type of NHL worldwide,

accounting for approximately 25-30% of all NHL

cases.1 In the US there are approximately 25,000

new cases of DLBCL diagnosed each year.2

DLBCL can arise in lymph nodes as well as in

organs outside of the lymphatic system, occurs

more commonly in the elderly and is slightly more

prevalent in men.3,4 DLBCL is a fast-growing type

of NHL, a cancer that develops in the lymphatic

system and affects B-cell lymphocytes, a type of

white blood cell. For many people living with

DLBCL, their cancer either relapses, which means

it may return after treatment, or becomes refractory,

meaning it does not respond to treatment. Although

new therapies have become available, treatment

management can remain a challenge.5,6

1.NHL Subtypes. Leukemia & Lymphoma Society.

lls.org/lymphoma/non-hodgkin-lymphoma/nhl-subtypes.

Accessed December 2025.

2.Diffuse large B-cell lymphoma (DLBCL) research. Blood

Cancer United. bloodcancerunited.org/research/blood-

cancer-research-development-progress/lymphoma/

diffuse-large-b-cell-lymphoma-dlbcl.

Accessed December 2025.

3.Sehn LH, Salles G. N Engl J Med. 2021;384:842-858.

4.Kanas G, Ge W, Quek RGW, et al. Leukemia &

Lymphoma. 2022;63(1):54-63.

5.Sehn LH, Salles G. N Engl J Med. 2021;384:842-858.

6.Crump M, Neelapu SS, Farooq U, et al. Blood.

2017;130(16):1800-1808.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	25

Genmab’s Late-stage Proprietary Pipeline

EPKINLY/TEPKINLY (CON’T)

Ongoing Clinical Trials


B-NHL Type	Stage	Development Phase
B-NHL Type	Stage	Preclinical	1	2	3
DLBCL	Relapsed/Refractory	EPCORE DLBCL-1
	Front-line + R-CHOP	EPCORE DLBCL-2
	Relapsed/Refractory + lenalidomide, ASCT ineligible	EPCORE DLBCL-4
	Front-line +/- lenalidomide	EPCORE DLBCL-3
FL	Relapsed/Refractory (Combo)	EPCORE FL-1
	Front-line +R2	EPCORE FL-2
DLBCL & FL	Outpatient	EPCORE NHL-6
B-NHL	Relapsed/Progressive/Refractory	EPCORE NHL-1
	Relapsed/Progressive/Refractory (Japan)	EPCORE NHL-3
	Relapsed/Refractory Pediatric	EPCORE Peds-1
	Previously Untreated/Relapsed/Refractory (Combo)	EPCORE NHL-2
	Previously Untreated/Relapsed/Refractory (China)	EPCORE NHL-4
	Previously Untreated/Relapsed/Refractory (Combo)	EPCORE NHL-5
CLL/Richter’s Syndrome	Relapsed/Refractory	EPCORE CLL-1

R-CHOP = rituximab-cyclophosphamide, hydroxydaunorubicin, vincristine, prednisone; ASCT = autologous stem cell transplant

About Follicular Lymphoma

FL is typically an indolent (or slow-growing)

form of NHL that arises from B-lymphocytes

and is the second most common form of

NHL accounting for 20 — 30% of all cases.1

About 15,000 people develop FL each year

in the US2 and it is considered incurable with

current standard of care therapies.3 Patients

often relapse and, with each relapse the

remission and time to next treatment is

shorter.4 Over time, transformation to

DLBCL, an aggressive form of NHL

associated with poor survival outcomes, can

occur in more than 25% of FL patients.5

1.Lymphoma Research Foundation official

website. lymphoma.org/aboutlymphoma/nhl/fl/.

Accessed November 4, 2025.

2.Leukemia & Lymphoma Society. lls.org/

research/follicular-lymphoma-fl. Accessed

November 4, 2025.

3.Ghione P, Palomba ML, Ghesquieres H, et al.

Treatment patterns and outcomes in relapsed/

refractory follicular lymphoma: results from the

international SCHOLAR-5 study.

Haematologica. 2023;108(3):822-832. doi:

10.3324/haematol.2022.281421.

4.Al-Tourah AJ, Gill KK, Chhanabhai M, et al.

FL accounts for

20%–30%

of all NHL cases

~15,000

people develop FL

each year in the US

Population-based analysis of incidence and

outcome of transformed non-Hodgkin's

lymphoma. J Clin Oncol. 2008 Nov

10;26(32):5165-9. doi: 10.1200/

JCO.2008.16.0283. Epub 2008 Oct 6.

PMID: 18838711.

5.Rivas-Delgado A, Magnano L, Moreno-

Velázquez M, et al. Response duration and

survival shorten after each relapse in patients

with follicular lymphoma treated in the rituximab

era. Br J Haematol. 2018;184(5):753-759.

doi:10.1111/bjh.15708.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	26

Genmab’s Late-stage Proprietary Pipeline

Tivdak

(tisotumab vedotin-tftv)

First and Only ADC for

Recurrent or Metastatic

Cervical Cancer in the US,

Europe and Japan

•An ADC directed to tissue factor

(TF), a protein highly prevalent on

solid tumors, including cervical

cancer, which is associated with

poor prognosis

•Tisotumab vedotin, approved as

Tivdak, is the first and only ADC

approved in the US, Europe and

Japan for the treatment of recurrent

or metastatic cervical cancer with

disease progression on or after

prior therapy and is the only ADC

with demonstrated overall survival

data in this setting compared to

chemotherapy

•Co-developed globally and co-

promoted in the US in collaboration

with Pfizer, exclusively by Genmab

outside of the US and China

Tisotumab vedotin is an ADC composed of

Genmab’s human monoclonal antibody directed

to TF and Pfizer’s ADC technology that utilizes a

protease-cleavable linker that covalently attaches

the microtubule-disrupting agent monomethyl

auristatin E (MMAE) to the antibody. Genmab used

technology licensed from Medarex to generate the

TF antibody forming part of tisotumab vedotin.

Tisotumab vedotin, marketed as Tivdak, is the first

and only ADC approved for the treatment of adult

patients with recurrent or metastatic cervical cancer

after prior therapy in territories including the US,

Europe and Japan. Tisotumab vedotin is being

co-developed by Genmab and Pfizer. Under a

joint commercialization agreement, Genmab is

co-promoting Tivdak in the US and is leading

commercial operational activities in Japan,

Europe and all other regions globally, excluding

the United States and China. Pfizer is leading

commercial operational activities in the US and

will lead commercial operational activities in China

once approved in connection with the sublicense of

its rights to develop and commercialize tisotumab

vedotin in China to Zai Lab. Genmab records sales

for Europe, Japan and rest of world markets

(excluding the US and China), and provides

royalties in the low teens to Pfizer on net sales.

The companies have joint decision-making on the

worldwide development and commercialization

strategy for Tivdak.

Please refer to Note 5.6 of the financial statements

for further details regarding the tisotumab vedotin

collaboration with Pfizer.

Please consult the U.S. Prescribing

Information and the European Summary of

Product Characteristics for Tivdak for the

labeled indication and safety information,

including the boxed warning.

Key Updates From First Quarter

To Third Quarter

September: Tivdak became available for

prescribing in Germany. This is the first

European country where this medicine is

commercially available following approval

by the European Commission (EC) in

March 2025.

March: The EC granted marketing

authorization for Tivdak (tisotumab vedotin) as

monotherapy treatment for adult patients with

recurrent or metastatic cervical cancer with

disease progression on or after systemic

therapy. Tivdak is the first and only ADC to

be granted EU marketing authorization for

people living with recurrent or metastatic

cervical cancer.

March: The Japan MHLW approved Tivdak

(tisotumab vedotin) for the treatment of

advanced or recurrent cervical cancer that has

progressed on or after cancer chemotherapy.

Tivdak is the first and only ADC to be

approved for people living with cervical

cancer in Japan.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	27

Genmab’s Late-stage Proprietary Pipeline

Tivdak (CON’T)

January: Genmab and Pfizer agreed to amend

the License and Collaboration Agreement and

the Joint Commercialization Agreement for

Tivdak, assigning Genmab sole responsibility

for the development and commercialization

of Tivdak for second line plus recurrent or

metastatic cervical cancer in Europe and all

other regions globally, excluding the US

and China.

About Cervical Cancer

Cervical cancer remains a disease with high

unmet need despite advances in effective

vaccination and screening practices to prevent

and diagnose pre-/early-stage cancers for

curative treatment. Recurrent and/or metastatic

cervical cancer is a particularly devastating and

mostly incurable disease; up to 15% of adults

with cervical cancer present with metastatic

disease at diagnosis1,2 and, for adults diagnosed

at earlier stages who receive treatment, up to

61%3 will experience disease recurrence.

Cervical cancer is the fourth most common

cause of cancer death among women globally4.

4th

most common cause

of cancer death among

women globally

1.National Cancer Institute. SEER Cancer Stat Facts:

Cervical Cancer. 2023. seer.cancer.gov/statfacts/

html/cervix.html. Accessed November 4, 2025.

2.McLachlan J, Boussios S, Okines A, et al. The

impact of systemic therapy beyond first-line

treatment for advanced cervical cancer. Clin Oncol

(R Coll Radiol). 2017;29(3):153-60

3.Pfaendler KS, Tewari KS. Changing paradigms in

the systemic treatment of advanced cervical cancer.

Am J Obstet Gynecol. 2016;214(1):22-30

4.Wu, Jie, and Qianyun Jin. “Global Burden of

Cervical Cancer: Current Estimates, Temporal

Trend and Future Projections Based on the

Globocan 2022.” Journal of the National Cancer

Center, 23 Jan. 2025, sciencedirect.com/science/

article/pii/S2667005425000134.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	28

Genmab’s Late-stage Proprietary Pipeline

Rinatabart Sesutecan

(Rina-S, GEN1184)

Folate Receptor Alpha

(FRα)-targeted Type I

Topoisomerase

(TOPO1) inhibitor ADC

with FDA Fast Track and

Breakthrough Therapy

Designations

•FRα-targeted TOPO1 ADC

being evaluated for potential

treatment of FRα-expressing

cancers

•FDA granted Fast Track

Designation (FTD) for FRα-

expressing high-grade serous

or endometrioid PROC and

BTD for recurrent or progressive

endometrial cancer

•Potentially registrational Phase 2

clinical trials (expansion

arms of RAINFOLTM-01,

NCT05579366) in PROC

and second line plus endometrial

cancer are ongoing

•Three Phase 3 clinical trials

recruiting; PROC, PSOC,

endometrial cancer as well

as a Phase 2 signal seeking

trial in NSCLC

Rina-S is a novel FRα-targeted TOPO1 ADC being

evaluated for the potential treatment of ovarian

cancer and other FRα-expressing cancers. Dose

escalation data suggests that Rina-S has robust

single agent activity in various cancers across a

broad range of FRα expression levels. In January

2024, Rina-S was granted FTD by the FDA for the

treatment of FRα-expressing high-grade serous

or endometrioid PROC. In August 2025 the

FDA granted BTD for recurrent or progressive

endometrial cancer. Three Phase 3 trials are

currently recruiting: RAINFOL-02 (NCT06619236)

in PROC, RAINFOL-03 (NCT07166094) in second

line plus endometrial cancer and RAINFOL-04

(NCT07225270) in second line PSOC. In addition,

a Phase 2 trial (RAINFOL-05, NCT07288177) has

been initiated.

Fourth Quarter Updates

•December: The Phase 2 RAINFOL-05

was initiated to evaluate Rina-S in NSCLC.

•November: The Phase 3 RAINFOL-04 trial

was initiated to evaluate Rina-S with or

without bevacizumab, versus bevacizumab

or observation as a maintenance treatment

after second-line platinum-based doublet

chemotherapy in patients with recurrent PSOC.

•October: The Phase 3 RAINFOL-03 trial was

initiated to evaluate Rina-S versus investigator’s

choice of chemotherapy in patients with

endometrial cancer after platinum-based

chemotherapy and PD(L)-1 therapy.

Key Updates From First Quarter

to Third Quarter

•August: The FDA granted BTD to Rina-S for the

treatment of adult patients with recurrent or

progressive endometrial cancer who have

disease progression on or following prior

treatment with a platinum-containing regimen

and a PD-(L)1 therapy.

•June: The first disclosure of data from the

Phase 1/2 RAINFOL-01 trial (NCT05579366,

B2 cohort) in patients with recurrent/advanced

endometrial cancer was presented at the 2025

American Society of Clinical Oncology (ASCO)

Annual Meeting. Updated results, consistent with

the favorable results presented at ASCO, were

subsequently presented at the European Society

for Medical Oncology (ESMO) in October.

•March: Encouraging updated data

from the Phase 1/2 RAINFOL-01 trial

(NCT05579366, B1 cohort) was presented

during an oral presentation at the 2025

Society of Gynecologic Oncology Annual

Meeting on Women’s Cancer®.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	29

Genmab’s Late-stage Proprietary Pipeline

Petosemtamab

EGFRxLGR5 bispecific

antibody with FTD and

Two BTDs from the FDA

•EGFRxLGR5 bispecific antibody

being evaluated for potential

treatment of EGFR-expressing

cancers, focusing on HNSCC

•FDA granted FTD for r/m

HNSCC and BTD for both first

line and second line plus r/m

HNSCC indications

•Potential for accelerated

approval in the US, both first line

and second/third line r/m

HNSCC

•Two Phase 3 trials ongoing in

first line and second/third line r/m

HNSCC, potential topline interim

readout of one or both in 2026

•Expansion opportunity in locally

advanced HNSCC

Petosemtamab was added to Genmab’s portfolio

with the acquisition of Merus. Petosemtamab is

an EGFRxLGR5 bispecific antibody being

evaluated for the potential treatment of HNSCC

and other solid tumors including mCRC.

Petosemtamab has demonstrated a significant

clinical benefit in both first line and later line

HNSCC settings. The FDA has granted FTD in r/

m HNSCC and BTD for both first line PD-L1

positive and second line plus r/m HNSCC. Two

Phase 3 trials are currently recruiting; LiGeR-HN1

(NCT06525220) in first line r/m PD-L1 positive

HNSCC and LiGeR-HN2 (NCT06496178)

in second/third line r/m HNSCC. Petosemtamab

is also being evaluated in a Phase 2 study

(NCT03526835) of other advanced solid tumors,

including mCRC, and a Phase 2 study

(NCT07353957) in first line NSCLC. In November

2025, Merus announced that they had entered a

global collaboration and license agreement with

Halozyme to develop a subcutaneous formulation

of petosemtamab.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	32

Royalty Medicines That Drive Significant Revenue

Redefining the Treatment of

Multiple Myeloma

•First-in-class human CD38

monoclonal antibody

•Developed and commercialized by

J&J under an exclusive worldwide

license from Genmab

•Intravenous (IV) formulation

approved in combination with other

therapies and as monotherapy for

certain multiple myeloma

indications

•First and only SC CD38-directed

antibody approved for the

treatment of certain multiple

myeloma indications, known as

DARZALEX FASPRO in the US,

and as DARZALEX SC in Europe

•First licensed treatment for patients

with high-risk smoldering multiple

myeloma, approved in the US and

Europe

•SC daratumumab is the first and

only approved therapy for AL

amyloidosis in the US, Europe,

and Japan

Daratumumab is a human monoclonal antibody that

binds with high affinity to the CD38 molecule, which

is highly expressed on the surface of multiple

myeloma cells and is also expressed by AL

amyloidosis plasma cells. Genmab used technology

licensed from Medarex to generate the CD38

antibody. Daratumumab is being developed and

commercialized by J&J under an exclusive

worldwide license from Genmab. Under the terms

of the agreement, Genmab receives royalties

between 12% and 20% with J&J reducing such

royalty payments for Genmab’s share of J&J’s

royalty payments made to Halozyme; payments are

further reduced in countries and territories where

there are no relevant patents.

Please refer to Note 5.6 of the financial statements

for further details regarding the daratumumab

collaboration with J&J.

Daratumumab (marketed as DARZALEX for IV

administration and as DARZALEX FASPRO in

the US and as DARZALEX SC in Europe for SC

administration) is approved in a large number

of territories for the treatment of adult patients with

certain multiple myeloma indications. SC

DARZALEX is the only approved therapy for the

treatment of patients with high-risk smoldering

multiple myeloma approved in the US and Europe.

It is also the only approved therapy in the US,

Europe and Japan for the treatment of adult

patients with AL amyloidosis.

Please consult the European Summary of

Product Characteristics for DARZALEX and

DARZALEX SC and the U.S. Prescribing

Information for DARZALEX and DARZALEX

FASPRO for the labeled indication and safety

information.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	33

Royalty Medicines That Drive Significant Revenue

Approved in the Treatment

of RMS

•Human CD20 monoclonal antibody

developed and commercialized by

Novartis under a license agreement

with Genmab

•Approved in territories including

the US, EU and Japan for

treatment of RMS in adults

•First B-cell therapy that can be

self-administered by patients using

the Sensoready® autoinjector pen

Ofatumumab is a human monoclonal antibody that

targets an epitope on the CD20 molecule

encompassing parts of the small and large

extracellular loops. Genmab used technology

licensed from Medarex to generate the CD20

antibody. Ofatumumab, marketed as Kesimpta,

is approved in territories including the US,

Europe, and Japan for the treatment of certain adult

patients with RMS. Kesimpta is the first B-cell

therapy that can be self-administered by patients

using the Sensoready autoinjector pen, once

monthly after starting therapy. Ofatumumab is being

developed and marketed worldwide by Novartis

under a license agreement between Genmab and

Novartis. Under the terms of the agreement,

Genmab receives a 10% royalty on net sales of

Kesimpta, and Genmab pays a low-single digit

royalty to Medarex based on Kesimpta sales.

Please refer to Note 5.6 of the financial statements

for further details regarding the ofatumumab

collaboration with Novartis.

Please consult the U.S. Prescribing Information

and the European Summary of Product

Characteristics for the labeled indication

and safety information for Kesimpta.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	35

Royalty Medicines That Drive Significant Revenue

Bispecific antibodies created

under Genmab and J&J

DuoBody research and

license agreement

•Under the agreement with J&J,

Genmab is eligible to receive

milestones and receives royalties

on net sales of RYBREVANT,

TECVAYLI and TALVEY

In July 2012, and as amended in December 2013,

Genmab entered into a collaboration with J&J to

create and develop bispecific antibodies using

Genmab’s DuoBody technology platform. Three

approved therapies were generated from this

agreement, RYBREVANT (amivantamab),

TECVAYLI (teclistamab) and TALVEY

(talquetamab).

RYBREVANT is approved for the treatment of

certain adult patients with NSCLC in certain

territories including the US, Europe, Japan

and other territories. In December 2025, an

SC formulation was approved, marketed as

RYBREVANT FASPRO. TECVAYLI and TALVEY

are approved for the treatment of certain adult

patients with relapsed or refractory multiple

myeloma in certain territories including the

US, Europe, Japan and other territories. J&J

is responsible for the development and

commercialization of these medicines.

Under the terms of the agreement, for

RYBREVANT, Genmab receives royalties between

8% and 10% on net sales with J&J reducing such

royalty payments for Genmab’s share of J&J’s

royalty payments made to Halozyme; payments are

further reduced in countries and territories where

there are no relevant patents. Genmab also pays

a royalty to Medarex based on RYBREVANT net

sales. For TECVAYLI and TALVEY, Genmab is

eligible to receive milestones and receives a

mid-single digit royalty on net sales of TECVAYLI

subject to a reduction of such royalty payments

in countries and territories where there are no

relevant patents, among other reductions.

Please refer to Note 5.6 of the financial

statements for further details regarding

the DuoBody collaboration with J&J.

Please consult the U.S. Prescribing

Information and the European Summary

of Product Characteristics for each product

for the labeled indication and safety

information.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	36

Antibody Technologies

Antibodies are Y-shaped proteins that play a

central role in immunity against bacteria and

viruses (also known as pathogens). As we

develop immunity, our bodies generate

antibodies that bind to pathogen structures

(known as antigens), which are specific to the

pathogen. Once bound, the antibodies attract

other parts of the immune system to eliminate

the pathogen. In modern medicine, we have

learned how to create and develop specific

antibodies against antigens associated with

diseased human cells for use in the treatment

of diseases such as cancer and autoimmune

disease. Genmab uses several types of

technologies to create antibodies to treat

disease and has developed proprietary antibody

technologies including the DuoBody, HexaBody,

DuoHexaBody and HexElect technology

platforms. With our acquisition of ProfoundBio

we gained their novel ADC technology platforms.

We also gained a number of proprietary

technology platforms as part of our acquisition of

Merus. Information about these technologies can

be found in the following sections and at

genmab.com/antibody-science/antibody-

technology-platforms.

We also use or license several other

technologies to generate diverse libraries of

high-quality, functional antibodies. In addition,

we use or license technologies to increase the

potency of some of our antibody therapeutics

on a product-by-product basis.

Our Proprietary Technology Platform Suite


Platform	Principle	Applications
DuoBody	Bispecific antibodies	Dual-targeting: •Recruitment (e.g., T cells) •Tumor heterogeneity
ADC Technology	Proprietary linker-drug platforms	•ADCs with more “antibody-like” PK •Pursue targets with clear opportunities for best- and/or first-in-class ADCs
HexaBody	Target-mediated enhanced hexamerization	Enhanced potency: •CDC •Target clustering, outside-in signaling, apoptosis
DuoHexaBody	Bispecific antibodies with target-mediated enhanced hexamerization	Dual-targeting + enhanced potency: •CDC •Target clustering, outside-in signaling, apoptosis
HexElect	Two co-dependent antibodies with target-mediated enhanced hexamerization	Dual-targeting + enhanced potency and selectivity: •Co-dependent unlocking of potency •New target space, previously inaccessible


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	38

Financial Review — Group

The financial statements are prepared on a consolidated basis for Genmab A/S (parent company)

and its subsidiaries. Management has determined it is appropriate to change both the functional currency

of the Genmab A/S legal entity and the presentation currency of the consolidated financial statements

from DKK to USD effective January 1, 2025. The change in functional currency was triggered by

the expanding commercialization of EPKINLY and was made to reflect that USD has become the

predominant currency of the Genmab A/S legal entity. The change has been implemented with prospective

effect. The change in presentation currency is applied retrospectively and was made to better reflect the

Company’s financial position. Comparative figures for prior periods have been restated accordingly. The

symbol “$” is used throughout this annual report to refer to the U.S. dollar. The Genmab consolidated

Group is referenced herein as “Genmab” or the “Company.”

On December 12, 2025, Genmab closed on the acquisition of Merus, including its late-stage breakthrough

therapy asset petosemtamab. In order to finance the acquisition, Genmab incurred borrowing of $5.5 billion

and utilized cash on hand. Genmab’s financial results for 2025 reflect the impact of these transactions.

(In all accompanying tables, amounts of dollars are expressed in millions, except per share amounts,

unless otherwise noted)

Financial Performance For The Year

Guidance and Result for 2025


	Actual Result	Adjusted Result1	Latest Guidance
Revenue	3,720	3,720	3,500 - 3,700
Royalties	3,102	3,102	2,945 - 3,090
Net product sales/Collaboration revenue	468	468	425 - 465
Milestones/Reimbursement revenue	150	150	130 - 145
Gross Profit	3,482	3,482	3,280 - 3,460
Operating Expenses	(2,417)	(2,219)	(2,055) - (2,225)
Operating Profit	1,065	1,263	1,055 - 1,405

1.Adjusted 2025 results exclude from operating expenses and operating profit Merus Acquisition and Integration

related charges of $185 million and amortization of intangible assets acquired through acquisitions of $13 million

Actual revenue, operating expenses and operating profit were in line with the latest guidance published

on August 7, 2025

Revenue

Genmab’s revenue was $3,720 million in 2025 compared to $3,121 million in 2024. The increase of

$599 million, or 19%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under

our collaborations with J&J and Novartis, respectively, and increased EPKINLY net product sales. This

increase was partly offset by reduced reimbursement revenue associated with Genmab assuming

full control of the development of the acasunlimab program, effective in the second half of 2024.

Genmab’s revenue was $3,121 million in 2024 compared to $2,390 million in 2023. The increase of

$731 million, or 31%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under

our collaborations with J&J and Novartis, respectively. Increased EPKINLY net product sales, driven by

a strong product launch in 2023 with a full year of net sales in 2024, also contributed to increased

revenue in 2024.


	2025		2024		2023
Royalties	3,102	83%	2,517	80%	1,989	83%
Net Product Sales	398	11%	253	8%	61	3%
Reimbursement revenue	53	1%	144	5%	124	5%
Milestone revenue	97	3%	145	5%	171	7%
Collaboration revenue	70	2%	62	2%	45	2%
Total revenue	3,720	100%	3,121	100%	2,390	100%

Royalties

Royalty revenue amounted to $3,102 million in 2025 compared to $2,517 million in 2024. The increase of

$585 million, or 23%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under

our daratumumab collaboration with J&J and ofatumumab collaboration with Novartis, respectively. The

table below summarizes Genmab’s royalty revenue by product.


	2025	2024	2023
DARZALEX	2,443	2,019	1,635
Kesimpta	443	323	217
TEPEZZA	105	106	102
Other	111	69	35
Total royalties	3,102	2,517	1,989


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	39

Financial Review – Group

DARZALEX

J&J’s net sales of DARZALEX were $14,351 million

in 2025 compared to $11,670 million in 2024 and

$9,744 million in 2023. The increase from 2024

to 2025 of $2,681 million, or 23%, was driven by

share gains in all regions. The increase from 2023

to 2024 of $1,926 million, or 20%, was also driven

by share gains in all regions.

Royalty revenue on net sales of DARZALEX was

$2,443 million in 2025 compared to $2,019 million

in 2024 and $1,635 million in 2023, an increase of

$424 million from 2024 to 2025, and an increase of

$384 million from 2023 to 2024.

The percentage increase in royalties of 21%

from 2024 to 2025 is lower than the percentage

increase in the underlying net sales of 23%

primarily due to negative foreign exchange rate

impacts and an increase in Genmab’s Halozyme

royalty reductions in connection with the increase in

SC product net sales, partially offset by higher

effective royalty rate for 2025. Under our license

agreement with Janssen for DARZALEX, for

purposes of calculating royalties due to

Genmab, DARZALEX net sales for non-U.S. dollar

denominated currencies are translated to U.S.

dollars at a specified annual Currency Hedge Rate.

This contractual arrangement is the driver for the

other foreign exchange impacts discussed above.

The percentage increase in royalties of 23%

from 2023 to 2024 is higher than the percentage

increase in the underlying net sales of 20%

primarily due to a higher effective royalty rate

for 2024 and other positive foreign exchange

rate impacts, partially offset by the increase

in Genmab’s Halozyme royalty reductions in

connection with the increase in SC product net

sales and an increase in royalty reductions on net

sales in countries and territories where there is no

Genmab patent coverage as well as lower average

exchange rate between the USD and DKK in 2024.

Under our license agreement with Janssen for

DARZALEX, for purposes of calculating royalties

due to Genmab, DARZALEX net sales for non-U.S.

dollar denominated currencies are translated to

U.S. dollars at a specified annual Currency Hedge

Rate. This contractual arrangement is the driver

for the other foreign exchange impacts

discussed above.

Kesimpta

Novartis’ net sales of Kesimpta were $4,426 million

in 2025 compared to $3,224 million in 2024 and

$2,171 million in 2023. The increase of $1,202

million from 2024 to 2025, or 37%, was primarily

driven by increased demand and continued strong

access. The increase of $1,053 million from 2023 to

2024, or 49%, was primarily driven by increased

demand and strong access.

Royalty revenue on net sales of Kesimpta was

$443 million in 2025 compared to $323 million in

2024, an increase of $120 million, or 37%. Royalty

revenue on net sales of Kesimpta was $323 million

in 2024 compared to $217 million in 2023, an

increase of $106 million, or 49%.

TEPEZZA

Amgen’s net sales of TEPEZZA were $1,903 million

in 2025 compared to $1,851 million in 2024 and

$1,771 million in 2023. Royalty revenue on net

sales of TEPEZZA was $105 million in 2025

compared to $106 million in 2024 and $102 million

in 2023, a decrease of $1 million, or 1% from 2024

to 2025 and an increase of $4 million, or 4% from

2023 to 2024.

Other Royalties

Other royalties consist of royalties from net sales of

RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.

J&J was granted FDA approval for RYBREVANT

during the second quarter of 2021, and Genmab

subsequently started recognizing royalties on net

sales of RYBREVANT. Royalties were not material

for 2025, 2024 or 2023.

J&J was granted approval for TECVAYLI for the

treatment of relapsed or refractory multiple

myeloma during the third quarter of 2022 in Europe

and in the fourth quarter of 2022 in the U.S.

Royalties were not material for 2025, 2024 or 2023.

During the third quarter of 2023, J&J was granted

approval in the US and in Europe for TALVEY for

the treatment of relapsed or refractory multiple

myeloma. Royalties were not material for 2025

or 2024.

The EC granted conditional marketing authorization

for TEPKINLY as a monotherapy for the treatment

of adult patients with relapsed or refractory DLBCL

after two or more lines of systemic therapy during

the third quarter of 2023. Royalties from AbbVie,

related to European net sales, were not material for

2025 or 2024.

Royalty revenue fluctuations from period to

period are driven by the level of product net sales,

foreign currency exchange rate movements and

more specifically to DARZALEX, the contractual

arrangement related to annual Currency Hedge

Rate, Genmab’s share of J&J’s royalty payments to

Halozyme in connection with SC product net sales

and royalty deductions on net sales in countries

and territories where there is no patent protection.

Net Product Sales

Global net product sales include sales of EPKINLY

in the US and Japan and Tivdak in Japan and

Germany. Global net sales of EPKINLY/TEPKINLY

were $468 million in 2025 compared to $281 million

in 2024, an increase of $187 million or 67%, driven

by strong growth in 3L+ DLBCL and the expansion

to address a second indication, 3L+ FL, which was

approved in the US in June 2024 . Net product

sales in the US and Japan recorded by Genmab

were $379 million in 2025 compared to $253 million

in 2024 and $61 million in 2023. EPKINLY was

approved in the US in May 2023 and in Japan in

September 2023.

Net sales of TEPKINLY in territories where Genmab

receives royalty revenue were $88 million in 2025,

compared to $28 million in 2024, with immaterial

net sales in 2023 due to regulatory approvals in

such territories not occurring until late 2023.

Net product sales of Tivdak by Genmab were

$19 million in 2025 with no net product sales in

2024. Tivdak was launched in Japan in May 2025

and became available for prescribing in Germany in

September 2025.

Refer to Note 2.1 for further details about revenue.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	40

Financial Review – Group

Reimbursement Revenue

Reimbursement revenue, mainly comprised of

the reimbursement of certain research and

development costs related to the development work

under Genmab’s collaboration agreements,

amounted to $53 million in 2025 compared to $144

million in 2024 and $124 million in 2023.

The decrease of $91 million , or 63%, from 2024

to 2025 was driven by Genmab assuming full

control of the development, as well as future

commercialization, of the acasunlimab program,

effective in the second half of 2024. The increase of

$20 million, or 16%, from 2023 to 2024 was

primarily driven by higher activities under our

collaboration agreements with BioNTech for

DuoBody-CD40x4-1BB and acasunlimab prior

to Genmab assuming full ownership, as well

as by higher activities under our collaboration

agreement with Pfizer for Tivdak.

Milestone Revenue

Milestone revenue was $97 million in 2025

compared to $145 million in 2024 and $171 million

in 2023, a decrease of $48 million , or 33%, from

2024 to 2025, and a decrease of $26 million , or

15%, from 2023 to 2024, primarily driven by the

following milestones by year as presented below:

2025 milestones:

•AbbVie milestone of $30 million due to

acceptance for filing of a BLA by the FDA in

the third Indication for epcoritamab.

•AbbVie milestone of $15 million due to

acceptance for filing of a BLA by the EMA in

the third indication for epcoritamab.

•Novo Nordisk milestone of $12.5 million due

to filing of a BLA in the United States for an

exclusive product.

•J&J milestone of $10 million due to Biologics

License Application (BLA) approval in any of

Japan, China or India of Licensed Product

targeting an Optioned Target Binding Pair

from First or Second Tranches (talquetamab).

•J&J milestone of $10 million due to first

commercial sale in the United States or a

major EU country for either a smoldering multiple

myeloma indication or a maintenance indication

for DARZALEX.

•J&J milestone of $10 million driven by

Worldwide Net Sales for TECVAYLI first

exceeding $0.5 billion in 2025.

2024 milestones:

•Novartis milestone of $84 million driven

by worldwide net sales for Kesimpta, first

exceeding $2.5 billion in 2024, and

•AbbVie milestone of $50 million due to the

acceptance for filing of a BLA by the FDA in the

second indication of epcoritamab in the US.

2023 milestones:

•AbbVie milestone of $50 million driven by the

first commercial sale of EPKINLY in the US.

•AbbVie milestone of $30 million due to the

acceptance of the marketing authorization

application (MAA) filing by the EMA of the

type II variation for marketing authorization

of TEPKINLY,

•AbbVie milestone of $25 million due to the first

commercial sale of TEPKINLY in Europe, and

•J&J milestone of $25 million related to the BLA

approval in the US for talquetamab.

Milestone revenue may fluctuate significantly

from period to period due to both the timing of

achievements and the varying amount of each

individual milestone under our license and

collaboration agreements.

Collaboration Revenue

Collaboration revenue, which reflects 50% of gross

profit from net sales of Tivdak in the US by Pfizer,

was $70 million in 2025 compared to $62 million in

2024 and $45 million in 2023. The increase of $8

million , or 13%, from 2024 to 2025 was primarily

driven by increased sales of Tivdak. The increase

of $17 million from 2023 to 2024 was primarily

driven by increased sales of Tivdak.

Cost of Product Sales

Genmab recognized cost of product sales of

$238 million in 2025 compared to $143 million

in 2024 and $33 million in 2023. Cost of product

sales includes product costs, royalty expense and

profit-sharing amounts payable to AbbVie. The

profit-sharing amount paid to AbbVie related to

EPKINLY was $179 million in 2025 compared to

$122 million in 2024 and $28 million in 2023.

Royalty expense was $17 million in 2025. There

was no royalty expense recorded in 2024 or 2023.

Aside from these items, there are no other costs

included within cost of product sales.

Refer to Notes 2.3, 3.5 and 5.6 for further details

about cost of product sales.

Research and

Development Expenses

Research and development expenses amounted to

$1,606 million in 2025 compared to $1,414 million

in 2024 and $1,107 million in 2023. The increase

from 2024 to 2025 of $192 million , or 14%, was

driven by the addition of ProfoundBio related

research and development expenses, primarily

Rina-S, and the increase in team members to

support the continued expansion of our product

portfolio. The acquisition of ProfoundBio occurred in

the second quarter of 2024 and therefore

there were minimal Rina-S related research and

development expenses during 2024 compared

to 2025. Also contributing to the increase

were termination costs associated with the

discontinuance of the acasunlimab program in the

fourth quarter of 2025. These increases were offset

by decreased research and development expenses

related to epcoritamab under our collaboration with

AbbVie, primarily due to lower CMC costs in 2025

compared to 2024.

The increase from 2023 to 2024 of $307 million,

or 28% was driven by the increased and

accelerated advancement of epcoritamab under our

collaboration with AbbVie, the addition of

ProfoundBio related research and development

expenses, primarily Rina-S, advancement of

acasunlimab and DuoBody-CD40x4-1BB under our

collaboration with BioNTech, further progression of

pipeline products, and the increase in team

members to support the continued expansion of our

product portfolio.

Research and development costs accounted for

72% of total research and development expenses

and selling, general and administration expenses in

2025 compared to 72% in 2024 and 70% in 2023.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	41

Financial Review – Group

The following table provides information regarding our research and development expenses for 2025 as

compared to 2024 and 2023.


				Percentage Change	Percentage Change
	2025	2024	2023	2025/2024	2024/2023
Research¹	267	310	219	(14)%	42%
Development and contract manufacturing²	598	516	337	16%	53%
Clinical³	607	478	476	27%	—%
Other4	134	110	75	22%	47%
Total research and development expenses	1,606	1,414	1,107	14%	28%

1.Research expenses include, among other things, personnel, occupancy and laboratory expenses, technology access

fees associated with identification of new monoclonal antibodies (mAbs), expenses associated with the development of

new proprietary technologies and research activities associated with our product candidates, such as in vitro and in vivo

studies, translational research, and IND enabling toxicology studies.

2.Development and contract manufacturing expenses include personnel and occupancy expenses, external contract

manufacturing costs for the scaleup and pre-approval manufacturing of drug product used in research and our clinical

trials, costs for drug product supplied to our collaborators, costs related to preparation for the production of process

validation batches to be used in potential future regulatory submissions, quality control and assurance activities, and

storage and shipment of our product candidates.

3.Clinical expenses include personnel, travel, occupancy costs, and external clinical trial costs including contract

research organizations (CROs), investigator fees, clinical site fees, contractors and regulatory activities associated with

conducting human clinical trials.

4.Other research and development expenses primarily include share-based compensation, depreciation, amortization

and impairment losses.

The following table shows third-party costs incurred for research, contract manufacturing of our product

candidates and clinical and regulatory services for 2025 as compared to 2024 and 2023. The table also

presents unallocated costs and overhead consisting of third-party costs for our preclinical stage programs,

personnel, facilities, and other indirect costs not directly charged to development programs.


				Percentage Change	Percentage Change
	2025	2024	2023	2025/2024	2024/2023
Epcoritamab	303	414	192	(27)%	116%
Rina-S	230	46	—	400%	N/A
Tisotumab vedotin	23	38	41	(39)%	(7)%
Acasunlimab	159	102	80	56%	28%
DuoBody-CD40x4-1BB	50	75	59	(33)%	27%
Other clinical stage programs	23	73	109	(68)%	(33)%
Total third-party costs for clinical stage programs	788	748	481	5%	56%
Preclinical projects	245	216	164	13%	32%
Personnel, unallocated costs and overhead	573	450	462	27%	(3)%
Total research and development expenses	1,606	1,414	1,107	14%	28%

Third-party costs for epcoritamab decreased by $111 million, or 27%, in 2025 as compared to 2024,

primarily due to lower CMC costs in 2025 compared to 2024 related to epcoritamab under our collaboration

with AbbVie. Third-party costs for epcoritamab increased by $222 million, or 116%, in 2024 as compared to

2023, primarily due to the advancement and acceleration of the epcoritamab program under Genmab’s

collaboration with AbbVie.

Third-party costs for Rina-S were $230 million in 2025 compared to $46 million in 2024. Rina-S was

acquired through the acquisition of ProfoundBio in the second quarter of 2024 and therefore there

were minimal Rina-S related research and development expenses during 2024 compared to 2025 due to

the increased development of Rina-S.

Third-party costs for tisotumab vedotin decreased by $15 million, or 39%, in 2025 as compared to 2024,

primarily due to the completion of certain clinical study activities in 2024. Third-party costs for tisotumab

vedotin decreased by $3 million, or 7%, in 2024 as compared to 2023, primarily due to the completion of

certain clinical study activities in 2024.

Third-party costs for acasunlimab increased by $57 million, or 56%, in 2025 as compared to 2024 due to

termination costs associated with the discontinuance of the acasunlimab program in the fourth quarter of

2025. Third-party costs for acasunlimab increased by $22 million, or 28%, in 2024 as compared to 2023,

primarily due to the continued advancement of the program, which Genmab obtained sole ownership

during the third quarter of 2024.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	42

Financial Review – Group

Third-party costs for DuoBody-CD40x4-1BB

decreased by $25 million, or 33%, in 2025 as

compared to 2024, primarily due to lower CMC

spending for the program under Genmab’s

collaboration with BioNTech, which was terminated

during the fourth quarter of 2025. Third-party costs

for DuoBody-CD40x4-1BB increased by $16

million, or 27%, in 2024 as compared to 2023,

primarily due to the continued advancement and

expansion of the program under Genmab’s

collaboration with BioNTech during 2024.

Third-party costs for Genmab’s other clinical stage

programs decreased by $50 million, or 68%, in

2025 as compared to 2024, primarily related to

discontinuance of the DuoBody-CD3xB7H4 and

DuoBody-CD3xCD30 programs. Third-party costs

for Genmab’s other clinical stage programs

decreased by $36 million, or 33%, in 2024 as

compared to 2023, primarily related to DuoBody-

CD3xB7H4 and DuoBody-CD3xCD30 in 2024.

Research and development expenses related to

our preclinical projects increased by $29 million, or

13%, in 2025 as compared to 2024, driven by the

continued investment in new and existing

preclinical programs. Research and development

expenses related to our preclinical projects

increased by $52 million, or 32%, in 2024 as

compared to 2023, driven by the continued

investment in new and existing preclinical

programs. An IND was submitted for

DuoBody-FAPαxDR4 and a CTA was submitted

for GEN1078.

Personnel, unallocated costs and overhead

increased by $123 million, or 27%, in 2025

as compared to 2024, primarily related to

incremental FTE costs to support our late state

pipeline. Our research and development FTEs

increased from 1,886 at the end of 2024 to 2,089 at

the end of 2025. Personnel, unallocated costs and

overhead decreased by $12 million, or 3%, in 2024

as compared to 2023, primarily due to travel costs,

which were higher in 2023 due to the upcoming

launch of EPKINLY in 2023. Our research and

development FTEs increased from 1,541 at the end

of 2023 to 1,886 at the end of 2024.

Refer to Note 2.3, 3.1, 3.2 and 5.5 for further

details about staff costs, intangible assets,

property and equipment and the acquisition

of ProfoundBio.

Selling, General and

Administrative Expenses

Selling, general and administrative expenses were

$626 million in 2025 compared to $549 million in

2024 and $478 million in 2023. The increase from

2024 to 2025 of $77 million, or 14%, was driven

primarily by the expansion of Genmab’s global

commercialization capabilities, primarily associated

with the expansion of epcoritamab and investment

in commercialization related activities for Rina-S to

prepare for its projected launch. The increase from

2023 to 2024 of $71 million, or 15%, was driven by

the continued expansion of Genmab’s

commercialization capabilities through the increase

in team members to support the continued launch

of EPKINLY in the US and Japan in 2023, and the

investment in Genmab’s broader organizational

capabilities.

$323 million, or 52% of selling, general and

administrative expenses in 2025, was related

to compensation of Genmab team members

associated with selling, general and administrative

activities, as compared to $263 million, or 48%

in 2024 and $224 million, or 47% in 2023.

Refer to Note 2.3 and 3.2 for further details about

staff costs and property and equipment.

Selling, general and administrative expenses accounted for 28% of total research and development

expenses and selling, general and administration expenses in 2025 compared to 28% in 2024 and 30% in

2023.

Acquisition and Integration Related Charges

Acquisition and integration related charges were $185 million in 2025 compared to $43 million in 2024 and

no acquisition and integration related charges for 2023 as there were no acquisitions during 2023. The

$185 million in 2025 is primarily related to professional fees of $109 million incurred by Merus upon close of

the acquisition and $58 million of equity payouts to former Merus employees. The acquisitions of Merus

and ProfoundBio occurred during the fourth quarter of 2025 and second quarter of 2024, respectively.

Refer to Note 5.5 for further details about the acquisitions of Merus and ProfoundBio.

Operating Profit

Operating profit was $1,065 million in 2025 compared to $972 million in 2024, an increase of $93 million, or

10%. Operating profit was $972 million in 2024 compared to $772 million in 2023, an increase of $200

million, or 26%.

Financial Income and Expense

Financial income and expense was comprised of the following:


	2025	2024	2023
Financial income:
Interest and other financial income	138	144	142
Gain on marketable securities	112	237	157
Gain on other investments, net	—	6	—
Foreign exchange rate gain	158	258	—
Total financial income	408	645	299
Financial expenses:
Other interest expense	(34)	(18)	(10)
Interest expense on borrowings	(27)	—	—
Loss on marketable securities	(46)	(107)	(174)
Loss on other investments, net	(1)	—	(4)
Foreign exchange rate loss	(161)	(166)	(66)
Total financial expenses	(269)	(291)	(254)
Net financial items	139	354	45


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	43

Financial Review – Group

Interest Income

Interest income was $138 million in 2025 compared

to $144 million in 2024 and $142 million in 2023.

The decrease of $6 million, or 4% from 2024 to

2025, was primarily driven by the lower average

cash and cash equivalents and marketable

securities as a result of the ProfoundBio acquisition

in the second quarter of 2024, as well as lower

interest rates of USD denominated marketable

securities in 2025 compared to 2024. Additionally,

Genmab liquidated its entire marketable security

portfolio in December 2025 to contribute to the

financing of the Merus acquisition. The increase of

$2 million, or 1% from 2023 to 2024 was primarily

driven by the higher cash and cash equivalents and

marketable securities in the first half of 2024

compared to 2023, almost entirely offset by lower

cash and cash equivalents and marketable

securities in the second half of 2024 compared to

2023 as a result of liquidating marketable securities

and using cash to purchase ProfoundBio.

Interest Expense on Borrowings

The increase of $27 million, or 100% from 2024 to

2025, was primarily driven by interest expense

associated with debt issued in December 2025 in

connection with financing the Merus acquisition.

There was no interest expense on borrowings in

2024 and 2023.

Refer to Note 4.8 for further details regarding

Genmab borrowings.

Foreign Exchange Rate Gains

and Losses

Foreign exchange rate loss, net, which excludes

foreign exchange rate movements on marketable

securities, was $3 million in 2025 compared to the

foreign exchange rate gain, net of $92 million in

2024 and foreign exchange rate loss, net of

$66 million in 2023. The change from 2024 to 2025

is primarily driven by a lower exchange rate impact

due to the change in functional currency of Genmab

A/S from DKK to USD on January 1, 2025. The

change from 2023 to 2024 was primarily driven by

foreign exchange rate movements impacting

Genmab’s USD denominated assets (excluding

marketable securities) and liabilities, noting

Genmab A/S functional currency was DKK during

2023 and 2024.

Marketable Securities Gains

and Losses

Gain on marketable securities, net, which includes

the impact of foreign exchange rate movements,

was $66 million in 2025 compared to gain on

marketable securities, net of $130 million in

2024 and loss on marketable securities, net of

$17 million in 2023. The decrease in gain, net

of $64 million, or 49% from 2024 to 2025 was

primarily driven by the change in the functional

currency of Genmab A/S effective January 1, 2025.

As the majority of Genmab’s investment portfolio is

denominated in U.S. dollars, these securities

benefited from the strengthening of the USD

against the DKK in 2024. In 2025, Genmab’s DKK

and EUR denominated currencies strengthened

against the USD, but to a lesser extent than the

USD strengthening against the DKK in 2024.

Additionally, Genmab liquidated its marketable

security portfolio in December 2025 to contribute to

financing of the Merus acquisition. The increase in

gain, net of $147 million, or 865% from 2023

to 2024, was primarily driven by foreign exchange

rate movements impacting Genmab’s USD

denominated marketable securities. As the majority

of Genmab’s investment portfolio is denominated in

U.S. dollars, these securities benefited from the

strengthening of the USD against the DKK in

2024, as compared the USD weakening against the

DKK in 2023.

Refer to Notes 4.2 and 4.5 for further details

regarding foreign currency risk and net financial

items, respectively.

Corporate Tax

Corporate tax expense was $241 million in 2025

compared to $193 million in 2024 and $186 million

in 2023. Genmab’s estimated annual effective tax

rate was 20.0% in 2025 compared to 14.6% in 2024

and 22.8% in 2023. The increase from 2024 to

2025 in Genmab’s effective tax rate was primarily

due to an increase in unrecognized deferred tax

assets from the acquisition of Merus. The decrease

from 2023 to 2024 in Genmab’s effective tax rate

was primarily due to the integration of ProfoundBio

which allowed for the deduction of previously

unrecognized deferred tax assets in 2024.

We anticipate that our effective tax rate should be

closer to the Danish statutory rate of 22% going

forward.

Refer to Note 2.4 for additional information

regarding the corporate tax, deferred tax assets

and deferred tax liabilities including

Management’s significant judgements

and estimates.

Net Profit

Net profit for 2025 was $963 million compared to

$1,133 million in 2024 and $631 million in 2023.

The changes in net profit for the periods were

driven by the items described above.

Liquidity And Capital

Resources


	December 31
	2025	2024
Marketable securities	—	1,574
Cash and cash equivalents	1,715	1,380
Shareholders' equity	5,847	5,137
Non-current borrowings	5,001	—
Current borrowings	273	—

Genmab did not have any marketable securities as

of December 31, 2025. As of December 31, 2025,

cash and cash equivalents denominated in USD

represented 77% of Genmab’s total cash and

cash equivalents. As of December 31, 2024, cash

and cash equivalents and marketable securities

denominated in USD represented 85%.

Marketable Securities

Marketable securities are invested in highly

secure and liquid investments with short effective

maturities. As of December 31, 2025, Genmab did

not hold any marketable securities as the portfolio

was liquidated to contribute to the financing of

the Merus acquisition. As of December 31, 2024,

$1,574 million was held as liquid investments

in short-term government and other debt

instruments. As of December 31, 2024, 71% of

Genmab’s marketable securities were long-term A

rated or higher, or short-term rated A-1/P-1 by S&P,

Moody’s or Fitch.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	44

Financial Review – Group

Cash and Cash Equivalents

As of December 31, 2025, $1,715 million, as

compared to $1,380 million as of December 31,

2024, was held as cash and cash equivalents

Cash and cash equivalents did not include any

short-term marketable securities at the end of

December 2025, compared to $11 million at the end

of December 2024. In accordance with Genmab’s

accounting policy, securities purchased with a

maturity of less than 90 days at the date

of acquisition are classified as cash and

cash equivalents.

Genmab requires cash to meet our operating

expenses and capital expenditures. We have

primarily funded our cash requirements since

inception, including through December 31, 2025,

primarily with royalty and milestone payments from

our partners, upfront payments, and equity

financing. Genmab expects to continue to fund

a significant portion of our development costs

for proprietary product candidates as well as

commercialization activities with cash received from

royalties and milestone payments from partners,

and net sales of Genmab products. During

December 2025, with the acquisition of Merus, we

incurred borrowing of $5.5 billion to contribute to

the financing of the acquisition.

Borrowings

Genmab entered into financing arrangements

totaling $5.5 billion, consisting of senior secured

notes, senior unsecured notes, and term loans, as

well as a revolving credit facility that remained

undrawn.

Term Loans

In December 2025, Genmab entered into two

senior secured term loans, Term Loan A and Term

Loan B, with nominal amounts of $1 billion and

$2 billion, respectively (collectively, the “Loans”).

The Loans were obtained to contribute to the

financing of the acquisition of Merus and contain

certain customary financial covenants. The Loans

are secured by a first-priority lien on substantially all

assets of Genmab Finance LLC, Genmab A/S, and

certain other guarantor subsidiaries.

As of December 31, 2025, Genmab retains

ownership and control of the pledged assets, which

continue to be recognized in the Consolidated

Balance Sheets and Genmab is in compliance with

all applicable financial covenants. As of December

31, 2025, the carrying amount of assets, including

goodwill and other intangible assets, corporate tax

receivable, inventory, financial assets, and property

and equipment pledged as collateral for the Loans

is $11.1 billion.

Notes

In December 2025, Genmab entered into Senior

Secured Notes of $1.5 billion and Senior

Unsecured Notes of $1.0 billion (together, the

“Notes”). The proceeds were also used to finance

the Merus acquisition. The Senior Secured Notes

are backed by the same collateral package as the

Loans, while the Senior Unsecured Notes are not

collateralized. Genmab is subject to certain

financial covenants testing on a quarter-end and

annual basis beginning March 31, 2026.

Revolving Credit Facilities

During the fourth quarter of 2024, Genmab entered

into an unsecured three-year revolving credit facility

(“2024 Revolving Credit Facility”) of up to $300

million with a syndicate of lenders. The 2024

Revolving Credit Facility was established to finance

working capital needs, and for general corporate

purposes of Genmab A/S and its subsidiaries. The

2024 Revolving Credit Facility included options to

increase the size of the facility up to $500 million as

well as the ability to extend for an additional two

years. The 2024 Revolving Credit Facility contained

certain customary financial covenants. The 2024

Revolving Credit Facility was terminated on

December 12, 2025 upon close of the Merus

acquisition.

During the fourth quarter of 2025, Genmab entered

into a secured five-year revolving credit facility

(“2025 Revolving Credit Facility”) of up to

$500 million with a syndicate of lenders. The

2025 Revolving Credit Facility contains certain

customary financial covenants. Genmab intends

to use the 2025 Revolving Credit Facility to finance

working capital needs, and for general corporate

purposes, of Genmab A/S and its subsidiaries.

Expenditures

Genmab’s expenditures on current and future

preclinical and clinical development programs are

subject to numerous uncertainties in timing and

cost to completion. In order to advance our product

candidates toward commercialization, the product

candidates are tested in numerous preclinical

safety, toxicology and efficacy studies. Genmab

then conducts clinical trials for those product

candidates that take several years or more to

complete. The length of time varies substantially

based upon the type, complexity, novelty and

intended use of a product candidate. The cost of

clinical trials may vary significantly over the life of a

project as a result of a variety of factors, including:

the number of patients required in the clinical trials;

the length of time required to enroll trial

participants; the number and location of sites

included in the trials; the costs of producing

supplies of the product candidates needed for

clinical trials and regulatory submissions; the safety

and efficacy profile of the product candidate; the

use of CROs to assist with the management of the

trials; and the costs and timing of, and the ability to

secure, regulatory approvals.

Genmab’s expenses also fluctuate from period

to period based on the degree of activities with

collaborative partners, timing of manufacturing

campaigns, numbers of patients enrolled in clinical

trials and the outcome of each clinical trial event. As

a result, Genmab is unable to determine with

any degree of certainty the anticipated completion

dates, duration and completion costs of research

and development projects, or when and to what

extent Genmab will receive cash inflows from the

commercialization and sale of any product

candidates. Genmab also cannot predict the actual

amount or timing of future royalties and milestone

payments, and these may differ from estimates.

Genmab expects to increase operating

expenditures and make additional capital outlays

over the next several years as Genmab supports

preclinical development, manufacturing, clinical trial

activities, product collaborations, commercialization

activities and early payments of borrowings.

Spending is expected to increase on research,

development, integration activities, and

commercialization activities related to product

development. To the extent Genmab’s capital

resources are insufficient to meet future capital

requirements, Genmab may need to finance

operating requirements and other cash needs

through the use of the 2025 Revolving Credit

Facility, public or private equity offerings, or debt

financings. Such financings may not be on terms

deemed favorable to Genmab.

Refer to Notes 4.1, 4.2 4.4, and 4.8 for additional

information regarding our external source of

liquidity, financial risks, Marketable securities,

and Borrowings, respectively.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	45

Financial Review – Group

Cash Flows

The following table provides information regarding Genmab’s cash flow for 2025, 2024 and 2023.


Cash Flow ($ million)	2025	2024	2023
Cash provided by operating activities	1,186	1,126	1,071
Cash (used in) investing activities	(5,643)	(1,447)	(185)
Cash provided by (used in) financing activities	4,789	(566)	(89)
Changes in cash and cash equivalents	332	(887)	797
Exchange rate adjustments	3	63	(12)

Net cash provided by operating activities is primarily related to our operating profit, changes in operating

assets and liabilities, reversal of net financial items, and adjustments related to non-cash transactions.

Cash provided by operating activities increased in 2025 compared to 2024 primarily driven by increase in

other payables of $278 million in 2025 compared to 2024 primarily related to the expansion of our product

pipeline as well as accrued termination costs associated with the discontinuance of the acasunlimab

program during the fourth quarter of 2025. Also contributing to the increase was a reduction of financial

income, net of $215 million from 2024 to 2025 attributable to a lower exchange rate impact due to the

change in functional currency of Genmab A/S from DKK to USD on January 1, 2025 and an increase in

non-cash transactions of $49 million. Theses increases were partly offset by a decrease in net profit before

tax of $122 million and an increase in taxes paid of $410 million in 2025 compared to 2024. Cash provided

by operating activities increased in 2024 compared to 2023 primarily driven by an increase in net profit

before tax of $509 million, an increase in non-cash transactions of $54 million, and a decrease in taxes

paid of $105 million in 2024 compared to 2023, partly offset by significant AbbVie milestones achieved

during the fourth quarter of 2022 with related cash received during 2023, and an increase in DARZALEX

royalty receivables in the fourth quarter of 2024 compared to the fourth quarter in 2023.

Net cash (used in) investing activities primarily reflects cash used in making acquisitions, differences

between the proceeds received from the sale and maturity of our marketable securities and amounts

invested, and the cash paid for investments in tangible and intangible assets. The increase from 2024

to 2025 in net cash (used in) investing activities is primarily driven by the larger acquisition of Merus in

2025 of $7.2 billion compared to the acquisition of ProfoundBio in 2024 of $1.8 billion, partly offset by the

sales and maturities of marketable securities exceeding purchases in 2025 to a greater extent than

compared to 2024 due to the liquidation of marketable securities during the fourth quarter of 2025 to

contribute towards the financing of the Merus acquisition. The increase from 2023 to 2024 in net cash

(used in) investing activities is primarily driven by the acquisition of ProfoundBio, partly offset by the sales

and maturities of marketable securities exceeding purchases in 2024, compared to purchases exceeding

sales and maturities in 2023.

Net cash provided by (used in) financing activities

is primarily related to the issuance of borrowings,

purchase of treasury shares, exercise of warrants,

lease payments, and payment of withholding taxes

on behalf of employees on net settled Restricted

Stock Units (RSUs). The increase from 2024 to

2025 in net cash provided by financing activities is

as a result of the $5.5 billion of proceeds from

issuance of borrowings, net of $273 million of debt

issuance costs paid. The increase from 2023 to

2024 in net cash (used in) financing activities is

primarily driven by cash payments for the purchase

of treasury shares of $560 million in 2024

compared to $81 million in 2023.

Exchange rate adjustments represent foreign

currency gains or losses on Genmab’s cash and

cash equivalents, primarily driven by our cash

and cash equivalents holdings denominated in

currencies other than USD.

Balance Sheet

As of December 31, 2025, total assets were

$12,873 million, compared to $6,414 million as

of December 31, 2024. As of December 31, 2025,

assets are mainly comprised of intangible assets of

$9,123 million, as a result of intangible assets

acquired in the Merus and ProfoundBIo

acquisitions, current receivables of $1,112 million,

cash and cash equivalents of $1,715 million and

$355 million of goodwill related to the acquisition of

ProfoundBio. The current receivables consist

primarily of amounts related to royalties from our

collaboration agreements. The credit risk related to

our receivables is not material based on no

historical credit losses as well as the high-quality

nature of Genmab’s collaboration partners and

limited number of distributors with high

credit standing.

Refer to Note 3.6 for additional information

regarding receivables and Note 5.5 for additional

details related to the acquisitions of Merus and

ProfoundBio.

As of December 31, 2025, total liabilities were

$7,026 million compared to $1,277 million as of

December 31, 2024. The increase in total liabilities

of $5,749 million, or 450%, was primarily driven

by the $5.5 billion of borrowings entered into in

December 2025 to contribute to the funding of

the Merus acquisition. Also contributing to the

increase was an increase of $580 million in

accruals, primarily related to the expansion of our

product pipeline as well as accrued termination

costs associated with the discontinuance of the

acasunlimab and other programs during the fourth

quarter of 2025.

Shareholders’ equity as of December 31, 2025 was

$5,847 million compared to $5,137 million as of

December 31, 2024. The increase of $710 million,

or 14%, was driven primarily by Genmab’s net profit

for the period and share-based compensation

expenses, partly offset by the purchase of treasury

shares. Genmab’s equity ratio was 45% as of

December 31, 2025 compared to 80% as of

December 31, 2024. The decrease was primarily

attributable to assets acquired in the acquisition of

Merus, net of cash paid, during the fourth

quarter of 2025.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	46

Financial Review – Group

Legal Matters

In September 2020, Genmab commenced

arbitration against J&J with respect to two

different provisions of our license agreement for

daratumumab, both relating to royalties payable to

Genmab on net sales of daratumumab (marketed

as DARZALEX for IV administration and as

DARZALEX FASPRO in the US and as DARZALEX

SC in Europe for SC administration). In April 2022,

the arbitral tribunal issued an award in that

arbitration denying both of Genmab’s claims.

Genmab did not seek review of the award. On June

9, 2022, Genmab commenced a second arbitration

against J&J under the license agreement, in which

Genmab sought additional compensation from

J&J with respect to SC daratumumab based on

Genmab’s position that the award in favor of J&J in

the first arbitration was premised on that tribunal’s

determination that IV daratumumab and SC

daratumumab were separate “Licensed Products”

as that term is defined in the license agreement.

Genmab’s claim in that second arbitration was

denied by the tribunal on April 21, 2023 on the

ground that it should have been brought in the first

arbitration, and the dismissal was affirmed by an

appellate arbitrator on January 23, 2024.

In 2024, Chugai Pharmaceutical Co., Ltd. filed a

lawsuit in the Tokyo District Court in Japan against

AbbVie’s and Genmab’s Japanese subsidiaries

asserting that their activities related to EPKINLY

(epcoritamab) in Japan infringe two Japanese

patents held by Chugai, claiming damages and

injunctive relief. In September 2025, Chugai filed

two further lawsuits in the same court, against the

same parties and with similar assertions, based

on two newly granted Japanese patents held by

Chugai which are similar to the patents from the

original lawsuit.

Genmab and AbbVie believe that all four patents

are invalid and/or not infringed and intend to

vigorously defend the claims, and thus no provision

has been recorded related to this matter.

During the first quarter of 2025, AbbVie filed a

complaint in the U.S. District Court for the Western

District of Washington (Seattle) naming

Genmab A/S; ProfoundBio US Co.; ProfoundBio

(Suzhou) Co., Ltd.; and former AbbVie employees

as defendants. AbbVie alleges that the defendants

have misappropriated AbbVie’s alleged trade

secrets relating to the use of disaccharides to

improve the hydrophilicity of drug-linkers in ADCs

in connection with Rina-S and other ADC pipeline

products of ProfoundBio. AbbVie is seeking

damages and broad injunctive relief. AbbVie is not

asserting or enforcing any patent rights against the

defendants, and to Genmab’s knowledge, AbbVie

has not pursued any development of products

incorporating their alleged trade secrets. During

the fourth quarter of 2025, AbbVie filed a complaint

with the U.S. International Trade Commission (ITC)

under Section 337 of the Tariff Act against

ProfoundBio US Co.; ProfoundBio (Suzhou) Co.,

Ltd.; Genmab A/S; Genmab B.V.; and Genmab US,

Inc., seeking to exclude certain antibody drug

conjugate products from importation into the United

States. The district court action has since been

stayed. The ITC complaint is based on allegations

that are substantially similar to those asserted in

the Washington district court action.

Genmab categorically refutes these allegations and

will vigorously defend the Company against

AbbVie’s claims, and thus no provision has been

recorded related to this matter.

Refer to Note 5.7 for further details about

contingencies.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	48

Risk Management

As an international biotech company dedicated

to improving the lives of cancer patients around

the world, Genmab operates within a heavily

regulated environment that exposes us to an

ever-evolving set of risks, some of which are

beyond our control. Genmab has core facilities in

five countries that perform an array of essential

innovation, research, development,

manufacturing activities, commercial operations,

and support functions, all of which pose risks

to our operations and success.

Specifically, these operations and activities

expose us to risks, some of which are inherent in

our business and/or beyond our control, that

include but may not be limited to financial,

research and development, regulatory, IT/data/

technology, staffing, compliance, legal, and also

environmental and sustainability-related risks.

Maintaining a strong control environment,

with adequate procedures for identification,

prioritization and assessment of risks and

adhering to operational policies designed

to reduce such risks to an acceptable level,

is essential for the continued evolution of

Genmab. It is our policy to identify and reduce

the risks derived from our operations and

to establish insurance coverage and other

enterprise risk reduction and resilience

mechanisms to mitigate any residual risk,

wherever considered practicable. Genmab

has dedicated resources toward enabling its

enterprise risk management (ERM) framework

under the Global Compliance & Risk function

that reports directly to the Chief Legal Officer.

In concert with a refreshed Code of Conduct,

company policies and procedures, Genmab

has chartered a Global Compliance and Risk

Governance Committee (GCRC) co-chaired by the

CEO and the head of Compliance & Risk. Genmab

has also updated its risk model and framework

to include enhanced risk oversight, mitigation,

governance, and reporting, all of which we believe

positions us to better manage the risks associated

with our business, now and into the future.

Furthermore, the Audit and Finance Committee of

the Board performs a yearly review of Genmab’s

Enterprise Risk Program and relevant insurance

coverage to ensure that they are appropriate for

Genmab. For further information about the risks

and uncertainties that Genmab faces, refer to

the current Form 20-F filed with the SEC.

The use of data, as defined in the Danish Financial

Statements Act, both personal and non-personal, is

essential to fulfilling Genmab’s core purpose; and

Genmab is committed to handling data with integrity

and in an ethical and compliant manner considering

the impact our actions may have on individuals and

society.

Genmab has a policy for Data Ethics in

compliance with Section 99d of the Danish

Financial Statements Act in which Genmab adopted

the Data Ethics principles of the International

Federation of Pharmaceutical Manufacturers &

Associations (IFPMA).

These principles complement and strengthen

already existing Genmab policies and procedures,

and they focus on the following areas:

1.Autonomy:

Respect individuals’ privacy, protect their rights, and

honor confidentiality

2.Transparency:

Individuals should be able to understand how their

personal data is used

3.Data Quality:

The best quality data available should be used to

make decisions

4. Fairness and

Non-discrimination:

Data acquisition should be inclusive, equitable,

and seek to support the industry’s mission of

responding to the needs of all patients

5. Ethics by Design:

Controls to prevent harm and risks to

individuals should be built into the design

of data architecture and data processing

6. Responsible Data

Sharing:

Data sharing should be based on processes

that actively and consistently consider,

prioritize, and protect individual rights

7. Responsibility and

Accountability:

Data Ethics Principles should be

operationalized through effective governance,

clear standards, training, monitoring activities,

and disciplinary sanctions. Genmab will

continue to focus on these principles,

particularly in the areas of data privacy, DE&I,

clinical trials, and the application of new

technologies (e.g., AI and Machine Learning),

where policies, processes, and training

materials will be aligned with the

above-mentioned principles. The Genmab Data

Ethics policy and its principles are anchored in

the Genmab Code of Conduct as part of the

overall Genmab Compliance program.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	50

Risk Management

The following is a summary of Genmab’s key risk areas, including sustainability-related risks, and how we address and mitigate such risks.


Risk related to	Risk areas	Mitigation	Risk trend
Business and Products	The identification and development of successful products is expensive and includes time-consuming clinical trials with uncertain outcomes and the risk of failure to obtain regulatory approval in one or more jurisdictions.	Genmab has a disciplined approach to investment, focusing on areas with the potential to maximize success, including new technologies and formats, scaling up to expand from early- to late-stage development and commercialization. Genmab has established various committees to ensure optimal selection of disease targets and formats of our antibody candidates, and to monitor progress of preclinical and clinical development. We strive to have a well-balanced product pipeline, continuing to search for and identify new product candidates, and closely monitoring the market landscape.
	Genmab is dependent on the identification and development of new proprietary technologies and access to new third-party technologies. This exposes us to safety issues as well as other failures and setbacks related to use of such new or existing technologies.	Genmab strives to identify and develop new antibody-based products that harness new antibody technologies, such as the DuoBody, HexaBody, DuoHexaBody and HexElect technology platforms, ADC technology, and gain access to competitive and complementary new third-party technologies. We closely monitor our preclinical programs and clinical trials to mitigate any unforeseen safety issues or other failures, or setbacks associated with the use of these technology platforms.
	Genmab faces ongoing uncertainty about the successful commercialization of product candidates. This is a result of factors including immense competition on the basis of cost and efficacy as well as rapid technological change, which may result in others discovering, developing or commercializing competing products before and/or more successfully than us.	From early in the research phase and throughout development, commercial potential and product commercialization, associated risks are assessed to ensure that final products have the potential to be commercially viable. Genmab attempts to control commercial risks in part by regularly monitoring and evaluating current market conditions, competing products and new technologies, to potentially gain access to new technologies and products that may supplement our pipeline. Genmab also strives to ensure market exclusivity for its own technologies and products by seeking patent protection. Genmab engages with patients and caregivers to gather insights and improve patient outcomes.
	Genmab’s near- and mid-term prospects are substantially dependent on continued clinical and commercial success of DARZALEX. The impact of DARZALEX patent expirations will have an adverse impact on Genmab’s future royalty revenue. DARZALEX is subject to intense competition in the multiple myeloma therapy market.	Genmab focuses on its three-pronged strategy of focusing on our core competence, turning science into medicine and building a profitable and successful biotech to develop a broad pipeline of unique best-in-class or first-in-class antibody products with significant commercial potential. In addition, Genmab maintains a strong cash position, disciplined financial management, and a flexible and capital efficient business model to mitigate potential setbacks related to DARZALEX. To address the impact of DARZALEX Genmab patents expiration, Genmab intends to mitigate this risk through its strong foundation in science and investments in its late-stage assets EPKINLY, Rina-S and petosemtamab. Genmab manages and maintains efficient operations through focused prioritization and increased productivity. Beyond DARZALEX there are six additional medicines in our royalty portfolio that that drive revenue for the Company: Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and BIZENGRI.
	Genmab has exposure to product liability claims related to the use or misuse of our products and technologies.	Product liability claims and/or litigation could materially affect our business and financial position, and Genmab therefore strives to maintain internal processes for the review, approval, and compliant use of promotion materials and also maintains appropriate product liability insurance for our clinical trials and our approved products and other coverage required under applicable laws.
	Our core research and manufacturing activities are carried out at a limited number of locations. Any event resulting in Genmab’s or our vendors’/suppliers’ inability to operate these facilities could materially disrupt our business.	Genmab employs oversight and quality risk management principles. In addition, Genmab follows current Good Laboratory Practices (cGLP) and current Good Manufacturing Practices (cGMP) and requires that our vendors operate with the same standards. Genmab’s quality assurance (QA) department ensures that high-quality standards are set and monitors adherence to these practices.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	51

Risk Management


Risk related to	Risk areas	Mitigation	Risk trend
	If we are unable to effectively manage Genmab’s fast-paced growth, or maintain our commercialization and other capabilities at adequate levels, and control operating costs within the scope of our overall business as well as properly integrate acquisitions, financial condition and net profits may be adversely affected. Any business disruption or failure to properly manage growth, maintain capabilities and transformation in a manner that reflects and supports our organizational strategies and priorities, while assuring ethical business practices, prudent risk management, and commercial compliance, could have a material adverse effect on our business, financial condition, results of operations and cash flows.	We have experienced rapid growth over the last several years. We anticipate additional growth as our pipeline advances and we continue product commercialization activities. Such growth, including maintaining and enabling R&D, commercialization, and support functions, has placed significant demands on our management and infrastructure, including new operational and financial systems, as well as extending manufacturing and commercial outsource arrangements. Our success will depend in part upon our ability to manage and maintain operations and integrate acquisitions effectively through leadership, focused prioritization, increased productivity and talent management to maintain our values-based, collaborative culture. As we continue to grow and evolve, we must continuously improve our operational, commercial, compliance, financial and management practices, and controls.
	Genmab is subject to government regulations on pricing/public reimbursement as well as other healthcare payer cost-containment initiatives; increased pressures by governmental and third-party payers to reduce healthcare costs.	Genmab strives to develop differentiated antibody medicines that bring meaningful impact to patients and health systems and are well-positioned to secure reasonable price reimbursement by government healthcare programs and private health insurers. The impact our science has on patients today and in the future, particularly those with few treatment options, drives the value of our medicines. Genmab’s U.S. Government Affairs & Policy department interacts with U.S. federal and state policymakers to advance policies aimed at improving patients’ lives through access to quality healthcare and innovative science. Genmab’s U.S. Market Access department educates payers on the value of our products and works across the healthcare system to help ensure all appropriate patients gain access to our innovative medicines.
Strategic Collaborations	Genmab is dependent on existing partnerships with major pharmaceutical or biotech companies to support our business and develop and extend the commercialization of our products.	Our business may suffer if our collaboration partners do not devote sufficient resources to our programs and products, do not successfully maintain, defend and enforce their intellectual property rights or do not otherwise have the ability to successfully develop or commercialize our products, independently or in collaboration with others. Our business may also suffer if we are not able to continue our current collaborations or establish new collaborations. Genmab strives to be an attractive and respected collaboration partner, and to pursue a close and open dialogue with our collaboration partners to share ideas and align on best practices and decisions within clinical development and commercial operations to increase the likelihood that we reach our goals.
	Genmab relies on a limited number of manufacturing organizations (CMO) and individual sites at those CMOs to produce and supply our product candidates. Genmab is also dependent on clinical research organizations to conduct key aspects of our clinical trials, and on collaboration partners to conduct some of our clinical trials. CMOs may be subject to or affected by various U.S. legislation, executive orders, regulations, or investigations.	Genmab oversees outsourcing and partnership relationships to ensure consistency with strategic objectives and service provider compliance with regulatory requirements, resources, and performance. This includes assessment of contingency plans, availability of alternative service providers and costs and resources required to switch service providers. We continually evaluate financial solvency and require our suppliers to abide by a code of conduct consistent with Genmab’s Code of Conduct.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	52

Risk Management


Risk related to	Risk areas	Mitigation	Risk trend
Regulation, Legislation, and Compliance	Genmab is subject to extensive legislative, regulatory and other requirements during preclinical and clinical development, commercialization, and post-marketing approval, including healthcare, marketing/labeling/ promotion, fraud and abuse, competition/antitrust laws, and regulations, as well as transparency, privacy and data protection and other requirements. Genmab is subject to strict disclosure obligations under applicable laws and regulations globally, including the EU Market Abuse Regulation and the U.S. Inflation Reduction Act (IRA). Being listed on the Nasdaq Global Select Market, we are subject to additional U.S. regulatory requirements, including U.S. securities laws and the U.S. Foreign Corrupt Practices Act, and may become more exposed to U.S. class actions.	To ensure compliance with applicable healthcare laws and regulations, Genmab has established a compliance program, including a Code of Conduct that is regularly evaluated and sets high ethical standards on which all colleagues receive regular training. Genmab also maintains a Speak Up Policy and Hotline for reporting and response to potential misconduct. Our head of Global Compliance reports directly to the Chief Legal Officer. Genmab is committed to transparency of clinical trial research and has published our Clinical Trial Transparency Declaration. Genmab is also committed to ensuring equal access to Genmab clinical trials and that patients participating in our trials are representative of those living with the disease being studied. Genmab respects the privacy, protection, and appropriate use of data by ensuring compliance with all applicable privacy and data protection laws, regulations, and other standards. In support of this commitment, Genmab established its Global Data Privacy Office supported by a cross-functional team of privacy subject matter experts, including a Data Protection Officer, who collaborate in the development and maintenance of a forward-looking Global Data Privacy Program that seeks to address shifts in both the internal and external environments, along with emerging challenges in the privacy and data protection regulatory landscape. The Program, through its policies, procedures, and centralized guidance for processing personal data, seeks to drive organizational accountability and empower Genmab colleagues, and our third party partners, to handle personal data consistent with our values of ethical behavior, integrity, fairness, inclusion, and transparency. To further support compliance with regulatory, legal, and other requirements applicable to our business and operations, including cGLP, current Good Clinical Practices (cGCP) and cGMP, Genmab’s QA department is staying abreast of and adhering to regulatory and legislative changes relevant to quality standards. Genmab has also established relevant procedures and guidelines to ensure transparency with respect to providing timely, adequate, and correct information to the market and otherwise complying with applicable securities laws and other legal and regulatory requirements. Genmab has an Internal Audit function that reports to the Audit and Finance Committee of the Board and administratively reports to the CFO.
	Legislation, regulations, industry codes and practices, and their application may change from time to time.	To prevent unwarranted consequences of new and amended legislation, regulations, etc., Genmab strives to stay current with respect to all applicable legislation, regulations, industry codes and practices by means of its internal compliance function and related governance bodies as well as internal and external legal counsel. Also, internal procedures for review and refinement of contracts are ongoing to ensure contractual consistency and compliance with applicable legislation, regulation, and other standards.
Intellectual Property	Genmab is dependent on protecting our own intellectual property rights to regain our investments and protect our competitive positions. We may become involved in lawsuits to protect or enforce our patents or other intellectual property which could result in costly litigation and unfavorable outcomes. Claims may be asserted against us that we infringe the intellectual property of third parties, which could result in costly litigation and unfavorable outcomes.	Genmab files and prosecutes patent applications to optimally protect its products and technologies. To protect trade secrets and technologies, Genmab maintains strict confidentiality standards and agreements for employees and collaborating parties. Genmab actively monitors third-party patent positions within our relevant fields to avoid violating any third-party patent rights.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	53

Risk Management


Risk related to	Risk areas	Mitigation	Risk trend
Finances	Genmab may have the inability to satisfy debt obligations.	Genmab's borrowings include two senior secured term loans, Term Loan A and Term Loan B, with nominal amounts of $1 billion and $2 billion, senior secured notes of $1.5 billion, senior unsecured notes of $1.0 billion as well as access to a revolving loan facility up to $500 million with a syndicate of lenders, which can be drawn down upon as another source of additional funding. The credit agreement requires Genmab to comply with certain financial maintenance and other covenants. A breach of the covenants under the credit agreement and the indentures governing the outstanding notes could result in an event of default which could result in Genmab having to repay the borrowings before their due dates. Because Genmab’s future commercial potential and operating profits are hard to predict, Genmab’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a continuous advancement of Genmab’s product pipeline and business in general.
	Genmab is exposed to different kinds of financial risks, including currency exposure and changes in interest rates as well as changes in Danish, U.S. or foreign tax laws or related compliance requirements.	Genmab has established financial risk management guidelines to identify and analyze relevant risks, to set appropriate risk limits and controls, and to monitor the risks and adherence to limits. Please refer to Note 4.2 of the financial statements for additional information regarding financial risks.
Management and Workforce	Genmab may have an inability to attract and retain suitably qualified team members as it continues to evolve.	To attract and retain our highly skilled team, including the members of Genmab’s Executive Management, Genmab offers competitive remuneration packages, including share-based remuneration. Genmab strives to create a positive, safe, and energizing working environment. Genmab has strong core values that nourish high-integrity and ethical behavior, respectful and candid tone and a culture which prizes diversity, as well as trust and teamwork. Genmab has implemented strategies such as diversifying recruitment efforts, cross-training employees, fostering a culture of knowledge sharing, investing in talent development programs, and promoting a supportive work environment that values employee well-being and career growth. Please refer to Note 4.6 of the financial statements for additional information regarding share-based compensation.
Cybersecurity	Genmab may be subject to malicious cyber attacks, and with the increased use of artificial intelligence within the biopharmaceutical industry, can lead to the theft or leakage of intellectual property, sensitive business data, or personal employee or patient data, with the result of significant business disruptions, negative impacts to patient or employee privacy, monetary loss or fines from authorities, or reputational damage.	Genmab has implemented security controls and processes to enhance the identification of potential data/systems security issues and mitigate the risk of security breaches. Genmab makes use of the National Institute of Standards and Technology (NIST) Cybersecurity Framework and other security standards to define and implement such security controls. Due to the continually changing threat environment, regular assessments are executed to ensure that implemented security controls and processes follow the threat profile of the Company and effectively support Genmab’s ambitious business strategy. The risk of security breaches is regarded as enterprise risk and the Company’s threat profile, the security program and security incidents are presented and discussed in meetings of the Global Compliance and Risk Committee and the Audit and Finance Committee of the Board. Genmab’s Cybersecurity Program, in conjunction with Genmab’s Global Data Privacy Program, collaborates to manage and mitigate any cybersecurity and data privacy threats to the personal data processed in our systems and by our third party partners.
Environment	Genmab could face transitional risks by its inability to manage the carbon footprint and energy mix from our business operations and physical risks from climate-related events that may impact our business operations or that of our third-party partners or suppliers.	Genmab has oversight and manages its carbon footprint Scope 1 and 2 emissions from its business operations. Genmab is committed to tracking the Scope 3 emissions carbon footprint by partnering with suppliers. Genmab makes use of scenario analysis to evaluate risks and opportunities due to the rapid pace of world climate change. Genmab’s work with climate strategy, carbon reduction targets, climate-related financial risk, relevant prevention, and mitigation measures are presented to and reviewed by the Board biannually. Refer to the sustainability statements for details of Genmab’s targets in the future to mitigate risks.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	54

Corporate Governance

Genmab works diligently to improve

its guidelines and policies for

corporate governance, taking

into account the recent trends

in international and domestic

requirements and recommendations.

Genmab’s commitment to corporate

governance is based on ethics and

integrity and forms the basis of its

effort to strengthen the confidence

that existing and future shareholders,

partners, employees, and other

stakeholders have in Genmab.

The role of shareholders and their

interaction with Genmab is important.

Genmab believes that open and

transparent communication is

necessary to maintain the confidence

of Genmab’s shareholders and

achieves this through company

announcements, investor meetings

and company presentations. Genmab

is committed to providing reliable

and transparent information about

its business, financial results,

development programs and scientific

results in a clear and timely manner.

All Danish companies listed on the Nasdaq

Copenhagen are required to disclose in their annual

reports how they address the Recommendations for

Corporate Governance issued by the Committee on

Corporate Governance in December 2020 (the

“Recommendations”), applying the “comply-or-

explain” principle.

Genmab follows the Recommendations, except

for one specific sub-area where Genmab’s

corporate governance principles differ from

the Recommendations. The Recommendations

provide that according to a company’s takeover

contingency procedures, the Board abstains from

countering any takeover bids by taking actions that

seek to prevent the shareholders from deciding on

the takeover bid, without the approval of the

general meeting. Genmab does not have such a

restriction in its takeover contingency procedures

and retains the right in certain circumstances to

reject takeover bids without consulting the

shareholders. Genmab believes this provides the

Board with the needed flexibility to best respond to

takeover bids and to negotiate with bidders;

retaining this flexibility helps the Board meet its

objectives in protecting and creating value in the

interest of the shareholders. Actions will be

determined on a case-by-case basis with due

consideration of the interests of the shareholders

and other stakeholders.

Genmab publishes its statutory report on Corporate

Governance for the financial year 2025 cf.

Article 107b of the Danish Financial Statements Act

(“Lovpligtig redegørelse for virksomhedsledelse jf.

årsregnskabslovens § 107 b”) on the Company’s

website, including a detailed description of the

Board’s consideration in respect of all the

Recommendations. The statutory report on

Corporate Governance can be found on Genmab’s

website ir.genmab.com/corporate governance.

The Board of Directors

The Board is responsible for setting the overall

strategy and goals for Genmab and monitoring

its operations and results. Board duties include

establishing policies for strategy, accounting,

organization and finance and the appointment of

Executive Management members. The Board also

assesses Genmab’s capital and share structure

and is responsible for approving share issues

and the grant of warrants and RSUs.

The Board has established an annual process

whereby the Board’s performance is assessed

through self-evaluation to verify that the

Board is capable of fulfilling its function

and responsibilities. When performing these

evaluations external assistance is obtained

every year. The outcome of the Board‘s 2025

self-assessment was positive with only minor areas

for improvement identified.

Board Committees

To support the Board in its duties, the Board has

established and appointed a Compensation

Committee, an Audit and Finance Committee, a

Nominating and Corporate Governance Committee

and a Scientific Committee. These committees are

charged with reviewing issues pertaining to their

respective fields that are due to be considered

at Board meetings. Written charters specifying

the tasks and responsibilities for each of the

committees are available on Genmab’s website

genmab.com.

For more details on the work, composition and

evaluation of the Board and its committees,

reference is made to the statutory report on

Corporate Governance.

Remuneration Policy

A Remuneration Policy applying to the

compensation of members of the Board and the

registered Executive Management of Genmab A/S

has been prepared in accordance with Sections

139 and 139a of the Danish Companies Act

and was most recently considered and adopted

by the 2025 Annual General Meeting pursuant

to the Danish Companies Act (in Danish

“Selskabsloven”). The Remuneration Policy

contains an comprehensive description of the

remuneration components for members of the

Board and the registered Executive Management

and includes the reasons for choosing the individual

components of the remuneration and a description

of the criteria on which the balance between the

individual components of the remuneration is

based. The latest version can be downloaded from

Genmab’s website ir.genmab.com/compensation.

Compensation Report

In accordance with Section 139b of the

Danish Companies Act, Genmab has prepared

a compensation report for the financial year

2025 that includes information on the total

remuneration received by each member of the

Board and the registered Executive Management of

Genmab A/S for the last five years, including

information on the most important content of

retention and resignation arrangements and

the correlation between the remuneration and

company strategy and relevant related goals

(the “Compensation Report”). The Compensation

Report can be found on Genmab’s website

ir.genmab.com/compensation.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	55

Corporate Governance

Change of control

The Danish Financial Statements Act

(Section 107a) contains rules relating to listed

companies with respect to certain disclosures

that may be of interest to the stock market and

potential takeover bidders, in particular in relation to

disclosure of change of control provisions. In the

event of a change of control, change of control

clauses are included in some of our collaboration,

development, and license agreements as well as in

service agreements for certain employees.

Collaboration, Development and

License Agreements

Genmab has entered into collaboration,

development and license agreements with external

parties, which may be subject to renegotiation in

the case of a change of control event as specified

in the individual agreements. However, any

changes in the agreements are not expected to

have a significant impact on our financial position.

Service Agreements with Executive

Management and Employees

The service agreements with each registered member

of the Executive Management may be terminated by

Genmab with no less than 12 months’ notice and by

the registered member of the Executive Management

with no less than six months’ notice. In the event of a

change of control of Genmab, the termination notice

due to the registered member of the Executive

Management is extended to 24 months. In the event of

termination by Genmab (unless for cause) or by a

registered member of Executive Management as a

result of a change of control of Genmab, Genmab is

obliged to pay a registered member of Executive

Management a compensation equal to his/her existing

total salary (including benefits) for up to two years in

addition to the notice period.

In addition, Genmab has entered into service

agreements with a limited number of employees

according to which Genmab may become obliged

to compensate the employees in connection with a

change of control of Genmab. If Genmab, as a

result of a change of control, terminates the service

agreement without cause or changes the working

conditions to the detriment of the employee, the

employee shall be entitled to terminate the

employment relationship without further cause with

one month’s notice in which case Genmab shall

pay the employee a compensation equal to one-

half, one or two times the employee’s existing

annual salary (including benefits).

Change of control clauses related to our warrant

and RSU programs are outlined in Note 4.6.

Share capital

Information on share capital is included in Note 4.7.

Unless otherwise provided in the

Danish Companies Act, the adoption of any

resolution to amend Genmab A/S’s articles of

association shall be subject to the affirmative

vote of not less than two thirds of the votes cast, as

well as of the voting share capital represented at

the general meeting. Genmab A/S’s entire articles

of association can be found on our website

genmab.com.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	56

Executive Management


As of December 31, 2025, there are nine members of Executive Management.
	Jan G. J. van de Winkel, Ph.D. Dutch, 64, Male President & Chief Executive Officer Special Competencies Extensive antibody creation and development expertise, broad knowledge of the biotechnology industry and executive management skills. ESG Competencies: Social · Governance	Anthony Pagano American, 48, Male Executive Vice President & Chief Financial Officer Special Competencies Significant knowledge and experience in the life sciences industry particularly as it relates to corporate finance, corporate development, strategic planning, general management, treasury, accounting, and corporate governance. ESG Competencies: Social · Governance	Judith Klimovsky, M.D. Argentinian (U.S. Citizen), 69, Female Executive Vice President & Chief Development Officer Special Competencies Extensive expertise in oncology drug development from early clinical stages through to marketing approval, experience in clinical practice and leading large teams in pharmaceutical organizations. ESG Competencies: Social · Governance Current Board Positions: Member, Bio-Techne	Tahamtan Ahmadi, M.D., Ph.D. Iranian-German (U.S. Citizen), 53, Male Executive Vice President & Chief Medical Officer, Head of Experimental Medicines Special Competencies Significant expertise in global regulatory and clinical drug development across entire spectrum from pre-IND to life cycle management; drug discovery and translational research. ESG Competencies: Social · Governance

Christopher Cozic American, 48, Male Executive Vice President, Chief People Officer Special Competencies Expertise in strategic leadership, organization design, human resource management, policy development, employee relations, organizational development, and a heavy concentration in all aspects of corporate growth and expansion. ESG Competencies: Social · Governance Current Board Positions: Member, BioNJ	Martine J. van Vugt, Ph.D. Dutch, 55, Female Executive Vice President, Chief Strategy Officer Special Competencies Extensive knowledge of and experience in Corporate Strategy, Corporate and Business Development, as well as Portfolio, Project, and Alliance Management. ESG Competencies: Social · Governance	Rayne Waller American, 58, Male Executive Vice President & Chief Technical Operations Officer Special Competencies Expertise in all elements of technical operations from early-to-mid-stage product development through global manufacturing of both clinical and commercial products. ESG Competencies: Social · Governance	Brad Bailey American, 58, Male Executive Vice President & Chief Commercial Officer Special Competencies Extensive experience in strategic and operational commercial leadership roles across specialty biopharma, oncology, immunology, and other serious diseases. ESG Competencies: Social · Governance	Greg Mueller Canadian, British, 54, Male Executive Vice President, General Counsel & Chief Legal Officer Special Competencies Extensive international experience in Legal, IP, Compliance, Risk and Business Development matters, with deep experience in the pharmaceutical industry. ESG Competencies: Social · Governance


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	57

Board of Directors


Refer to our website for the Board of Directors diversity and skills matrix.
	Deirdre P. Connelly Female, Hispanic/American, 65 Board Chair (Independent, elected by the General Meeting); Member of the Audit and Finance Committee, the Compensation Committee and the Nominating & Corporate Governance Committee First elected 2017, current term expires 2026 Special Competencies and Qualifications Deirdre P. Connelly has more than 30 years’ experience as a corporate leader and board member in publicly traded companies with global operations. She has comprehensive knowledge and experience with business conduct, business turnaround and product development and has successfully directed the launch of more than 20 new pharmaceutical drugs. As a former HR executive, Deirdre P. Connelly also has valuable insight in corporate culture transformation, talent development and managing large organizations. She furthermore has significant experience with the development of governance and other sustainability related responsibilities from various leadership roles and as a board member. Deirdre P. Connelly is former President of U.S. Operations of Eli Lilly and Company and former President, North America Pharmaceuticals for GlaxoSmithKline. ESG Competencies: Social · Governance Current Board Positions Member: Lincoln Financial Corporation1, Macy’s Inc.2 Sarepta Therapeutics, Inc.3 1.Chair of Compensation Committee, Member of Audit Committee, Corporate Governance Committee and Executive Committee 2.Chair of Nominating and Corporate Governance Committee, Member of Compensation and Management Development Committee 3.Chair of Compensation Committee, Member of Nominating and Corporate Governance Committee	Pernille Erenbjerg Female, Danish, 58 Deputy Board Chair (Independent, elected by the General Meeting); Chair of the Audit and Finance Committee, Member of the Nominating and Corporate Governance Committee First elected 2015, current term expires 2026 Special Competencies and Qualifications Pernille Erenbjerg has broad executive management and business experience from the telecoms, media, and tech industries. She has extensive expertise with business conduct and in operation and strategic transformation of large and complex companies, including digital transformations and digitally based innovation, and has been responsible for major transformation processes in complex organizations including M&A. Pernille Erenbjerg furthermore has significant IT and cybersecurity expertise and sustainability related experience from various executive and non-executive positions. She has a Certified Public Accountant background (no longer practicing) and has a comprehensive all-around background within finance, including extensive exposure to public and private equity and debt investors. Pernille Erenbjerg is former CEO and President of TDC Group A/S. Pernille Erenbjerg is an audit committee financial expert based on her professional experience, including her background within accounting, her service in senior finance leadership at TDC Group A/S and as an audit committee chair or member at other public companies. ESG Competencies: Environmental · Social · Governance Current Board Positions Chair: KK Wind Solutions Member: RTL Group1, GlobalConnect, Nokia2 1.Chair of Audit Committee 2.Member of the Audit Committee and Corporate Governance and Nomination Committee	Anders Gersel Pedersen, M.D., Ph.D. Male, Danish, 74 Board Member (Non-independent, elected by the General Meeting); Chair of the Nominating and Corporate Governance Committee, Member of the Scientific Committee and Compensation Committee First elected 2003, current term expires 2026 Special Competencies and Qualifications Anders Gersel Pedersen has more than 30 years’ board and management experience in publicly traded, international pharmaceutical and biotech companies. He has significant knowledge and expertise in discovery and development of the product pipeline from preclinical activities to post-launch marketing studies as well as solid business experience. Anders Gersel Pedersen furthermore has extensive experience with the global pharmaceutical market and has built comprehensive knowledge and insight in governance, including business conduct, and the development of ESG and other sustainability related responsibilities from various leadership roles and as a board member. Anders Gersel Pedersen is former Executive Vice President of Research & Development of H. Lundbeck. ESG Competencies: Environmental · Social · Governance Current Board Positions Chair: Aelis Farma S.A.S. Member: Bond 2 Development GP Limited


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	58

Board of Directors


Refer to our website for the Board of Directors diversity and skills matrix.
	Paolo Paoletti, M.D. Male, Italian/American, 75 Board Member (Independent, elected by the General Meeting); Chair of the Scientific Committee and Member of the Compensation Committee First elected 2015, current term expires 2026 Special Competencies and Qualifications Paolo Paoletti has extensive experience in research, development and commercialization in the pharmaceutical industry, where he has been responsible for the development of several medicines approved globally and the related global commercial strategies. As an executive, he has led cross-functional teams on the development and registration of medicines and has been responsible for all compliance aspects for the R&D organization. Paolo Paoletti has successfully conducted submissions and approvals of new cancer drugs and new indications in the U.S., in Europe and in Japan. He furthermore has significant experience with governance, including business conduct, from various leadership roles and as a board member. Paolo Paoletti is former Vice President of Oncology Clinical Development with Eli Lilly and Company, former President of GSK Oncology with GlaxoSmithKline, and former CEO of GAMMADELTA Therapeutics. ESG Competencies: Environmental · Social · Governance Current Position, including Managerial Positions Member of the Investment Committee for Apollo Therapeutics Limited Scientific Advisor for 3B Future Health Fund Scientific Advisor for Sun Pharmaceuticals Current Board Positions None	Rolf Hoffmann Male, German/Swiss, 66 Board Member (Independent, elected by the General Meeting); Member of the Audit and Finance Committee and the Scientific Committee First elected 2017, current term expires 2026 Special Competencies and Qualifications Rolf Hoffmann has more than 30 years’ experience in senior management and as a board member in the life science industry worldwide. He has significant expertise with business conduct and in creating and optimizing commercial opportunities in global markets and has managed companies across multiple continents with multibillion-dollar P&L and cross- functional accountability. Rolf Hoffmann furthermore has knowledge and experience with governance, compliance and ensuring organizational efficiency from various management positions as well as from being a board member. Rolf Hoffmann has held a variety of sales and marketing and executive management positions with Eli Lilly and Company, and is former Senior Vice President, International Commercial Operations and former Senior Vice President, U.S. Commercial Operations with Amgen. ESG Competencies: Environmental · Social · Governance Current Position, including Managerial Positions Adjunct Professor of Strategy and Entrepreneurship at University of North Carolina Business School Current Board Positions Member: Semdor Pharma, Sun Pharmaceutical Industries Ltd.1, Priavoid GmbH2 1.Member of Nomination and Remuneration Committee 2.Deputy Chairman	Elizabeth A. O’Farrell Female, American, 61 Board Member (Independent, elected by the General Meeting); Chair of the Compensation Committee, Member of the Audit and Finance Committee First elected 2022, current term expires 2026 Special Competencies and Qualifications Elizabeth O’Farrell has solid financial experience from her 25-year career in finance leadership roles and as a board member. During her career, she has led multiple strategy, planning and resource allocation processes in multiple roles and in cross-functional teams. Elizabeth O’Farrell has significant knowledge and expertise in business conduct and with driving paradigm-changing contributions within finance and the enterprise through collaboration and influence. In addition to experience at Price Waterhouse and Whipple & Company Corporation, Elizabeth O’Farrell held various executive management positions at Eli Lilly and Company, including as former Chief Procurement Officer. Elizabeth O’Farrell is an audit committee financial expert based on her professional experience, including her service in senior finance leadership positions at Eli Lilly and as an audit committee chair or member at other public companies. She has also completed the Nasdaq Center for Board Excellence Cyber Security Program. ESG Competencies: Social · Governance Current Board Positions Chair: PDL BioPharma, Geron Corporation1 Member: LENSAR1, Karius1, SpyGlass Pharma1 1.Chair of Audit Committee


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	59

Board of Directors


Refer to our website for the Board of Directors diversity and skills matrix.
	Michael Kavanagh Male, American, 52 Board Member (Non-independent, elected by the employees) First elected 2025, current term expires 2028 Special Competencies and Qualifications Michael Kavanagh is a seasoned professional with over 25 years of experience in the pharmaceutical industry and has a track record of successful product launches in oncology commercialization. His extensive expertise in building commercial teams and driving market expansion has been demonstrated in the successful product launches at Genmab. Previously, he held senior leadership roles at Bristol Myers Squibb, leading commercialization efforts for hematology and oncology brands in the US and globally. ESG Competencies: Social · Governance Current Position, including Managerial Positions Senior Director, Head of Strategic Engagement, Oncology Marketing at Genmab	Martin Schultz Male, Danish, 50 Board Member (Non-independent, elected by the employees) First elected 2022, current term expires 2028 Special Competencies and Qualifications Martin Schultz has broad experience within clinical project management with a substantial understanding and knowledge of research and development. He furthermore has specific expertise in project management, strategic sourcing, vendor collaboration, contract, and budget governance. ESG Competencies: Social · Governance Current Position, including Managerial Positions Senior Director, Head of Development Business Partnership & Strategy at Genmab	Mijke Zachariasse, Ph.D. Female, Dutch, 52 Board Member (Non-independent, elected by the employees) First elected 2019, current term expires 2028 Special Competencies and Qualifications Mijke Zachariasse has broad experience in people and business management and expertise in building partnerships across sectors, the research funding landscape, operational excellence and organizational strategy and change. ESG Competencies: Environmental · Social · Governance Current Position, including Managerial Positions Vice President, Head of Protein and Cell Supply at Genmab


C — Chair M — Member O — Observer F — Financial Expert	Review of BoD (incl. Committee Composition) Current Committee Composition

	Name	A&FC	Compensation Comm.	NCGC	Scientific Comm.
	Deirdre P. Connelly (Chair)	M	M	M
	Pernille Erenbjerg (Deputy Chair) (F)	C		M
	Anders Gersel Pedersen		M	C	M
	Paolo Paoletti		M		C
	Rolf Hoffmann	M			M
	Elizabeth O’Farrell (F)	M	C
	Mijke Zachariasse				O
	Martin Schultz				O
	Michael Kavanagh


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	60

Shareholders and Share Information

Ownership

Genmab is dual listed on the Nasdaq Copenhagen

and the Nasdaq Global Select Market in the US

under the symbol GMAB. Our communication with

the capital markets complies with the disclosure

rules and regulations of these exchanges. As of

December 31, 2025, the number of registered

shareholders totaled 88,163 shareholders holding a

total of 61,758,725 shares, which represented 96%

of the total share capital of 64,238,408.

The following shareholders are registered in

Genmab’s register of shareholders as being the

owner of a minimum of 5% of the voting rights or

a minimum of 5% of the share capital (one share

equals one vote) as of December 31, 2025:

•BlackRock, Inc., 50 Hudson Yards, New York,

New York 10001, United States of America

(5.8%)

•Orbis Investment Management Limited1 (5.8%)

Shareholders registered in the Company’s

shareholder registry may sign up for electronic

shareholder communications via Genmab’s investor

portal. The investor portal can be accessed at

Genmab’s website genmab.com/investors.

Electronic shareholder communication enables

Genmab to, among other things, quickly and

efficiently call general meetings.

The charts included here illustrate the performance

of the Genmab share during 2025, the performance

of the Genmab share over the last five years, from

2021 through the end of 2025, and the

geographical distribution of our shareholders. As of

December 31, 2025, Genmab’s shares closed at

DKK 2,027.00. As of December 31, 2025 Genmab’s

ADSs closed at USD 30.80.

The following table shows share data as of December 31, 2025.


Share Data	Denmark	US
Number of shares at December 31, 2025	64,238,408	6,437,745 (represented by 64,377,450 American Depository Shares (ADSs))
Listing	Nasdaq Copenhagen	Nasdaq Global Select Market, New York
Ticker Symbol	GMAB	GMAB
Index Membership	OMX Nordic Large Cap Index OMX Copenhagen Benchmark Index OMX Copenhagen 25 Index (OMXC25)	Nasdaq Biotech Index

Stock Performance Comparison 2025

(Index 100 = stock price on December 31, 2024)


— Genmab	— OMXC25	— Nasdaq Biotech

Stock Performance Comparison 5 Years

(Index 100 = stock price on December 31, 2020)


— Genmab	— OMXC25	— Nasdaq Biotech

Geographical Shareholder

Distribution2

June 30, 2025

June 30, 2024


•	USA	•	Netherlands
•	Denmark	•	Norway
•	UK	•	Other3

1.Orbis Investment Management Limited is an investment

manager which has investment discretion and voting

control over the Genmab A/S shares and ADRs held by

certain investment funds and portfolios.

2.Based on Nasdaq Corporate Solutions aggregated data

per June 30, 2025 and June 30, 2024

3."Other" includes shares held in other countries and

shares not held in nominee accounts, including OTC

traded shares


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	61

Shareholders and Share Information

Please refer to Note 4.7 of the financial statements

for additional information regarding Genmab’s

share capital including authorizations to issue

shares and purchase its own shares.

Genmab is a Foreign Private Issuer as defined in

the SEC's rules and regulations. The determination

of foreign private issuer status is made annually.

We plan to make our next determination with

respect to our foreign private issuer status on

June 30, 2026.

American Depositary Receipt

(ADR) Program

Genmab has a sponsored Level 3 ADR program

with J.P. Morgan Chase Bank N.A.. An ADS is a

share certificate representing ownership of shares

in a non-U.S. corporation. ADSs issued under

Genmab’s ADR Program are quoted and traded in

U.S. dollars on the Nasdaq Global Select Market in

the United States. Ten Genmab ADSs correspond

to one Genmab ordinary share. Genmab’s ADR

ticker symbol is GMAB. For more information

on Genmab’s ADR Program, visit

https://ir.genmab.com/adr-program.

Investor Relations

Genmab’s Investor Relations department aims to

ensure relevant, accurate and timely information

is available to our investors and the financial

community. We maintain an ongoing dialogue

with sell-side equity analysts, as well as major

institutional and retail shareholders. A list of the

current analysts covering Genmab can be found at

our website along with financial reports, company

announcements, current presentations, fact sheets

and other downloads.

Contact

For Media Relations:

Marisol Peron,

Senior Vice President, Global Communications &

Corporate Affairs

T: +1 609 524 0065; E: mmp@genmab.com

For Investor Relations:

Andrew Carlsen,

Vice President, Head of Investor Relations

T: +45 33 77 95 58; E: acn@genmab.com

Annual General Meeting

Genmab’s Annual General Meeting will be held on March 19, 2026 at 2:00 PM CEST. Further details will be

included in the notice to convene the Annual General Meeting.

Financial Calendar for 2026


Annual General Meeting 2026	Thursday, March 19, 2026
Publication of the Interim Report for the first quarter 2026	Thursday, May 7, 2026
Publication of the Interim Report for the first half 2026	Thursday, August 6, 2026
Publication of the Interim Report for the first nine months 2026	Thursday, November 5, 2026


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	63

Sustainability Statements

General

Information

Genmab considers sustainability

essential to its business and

long-term success. Recognizing

the link between human and

planetary health, Genmab

integrates environmental, social

and governance initiatives into its

operations. These efforts support

stakeholder trust and contribute

to a more sustainable and

equitable future.


Section	Disclosure Requirements Content	Disclosure Requirements #	Reference/Report
1.1 Basis for preparation	General basis for preparation of the sustainability statement	BP-1	SUS
	Disclosures in relation to specific circumstances	BP-2	SUS
1.2 Governance	The role of the administrative, management and supervisory bodies	GOV-1	SUS, MR
	Information provided to, and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	GOV-2	SUS, MR
	Sustainability-related performance in incentive schemes	GOV-3, E1, S1	SUS
	Statement on due diligence	GOV-4	SUS
	Risk management and internal controls over sustainability reporting	GOV-5	SUS, MR
1.3 Strategy	Strategy, business model and value chain	SBM-1	SUS, MR, FS
	Interests and views of stakeholders	SBM-2	SUS
	Material impacts, risks and opportunities and how they interact with our strategy and business model	SBM-3	SUS
1.4 Impact, risk and opportunity management	Process to identify and assess material impacts, risks and opportunities	IRO-1	SUS
	Disclosure requirements in ESRS covered by the sustainability statement	IRO-2	SUS

SUS—Sustainability Statements

MR—Management's Review (outside of Sustainability Statements)

FS—Financial Statements


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	64

Sustainability Statements

1.1

Basis for presentation

General basis for preparation of the

sustainability statement (BP-1)

Frameworks

This 2025 annual report marks Genmab’s second

year reporting in accordance with the European

Sustainability Reporting Standards (ESRS), as

required under section 99a of the Danish Financial

Statements Act. For EU Taxonomy reporting,

Genmab has opted to apply the amended EU

Taxonomy legislation, Commission Delegated

Regulation (EU) 2026/73 amending the Delegated

Regulations (EU) 2021/2178, (EU) 2021/2139 and

(EU) 2023/2486.

Consolidation

The sustainability statements have been

prepared on a consolidated basis in line with

our consolidated financial statements; therefore, the

disclosures comprise the Genmab A/S (parent

company) and its subsidiaries. The E1 disclosures

in particular have been consolidated on the basis of

both financial and operational control. The

sustainability statements cover Genmab’s

own operations and upstream and downstream

value chains, where material, specifically regarding

disclosures around impacts, risks and opportunities

(IROs), policies, actions, targets and metrics. We

have applied transitional provisions relating to some

value chain information.

Refer to the topical sections for additional

information.

Genmab has not omitted any specific pieces of

information corresponding to intellectual property,

know-how or the results of innovation nor used

the exemption from disclosure of impending

developments or matters in the course of negotiation.

On December 12, 2025, Genmab completed the

acquisition of Merus, a clinical-stage biotech

developing multispecific antibodies. The impact

of the acquisition has been deemed immaterial for

sustainability reporting and is not included in our

sustainability statements, except as noted in the

E1-6 table for Scope 3 GHG emissions and EU

Taxonomy tables.

Disclosures in relation to specific

circumstances (BP-2)

Disclosures Stemming from

Other Regulation

Genmab’s sustainability statements also comply

with sections 99d, 107(d) and 107(f) of the

Danish Financial Statements Act.

Refer to Appendix A for a complete overview.

Accounting Policies

Genmab’s accounting policies have been applied,

in all material respects, consistently in the financial

year and for comparative figures.

Key Accounting Estimates and

Judgements

Genmab uses estimates and judgements for the

reporting of certain data points related to our Scope

3 emissions, which are detailed in the relevant

accounting policies. Quantifying GHG emissions

inherently involves significant uncertainty due to the

complexity of natural and anthropogenic systems.

Measurement challenges arise from factors such as

variability in emissions sources, accuracy of data

and assumptions in emission factors. We regularly

reassess our use of estimates and judgements

based on experience, the development of

sustainability reporting, and a number of other

factors. Changes in estimates are recognized in the

period in which the estimate in question is revised.

In addition, we make judgements when we apply the

accounting policies.

Refer to the quantitative data tables in

the sustainability statements for further information

on accounting policies, key estimates, judgements,

and assumptions applied.

Incorporation by Reference

Genmab’s Management’s Review includes the

sustainability statements, which address ESRS

disclosure requirements. The sustainability

statements are structured into five sections:

General Information, Environmental, Social,

Governance and Appendix A. Certain strategy

and governance disclosures under ESRS 2 are

presented outside the sustainability statements but

are included in the Management’s Review to align

with the Financial Review and business overview.

Any information incorporated by reference from

outside the sustainability statements is clearly

indicated. Forward-looking information, including

disclosed targets, is subject to uncertainty.

Phase-in Provisions

Genmab has opted to apply all relevant phase-in

provisions for material topics introduced by the

Delegated Regulation (EU) 2025/4812 ("Quick

Fix"). Accordingly, Genmab's phase-in approach

remains consistent with that of 2024, as the

regulation extended the previously available phase-

in options.

Changes in accounting policies and

comparative figures

Genmab has restated certain figures in E1-5

Energy consumption and mix and E1-6 Gross

Scopes 1, 2 and 3 and total GHG emissions and

revised the accounting policies related to leased

vehicles. Refer to the sections for further details.

1.2

Governance

The role of the administrative,

management and supervisory

bodies (GOV-1), and information

provided to, and sustainability

matters addressed by the

undertaking’s administrative,

management and supervisory

bodies (GOV-2)

Sustainability governance at Genmab is embedded

in the overall corporate governance framework and

supports the integration of sustainable practices

across the business. Clear roles and

responsibilities are defined at the Board, executive,

and operational levels.

Board of Directors

The Board (comprising 9 non-executive members

and 0 executive members) oversees Genmab’s

sustainability strategy and performance, ensuring

alignment with long-term business goals and

stakeholder expectations. The Board receives

updates on CSR and sustainability at least annually

and oversees material IROs, as well as targets. Of

the full Board, five members (56%) were

independent, and four (44%) were non-

independent. Anders Gersel Pedersen is

considered non-independent due to his tenure

since 2003. All three employee-elected board

members are considered non-independent.

Refer to S1-9 Board diversity metrics.

The Nominating and Corporate Governance

Committee provides oversight of corporate

governance, CSR, ESG, and sustainability matters

and makes related recommendations to the Board.

The Audit and Finance Committee oversees

sustainability reporting compliance.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	65

Sustainability Statements

Executive and Management

Structure

The sustainability statements are approved

annually by Executive Management (9 executive

members, 0 non-executive members who are

Genmab’s top management) and the Board.

Executive Management brings deep expertise

in the pharmaceutical, biotech, and life sciences

sectors, including ESG matters. External experts

and consultants are engaged to support materiality

assessments and environmental disclosures.

See the “Board of Directors” and “Executive

Management” sections in the Management’s

Review for further detail.

Genmab’s CSR & Sustainability Committee,

co-chaired by the CEO and SVP of Global

Communications and Corporate Affairs, includes

senior leaders from R&D, commercial operations,

compliance & risk, legal, HR, and finance.

The committee defines strategic priorities,

and oversees material IROs, targets, and

progress toward sustainability goals.

Supporting this structure is the Corporate

Sustainability Team, responsible for executing

the DMA, identifying material IROs, setting and

tracking targets, and collecting data for reporting.

The team works closely with functional leads across

the business to integrate sustainability into day-to-

day operations.

Business Conduct and Stakeholder

Engagement

Leaders of Genmab’s Global Compliance,

Data Privacy, and Enterprise Risk Management

Programs report directly to the Chief Legal Officer

and the Board on business conduct matters.

Genmab engages regularly with stakeholders

through reports, presentations, and engagement

sessions. Feedback is incorporated to align

initiatives with stakeholder expectations and

societal needs.

Refer to the “Corporate Governance” section

in Management’s Review for additional information

on governance structure and SBM-3 for the list of

the material IROs.

Sustainability-related performance

in incentive schemes (GOV-3)

Per Genmab’s Remuneration Policy, the variable

compensation of Executive Management is based

on predefined Key Performance Indicators (KPIs)

and performance goals related to Genmab A/S’s

short- and long-term business results. These KPIs,

which may be financial, operational, strategic,

or organizational, are aligned with Genmab’s

business strategy and annual plans. They are

recommended by the Compensation Committee

and approved by the Board.

Genmab grants restricted stock units (RSUs) to

Executive Management which are performance-

based and include sustainability-related

performance goals. RSUs granted to the Board

are not performance-based and do not include

sustainability-related performance goals.

Sustainability KPIs for Executive Management are

tied to Climate and Employee Well-Being targets,

weighted at 10% of total performance goals for

the 2025, 2024 and 2023 grants. Share-based

compensation granted is at a 4x target multiplier

with maximum opportunity of 6x multiplier with

no cap in 2025, 2024 and 2023. In 2025, Genmab

removed gender diversity targets from Executive

Management performance criteria for the 2024 and

2023 grants.

Refer to sections E1-4 and S1-5 for targets linked to Executive Management incentive compensation.


Sustainability-related performance in incentive schemes	Unit	2025	2024
Total remuneration to registered Executive Management	USDm	15.4	11.4
Portion linked to climate-related performance goals	USDm	0.5	0.3
Portion linked to climate-related performance goals	%	3%	3%
Total variable remuneration to registered Executive Management	USDm	12.9	9.1
Portion of variable remuneration linked to all sustainability-related performance goals	USDm	1.1	0.9
	%	9%	10%

Refer to Note 5.1 in the consolidated financial statements for details.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	66

Sustainability Statements

Statement on due diligence (GOV-4)

The following table maps the core elements of due diligence related to impacts on people and the

environment to the corresponding disclosures in Genmab’s sustainability statements:


Core elements of Due Diligence	Sections in the Sustainability Statement	Does the disclosure relate to people and/or the environment?
a) Embedding due diligence in governance, strategy, and business model	ESRS 2 GOV-1, GOV-2, GOV-3	People and Environment
	ESRS 2 SBM-3:
	E1	Environment
b) Engaging with affected stakeholders in all key steps of the due diligence	ESRS 2 GOV-1, GOV-2	People and Environment
	ESRS 2 SBM-2	People and Environment
	ESRS 2 IRO-1	People and Environment
	ESRS 2 MDR-P:
	E1-2	Environment
c) Identifying and assessing adverse impacts	ESRS 2 IRO-1:
c) Identifying and assessing adverse impacts	E1	Environment
d) Taking actions to address those adverse impact	ESRS 2 MDR-A:
d) Taking actions to address those adverse impact	E1-3	Environment
e) Tracking the effectiveness of these efforts and communicating	ESRS 2 MDR-M:
	E1-4	Environment
	ESRS 2 MDR-T:
	E1-4	Environment

Risk management and internal controls over sustainability reporting

(GOV-5)

Genmab identifies and assesses sustainability-related risks primarily through its CSR & Sustainability

Committee and Enterprise Risk Program. Clear governance supports our overall risk management

framework. The Board oversees, and Executive Management is responsible for, sustainability-related

risk management and internal controls.

Genmab evaluates how such risks may affect operations, reputation, and financial performance,

and has implemented processes to ensure the accuracy and traceability of sustainability data.

Our reporting aligns with recognized frameworks to support consistency, comparability, and stakeholder

relevance. Internal and external audits are conducted to assess compliance with sustainability

reporting controls. Genmab’s Internal Audit function reports to the Audit and Finance Committee and

administratively to the CFO, with findings communicated at least annually. The Corporate Sustainability

Team integrates risk assessment outcomes and internal controls regarding sustainability reporting

into relevant processes and maintains controls and

documentation for identifying material IROs under

the DMA. Genmab’s external auditor provides

limited assurance on Genmab’s sustainability

statements.

Training is provided to employees on sustainability-

related risks and reporting responsibilities to

promote accountability and support reporting

integrity.

Refer to the Risk Management section in

Management’s Review for the followed risk

assessment approach including the risk

prioritization methodology, details of risks identified

and mitigation strategies, and related controls.

1.3

Strategy

Strategy, business model and

value chain (SBM-1)

Genmab’s strategy including our response/priorities

to the main challenges ahead, business model,

value chain, products, and customers in relation to

sustainability is provided in the following sections in

Management’s Review:

•Who We Are

•Business Model

•Value Chain

•Research and Development Capabilities

•Bringing Our Own Innovative Medicines to

Patients

•Antibody Discovery and Development

•Products and Technologies

Sustainability-related goals have been broken out

into relevant targets in the Environmental, Social

and Governance sections of these sustainability

statements.

Refer to section S1-6 for information on Genmab’s

headcount by geographical areas.

Refer to Note 2.1 in the consolidated financial

statements for disclosures related to Genmab’s

revenue by type, collaboration partner and product,

and Note 2.2 for Genmab’s revenue by

geographical area.

There are no additional significant ESRS sectors

beyond those reflected in these disclosures.

Interests and views of stakeholders

(SBM-2)

As an international biotech company, Genmab

maintains ongoing engagement with a broad range

of stakeholders to understand their perspectives,

concerns, and expectations. This dialogue supports

our sustainability strategy, due diligence, and DMA,

helping ensure alignment with stakeholder needs

and societal expectations.

Key stakeholder views on our sustainability impacts

are regularly shared with the CSR & Sustainability

Committee through periodic meetings. For each

stakeholder group listed in the table, Genmab

incorporates feedback into its decision-making,

contributing to the outcomes disclosed.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	67

Sustainability Statements


Stakeholder Group	Description	Value Chain Location	How Engagement is Organized	Purpose of Engagement	Key Outcomes
Academic, Scientific & Research Partners	Academic institutions, Contract Research Organizations (CROs) and research organizations collaborating on early-stage research, technology, and innovation.	Upstream, Own Operations	•Collaborative research programs and licensing agreements – Scientific conferences and workshops – Sponsorships and co-development meetings	•Drive innovation and access new technologies – Exchange knowledge and expertise	•Accelerated innovation – Publications and patents – Strengthened reputation and talent development
Collaboration Partners	Companies partnering in co- development, licensing, or commercialization.	Upstream, Downstream	•Joint steering committees – Regular project reviews and team meetings	•Strategic alignment and innovation – Shared development responsibilities	•Successful product launches – Shared expertise and strengthened partnerships
Contract Manufacturers, Suppliers & Quality Partners	Contract Manufacturing Organizations (CMOs), suppliers, and QA teams ensuring quality, reliability, and sustainability of materials and production.	Upstream, Own Operations	•Supplier qualification and audits – Regular communication and SOP adherence – Quality assurance reviews and training	•Ensure supply chain quality, safety, and compliance – Drive continuous improvement and sustainability	•Consistent product quality – Reduced compliance risks – Long-term, trusted supplier relationships
Employees	Core internal stakeholders supporting research, development, and operations aligned with Genmab’s strategic goals and 2030 Vision.	Own Operations	•Engagement surveys and networks – Development dialogues and training – Works councils and employee representatives	•Foster inclusive, safe, and engaging workplace – Promote well-being and collaboration	•Action plans and improved engagement – Enhanced workplace culture and communication
Healthcare Providers	Physicians, nurses, and medical institutions supporting clinical trials and patient care.	Upstream, Downstream	•Advisory boards – Clinical trials – Educational initiatives and feedback mechanisms	•Understand clinical needs – Enhance patient outcomes and research quality	•Improved clinical trial design – Increased therapy adoption and safety awareness
Patients & Patient Organizations	End-users and advocacy groups providing insights on therapies and clinical trials.	Upstream, Downstream	•Patient Advisory Council – Focus groups and surveys – Support for patient organizations	•Embed patient perspectives in R&D – Improve education and awareness	•Enhanced trial design and patient experience – Safer, more effective therapies
Payers	Insurance providers and health systems determining reimbursement and market access.	Downstream	•Advisory boards and meetings – Value assessment studies – Health economics collaborations	•Demonstrate therapeutic value and pricing rationale – Support equitable access	•Strengthened payer relationships – Improved access and affordability
Regulatory Agencies	Authorities such as EMA, FDA, and MHLW, overseeing clinical trials and approvals.	Upstream, Downstream	•Submissions, reports, and regular meetings – Advisory consultations	•Ensure compliance and patient safety – Clarify approval pathways	•Regulatory approvals – Streamlined development and improved safety data
Investors	Shareholders supporting Genmab’s financial growth and long-term strategy.	Upstream, Own Operations, Downstream	•Earnings calls, roadshows, and conferences – One-on-one investor meetings	•Build trust through transparency – Gather feedback on strategy and performance	•Increased investor confidence – Broader shareholder base
Communities	Local and global communities where Genmab operates, benefiting from CSR and social initiatives.	Upstream, Own Operations, Downstream	•Community programs and partnerships – Employee volunteering	•Promote health awareness and social responsibility – Strengthen community trust	•Positive social impact – Enhanced employee morale and community relations


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	68

Sustainability Statements

Material impacts, risks, and

opportunities and how they interact

with our strategy and business

model (SBM-3)

The table outlines Genmab’s material IROs

identified through our DMA indicating where these

IROs are concentrated within our business model,

own operations, and value chain, and whether

impacts are positive or negative.

Further details on our responses to these IROs—

including links to our sustainability strategy,

business model, expected time horizons, and

business relationships—are provided in the

Environmental, Social, and Governance sections.

There is no identified significant risk of material

adjustments to asset or liability values in the next

annual reporting period related to these IROs.

Genmab has no material investment or disposal

plans, nor specific funding arrangements currently

linked to our material IROs or sustainability

strategy.


Key:	U	Upstream	D	Downstream	MT	Medium-Term
	OO	Own operations	ST	Short-Term	LT	Long-Term

During the reporting period, Genmab reviewed

and refined the presentation of its IROs. As part of

this exercise, IRO naming and categorization were

updated to improve clarity and consistency of

documentation. These updates were editorial in

nature and did not result in any changes to the

underlying content or substance of the IROs.

The DMA methodology and outcomes remain

unchanged. In addition, Genmab reassessed the

materiality of IROs related to opportunities. Based

on this review, the number of opportunity-related

IROs was reduced, reflecting a more focused

articulation of those opportunities that are assessed

as material. This refinement did not change

Genmab’s overall material topics or strategic

priorities but improves the clarity and relevance of

the disclosed information.


				Value Chain Location			Time Horizon
	IRO Name	IRO Type	IRO Description	U	OO	D	ST	MT	LT
E1 - Climate Change
Climate Change - Adaptation, Mitigation and Energy	GHG emissions from own operations and value chain	Actual Negative Impact	Genmab’s business model centers on the research, development, and commercialization of innovative antibody therapies. These activities generate GHG emissions which have an actual negative impact on the environment.	•	•		•	•	•
Climate Change - Adaptation, Mitigation and Energy	Transitional and physical risks related to GHG emissions	Risk	Genmab faces potential transitional risks including loss of market access and higher costs from investments in green technologies, alongside reputational, regulatory, and financial pressures linked to the net-zero transition. Genmab also faces potential physical risks including disruption of supply chain and operations from extreme weather, heat waves, and flooding, though exposure is limited in our own operations due to Genmab’s asset-light model.	•	•		•	•	•
	Partner with value chain to reduce Scope 3 emissions	Opportunity	Genmab has an opportunity to partner with the value chain to reduce upstream emissions while driving efficiency and potential cost savings for both Genmab and its suppliers. This opportunity is linked to our Scope 3 supplier engagement target.	•			•	•	•
S1 - Own Workforce
Working Conditions
Own Workforce - Working Conditions	Employee well-being and vitality	Actual Positive Impact	Genmab’s employees feel connected and motivated in a safe work environment enabling them to thrive and perform at their best.		•		•	•	•
	Attracting and retaining talent to enable continued innovation	Risk	As a science-driven innovation company, Genmab recognizes that our success depends on our ability to attract, develop, and retain exceptional talent. Our continued progress in research and development makes this especially critical.		•		•	•	•


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	69

Sustainability Statements


Key:	U	Upstream	D	Downstream	MT	Medium-Term
	OO	Own operations	ST	Short-Term	LT	Long-Term


				Value Chain Location			Time Horizon
	IRO Name	IRO Type	IRO Description	U	OO	D	ST	MT	LT
	Provide a voice to employees through our global engagement survey	Opportunity	Genmab has an opportunity through our annual Global Engagement Survey to assesses satisfaction, well-being, and workplace conditions, using results to drive improvement. Leaders are accountable for acting on feedback, ensuring employees feel heard, valued, and aligned with the Company’s goals—fostering a positive, supportive, and sustainable work environment. This opportunity is linked to our Global Engagement Survey target which is part of Executive Management performance criteria for incentive compensation.		•		•	•	•
	Safety in our facilities	Potential Negative Impact	Genmab recognizes there is a systemic potential negative impact around safety in our facilities due to potential work-related accidents, illnesses or fatalities that can arise in a laboratory setting.		•		•	•	•
Equal Treatment and Opportunities for All
Own Workforce - Equal Treatment and Opportunities for All	Career development through training and skill building	Actual Positive Impact	Genmab’s focus on continuous learning fosters growth, collaboration, and morale while strengthening its ability to attract and retain top talent.		•		•	•	•
Own Workforce - Equal Treatment and Opportunities for All	Equal opportunity promoting innovation	Actual Positive Impact	Genmab’s team members encompass over 75 nationalities. We foster a global, inclusive culture, with access to equal opportunities, where a broad mix of perspectives across gender, age, and nationality drive innovation to meet the needs of patients, partners, and employees.		•		•	•	•
S4 - Consumers and End-Users
Social inclusion of consumers and/or end-users
Consumers and End-Users - Social inclusion of consumers and/or end-users	Innovation for patients with unmet needs	Actual Positive Impact	From discovery through commercialization, Genmab’s antibody-based medicines have a meaningful positive impact on patients’ lives. As we expand our innovative capabilities to address cancer and other serious diseases, our continued investment in scientific excellence creates new opportunities to deliver breakthrough therapies that improve health outcomes and quality of life.			•	•	•	•
	Research and development risk	Risk	The identification and development of successful products is expensive and includes time-consuming clinical trials with uncertain outcomes and the risk of failure to obtain regulatory approval in one or more jurisdictions.			•	•	•	•
	Access and inclusion in clinical trials	Potential Negative Impact	Persistent inequities in cancer incidence and care continue to drive underrepresentation in clinical research. Expanding access for underrepresented groups ensures Genmab’s trials reflect real-world patients and generate more representative safety and efficacy data.			•	•	•	•
	Regulation, Legislation, and Compliance	Risk	Genmab is subject to extensive legislative, regulatory, and other requirements during preclinical and clinical development, commercialization, and post-marketing approval, including healthcare, marketing/labeling/promotion, fraud and abuse, competition/antitrust laws, and regulations, as well as transparency, privacy, and data protection and other requirements.			•	•	•	•
	Responsible and ethical marketing	Potential Negative Impact	Without responsible, ethical marketing, patients and healthcare professionals could receive incomplete or misleading information about Genmab’s therapies. This could undermine trust in our science, contributing to improper medicine use, and negatively affect patient well-being. It can also distort treatment decisions and harm the integrity of the broader healthcare ecosystem.			•	•	•	•
Personal safety and information of consumers and/or end user
Consumers and End-Users - Personal safety and information of consumers and/or end user	Patient voice	Actual Positive Impact	Genmab incorporates patient and caregiver perspectives across the full product lifecycle, ensuring our innovations address the realities of serious illness.			•	•	•	•


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	70

Sustainability Statements


Key:	U	Upstream	D	Downstream	MT	Medium-Term
	OO	Own operations	ST	Short-Term	LT	Long-Term


				Value Chain Location			Time Horizon
	IRO Name	IRO Type	IRO Description	U	OO	D	ST	MT	LT
	Health and safety of patients	Potential Negative Impact	Any breakdown in Genmab’s safety and clinical oversight processes could expose trial participants to avoidable risks, including adverse events, inappropriate use of investigational medicines, or missed beneficial treatments. Patients depend on rigorous controls and accurate information to protect their health and ensure safe use of our therapies.			•	•	•	•
	Pharmacovigilance risks as a biotech company	Risk	Robust pharmacovigilance is essential for monitoring the safety and effectiveness of our therapies throughout their lifecycle. Any gaps or disruptions in these processes could delay the detection of adverse events, lead to regulatory non-compliance, and create reputational or financial consequences.			•	•	•	•
	Access to quality information	Potential Negative Impact	Limited transparency in clinical trials can restrict access to reliable information, compromising patient outcomes, research integrity, and trust.			•	•	•	•
G1 - Business Conduct
Business Conduct - Corporate Culture Business Conduct - Corruption and bribery	Healthy and ethical corporate culture aligned with core values and purpose	Actual Positive Impact	Genmab has clear, core values, allowing a healthy and ethical culture to thrive and anti-corruption practices embedded in the ways of working. This is demonstrated by all employees’ attestation to our ethical standards and Code of Conduct.		•		•	•	•
	Organizational health risk	Risk	Misaligned or toxic culture, or failure to prevent corruption and bribery in operations and the supply chain, can result in financial, operational, legal, and reputational risks, including high employee turnover, reduced productivity, compliance breaches, and loss of trust with stakeholders and patients.		•		•	•	•
Business Conduct - Privacy	Global data privacy	Potential Negative Impact	Genmab handles the data of patients, employees, business partners, healthcare professionals and other stakeholders. Despite prioritizing the privacy and protection of personal data, there is an inherent potential negative impact.	•	•	•	•	•	•
Business Conduct - Protection of whistle- blower	Protection of whistleblowers	Potential Negative Impact	Failing to protect whistleblowers could discourage the reporting of incidents or unethical and unlawful behavior, potentially leading to negative impacts on patients and undermining trust in Genmab’s operations.	•	•	•	•	•	•
Business Conduct - Animal Welfare	Animal welfare	Actual Negative Impact	As part of developing new therapies, Genmab conducts preclinical studies involving animals before testing in humans. Failure to ensure appropriate care and minimize potential adverse impacts during research could compromise animal welfare.		•		•	•	•
Business Conduct - Management of relationships with suppliers (including payment practices	Management of suppliers	Potential Negative Impact	Without strong ethical standards for good supplier payment practices and responsible sourcing, Genmab could be prone to supply chain risks compromising Genmab’s ethical standards and patient’s access to treatment. Supplier relationship management is a key focus for Genmab, aimed at building strong, mutually beneficial partnerships.	•			•	•	•

Genmab has the resources in place to manage the effects of IROs across the Environmental, Social, and Governance areas.

Refer to the Environmental section of the sustainability statements for information on Genmab’s resilience analysis.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	71

Sustainability Statements

1.4

Impact, risk and opportunity

management

Process to identify and assess

material impacts, risks and

opportunities (IRO-1)

A core principle of the CSRD and ESRS is double

materiality. This considers both impact materiality—

how Genmab’s activities affect people and

the environment—and financial materiality—

how sustainability matters may pose risks or

opportunities for Genmab. In 2024, Genmab

conducted its first DMA to inform our sustainability

reporting. In 2025, our DMA was updated and

supports the continued integration of sustainability

into our business operations. The methodology,

findings, and updates were reviewed and approved

by Executive Management, the Board, and relevant

Committees.

Refer to GOV-1 and GOV-2 for further details on

the governance structure with regard to

sustainability.

Scope

The DMA covers Genmab A/S and its subsidiaries

on a consolidated basis as well as the relevant

upstream and downstream value chain.

Material Topics

In 2025, the DMA output resulted in four material

topics across ESRS standards E1, S1, S4, and G1

which is consistent with the prior year.

Non-Material Topics

Genmab screened site locations, assets, and

business activities across Denmark, the

Netherlands, the US, Japan, and China. Based

on analysis of our operations and value chain,

internal stakeholder feedback, and supporting

workshops and deep-dive sessions, topics under

ESRS E2, E3, E4, E5, S1 (other work-related

rights), S2, S3, and G1 (political engagement and

lobbying) were concluded to be not material from

both an impact and financial perspective. For

E4, no detailed IRO analysis was performed

given the consistent outcome of the screening.

The process used to conduct the DMA and

the basis for determining material topics are

described below.




E1: Climate Change E2: Pollution E3: Water and Marine Resources E4: Biodiversity and Ecosystems E5: Circular Economy	S1: Own Workforce •Working conditions •Equal treatment and opportunities for all •Other work-related rights S2: Workers in the Value Chain S3: Affected Communities S4: Consumers and End- Users •Social inclusion of consumers and/or end-users •Personal safety and information of consumers and/or end-users	G1: Business Conduct •Corporate culture •Protection of whistle-blowers •Animal welfare •Management of relationships with suppliers •Corruption and bribery •Political engagement and lobbying
Grey text denotes Non-Material


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	72

Sustainability Statements

Value Chain Analysis and Stakeholder

Selection

Genmab began the DMA by mapping its value

chain and identifying key stakeholders across

operations and the broader value chain. Desk

research, including peer reviews and industry

relevance analysis, informed the initial long list

of topics. Internal stakeholders from all major

functions and global locations were engaged

to ensure full ESRS topic coverage. External

stakeholders were selected from key groups,

including patient associations, investors, partners,

life science industry organizations, and civil society.

Their input, combined with internal perspectives,

provided critical insights to inform the DMA.

Long List and Validation

A long list of potential material topics was

developed based on ESRS 1 (Application

Requirement 16), supplemented by insights

from the value chain and stakeholder analyses,

relevant regulatory frameworks, and peer

benchmarking. Both impact and financial materiality

were assessed using surveys, interviews, and

workshops. This multi-method approach ensured

broad stakeholder coverage and allowed for

refinement of results. Surveys generated initial

scoring from a wide audience. Internal and external

interviews—conducted before and after the

workshops—provided expert input to validate and

contextualize findings.

Double Materiality Methodology

The ESRS requires companies to assess topics

that are material from both an impact and/or

financial perspective.

Impact Materiality

In line with ESRS 1 and international standards

including the United Nations Guiding Principles on

Business and Human Rights (UNGP) and the

Organization for Economic Co-Operation and

Development (OECD) Guidelines, Genmab

assessed impacts based on severity—defined by

scale, scope, and irremediability. Each factor was

rated on a scale of 1 to 5, with an average score

calculated. Irremediability was not scored for

positive impacts. For potential impacts, likelihood

was rated from 0 to 1. For actual impacts, likelihood

was set at 1. In the case of potential negative

human rights impacts, severity was prioritized over

likelihood, as prescribed by ESRS.

Additional ESRS-required indicators included:

(i)the topic’s location in the value chain

(own operations, upstream, or downstream),

(ii)whether the impact is actual or potential,

(iii)positive or negative nature of the impact, and

(iv)relevant time horizon (short, medium, or

long term)

All long listed topics were assessed using these

indicators. A topic was considered material from an

impact perspective if its average score exceeded a

defined threshold—set one full point above the

overall average on the five-point scale.

Financial Materiality

In preparing the long list and during workshops,

Genmab evaluated how sustainability-related

impacts and dependencies could give rise to

risks or opportunities for the business. These

discussions informed the financial materiality

assessment.

The scoring approach mirrors that of impact

materiality but focuses on risks and opportunities.

Each was rated based on magnitude (scale of

1 to 5) and likelihood (scale of 0 to 1). Additional

indicators included time horizon and location in the

value chain.

To identify financially material topics, we applied

a relative threshold—one point above the average

financial materiality score on the five-point scale.

Final determinations also considered qualitative

and quantitative factors, as well as Genmab’s

financial statement materiality level.

Validation

Survey results were reviewed with internal

stakeholders during workshops and deep-dive

sessions, allowing for refinement and clarification

where needed. To further validate and align the

DMA outcomes, findings were shared with external

stakeholders and supplemented by interviews with

internal subject matter experts. All identified

sustainability-related risks were previously captured

within Genmab’s Enterprise Risk Management

(ERM) framework and continue to be monitored,

updated, and prioritized alongside other

enterprise risks.

Action

Throughout the DMA review process, Genmab

advanced the integration of material topics into our

business by setting meaningful targets and

establishing related data collection processes.

Our Corporate Sustainability Team will continue

to monitor performance and maintain an up-to-date

DMA, including in response to acquisitions or other

significant business changes.

The final DMA for 2025 was approved and adopted

by the Board in connection with the filing of this

Annual Report.

Disclosure Requirements in ESRS

Covered by the Sustainability Statement

(IRO-2)

Based on the outcomes of the DMA, Genmab

compiled a list of ESRS disclosure requirements,

with corresponding page and paragraph references.

These are presented as content indexes in the

General, Environmental, Social, and Governance

sections of the sustainability statements. Material

disclosures reflect the IROs assessed as material,

determined using a combination of qualitative and

quantitative factors and Genmab’s financial

statement materiality threshold. A table of data

points derived from other applicable EU legislation

is included in the appendices.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	73

Sustainability Statements

Environmental

As an international biotech

company, Genmab recognizes

its responsibility to safeguard

the environment, natural

resources, and the health and

safety of employees, partners,

and society. We aim to reduce our

environmental impact by operating

safely and sustainably, refining

processes, and applying best

practices across our operations

and value chain where relevant.

Our environmental strategy

focuses on setting, monitoring,

and evaluating targets;

measuring our environmental

impact; and transparently

communicating progress.


Section	Disclosure Requirement Content	Disclosure Requirement #
E1 Climate Change
2.0 Climate Change Strategy	Transition plan for climate change mitigation	E1-1
2.1 Climate Change IRO management	Policies related to climate change mitigation and adaptation	E1-2
2.2 Climate Change Actions, Metrics and Targets	Actions and resources in relation to climate change policies	E1-3
	Targets related to climate change mitigation and adaptation	E1-4
	Energy consumption and mix	E1-5
	Gross Scopes 1, 2, 3 and total GHG emissions	E1-6
	GHG removals and GHG mitigation projects financed through carbon credits	E1-71
	Internal carbon pricing	E1-81
	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	E1-92
EU Taxonomy
2.3 EU Taxonomy	Reporting according to the EU Taxonomy	N/A

1.Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.

2.Genmab has adopted the phase-in for E1-9 and elected not to disclose for 2025 reporting.

IROs related to the Environment (See SBM-3 for details):


Actual Negative Impact	GHG emissions from own operations and value chain
Risk	Transitional and physical risks related to GHG emissions
Opportunity	Partner with value chain to reduce Scope 3 emissions


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	74

Sustainability Statements

Genmab’s Resilience to

Climate Change

Genmab's resilience analysis was conducted

qualitatively in 2025, incorporating climate

scenarios based on key reports from authoritative

bodies such as the Intergovernmental Panel

on Climate Change (IPCC) and the International

Energy Agency (IEA). The analysis was conducted

by assessing climate-related risks and opportunities

across Genmab’s entire value chain, including

supply chains, operations, energy consumption,

and logistics.

This resilience analysis helps inform Genmab’s

strategic planning, risk management, and financial

planning processes, ensuring that climate-related

risks and opportunities are integrated into the

Company’s ERM framework.

Genmab utilized three scenarios to explore

potential transition and physical risks: a Net-Zero

Emission by 2050 scenario at a Paris Agreement

aligned 1.5°C, Announced Pledges scenario at

1.7-2°C and Stated Policies, a high emissions

scenario at 2.4-3°C warming levels, considering

both short-term (within 1 year), medium-term (2030)

and long-term (2050) time horizons in alignment

with Genmab’s strategic planning horizons and its

GHG emissions reduction targets.

•The Net-Zero Emission by 2050 (1.5°C) scenario

assumes a transition to a low-carbon economy in

line with global climate targets. This scenario

evaluates risks and opportunities arising from

regulatory actions such as carbon taxation, low-

carbon technology adoption, and evolving

consumer preferences toward sustainability.

•The Announced Pledges (1.7-2°C) scenario is

marked by uneven decarbonization efforts

across regions and markets. This divergence

increases transition risks, particularly for global

companies operating across jurisdictions with

differing climate commitments.

•The Stated Policies (2.4-3°C) scenario

represents a business-as-usual pathway with

high emissions and limited global mitigation

efforts, leading to more severe physical risks

such as extreme weather events, flooding,

and disruptions to supply chains.

The key assumptions for the resilience analysis

include the transition to a low-carbon economy,

macroeconomic trends, energy consumption and

mix, technology deployment and time horizons.

Based on the scenario analysis, Genmab identified

several potential physical risks, transition risks and

opportunities for all three scenarios across short,

medium and long-term time frames. The identified

physical and transition risks and opportunities were

evaluated based on likelihood and magnitude of

financial impact to Genmab’s operations and taking

into account Genmab’s physical geographical

locations at the time of conducting the analysis. No

aspects of Genmab’s business were identified as

incompatible with a transition to a climate neutral

economy.

•Key transition risks to Genmab’s business

activities identified in the scenarios: Loss of

market access due to net-zero healthcare and

high costs from investments in green/resource

efficient technology. Other risks considered were

global carbon taxation and pricing impacting

costs and financial returns, investor focus on

climate performance limiting access to capital

and investment, and cost of compliance with

fragmented and drastic regulatory intervention.

•Key potential physical risks to Genmab’s

business activities and assets identified in

the scenarios: Disruption of supply chain

and operations from extreme weather events,

increased cooling costs from more frequent and

severe heat waves, operations and supply chain

disruption from coastal flooding and damage

to physical assets and inventory.

Genmab has set a science-aligned emissions

reduction target in line with the Paris Agreement,

aimed at reducing its GHG emissions in line with

the global goal to limit warming to 1.5°C. This target

plays a critical role in mitigating both transition and

potential physical risks by guiding risk mitigation,

reducing exposure to physical risks and enhancing

resilience to market shifts.

Uncertainties within the resilience analysis included

climate projections under the scenarios and

regulatory evolution over time.

Genmab’s resilience analysis, underpinned by

qualitative scenario analysis and guided by a

science-aligned emissions reduction target,

highlights Genmab’s preparedness by adapting our

strategy for climate-related risks in the medium and

long term. The science-aligned emissions reduction

target offers a clear pathway for mitigating these

risks while also seizing opportunities associated

with the transition to a low-carbon economy.

Through its ongoing commitment to sustainability,

Genmab is not only reducing its exposure to climate

risks but also positioning itself for long-term

business success in an increasingly climate-

conscious world.

2.0

Climate Change Strategy

Transition plan for climate change

mitigation (E1-1)

Genmab addresses climate change through a

developing transition plan that sets science-aligned

targets for our operations and outlines actions to

reduce emissions. Climate-related risks and

opportunities are identified and assessed through

our resilience analysis, which covers both our

operations and value chain. Aligned with the Paris

Agreement’s 1.5°C goal, our GHG emissions

reduction targets currently apply to Scope 1

and 2 emissions, while we continue to advance

initiatives to address value chain (Scope 3)

impacts. To achieve our targets, we focus on:

•Collaborating with suppliers and partners to drive

value chain decarbonization,

•Sourcing renewable electricity (solar, wind,

hydro, or geothermal), and

•Promoting behavioral changes to reduce

emissions from labs, travel, and commuting.

Our developing transition plan should be regarded

as a dynamic and iterative framework that will

continue to evolve to reflect progress in data

quality, methodological innovation, and the

changing regulatory and market landscape.

The plan is subject to review and oversight through

our sustainability governance model.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	75

Sustainability Statements

2.1

Climate Change IRO Management

Policies related to climate change mitigation and adaptation (E1-2)


Policy	IRO Mapping	Policy Content and Objectives	Scope of the Policy	Accountability	External Standards or Commitments	Stakeholder Consideration	Accessibility / Communication
Commitment to the Environment and Sustainability	GHG emissions from own operations and value chain	Establishes our approach to managing material environmental topics. Its objective is to guide responsible environmental practices across all operations.	Applies to all employees, contractors, and operations globally	CSR & Sustainability Committee	Guided by the Paris Agreement of the United Nations Framework Convention on Climate Change	Developed with input from internal and external experts and stakeholders	Available on internet and intranet

2.2

Climate Change Actions, Metrics and Targets

Actions and resources in relation to climate change policies (E1-3) / Targets related to climate change mitigation and adaptation (E1-4)


IRO	Key Actions in 2025	Targets	Outcomes / Tracking Effectiveness	Stakeholder Involvement
GHG emissions from own operations and value chain	We developed a sustainability roadmap as an integral part of Genmab’s sustainable climate-related strategy, in collaboration with an external expert consultant, focusing on quantifying investments, impacts, and feasibility to ensure structured and prioritized implementation of initiatives aligned with our sustainability targets.	Develop and execute on sustainable climate-related strategy by 2025.1	Achieved in 2025. The development of our sustainability roadmap has enhanced our ability to govern and sequence sustainability initiatives. Genmab has executed on this strategy with significant progress on market-based Scope 2 GHG emission reductions in 2025.	Facility Management, R&D Operations, and External Environmental Sustainability Expert Consultant
	We expanded the use of renewable electricity to additional Genmab sites globally to advance our target of reducing Scope 2 emissions. Specifically, we began sourcing renewable electricity by use of unbundled renewable energy certificates at our sites in China during 2025.	Reduce Scope 1 and Scope 2 (market-based) emissions by 42% through a reduction in Scope 2 emissions by 2030 from a 2024 base year.2 Reduce Scope 1 and 2 (market-based) emissions by 90% by 2050 from a 2024 base year	In progress for both targets. We plan to continue using energy attribute certificates (EACs) as the primary decarbonization lever to reduce Scope 2 emissions to achieve our 2030 GHG emissions reduction target. Additional levers are under investigation, and their quantitative impacts will be disclosed when available.	Facility Management, Landlords and Utility Providers
	Genmab monitored the climate ambitions of our top suppliers to ensure traction towards our 2030 target of at least 70% (by spend) of our suppliers having a science- aligned target.	Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have science-aligned targets by 2030.3	In progress. The benchmarking confirmed that we remain on track to meet our 2030 target and enabled us to identify priority areas for supplier engagement, highlighting action hotspots where targeted collaboration will have the greatest impact.	Suppliers and Procurement.

Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions. Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.

1.Executive Management received RSU grants in 2023 with performance linked to developing and executing on a sustainable climate-related strategy.

2.Executive Management received RSU grants in 2024 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2021 base year. The grant occurred prior to our base year update to 2024 due to significant

changes in our structure and corresponding emissions (ProfoundBio acquisition in May 2024) and achievement will be assessed prior to base year update. Executive Management received RSU grants in 2025 with performance linked to Scope 1

and Scope 2 emission reductions by 42% by 2030 from a 2024 base year.

3.Executive Management received RSU grants in 2024 and 2025 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	76

Sustainability Statements

Energy consumption and mix (E1-5)


			2025	20243
1	Total fossil energy consumption	MWh	4,469	5,120
	Share of fossil sources in total energy consumption	%	35%	40%
2	Consumption from nuclear sources	MWh	—	92
	Share of consumption from nuclear sources in total energy consumption	%	—%	1%
3	Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)	MWh	—	—
4	Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources	MWh	8,143	7,414
5	The consumption of self- generated non-fuel renewable energy	MWh	117	77
6	Total renewable energy consumption1	MWh	8,260	7,491
	Share of renewable sources in total energy consumption	%	65%	59%
	Total energy consumption2	MWh	12,729	12,703

1.Total renewable energy consumption (MWh) (calculated as the

sum of lines 3 to 5)

2.Total energy consumption (MWh) (calculated as the sum of lines 1, 2 and 6)

3.2024 restated to include fossil energy consumption for leased vehicles. Total

fossil energy consumption increased from 4,616 to 5,120, or 11%.

Accounting Policies

Total energy consumption includes both renewable and non-

renewable energy sources across our operations, measured in

megawatt-hours (MWh) using data from energy systems, utility

invoices and leased vehicle mileage reports. Renewable energy

covers wind, solar, hydro and other sustainable sources which are

supported by contractual agreements such as EACs, while non-

renewable energy covers fossil fuels and grid electricity. Annual

reviews ensure data accuracy, compliance with reporting standards,

and alignment with our sustainability commitments.

Gross Scopes 1, 2, 3 and total GHG emissions (E1-6)

Genmab calculates its Scope 1, 2 and 3 GHG emissions in accordance with the requirements of ESRS E1 Climate Change, considering the

principles, requirements and guidance provided by the GHG Protocol.


				Milestones and Target Years
	2025	Base Year 20244	% Change	2030	2050	Annual % Target/ Base Year3
Scope 1 GHG emissions1
Gross Scope 1 GHG emissions (tCO2eq)	758	662	15%	662	67	—%
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	2,658	2,705	(2)%
Gross market-based Scope 2 GHG emissions (tCO2eq)	41	1,163	(96)%	397	116	7%
Total Scope 1 and market-based Scope 2 GHG emissions (tCO2eq)	799	1,825	(56)%	1,059	183	7%
Significant Scope 3 GHG emissions2
Total Gross indirect (Scope 3) GHG emissions (tCO2eq)
1 - Purchased Goods and services	192,922	164,449	17%
2 - Capital goods	7,746	5,519	40%
3 - Fuel and energy-related Activities (not included in Scope 1 or Scope 2)	1,119	1,112	1%
4 - Upstream transportation and distribution	5,877	5,425	8%
6 - Business travel	10,784	10,559	2%
7 - Employee commuting	1,002	946	6%
Total Scope 3 GHG emissions	219,450	188,010	17%
Total GHG emissions
Total GHG emissions (location- based) (tCO2eq)	222,866	191,377	16%
Total GHG emissions (market- based) (tCO2eq)	220,249	189,835	16%

Genmab purchases unbundled EACs related to purchased electricity to cover approximately 89% of total energy consumption in Scope 2.

1.Percentage of Scope 1 GHG emissions from regulated emission trading schemes not applicable to Genmab.

2.Scope 3 GHG emissions categories excluded from the inventory include 5 – Waste generated in operations as it is included in category 1, 8 – Upstream leased

assets, 9 – Downstream transportation and distribution, 10 – Processing of sold products, 11 – Use of products sold, 12 – End-of-life treatment of sold products,

13 – Downstream leased assets, 14 – Franchises as they are all not applicable to Genmab, and 15 – Investments as they are not material. Scope 3 GHG

emissions includes the results of Merus from the date of acquisition through December 31, 2025 for categories 1, 4 and 6 as the consolidated trial balance

includes the results of Merus. Further, there are no emission reduction target percentages for Scope 3 GHG emissions. Refer to E1-4 for environmental targets.

3.Annual % Target/Base Year represents the actual reduction target for 2030 (or 42%) over six years.

4.2024 restated to include GHG emissions from mobile combustion from leased vehicles. Scope 1 increased from 534 to 662, or 24%, and Scope 3 Category 3

increased from 1,078 to 1,112, or 3%.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	77

Sustainability Statements

Accounting Policies

Scope 1 GHG Emissions

Scope 1 GHG emissions are direct emissions from sources under Genmab’s financial or operational

control at its offices, laboratories and leased vehicles. These emissions result primarily from fuel

combustion and refrigerant leakage and are reported in CO₂ equivalents (CO2eq) using the 2025

DEFRA conversion factors.

Scope 2 GHG Emissions

Scope 2 GHG emissions are indirect emissions from purchased electricity and district heating used across

Genmab’s offices and laboratories. Location-based and market-based GHG emissions are calculated using

consumed energy multiplied with either supplier-specific emission factors or national factors from the

International Energy Agency (IEA, 2023) and Association of Issuing Bodies (AIB, 2024). Renewable energy

purchases and certificates are considered when accounting for GHG emissions, using the market-based

approach.

Scope 3 GHG Emissions

Genmab reports on six of the 15 Scope 3 GHG categories defined by the GHG Protocol; the remaining

nine are either not applicable or not material. All Scope 3 emissions are currently estimated using

secondary data.

Category 1 – Purchased goods and services

Purchased goods and services include GHG emissions related to all spend from external suppliers, except

for investment (CapEx), travel, and transportation and distribution spend, which are included in other

Scope 3 categories. Spend is converted into CO2eq emissions using the spend-based method by applying

the Environmentally Extended Input-Output (EEIO) model with U.S. EPA emission factors (2024) to

estimate GHG emissions (CO2eq).

Category 2 – Capital goods

Capital goods include GHG emissions related to investments in tangible assets (CapEx). Spend is

converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended

Input-Output (EEIO) model with U.S. EPA emission factors (2024) to estimate GHG emissions (CO2eq).

Category 3 – Fuel and energy-related activities

Fuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased

fuel and electricity and Transmission and Distribution (T&D) Loss of purchased electricity (beyond Scope 1

and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRA's emission factors (2025

for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises

upstream WTT and T&D emissions from electricity and WTT emissions from natural gas.

Category 4 – Upstream transportation and distribution

Upstream transportation and distribution include GHG emissions related to spend from external suppliers

related to transportation and distribution of goods. Spend is converted into CO2eq emissions using the

spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with U.S. EPA

emission factors (2024) to estimate GHG emissions (CO2eq).

Category 6 – Business travel

Business travel includes GHG emissions related to spend from external suppliers related to flights, ground

transportation, hotel stays and meals in connection with business travel. Spend is converted into CO2eq

emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO)

model with U.S. EPA emission factors (2024) to estimate GHG emissions (CO2eq).

Category 7 – Employee Commuting

Employee commuting includes GHG emissions related to employees’ commuting between their homes and

the Genmab sites. GHG emissions are estimated using the average data method and based on

assumptions across our locations.


GHG intensity per net revenue	2025	2024
Total GHG emissions (location-based) per net revenue (tCO2eq/ USD million)	59.9	61.3
Total GHG emissions (market-based) per net revenue (tCO2eq/ USD million)	59.2	60.8

Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmab’s revenue.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	78

Sustainability Statements

2.3

EU Taxonomy

Reporting according to the EU

Taxonomy

The EU Taxonomy is a classification system

designed to provide a framework for identifying

sustainable economic activities. It helps companies

and investors distinguish between activities that

contribute to environmental sustainability by

establishing a common language for defining

what constitutes "green" or sustainable business

practices. The EU Taxonomy plays a role in

supporting the transition towards a more

sustainable economy.

In line with the amended EU Taxonomy legislation,

Commission Delegated Regulation (EU) 2026/73

amending the Delegated Regulations (EU)

2021/2178, (EU) 2021/2139 and (EU) 2023/2486,

Genmab is required to report on the sustainability

profile of its activities, specifically focusing on the

eligibility and alignment of its Turnover, Capital

Expenditures (CapEx) and Operating Expenditures

(OpEx).

Eligibility

We screened our economic activities against those

outlined in the Taxonomy, identifying eligible

Turnover, CapEx and OpEx.

•Turnover - We assessed turnover based on the

net product sales of pharmaceutical products.

We concluded that turnover from the sale of

EPKINLY and Tivdak qualifies under the

Manufacture of Medicinal Products (#1.2)

activity, in line with the Taxonomy criteria

for Pollution Prevention and Control (PPC).

•CapEx - Our assessment focused on

investments that align with Taxonomy-eligible

activities. We identified eligible activity under

Renovation of Buildings (#7.2) in line with the

Taxonomy criteria for Climate Change Mitigation

(CCM).

•OpEx - We evaluated the eligibility of our OpEx

by reviewing the eligible economic activities

outlined in our Income Statement and examining

the data available to us from our ERP system.

Based on this evaluation, we did not identify

eligible OpEx.

Alignment

We assessed whether any of our Taxonomy-eligible

Turnover or CapEx for economic activities 1.2 and

7.2 could be considered Taxonomy-aligned;

however, we were not able to obtain enough

evidence to conclude alignment with the

'Substantial contribution' and 'Do No Significant

Harm' (DNSH) criteria.

Accounting Policies

Turnover

Total Turnover consists of total revenue as

disclosed in Note 2.1 in the consolidated financial

statements. The Turnover KPI represents the ratio

of net product sales from taxonomy-eligible or

taxonomy-aligned economic activities to the

total revenue in a fiscal year.

CapEx

Total CapEx consists of additions to intangible

assets, tangible assets and right-of-use assets

during the fiscal year (refer to Notes 3.1, 3.2

and 3.3, respectively) and considered before

depreciation, amortization, and any re-

measurements, including those resulting from

revaluations and impairments, for the relevant

financial year, excluding any fair value changes.

Furthermore, total CapEx consists of any additions

to tangible and intangible assets resulting from

business combinations. The CapEx KPI represents

the share of CapEx that is taxonomy-eligible or

taxonomy-aligned divided by the total CapEx.

OpEx

Total OpEx includes direct non-capitalized

costs that relate to research and development,

building renovation measures, short-term leases,

maintenance and repair, and any other direct

expenditures relating to the day-to-day servicing of

assets of property and equipment by Genmab or

third party to whom activities are outsourced that

are necessary to ensure the continued and effective

functioning of such assets. OpEx does not include

amortization, depreciation or impairments.

Merus results are included in the EU Taxonomy

tables to reconcile with financial reporting.

To avoid double counting related to the economic

activities, Turnover, CapEx and OpEx are distinctly

allocated to ensure that there is no overlap across

these financial metrics.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	79

Sustainability Statements


Financial Year (N)	2025
KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (5)	Breakdown by environmental objectives of Taxonomy aligned activities						Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non- material (14)	Taxonomy aligned activities in previous financial year (N-1) (15)	Proportion of Taxonomy aligned activities in previous financial year (N-1) (16)
					Climate Change Mitigation (6)	Climate Change Adaption (7)	Water (8)	Circular Economy (9)	Pollution (10)	Biodiversity (11)
	MUSD	%	MUSD	%	%	%	%	%	%	%	%	%	%	MUSD	%
Turnover	3,720	11%	0	—%	—%	—%	—%	—%	—%	—%	—%	—%	—%	0	—%
CapEx	7,469	0.4%	0	—%	—%	—%	—%	—%	—%	—%	—%	—%	—%	0	—%
OpEx	1,560	—%	0	—%	—%	—%	—%	—%	—%	—%	—%	—%	—%	0	—%


Reported KPI	Turnover
Financial Year (N)	2025
Economic Activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3)	Taxonomy aligned KPI (monetary value of Turnover) (4)	Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover) (5)	Environmental objective of Taxonomy aligned activities						Enabling Activity (12)	Transitional Activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Economic Activities (1)	Code (2)		Taxonomy aligned KPI (monetary value of Turnover) (4)		Climate Change Mitigation (6)	Climate Change Adaption (7)	Water (8)	Circular Economy (9)	Pollution (10)	Biodiversity (11)	Enabling Activity (12)	Transitional Activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
		%	MUSD	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%
Manufacture of medicinal products	PPC 1.2	11%	0	—%	—%	—%	—%	—%	—%	—%			—%

Sum of alignment per objective					%	%	%	%	%	%
Total Turnover		11%	0	—%	—%	—%	—%	—%	—%	—%			—%


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	81

Sustainability Statements

Social

Genmab is committed to improving the lives of

patients and caregivers by developing innovative

treatments that transform cancer care and address

serious diseases. We prioritize understanding

patient needs and ensuring that their insights

guide our research, development and

commercialization efforts.

Our workforce is central to our success.

The Genmab Commitment anchors our culture

and reflects our vision, purpose, and core values.

Genmab team members, or full-time equivalents

(FTEs) are defined as all employees on our payroll,

both full-time and part-time, as well as those on-

leave, measured by reflecting the proportion of

an FTE they represent based on their contractual

agreement. Non-employees include contingent

workers and consultants provided by third parties

for employment.

We focus on attracting and retaining individuals

who align with our mission to improve patient

outcomes. Our culture emphasizes teamwork,

respect and inclusivity across all global

locations. We believe that workplace inclusivity—

encompassing social, educational, cultural,

national, age, and gender differences—is crucial for

our continued success. By hiring individuals with

the right skills and fostering collaborative teams,

Genmab strengthens its ability to deliver lasting

impact in healthcare, ultimately benefiting the

patients and communities we serve.

Own Workforce

Below are the list of Disclosure Requirements pertaining to ESRS S1 - Own Workforce:



Section	Disclosure requirement content	Disclosure requirement #
3.0 Own Workforce IRO Management	Policies related to own workforce	S1-1
	Processes for engaging with own workers and workers’ representatives about impacts	S1-2
	Processes to remediate negative impacts and channels for own workers to raise concerns	S1-3
3.1 Own Workforce Actions, Metrics and Targets	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	S1-4
	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S1-5
	Characteristics of the Company’s employees	S1-6
	Characteristics of non-employee workers in the Company’s own workforce	S1-71
	Collective bargaining coverage and social dialogue	S1-8
	Diversity metrics	S1-9
	Adequate wages	S1-10
	Social protection	S1-11
	Persons with disabilities	S1-121
	Training and skills development metrics	S1-13
	Health and safety metrics	S1-14
	Work-life balance metrics	S1-151
	Compensation metrics (pay gap and total compensation)	S1-16
	Incidents, complaints and severe human rights impacts	S1-17

1.Genmab has adopted the phase-in for S1-7, S1-12 and S1-15 and elected not to disclose for 2025 reporting.

IROs related to Genmab’s Own Workforce (See SBM-3 for details):


Actual Positive Impact	Employee well-being and vitality
Risk	Attracting and retaining talent to enable continued innovation
Opportunity	Provide a voice to employees through our global engagement survey
Potential Negative Impact	Safety in our facilities
Actual Positive Impact	Career development through training and skill building
Actual Positive Impact	Equal opportunity promoting innovation


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	82

Sustainability Statements

3.0

Own Workforce IRO Management

Policies related to own workforce (S1-1)

Genmab has a number of policies that address our material IROs for the topic of Working Conditions as described in the table:


Policy/ Commitment	IRO Mapping	Policy/Commitment Content and Objectives	Scope	Accountability	External Standards or Commitments	Stakeholder Consideration	Accessibility / Communication
Code of Conduct	Covers all Social S1 IROs	Defines our commitment to conducting business ethically and in compliance with applicable legal, regulatory, and industry code requirements. The objective is to translate the principles of the Code into clear global compliance expectations, guiding interactions with healthcare professionals, healthcare organizations, patients, patient advocacy groups, public officials, and other stakeholders, and supporting consistent, lawful, and ethical conduct across all business activities.	Applies to all employees, Board members, and third parties.	SVP, Global Compliance, Risk, and Data Privacy.	Supports alignment with: •Applicable global and local laws including but not limited to Foreign Corrupt Practices Act, False Claims Act, Anti-Kickback Statute, UK Bribery Act, Sarbanes-Oxley Act. •Regulations set forth by government agencies such the FDA and EMA. •GDPR and other applicable privacy and data protection guidelines. •Internationally recognized industry codes/ethical standards including EFPIA, PhRMA Codes of Practice, and the UN Convention against Corruption.	Reflects the expectations of employees, patients, business partners, regulators, and society by setting clear standards for ethical behavior, legal compliance, and responsible business conduct.	Available on internet, intranet, and integrated into onboarding and annual Code of Conduct training.
Global Speak Up Policy	Employee well- being and vitality	Shares our commitment to fostering a culture of openness, integrity, and accountability where concerns can be raised without fear of retaliation. The objective is to encourage employees and other relevant stakeholders to report suspected misconduct, unethical behavior, or violations of laws, policies, or the Code of Conduct, and to ensure that such concerns are addressed promptly, fairly, and confidentially.	Applies to all employees and external parties, such as contractors, consultants, and other third parties.	SVP, Global Compliance, Risk, and Data Privacy.	Supports alignment with expectation of effective compliance programs and applicable laws/regulations (e.g. EU Whistleblower Protection Directive; Dutch Whistleblower Protection Act, GDPR, etc.).	Supports employees and third parties by providing safe and confidential channels to raise concerns, reinforcing trust, accountability, and ethical conduct.	Available on internet, intranet, and integrated into onboarding and annual Code of Conduct training.
Human Rights Commitment	Employee well- being and vitality	Defines our responsibility to respect human dignity across our operations, guided by international human rights and labor standards. Its objectives are to prevent human rights impacts, ensure fair employment practices, prohibit forced or child labor, protect privacy, and uphold these standards across our operations and suppliers. Genmab does not discriminate based on race, ethnicity, color, religion, sex, gender identity and expression, national origin, age, disability, genetic information, sexual orientation, military, veteran or other protected status.	Applies to all employees and third parties acting on behalf of Genmab and extends to all workers in the value chain.	EVP, Chief People Officer.	Guided by human rights laws and the UN Guiding Principles, Genmab aligns with the International Bill of Human Rights and the ILO’s core labor standards.	Developed with consideration of employees, suppliers, patients, and other affected stakeholders.	Available on internet, intranet, and integrated into supplier expectations.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	83

Sustainability Statements


Policy/ Commitment	IRO Mapping	Policy/Commitment Content and Objectives	Scope	Accountability	External Standards or Commitments	Stakeholder Consideration	Accessibility / Communication
Global Workforce Culture Policy	Equal opportunity promoting innovation	Describes our commitment to fostering an equitable and inclusive workplace where all employees are valued and treated fairly. Its objectives are to ensure equal opportunities, prevent discrimination and harassment, and enable a safe environment that drives innovation, strong performance, and positive impact across our workforce and value chain. It covers inclusion for groups that may be at particular risk of vulnerability regardless of gender, race, ethnicity, religion, age, disability, and other protected characteristics, and as noted in our Code of Conduct, all forms of harassment and retaliation are unacceptable and counter to everything we stand for as a company.	Applies to all employees and suppliers; extends to all workers in the value chain.	EVP, Chief People Officer	Aligns with widely recognized external standards, local statutory frameworks, and commitments, including Title VII of the U.S. Civil Rights Act (and corresponding U.S. and state laws), the UN Guiding Principles on Business and Human Rights, Universal Declaration of Human Rights, International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work, ISO 26000 - Social Responsibility, UN Sustainable Development Goals (SDGs), UN Global Compact Principles, and OECD Guidelines for Multinational Enterprises.	Developed with employee feedback to foster an inclusive, fair, and responsible workplace culture.	Available on internet and intranet.
Corporate Social Responsibility (CSR) Policy	Career development through training and skill building	Outlines how the Company integrates its purpose, values, and vision into responsible business practices focused on patient-centered innovation, caring for employees and communities, business integrity, and environmental sustainability. Its objective is to guide ethical, transparent, and sustainable operations, supported by clear governance and oversight, and ensure all employees incorporate CSR principles into daily decisions.	Applies across all operations and employee groups.	SVP, Communications & Corporate Affairs	Aligns with UN Universal Declaration of Human Rights (UDHR) and UN Guiding Principles on Business and Human Rights (UNGPs), and International Labour Organization (ILO).	Developed considering employee welfare, governance, and long-term sustainability goals.	Available on internet and intranet.
Health and Safety Commitment	Safety in our facilities	Details our dedication to maintaining safe, healthy, and supportive environments across all sites through proactive risk management, strong governance, and continuous improvement. Its objective is to prevent workplace injuries and illnesses, foster a shared culture of safety, and ensure resilient, high-performing operations that support our broader sustainability and business goals.	Applies across all sites; covers employees, contractors, and visitors.	EVP, Chief People Officer	Aligns with ILO Occupational Safety and health and safety standards; ISO 45001 and national and local OHS laws; UN Universal Declaration of Human Rights.	Developed with employee safety input and local operational oversight.	Available on internet and intranet.
Global Lab Occupational Health and Safety Policy	Safety in our facilities	Defines our approach to maintaining safe R&D lab environments through site-level health and safety committees and prevention measures. Its objective is to protect employees by ensuring strong safety oversight, issue escalation, and continuous improvement across all lab facilities.	Applies to all R&D laboratories and related operations globally.	EVP, Chief Medical Officer	Aligns with applicable occupational health, safety and environmental legislation in China, the Netherlands, Denmark, and the United States, including the Dutch Working Conditions and environmental permitting framework, EU REACH/CLP, and relevant U.S. federal and state regulations such as OSHA, EPA, DOT, and applicable fire, biosafety and transport of dangerous goods requirements.	Developed considering employee safety needs in lab environments.	Available on intranet and communicated internally to all lab staff through site operations and training.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	84

Sustainability Statements

Processes for engaging with own workers and workers’ representatives

about impacts (S1-2)

Genmab fosters ongoing dialogue between employees and Management through Human Resources

business partners, the Danish Employee Representative Council, and the Dutch Works Council. In

Denmark, employees elect three Board representatives and meet annually to raise concerns. In the

Netherlands, the Works Council meets annually, provides consent on daily work matters, and is consulted

on major organizational changes. In addition to the Councils, in other regions, employee engagement is

supported via surveys, inclusion networks, development dialogues, employee-elected board positions, and

town hall updates. The Chief People Officer and Human Resources oversee engagement with employees

and their representatives.

Processes to remediate negative impacts and channels for own workers to

raise concerns (S1-3)

While we have not identified any material negative impacts involving our workforce, we encourage

employees to raise concerns, share feedback, report compliance issues, and discuss ethical dilemmas.

This supports a culture of openness, transparency, and accountability. Concerns may be reported to

immediate managers or Human Resources, who monitor and escalate matters as appropriate. In addition,

employees have access to our 24/7 Speak Up (whistleblower) hotline.

Refer to the Global Speak Up Policy in S1-1 and on our website. Refer to G1-1 for details of Genmab’s

anti-retaliation policies and procedures and how Genmab tracks and monitors issues raised.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	85

Sustainability Statements

3.1

Own Workforce Actions, Metrics and Targets

Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own

workforce, and effectiveness of those actions (S1-4) / Targets related to managing material negative impacts, advancing positive impacts, and managing

material risks and opportunities (S1-5)


IRO	Key Actions in 2025	Targets	Outcomes/Tracking Effectiveness	Stakeholder Involvement
Employee well- being and vitality Provide a voice to employees through our global engagement survey	Annual Employee Engagement Survey: Provided employees with a meaningful voice through our annual survey, offering insights into key areas such as career development, innovation, leadership, and the work environment. Global Well-Being: Strengthened our well-being pillars—emotional, financial, physical, and social—by supporting mental health and resilience; promoting financial security through initiatives such as Global Money Week; offering on- site and virtual fitness options; and fostering community connection. We also expanded our Global Well-Being Programs, providing additional workshops and resources focused on financial planning, work–life balance, and holistic self-care. Emotional and Mental Health: Continued offering programs and local resources to support emotional and mental well-being. We announced the launch of a new global resource through Spring Health—providing care navigation, coaching, in-person and virtual therapy, self-guided digital exercises, and educational content—which will be available to all employees beginning January 2026. Volunteering: Organized events throughout the year to connect with each other and our communities. In 2025, 770 team members volunteered 3,135 hours on Global Volunteer Day compared to 688 team members and 2,952 hours in 2024. Work-life Balance: Continued offering four additional days off and four meeting-free days annually, alongside paid time off, leave-of-absence policies, and family-related leave for all full-time employees in line with local regulations. Maintained the tradition of a late-December holiday office closure to support rest and connection outside of work. Total Rewards & Opportunities: Advanced our ongoing efforts to support employee understanding of Total Rewards & Opportunities, including salary growth potential, equity grants, and market-competitive benefits across well- being dimensions. We also launched a new global reward and recognition program and tool to facilitate timely feedback, offer opportunities for cash rewards, and strengthen a culture of appreciation across the organization.	Meet or exceed the global benchmark for (1) employee engagement score and (2) participation rate for the Global Employee Engagement Survey (Annual)1	Target achieved for 2025. In 2025, Genmab achieved a 77% engagement score compared to 77% industry average, and an 89% global participation rate compared to an 80% industry average. The engagement score reflects overall favorability based on key questions designed to measure employee engagement, while the participation rate indicates how broadly employees are contributing feedback relative to industry norms. The favorability score is calculated by the percent of agreement responses when combining scale points 4-5. Genmab compares to the Life and Sciences Sector for the industry benchmark provided by Mercer. This provides a comparison of employees answering surveys conducted over a number of years for organizations within hospital, health systems, insurance, pharmaceuticals, and medical research and development industry. These results allow us to track progress year over year, identify patterns, and assess the effectiveness of our actions. Insights from the survey help us monitor Genmab’s areas of strength and opportunity. To deepen understanding of critical engagement issues, we also conduct focus groups and share survey results across the organization. People leaders are encouraged to review team-level feedback and develop targeted actions to improve the employee experience. Executive Management reviews the findings collectively to analyze trends, reflect on strengths and opportunities, and guide organizational priorities. In addition, Genmab regularly hosts functional and regional town halls to update teams on business progress and reinforce transparency. By consistently leveraging our global engagement survey and follow-up actions, Genmab creates a workplace where employees feel valued, motivated, and committed to achieving our shared goals.	Results are reviewed by Executive Management and people leaders, shared transparently across our internal network, and used collaboratively to guide action planning across teams.

1.Executive Management received RSU grants in 2023, 2024 and 2025 with performance linked to sustaining at or better than the global benchmark for employee engagement.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	86

Sustainability Statements


IRO	Key Actions in 2025	Targets	Outcomes/Tracking Effectiveness	Stakeholder Involvement
Safety in our facilities	Training: Provided mandatory safety training and continuous education, focusing on hazardous materials in our labs. Our chemical management meets all regulations, prioritizes employee and environmental safety, and monitors high-risk substances. In 2025, no chemical-related incidents required more than first aid. Annual Safe & Sound Day: Demonstrates Genmab’s continued focus on workplace health, safety, and employee well-being. Colleagues across our sites in the Netherlands, Denmark, and the US took part in coordinated activities designed to enhance safety awareness and practical response skills. The program included the launch of Genmab’s global Safety Culture Ladder, first aid and firefighter training, interactive safety games, CPR workshops, vendor fairs, and live safety demonstrations. These events fostered engagement and strengthened our shared commitment to a safe and supportive work environment.	None	We have formal committees responsible for monitoring and improving health and safety at all locations. Our chemical management team met all regulations, prioritized employee and environmental safety, and monitored high-risk substances.	Under the leadership of our Chief Medical Officer, our committees are responsible for ensuring compliance.
Career Development through Training and Skill Building	Learning & Development: Leveraged multiple skills-based in-person workshops and digital learning paths for employees focused on specific skill development with focus areas including leadership, digital and AI, feedback, strategic planning, advance Excel skills, leading different generations, informal leadership, and business communications. Global Mentorship Program: Extended the Program to ensure an inclusive and supportive environment, designed to impact the sense of belonging, as employees connect with other colleagues outside their area of expertise as well as connecting with leaders who can provide insights and feedback not linked to any performance plan. The feedback can be used to develop skills and traits important to that specific individual. Sustainability Awareness Training: Launched training to all Genmab employees.	1.100% of employees are provided access to training programs that meet the development needs across various career stages and learning styles (Annual) 2.100% of eligible employees are provided access to Genmab’s end of year performance process (Annual)2 3.Launch sustainability awareness training by 2025	1.Target achieved for 2025. The Global Talent and Culture team ensured that required trainings were offered to all employees. 2.Target achieved for 2025. The Global Talent and Culture team ensured all eligible employees were provided full access to Genmab’s year-end performance process, including providing internal resources and early engagement. 3.Target achieved for 2025. The Corporate Sustainability Team launched the sustainability awareness training for employees in 2025.	1.Under the leadership of the Global Talent and Culture team, all employees are provided access. 2.Under the leadership of the Global Talent and Culture team, all eligible employees are provided access. 3.Under the leadership of the Corporate Sustainability Team, all employees are provided access to Sustainability Awareness training.
Equal Opportunity Promoting Innovation	Culture Trainings: Offered a combination of culture workshops and masterclasses to our workforce. Employee Resource Groups (ERGs): Made ERGs available to all employees to foster a collaborative culture where unique perspectives drive innovation, engagement, and organizational strength—empowering employees to contribute meaningfully to our mission of developing the next generation of antibody medicines for patients in need.	Target between 40% to 60% gender representation by 2025 in the Other Management Levels at Genmab A/S only in accordance with the guidelines from the Danish Business Authority (DBA). In 2025, Genmab removed gender diversity targets at the Group level including those linked to Executive Management compensation.	Target not achieved for 2025. As of December 31, 2025, women represented 30% (seven) and men 70% (16) of managers in the “Other Management Levels” of Genmab A/S, as defined by the Danish Gender Balance Act. Other Management Levels are comprised of Executive Management and employees with personnel responsibilities who report to Executive Management. As Genmab does not currently have an equal gender representation in the Other Management Levels, with women being the underrepresented gender, the Board of Directors has decided to maintain a target for the proportion of women in the Other Management Levels of 40%, or, depending on the specific number of individuals to be included in the Other Management Levels at the given time, the percentage that comes closest to 40%, but not exceeding 49%, by 2028.	The Global Talent and Culture team, within the Human Resource team.

2.Eligibility refers to all employees hired before October 1 of the reporting year. Also, excludes interns and student workers and in the case of long-term absence, local rules apply


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	87

Sustainability Statements

Characteristics of the undertaking’s employees (S1-6)


				December 31,
	2025			20242			2023
Employees (Headcount)	Female	Male	Total	Female	Male	Total	Total
Denmark	345	254	599	326	228	554	495
Netherlands	461	321	782	490	335	825	740
U.S.	647	421	1,068	642	432	1,074	887
Japan	62	158	220	55	131	186	140
China	69	63	132	55	56	111	—
Other Countries	14	4	18	—	—	—	—
Total Headcount	1,598	1,221	2,819	1,568	1,182	2,750	2,262


				December 31,
	20251			20242			2023
Employees (FTEs)1	Female	Male	Total	Female	Male	Total	Total
Permanent	1,517	1,168	2,685	1,498	1,136	2,634	2,159
Temporary	32	24	56	28	20	48	45
Total FTEs	1,549	1,192	2,741	1,526	1,156	2,682	2,204


	December 31,
FTEs (R&D vs. SG&A)1	20251	2024	2023
Research and development FTE	1,880	1,886	1,541
Selling, general and administrative FTE	861	796	663


	December 31,
Turnover	2025	2024	2023
# of FTEs leaving Genmab	321	190	157
Turnover Rate - Overall	12%	7%	8%
Turnover Rate - Voluntary	7%	6%	5%

1.Total FTEs of 3,029 as per note 2.3 'Staff Costs' in the Consolidated financial statements. The variance of 288

employees is due to Merus employees not being included.

2.2024 is a baseline year for female/male headcount and FTE reporting. Splits were not previously disclosed in prior year

Annual Reports.

Accounting Policies

Number of Employees

FTEs include all full-time and part-time employees on payroll, both active and on leave, calculated

proportionally based on contractual hours. Headcount includes the same population, with each individual

counted as one, regardless of working hours.

Turnover Rate

Calculated as the number of FTEs who left during the year divided by the average number of FTEs for

the year.

Temporary

Includes interns, student workers, postdoctoral researchers, and fixed-term employees.

Refer to the Note 2.3 Staff Costs for cross reference to FTEs reported in Genmab’s financial statements.

Collective bargaining coverage and social dialogue (S1-8)

There are no employees covered by collective bargaining agreements at Genmab. There are workers

councils in Denmark and the Netherlands.

Refer to S1-2 for details of the work councils.


	Collective Bargaining Coverage	Social Dialogue
Coverage Rate	Employees - EEA	Workplace representation (EEA only)
0-19%
20-39%
40-59%
60-79%
80-100%		Denmark, Netherlands


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	88

Sustainability Statements

Diversity metrics (S1-9)

Diversity metrics as of December 31:


	2025			2024			2023
	Female	Male	Total	Female	Male	Total	Female	Male	Total
Board of Directors, Shareholder-Elected1	3	3	6	3	3	6	3	3	6
% of total	50%	50%	100%	50%	50%	100%	50%	50%	100%
Board of Directors, Employee-Elected1	1	2	3	1	2	3	1	2	3
% of total	33%	67%	100%	33%	67%	100%	33%	67%	100%
Board of Directors, Total	4	5	9	4	5	9	4	5	9
% of total	44%	56%	100%	44%	56%	100%	44%	56%	100%
Registered Executive Management	0	2	2	0	2	2	0	2	2
% of total	—%	100%	100%	—%	100%	100%	—%	100%	100%
Executive Management (Top Management), Total	2	7	9	3	6	9	3	5	8
% of total	22%	78%	100%	33%	67%	100%	38%	62%	100%

1.Disaggregation to comply with section 107(f) of the Danish Financial Statements Act.


Age	2025	2024	2023
< 30	9%	11%	13%
30 - 50	64%	63%	63%
> 50	27%	26%	24%
	100%	100%	100%

Adequate wages (S1-10)

All of Genmab's employees receive adequate

wages. We have a dedicated compensation &

benefits team at Genmab that ensures that our total

rewards programs and practices are in line with

local legal requirements as well as peer and similar

companies through benchmark analysis.

Social protection (S1-11)

All of Genmab's employees are covered by social

protection, through public programs or through

benefits offered by Genmab, against loss of income

due to any of the following major life events

including sickness, unemployment, employment

injury and acquired disability, parental leave and

retirement.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	89

Sustainability Statements

Training and skills development metrics (S1-13)

Genmab provides all employees training and skills development related activities within the context

of continuous professional growth, to upgrade employees’ skills and facilitate continued employability.

Average number of training hours excludes role-qualifying training related to external requirements.


	2025		2024
Training and skills development metrics	Female	Male	Female	Male
% of Employees Who Have Participated in Performance Reviews/ Career Conversations	100%	100%	100%	100%
Average Number of Training Hours	5	5	10	8

Health and safety metrics (S1-14)

Genmab’s health and safety practices cover 100% of employees and non-employees in accordance with

legal requirements and recognized standards. We continue our ongoing preventative health and safety

activities to reinforce global policies and procedures to protect our workforce.


Health and safety metrics	2025	2024
Percentage of own workforce covered by the Health and Safety management system	100%	100%
Number of fatalities	0	0
Number of recordable work-related accidents	2	0
Rate of recordable work-related accidents (accidents per million hours worked)	0.4	0

Accounting Policies

Own workforce covered by health and

safety management system

The percentage of employees in Genmab’s own

workforce who are covered by our health and safety

management system based on legal requirements

and/or recognized standards or guidelines is

defined as the number of employees covered by

health and safety management systems

(headcount) divided by all employees (headcount).

Fatalities as a result of work-related

injuries and work-related ill health

Work-related accidents and work-related ill health

resulting in the death of an employee (headcount).

Recordable work-related accidents

(number and rate) Work-related injury or ill

health that results in any of the following:

•death, days away from work, restricted work

or transfer to another job, medical treatment

beyond first aid, or loss of consciousness; or

•significant injury or ill health diagnosed

by a physician or other licensed healthcare

professional, even if it does not result in death,

days away from work, restricted work or job

transfer, medical treatment beyond first aid,

or loss of consciousness.

In computing the rate of work-related accidents,

we divide the respective number of cases by

the number of total hours worked by employees

(headcount) in its own workforce, multiplied

by 1,000,000.

Compensation metrics (pay gap

and total compensation) (S1-16)

The below table shows the percentage gap in pay

between all our female and male employees and

the ratio between the remuneration of our CEO and

the median remuneration of our employees.


Remuneration Metrics	2025	2024
Gender pay gap - Overall	9%	12%
Gender pay gap - Excluding Executive Management	2%	5%
CEO pay ratio	76	64

Accounting Policies

Gender pay gap

The gender pay gap is calculated as the difference

in average gross hourly pay between female and

male employees, expressed as a percentage of the

average pay of male employees. This calculation

is based solely on gender and does not adjust for

factors such as job level, experience, performance,

education, or market benchmarks.

CEO pay ratio

The CEO pay ratio is calculated as the total

annual remuneration of the highest-paid individual

(our CEO) compared to the median total annual

remuneration of all other employees. Remuneration

includes base salary, defined contribution plans,

other benefits, annual bonuses, and share-based

compensation measured in accordance with

IFRS 2.

Refer to Note 5.1 in the consolidated financial

statements for details of CEO pay for 2025.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	91

Sustainability Statements

Consumers

and End-users

Genmab’s consumers include healthcare

providers and pharmaceutical distributors,

while end-users are the patients who receive

our therapies. Accurate and accessible product

information—such as labels and manuals—is

essential to ensure safe and appropriate use.

A small subset of end-users includes pediatric

patients participating in clinical studies, who may

be especially vulnerable to health, privacy, and

marketing-related impacts due to their age.

Below are the list of Disclosure Requirements pertaining to ESRS S4 — Consumers and/or End-users:


Section	Disclosure requirement content	Disclosure requirement #
4.0 Consumers & End-Users IRO Management	Policies related to consumers and end-users	S4-1
	Processes for engaging with consumers and end-users about impacts	S4-2
	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	S4-3
4.1 Consumers & End-Users Actions, Metrics and Targets	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	S4-4
4.1 Consumers & End-Users Actions, Metrics and Targets	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	S4-5

IROs related to Consumers and/or End-users (See SBM-3 for details):


Actual Positive Impact	Innovation for patients with unmet needs
Risk	Research and development risk
Potential Negative Impact	Access and inclusion in clinical trials
Risk	Regulation, Legislation, and Compliance
Potential Negative Impact	Responsible and ethical marketing
Actual Positive Impact	Patient voice
Potential Negative Impact	Health and safety of patients
Risk	Pharmacovigilance risks as a biotech company
Potential Negative Impact	Access to quality information


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	92

Sustainability Statements

4.0

Consumers & End-Users IRO Management

Policies related to Consumers and End-Users (S4-1)


Policy/ Commitment	IRO Mapping	Policy/Commitment Content and Objectives	Scope	Accountability	External Standards or Commitments	Stakeholder Consideration	Accessibility / Communication
Code of Conduct	Access and inclusion in clinical trials; Responsible and ethical marketing	Defines our commitment to conducting business ethically and in compliance with applicable legal, regulatory, and industry code requirements. The objective is to translate the principles of the Code into clear global compliance expectations, guiding interactions with healthcare professionals, healthcare organizations, patients, patient advocacy groups, public officials, and other stakeholders, and supporting consistent, lawful, and ethical conduct across all business activities.	Applies to all employees, Board members, and third parties.	SVP, Global Compliance, Risk, and Data Privacy	Supports alignment with: •Applicable global and local laws including but not limited to Foreign Corrupt Practices Act, False Claims Act, Anti-Kickback Statute, UK Bribery Act, Sarbanes-Oxley Act. •Regulations set forth by government agencies such as the FDA and EMA. •GDPR and other applicable privacy and data protection guidelines. •Internationally recognized industry codes/ethical standards including EFPIA, PhRMA Codes of Practice, and the UN Convention against Corruption.	Reflects the expectations of employees, patients, business partners, regulators, and society by setting clear standards for ethical behavior, legal compliance, and responsible business conduct.	Available on internet, intranet, and integrated into onboarding and annual Code of Conduct training.
Human Rights Commitment	Health and safety of patients	Defines our responsibility to respect human dignity across our operations, guided by international human rights and labor standards. Its objectives are to prevent human rights impacts, ensure fair employment practices, prohibit forced or child labor, protect privacy, and uphold these standards across our operations and suppliers. Genmab does not discriminate based on race, ethnicity, color, religion, sex, gender identity and expression, national origin, age, disability, genetic information, sexual orientation, military, veteran or other protected status.	Applies to all employees and third parties acting on behalf of Genmab and extends to all workers in the value chain.	EVP, Chief People Officer	Guided by human-rights laws and the UN Guiding Principles, Genmab aligns with the International Bill of Human Rights and ILO’s core labor standards.	Developed considering employees, suppliers, patients, and other affected stakeholders.	Available on internet, intranet, and integrated into supplier expectations.
Commitment to Quality	Health and safety of patients; Access to quality information	Reflects our commitment to developing, manufacturing, and delivering antibody therapies that meet applicable regulatory requirements and patient needs. The objective is to ensure the consistent delivery of safe, effective, and compliant products through a robust quality management system, adherence to global regulatory standards, protection of patient safety, and continuous improvement across the product lifecycle. Genmab maintains comprehensive quality and safety processes to identify and mitigate product-related risks and works with relevant authorities and stakeholders to support product safety and efficacy.	Applies to all operations and suppliers; extends to all workers in the value chain.	EVP, Chief Development Officer	Aligns with applicable US FDA and EU regulatory requirements, including Good Manufacturing Practice, and internationally recognized standards such as the ICH guidelines governing quality, clinical development, and product safety, and Japan PMDA.	Developed with employee feedback and engagement, emphasizing the importance of quality in our business.	Available on internet and intranet.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	93

Sustainability Statements


Policy/ Commitment	IRO Mapping	Policy/Commitment Content and Objectives	Scope	Accountability	External Standards or Commitments	Stakeholder Consideration	Accessibility / Communication
Clinical Trial Transparency Declaration	Access to quality information	Shares our commitment to the responsible, unbiased, and timely disclosure of clinical trial information. The objective of this declaration is to promote transparency in clinical research, advance scientific knowledge, and support informed decision-making by patients and healthcare professionals, while safeguarding patient privacy and intellectual property. The commitments apply to all Genmab-sponsored interventional clinical trials from Phase 1 onwards and, where applicable, to non- interventional studies and expanded access programs, in compliance with applicable legal and regulatory requirements.	Applies to all Genmab-sponsored interventional clinical trials from Phase 1 onwards conducted worldwide and, where applicable, to Genmab-sponsored non-interventional clinical studies and expanded access programs.	EVP, Chief Development Officer	Aligned with applicable global and national clinical trial disclosure requirements and internationally recognized standards, including WHO guidance on clinical trial registration, and PhRMA/EFPIA principles on responsible data sharing.	Addresses the needs of patients, healthcare professionals, regulators, and the scientific community by supporting informed decision-making through transparent and responsible disclosure of clinical trial information.	Available on internet and intranet.
Commitment to Patients	Patient voice; Innovation for patients with unmet needs	Communicates Genmab’s commitment to placing patients at the center of its activities across research, development, and access to medicines. The objective is to improve patient outcomes by integrating patient perspectives, promoting inclusive and patient-centric clinical research, supporting access to prescribed medicines, and acting with integrity and transparency in all patient-related interactions.	Applies across global operations, including clinical development, medical writing, patient advocacy, and patient access and support programs.	SVP, Communications & Corporate Affairs	Aligned with patient-focused drug development guidance (e.g., ICH and FDA PFDD); established industry codes for ethical, transparent engagement (e.g., EFPIA/PhRMA, and GDPR); responsible interactions with patients, consumers, and healthcare stakeholders (e.g., UN Guiding Principles on Business and Human Rights and OECD Guidelines for Multinational Enterprises); and best practices for integrating the patient voice into research and healthcare decision-making (e.g., National Health Council Patient Activities Framework).	Addresses the needs and perspectives of patients, care partners, healthcare professionals, regulators, and patient organizations by incorporating patient insights, supporting equitable access to medicines, while maintaining ethical and transparent engagement.	Available on internet and intranet.
Global Compliance Policy	Responsible and ethical marketing	Reflects our commitment to conducting business ethically and in compliance with applicable legal, regulatory, and industry code requirements. The objective is to provide a common set of ethical principles and compliance expectations governing Genmab’s interactions with healthcare professionals, healthcare organizations, patients, patient advocacy groups, public officials, and other stakeholders, and to support consistent, lawful, and ethical conduct across the business.	Applies to all employees, managers, board members, and third parties.	SVP, Global Compliance, Risk, and Data Privacy	Supports alignment with: •Applicable global and local laws including but not limited to Foreign Corrupt Practices Act, False Claims Act, Anti-Kickback Statute, UK Bribery Act, Sarbanes-Oxley Act. •Regulations set forth by government agencies such as the FDA and EMA. •GDPR and other applicable privacy and data protection guidelines. •Internationally recognized industry codes/ethical standards including EFPIA, PhRMA Codes of Practice, and the UN Convention against Corruption.	Addresses the expectations of patients, healthcare professionals, healthcare organizations, regulators, public authorities, and business partners by promoting ethical, transparent, and compliant interactions and safeguarding trust in Genmab’s activities.	Available on intranet and integrated into onboarding and annual Code of Conduct training.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	94

Sustainability Statements

Processes for engaging with consumers and end-users about impacts (S4-2)

Genmab’s engagement with consumers and end-users is a multi-faceted strategy that prioritizes patient safety, ethical marketing, and transparent communication.


Patient Engagement and Safety Genmab’s mission is reflected in its patient engagement activities across clinical development, advocacy, and support programs. MyNavCare Patient Support™ offers personalized guidance, insurance navigation, and financial assistance to help eligible patients access therapies. Patient perspectives are incorporated through the Patient Advisory Council, informing clinical trial design and treatment delivery. Engagement is overseen by the SVP of Communications and Corporate Affairs, reporting to the CEO.	Clinical Trial Transparency Genmab collaborates with patient advocacy groups and healthcare professionals to integrate stakeholder perspectives in clinical trial design and execution. Genmab’s Clinical Trial Transparency Declaration outlines its commitment to openness, with oversight by the Development Operations team under the Chief Development Officer.
Safety and Compliance Genmab’s Global Drug Safety team ensures therapies meet rigorous safety and efficacy standards through close collaboration with regulatory authorities and continuous monitoring. Oversight is led by the Chief Development Officer, supported by cross-functional teams.	Ethical Marketing Practices Genmab promotes responsible marketing and compliance with applicable laws and industry standards. Employees receive regular training under the Code of Conduct, with oversight by the Chief Commercial Officer.

Processes to remediate negative

impacts and channels for

consumers and end-users to raise

concerns (S4-3)

Genmab encourages consumers and end-users to

raise concerns, share feedback, report compliance

issues, and seek remedy for potential human rights

impacts. We maintain accessible and trusted

communication channels, which are actively used

by stakeholders to submit inquiries and requests.

Clinical Trials

Consumers and end-users can raise questions

or concerns via Genmab’s public mailbox,

ClinicalTrials@genmab.com, listed with

all registered trials on platforms such as

ClinicalTrials.gov and the EU CTIS portal. Trial

participants also receive an Informed Consent Form

outlining contact channels. All requests are

reviewed and directed to the appropriate Genmab

function, with personal data handled securely and

in compliance with privacy regulations.

MyNavCare

Patients enrolled in Genmab’s optional MyNavCare

program receive personalized, non-clinical support

from Patient Engagement Liaisons (PELs), who

serve as trusted contacts to provide treatment

information, connect patients with external support

organizations, and offer tailored resources. The

program promotes patient empowerment and

support while respecting the clinical role of

healthcare providers. Effectiveness is tracked

through regular MyNavCare team meetings, cross-

functional leadership updates, and quarterly

reviews by the Patient Services Steering

Committee, composed of senior U.S. Market

leaders, to assess program metrics

and performance.

Reporting a Side Effect or a Quality

Concern

Genmab is committed to patient safety and

encourages the reporting of side effects and quality

concerns to support the ongoing monitoring of our

therapies. Reports can be made to:

•FDA: 1-800-FDA-1088 or

www.fda.gov/medwatch

•Genmab US, Inc.: 1-855-4GENMAB

(1-855-443-6622)

We systematically monitor and evaluate post-

approval safety data to promptly identify and

address potential concerns.

Speak Up Hotline

Patients and caregivers can raise concerns

anonymously via the 24/7 Speak Up Hotline,

which allows reporting of illegal, unethical, or non-

compliant behavior. The Compliance team reviews

and investigates issues as needed, reporting to

Management and the Audit & Finance Committee.

Refer to the Global Speak Up Policy and Hotline

on our website, and S1-3 for further details.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	95

Sustainability Statements

4.1

Consumers & End-Users Actions, Metrics and Targets

Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related

to consumers and end-users, and effectiveness of those actions (S4-4) / Targets related to managing material negative impacts, advancing positive

impacts, and managing material risks and opportunities (S4-5)


IRO	Key Actions in 2025	Targets	Outcomes / Tracking Effectiveness	Stakeholder Involvement
Innovation for patients with unmet needs	Training: All Market Access colleagues complete annual compliance training to ensure regulatory and ethical adherence. Training covers Data Privacy, FDA guidelines, PhRMA Code, Ad Promotion rules, Anti-bribery, Speak Up/whistleblower, Pharmacovigilance, Sunshine Act, and Conflict of Interest. The MyNavCare team receives additional annual training on Patient Support Services (PSS) policies and business rules.	None	Global Compliance monitors training completion to ensure accountability and uphold patient access to Genmab products.	Market access team, and the MyNavCare team, overseen by Vice President, U.S. Market Access.
Access and inclusion in clinical trials	Patient and Study Coordinator Advisory Councils: Continued involvement to inform trial design and execution. Registration: Registered all Genmab-sponsored trials on ClinicalTrials.gov to ensure transparency. Trial Access: Conducted 13 trials in 27 countries, enrolling 818 patients in 2025; compared to 25 trials in 37 countries, enrolling 620 patients in 2024. Oversight: Ensured oversight by ethics committees, regulatory authorities, and data and safety monitoring boards. Compliance: Complied with global standards (cGLP, cGCP, cGMP, FELASA) and regulatory guidance (EMA, FDA, PMDA). Monitoring: Continued post-approval safety monitoring and regular review by internal and external committees.	None	We have a Patient Advisory Council and a Study Coordinator Advisory Council who provide input to our clinical trials. In addition, our clinical trials are reviewed by institutional review boards, ethics committees, regulatory authorities, and data and safety monitoring boards.	Patient Advocacy team working closely with the Patient and Study Coordinator Advisory Councils Overseen by the SVP, Communications and Corporate Affairs.
Responsible and ethical marketing	Training: All Marketing colleagues completed annual compliance training to ensure regulatory and ethical adherence. All promotional materials went through medical, regulatory, and legal review to ensure medically accurate, on label, and responsible promotion.	None	Genmab has established a Code of Conduct that sets high ethical standards for employees, reinforced through regular training. This ensures that all marketing and sales efforts align with local and national regulations, which may limit direct engagement with consumers and end- users. Ethical marketing practices are the responsibility of our Chief Commercial Officer.	Global Marketing team, with oversight by the EVP, Chief Commercial Officer.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	96

Sustainability Statements


IRO	Key Actions in 2025	Targets	Outcomes / Tracking Effectiveness	Stakeholder Involvement
Patient voice	US Patient Advisory Council: Met multiple times during the year with discussions focused on feedback for patient-facing content (brand messaging, Medical Information resources, and digital communications), reviewing three clinical-trial lay summaries, and two unbranded resource flashcards (hematology and gynecologic cancers). Members represented diverse tumor types, age groups, geographies, and socioeconomic backgrounds. European Patient Advocate Advisory Council: Launched in late 2025 as a complement to the U.S. patient council, met twice and reviewed a clinical trial lay summary, offering culturally relevant insights that shaped the document. Fourth annual Science Day: Convened leaders and patient advisors for collaborative scientific discussions on health literacy, regulatory policy, care partner support, and education needs for hematologic and gynecologic cancers. The event produced actionable insights that are shaping patient engagement, education, and plain language communications. MyNavCare Patient Support: Provided direct assistance to patients following the U.S. launch of EPKINLY, ensuring rapid and sustainable access to therapy. Patients and care partners received support through case management, insurance navigation, and financial assistance, while healthcare providers (HCPs) were supported with reimbursement education, billing guidance, and coverage information. Patient Assistance Program: Facilitated access for eligible uninsured or underinsured patients, reducing administrative burdens and ensuring timely support.	None	The effectiveness of these patient engagement programs is tracked via regular meetings with our patient advisory council and through scheduled updates with other internal teams. Under the leadership of the Vice President, U.S. Market Access, Genmab’s Market Access function oversaw MyNavCare operations, with effectiveness tracked through regular cross-functional and leadership reviews.	Patient Advocacy team working closely with the Patient and Study Coordinator Advisory Councils. Overseen by the SVP, Communications and Corporate Affairs.
Health and safety of patients	Training: Provided annual training programs on pharmacovigilance for global drug safety and pharmacovigilance (GDS&PV) staff, including regular updates and assessments to ensure continuous learning and compliance with the latest regulations. Also, Genmab developed and distributed educational materials on safety requirements to stakeholders and organized workshops to enhance their understanding and implementation of safety protocols. These actions are linked to the personal safety and information of consumers and end-users.	None	Genmab has safety measures in place for products, patients, and healthcare providers. Genmab believes that patient safety plays a critical role in our business operations. Genmab has a Comprehensive Safety Program that is designed to identify and mitigate potential risks associated with our products, and to ensure that our products are safe and effective for their intended use. We work closely with regulatory agencies to ensure that our products meet all safety and efficacy standards.	Global Drug Safety & Pharmacovigilance team. Overseen by the EVP, Chief Development Officer.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	97

Sustainability Statements


IRO	Key Actions in 2025	Targets	Outcomes / Tracking Effectiveness	Stakeholder Involvement
Access to quality information	Provided clinical trial information and results on publicly accessible registries, including ClinicalTrials.gov and the EU Clinical Trials Information System (CTIS), in compliance with evolving global transparency regulations and good practice. To support potential trial participants, we included clear and understandable trial descriptions in ClinicalTrials.gov registrations, written specifically for non-scientists. Similarly, for all protocols uploaded to the EU CTIS, we provided a lay protocol synopsis to help non-specialist audiences understand trial objectives and design. To ensure trial results were meaningfully returned to patients, all scientific result summaries submitted to the EU CTIS were accompanied by lay results summaries written in non-technical language. Visitors on ClinicalTrials.gov were also made aware of these lay results summaries via a link provided on the specific trial registration.	None	Genmab tracks the effectiveness of its transparency and patient engagement initiatives by evaluating feedback, monitoring communication channels, and incorporating learnings into future practices. Building on the Patient Advisory Council’s earlier contribution to the lay results summary template, the Council in 2025 reviewed three lay results summaries, providing valuable feedback that improved both content and tone. This collaboration deepened our understanding of critical aspects such as wording sensitivity and the right level of detail for non-scientific audiences. To further enhance clarity and consistency across all patient-facing materials, we developed and finalized an internal Plain Language Lexicon. The lexicon supports the use of health-literate terminology and a consistent tone across communications with patients, whether developed by disclosure, trial, or publication teams. We also hosted a health literacy workshop at Genmab’s Advisory Science Day, highlighting Genmab’s efforts to make complex scientific information more accessible and gathering valuable feedback to guide future initiatives. Requests and questions from consumers and end-users were received via Genmab’s publicly available mailbox, ClinicalTrials@genmab.com, and were triaged to ensure timely responses by the appropriate functions. Through these initiatives, Genmab continues to strengthen transparency, build trust, and ensure that clinical trial information is communicated responsibly and meaningfully to patients and the public.	Clinical Trial Disclosure & Transparency team, part of Development Operations that is overseen by the EVP, Chief Development Officer.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	99

Sustainability Statements

5.0

Business Conduct IRO

Management including Actions,

Metrics and Targets

Business conduct policies and

corporate culture (G1-1)

We continue to strengthen our compliance, risk,

and data privacy programs to support a culture

of integrity, resilience, and business continuity,

enabling confident, risk-based decisions that

drive patient value and align with our goals.

Genmab’s policies on business conduct related

matters linked to material IROs disclosed in section

G1-1 include the following:

Code of conduct

Genmab’s Code of Conduct sets high ethical

standards for all employees and the Board when

conducting business on behalf of Genmab. The

Code of Conduct encourages team members to

conduct themselves in a manner reflecting our core

values, determination, integrity, innovation, and

teamwork when representing the Company. Our

head of Global Compliance who is a member of the

CSR & Sustainability Committee is responsible for

the Code of Conduct and reports directly to our

Chief Legal Officer. The Code of Conduct can be

mapped to the positive impact of a healthy and

ethical corporate culture aligned with core values

and purpose.

Actions:

Training: All employees are required to complete

annual training and attest to their commitment

to adhere to our ethical standards. The Code of

Conduct training provides an overview of our

Ethical Standards, Company Values, and

incorporates training vignettes that illustrate ethical

approaches to common business practices. This

training also reviews relevant anti-bribery and anti-

corruption, regulatory, conflicts of interest, and

Speak Up concepts. The Global Compliance team

monitors completion of the annual Code of Conduct

training and provides progress updates to function

leaders and the Global Compliance and Risk

Committee.

Refer to the Code of Conduct on our website.

Global Compliance Policy

Our internal Global Compliance Policy, owned

by our head of Global Compliance, outlines our

standards on interactions and engagements with

HCPs, healthcare organizations, patients, patient

association groups and government officials

consistent with applicable industry codes and

standards. The policy aligns with the values and

principles articulated in our Code of Conduct and is

complemented by an associated Global Fair Market

Value Policy and a Compliance Playbook tool to

ensure stakeholder engagement is conducted in an

ethical, compliant manner. Our compliance program

focuses on our commercialization efforts to assure

ethical market-based and customer-focused

business practices. Genmab maintains a Global

Compliance Program staffed by compliance

professionals who monitor adherence to the policy.

The Global Compliance Policy can be mapped to

the positive impact of a healthy and ethical

corporate culture aligned with core values and

purpose.

Global Speak Up Policy

Genmab maintains a Speak Up (whistleblower)

program featuring an independently operated

hotline service available globally intended to

provide anyone with information about potential

misconduct related to Genmab or its business

activities the opportunity to report the misconduct.

Genmab’s Speak Up program is intended to

accommodate information from any group with

information including all Genmab’s current and

former employees, directors, contractors,

customers, suppliers, and other third parties

wishing to report concerns. The Global Speak Up

Policy can be mapped to the potential negative

impact of protection of whistleblowers.

Actions:

Quarterly Reporting: On a quarterly basis,

Genmab’s Audit & Finance Committee receives

a summary of all reports made under the Speak Up

program along with additional information about any

material incidents raised. Summaries of all reports

made to the Speak Up program are provided to

Genmab’s Global Compliance and Risk Committee

(GCRC) annually.

Training: All Genmab employees and contractors

are required to take Speak Up training, and

completion metrics are monitored by the

Compliance team. Speak Up program training is

a mandatory component of employee onboarding

and also an annual requirement.

Genmab has zero tolerance for any retaliation

against anyone who raises concerns or participates

in investigations. Retaliation includes any conduct

or treatment that could discourage someone from

speaking up. Genmab has established procedures

to protect whistleblowers and ensure they do not

suffer retaliation for their report. Genmab will

protect the identity of people who participate in the

Speak Up program as appropriate and consistent

with applicable law. Genmab utilizes a number of

methods (determined by the scenario) to protect

whistleblowers from retaliation or detriment

including but not limited to discrimination,

harassment, physical or psychological harm,

isolation, impact to employee performance and/ or

compensation, damaging property, or varying

employee’s role or duties.

Refer to the Global Speak Up Policy on our

website, and S1-3 for further details. Refer to G1-3

for Genmab’s procedures to investigate business

conduct matters.

Anti-Fraud Policy

Genmab has an internal Anti-Fraud Policy that

communicates anti-fraud principles and program

elements, and Management’s responsibility for

detecting and responding to fraud and misconduct.

This Policy applies to all employees, officers,

directors of Genmab, and Management regardless

of legal entity or work location, and anyone

supervising the performance of services for or on

behalf of Genmab, including contractors, contingent

workers, agents, suppliers, and consultants

(collectively “Genmab Person”). Genmab’s

Corporate Controller is responsible for the anti-

fraud policy and reports to the CFO. The Anti-Fraud

Policy can be mapped to the positive impact of a

healthy and ethical corporate culture aligned with

core values and purpose.

Actions:

Annual Fraud Risk Assessment: Genmab

monitors through Internal Audit assessing the

potential for fraud risk when planning individual

audits. On an annual basis, a fraud risk assessment

is prepared with the participation of Management.

This annual fraud risk assessment is presented to

the Audit & Finance Committee.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	100

Sustainability Statements

Data Ethics Policy

The use of data, both personal and non-personal, is

essential to fulfilling our core purpose, and we are

committed to handling data with integrity and in an

ethical and compliant manner. Genmab has

developed a global data privacy program supported

by a cross-functional team of global data privacy

subject matter experts and a Global Data Privacy

Officer (DPO) and EU DPO dedicated to GDPR

compliance and oversight.

Our Data Ethics Policy complies with Section 99d of

the Danish Financial Statements Act, and we

adopted the Data Ethics principles of the

International Federation of Pharmaceutical

Manufacturers & Associations (IFPMA). As part of

this commitment to ethical and responsible use of

data and overall transparency, Genmab has made

this Data Ethics Policy publicly available to all

external stakeholders, and can be mapped to our

potential negative impact of global data privacy.

The policy and its principles are anchored in our

Code of Conduct as part of our overall Compliance

program, and has been communicated to our

Management so they can share and consider it with

team members.

Refer to the Data Ethics Policy on our website.

Animal Welfare Policy

Genmab uses research animals only when

necessary to answer essential scientific questions

or meet regulatory requirements, and only when no

suitable alternatives exist. Animals have intrinsic

value, and we take moral and ethical responsibility

for all studies, whether performed internally or

externally. We maintain an animal welfare policy

and supporting procedures across the US, Europe,

Japan, and China that meet local regulations and

reflect our high standards. Our approach

emphasizes responsible, humane use of animals

and is grounded in the 3Rs principles—

Replacement, Reduction, and Refinement.

A dedicated animal welfare officer oversees

compliance and continuous improvement, while our

Global Animal Welfare Committee guides policy,

identifies 3R opportunities, and advances

transparency. Internal policies further outline

requirements for all work involving animals.

The policy is mapped to the actual negative impact

of animal welfare.

Actions:

Training: Genmab provides continuing education

to team members working with animals on ethical

treatment of animals.

Audits: Genmab performs animal welfare audits

at external contractors, when required, to ensure

contractors maintain comparable high standards for

animal use and care as we do internally.

Global Procurement Policy

Genmab’s Global Procurement Policy is an

important tool utilized by our team members to

steer the procurement practices and increase

financial cost control and transparency within

Genmab. Furthermore, the Policy helps assess and

mitigate risk, ensure selection and maintenance of

high-quality, regulatory-compliant third parties,

through a transparent, fair, and compliant process.

Genmab’s CFO is responsible for the policy, which

is available on Genmab’s intranet.

Genmab’s Global Procurement Policy requires

suppliers to be fully onboarded before any

commercial engagement to enable timely payment.

The mandated use of purchase requisitions and

purchase orders supports proper approval of spend

and ensures that agreed payment terms are met.

Overall, the procurement process—from on-

boarding through PO issuance—is designed to

ensure invoices can be processed and paid on

time.

Supplier Code of Conduct

Our Supplier Code of Conduct articulates

expectations for all third parties conducting work on

our behalf, minimizing risks to Genmab posed by

our suppliers’ activities. The Supplier Code of

Conduct addresses topics that include, but are not

limited to, anti-bribery and anti-corruption, privacy,

trade compliance, conflicts of interest, human and

labor rights, diversity, compliance with

environmental laws and regulations, supply chain

and animal welfare, protecting information and

intellectual property, protecting physical and digital

security and product compliance and quality. Our

VP, Head of Global Procurement who reports to our

CFO is responsible for the policy. The Global

Procurement Policy and Supplier Code of Conduct

can be mapped to the potential negative impact of

management of suppliers

Actions:

Supplier Vetting: All Genmab suppliers are vetted

against unethical business practices, including

adverse media, U.S. and EU Sanctions lists and the

Global Corruption Index as well as a review of the

financial health of the third party.

Anti-Corruption Anti-Bribery Policy

(ABAC)

Our Anti-Bribery and Anti-Corruption (ABAC) Policy,

owned by our head of Global Compliance,

establishes a zero-tolerance approach to bribery

and corruption, educates employees on risk

recognition, and provides clear reporting

mechanisms for suspected misconduct. It promotes

ethical business conduct and supports

transparency across all operations. Its objective

is to prevent, detect, and address bribery and

corruption risks by promoting ethical conduct,

ensuring transparency, and maintaining

strong oversight.

The policy applies to all Genmab employees,

contractors, Board members, and third parties

acting on the Company’s behalf. It covers all

business functions, with heightened focus on

interactions with public officials, healthcare

providers, regulatory representatives, and

third parties.

The policy is accessible via the Company intranet.

Key tools, such as Genmab’s Quarterly Financial

Disclosure Questionnaire, support management

disclosures and ongoing compliance awareness.

The Anti-Bribery and Anti-Corruption Policy can

be mapped to the actual positive impact of our

healthy and ethical corporate culture aligned with

core values and purpose.

Refer to G1-3 for further details on prevention and

detection corruption and bribery and G1-4 for

incidents of corruption or bribery.

Other policies, available on our website

or internally, include the Enterprise Risk

Management and Resilience Policy,

International Trade Controls Policy,

and Tax Policy.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	101

Sustainability Statements

Management of relationships with suppliers (G1-2)

Genmab’s Global Procurement functions which include, R&D Contract Management, Lab Purchase Management, CMC Commercial Supply Chain and Global Procurement (collectively known as “Procurement”)

are created to be a trusted value adding partner to both internal and external stakeholders across the entire Genmab value chain.

Our Global Procurement function implemented a dedicated supplier vetting tool which serves as a single point of entry for all new suppliers. Information technology & digital, quality assurance, compliance and risk, and

legal functions are involved when the risk score is elevated based on a fact-based approach. Our vetting process focuses on financial health, international sanctions, regulatory and reputational risks, and other key

issues. Suppliers in sanctioned countries are subject to additional legal review before payments may be processed. All Genmab suppliers are vetted against unethical business practices, including adverse media, U.S.

and EU Sanctions lists and the Global Corruption Index as well as a review of the financial health of the third party.

Our Global Procurement Policy and Supplier Code of Conduct reflect our strong supplier management practices, which emphasize compliance with our Code of Conduct. The Global Procurement team is responsible

for setting, monitoring and ensuring achievement of related targets.

Actions / Targets related to Suppliers:


IRO	Key Actions in 2025	Targets	Outcomes / Tracking Effectiveness	Stakeholder Involvement
Management of suppliers (potential negative impact)	Leadership transition: Responsibility for Supplier Code of Conduct implementation moved to a new Procurement VP in mid-2025. Process review: Conducted a review of the initial implementation phase to identify opportunities for a more structured and effective approach. Supplier identification: Identified over 130 suppliers requiring formal engagement on the Supplier Code of Conduct. Revised planning: Developed a phased implementation plan, targeting engagement with roughly half of suppliers in 2026 and the remainder in 2027. Monitoring and oversight: Planned regular progress tracking by the Global Procurement team.	Acceptance of Genmab’s Supplier Code of Conduct by 80% of suppliers by spend by 2025. The target supports key governance areas in the Supplier Code of Conduct, including legal compliance, anti-corruption, labor practices, human rights, supply chain, animal welfare, and information and IP security.	Target not achieved in 2025. The target was initially set for 2025; however, Genmab did not meet this target date due to a lack of systematic initiation and monitoring during the initial implementation phase. Responsibility has since moved to a new VP of Procurement (joined mid-2025), and a review has been conducted to establish a more structured approach to achieve this target. Target has been reset with a 2027 time horizon.	Key stakeholders include suppliers, the Global Procurement team, and the Legal and Compliance teams.

Refer to E1-4 for details of Genmab’s engagement plans with suppliers on Scope 3 emission reductions targets.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	102

Sustainability Statements

Prevention and detection of

corruption and bribery (G1-3)

Management identifies the primary bribery and

corruption risks as payments or gifts intended to

secure preferential treatment for Genmab.

Employees interacting with public officials or

regulatory representatives face heightened risks, as

do those dealing with healthcare providers and third

parties on Genmab’s behalf, especially due to

limited oversight of third-party anti-corruption

practices.

Reports of bribery or corruption are reviewed by the

Global Compliance Program, which reports directly

to the Chief Legal Officer. Annual summaries are

provided to the Global Compliance and Risk

Committee and the Board, detailing all reported

incidents. We consider all functions within the

business to be potentially subject to corruption and

bribery and as such, 100% of Genmab employees,

contractors, and Board members must complete

annual Code of Conduct training, which covers

ABAC, regulatory issues, conflicts of interest, and

reporting mechanisms. New hires also receive

ABAC training. Our Compliance program maintains

a SharePoint site for business conduct policies and

uses the Company intranet to communicate key

concepts.

Every two years, business functions assess their

vulnerability to corruption and report findings to the

Compliance organization, which may implement

further controls. Our Internal Audit function also

conducts an annual fraud assessment.

Incidents of corruption or bribery

(G1-4)

Genmab defines bribery as acts designed to

influence individuals to act dishonestly in the

performance or discharge of their duty, and

corruption as the misuse of office or power or

influence for private gain. Genmab has a zero-

tolerance policy for any acts of bribery or corruption

by employees, contingent staff, Management,

officers, directors, or third-party agents or

representatives. Genmab’s 24/7 Speak Up

Compliance Hotline enables the anonymous

reporting of behavior indicative of corruption or

bribery. Our compliance team reviews these reports

and supports investigations as warranted.


Incidents of corruption or bribery	2025	2024
Number of convictions for violation of anti-corruption and anti-bribery laws	0	0
Amount of fines for violation of anti-corruption and anti-bribery laws (USD million)	0	0

Accounting Policies

Number of convictions for violation of

anti-corruption and anti-bribery laws

Instances in which any reported activity by Genmab

or its affiliates has been legally determined by a

court to violate anti-corruption or anti-bribery laws.

Payment practices (G1-6)

Standard payment terms are 45 days net. For

certain categories of suppliers there are other

possible payment terms, for example 30 days net

allowed for Small and Medium Enterprises (SMEs)

and seven days net for Grants/Sponsorships and

Government organizations.

Our Global Procurement Policy currently defines

SMEs as enterprises which employ fewer than 10

persons or which have an annual turnover not

exceeding EUR/USD 10 million. In practice,

Genmab updated this definition in 2025 to align with

industry standards (EU, OECD, World Bank):

Small enterprise: Fewer than 50 employees

Medium enterprise: More than 50 employees,

but fewer than 250 employees

Large enterprise: 250 employees or more

SMEs that self-identify to Genmab receive standard

30 day net payment terms unless otherwise agreed

in writing.

Genmab plans to update its Global Procurement

Policy in 2026 to reflect this change, along with

other planned revisions.

There were no legal proceedings for late payments

in 2025 or 2024, including payments to SMEs.

The average time Genmab takes to pay an invoice

for all suppliers with varying payment terms from

the date when the contractual or statutory term of

payment starts to be calculated, in number of days

was 44 in 2025 and 46 in 2024. 72% of payments

are aligned with agreed upon payment terms

in 2025.

Accounting Policies

Average number of days to pay invoice

Average number of days it takes Genmab to pay an

invoice from the invoice date (when contractual or

statutory term of payment starts to be calculated)

until the invoice has been cleared.


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	103

Appendix A

Appendix A (Derived from ESRS 2 Appendix B)


Disclosure Requirement	Data Point	SFDR Reference	Pillar 3 Reference	Benchmark Regulation Reference	EU Climate Law Reference	Material/ Not Material	Section, Paragraph or Page Reference
ESRS 2 GOV-1	21 (d)	•		•		Material	GOV-1 Section
ESRS 2 GOV-1	21 (e)			•		Material	GOV-1 Section
ESRS 2 GOV-4	30	•				Material	GOV-4 Section
ESRS 2 SBM-1	40 (d) i	•	•	•		Not Material
ESRS 2 SBM-1	40 (d) ii	•		•		Not Material
ESRS 2 SBM-1	40 (d) iii	•		•		Not Material
ESRS 2 SBM-1	40 (d) iv			•		Not Material
ESRS E1-1	14				•	Material	ESRS E1-1 Section
ESRS E1-1	16 (g)		•	•		Not Material
ESRS E1-4	34	•	•	•		Material	ESRS E1-4 Section
ESRS E1-5	38	•				Not Material
ESRS E1-5	37	•				Material	ESRS E1-5 Section
ESRS E1-5	40-43	•				Not Material
ESRS E1-6	44	•	•	•		Material	ESRS E1-6 Section
ESRS E1-6	53-55	•	•	•		Material	ESRS E1-6 Section
ESRS E1-7	56				•	Not Material


Disclosure Requirement	Data Point	SFDR Reference	Pillar 3 Reference	Benchmark Regulation Reference	EU Climate Law Reference	Material/ Not Material	Section, Paragraph or Page Reference
ESRS E1-9	66			•		Not Material
ESRS E1-9	66 (a); 66 (c)		•			Not Material
ESRS E1-9	67 (c)		•			Not Material
ESRS E1-9	69			•		Not Material
ESRS E2-4	28	•				Not Material
ESRS E3-1	9	•				Not Material
ESRS E3-1	13	•				Not Material
ESRS E3-1	14	•				Not Material
ESRS E3-4	28 (c)	•				Not Material
ESRS E3-4	29	•				Not Material
ESRS 2 - SBM 3 - E4	16 (a) i	•				Not Material
ESRS 2 - SBM 3 - E4	16 (b)	•				Not Material
ESRS 2 - SBM 3 - E4	16 (c)	•				Not Material
ESRS E4-2	24 (b)	•				Not Material
ESRS E4-2	24 (c)	•				Not Material
ESRS E4-2	24 (d)	•				Not Material


Management’s Review	Financial Statement	Other Information	Genmab 2025 Annual Report	104

Appendix A


Disclosure Requirement	Data Point	SFDR Reference	Pillar 3 Reference	Benchmark Regulation Reference	EU Climate Law Reference	Material/ Not Material	Section, Paragraph or Page Reference
ESRS E5-5	37 (d)	•				Not Material
ESRS E5-5	39	•				Not Material
ESRS 2- SBM3 - S1	14 (f)	•				Not Material
ESRS 2- SBM3 - S1	14 (g)	•				Not Material
ESRS S1-1	20	•				Material	ESRS S1-1 Section
ESRS S1-1	21			•		Material	ESRS S1-1 Section
ESRS S1-1	22	•				Material	ESRS S1-1 Section
ESRS S1-1	23	•				Material	ESRS S1-1 Section
ESRS S1-3	32 (c)	•				Material	ESRS S1-3 Section
ESRS S1-14	88 (b); 88 (c)	•		•		Material	ESRS S1-14 Section
ESRS S1-14	88 (e)	•				Material	ESRS S1-14 Section
ESRS S1-16	97 (a)	•		•		Material	ESRS S1-16 Section
ESRS S1-16	97 (b)	•				Material	ESRS S1-16 Section
ESRS S1-17	103 (a)	•				Material	ESRS S1-17 Section
ESRS S1-17	104 (a)	•		•		Not Material
ESRS 2- SBM3 – S2	11 (b)	•				Not Material
ESRS S2-1	17	•				Not Material


Disclosure Requirement	Data Point	SFDR Reference	Pillar 3 Reference	Benchmark Regulation Reference	EU Climate Law Reference	Material/ Not Material	Section, Paragraph or Page Reference
ESRS S2-1	18	•				Not Material
ESRS S2-1	19	•		•		Not Material
ESRS S2-1	19			•		Not Material
ESRS S2-4	36	•				Not Material
ESRS S3-1	16	•				Not Material
ESRS S3-1	17	•		•		Not Material
ESRS S3-4	36	•				Not Material
ESRS S4-1	16	•				Material	ESRS S4-1 Section
ESRS S4-1	17	•		•		Not Material
ESRS S4-4	35	•				Not Material
ESRS G1-1	10 (b)	•				Not Material
ESRS G1-1	10 (d)	•				Material	ESRS G1-1 Section
ESRS G1-4	24 (a)	•		•		Material	ESRS G1-4 Section
ESRS G1-4	24 (b)	•				Not Material


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	107

Financial Statements for the Genmab Group

Consolidated Statements of Comprehensive Income

Income Statement


	Note	2025	2024¹ Restated	2023¹ Restated
Revenue	2.1, 2.2	3,720	3,121	2,390

Cost of product sales	2.3	(238)	(143)	(33)
Research and development expenses	2.3, 3.1, 3.2	(1,606)	(1,414)	(1,107)
Selling, general and administrative expenses	2.3, 3.2	(626)	(549)	(478)
Acquisition and integration related charges	5.5	(185)	(43)	—
Total costs and operating expenses		(2,655)	(2,149)	(1,618)

Operating profit		1,065	972	772
Financial income	4.5	408	645	299
Financial expenses	4.5	(269)	(291)	(254)
Net profit before tax		1,204	1,326	817
Corporate tax	2.4	(241)	(193)	(186)
Net profit		963	1,133	631

Other comprehensive income:
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations		45	(224)	139
Total comprehensive income		1,008	909	770

Basic net profit per share	2.5	15.50	17.66	9.67
Diluted net profit per share	2.5	15.37	17.53	9.58

1.Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, Management has translated the consolidated financial statements and related notes into USD for all periods presented. Additionally, certain

reclassifications have been made between financial income and financial expenses for all periods presented. Refer to Note 1.1 and Note 1.4, respectively, for more information.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	108

Financial Statements for the Genmab Group

Consolidated Balance Sheets


		December 31,		January 1,
	Note	2025	2024¹ Restated	2024¹ Restated
Assets
Goodwill	3.1, 5.5	355	355	—
Other intangible assets	3.1, 5.5	9,123	1,728	15
Property and equipment	2.2, 3.2	153	137	142
Right-of-use assets	2.2, 3.3	127	128	102
Receivables	2.2, 3.6	22	7	10
Deferred tax assets	2.4	171	127	31
Other investments	3.4	37	32	20
Total non-current assets		9,988	2,514	320

Corporate tax receivable	2.4	40	14	—
Inventories	3.5	18	9	8
Receivables	3.6	1,112	923	733
Marketable securities	4.2, 4.4	—	1,574	1,967
Cash and cash equivalents		1,715	1,380	2,204
Total current assets		2,885	3,900	4,912
Total assets		12,873	6,414	5,232


		December 31,		January 1,
	Note	2025	2024¹ Restated	2024¹ Restated
Shareholders' Equity And Liabilities
Share capital	4.7	10	10	10
Share premium	4.7	1,920	1,961	1,942
Other reserves		(181)	(226)	(2)
Retained earnings		4,098	3,392	2,737
Total shareholders' equity		5,847	5,137	4,687

Borrowings	4.8	5,001	—	—
Lease liabilities	3.3	134	131	101
Contract Liabilities	3.7	95	67	71
Deferred tax liabilities	2.4	364	330	—
Other payables	3.8	5	5	5
Total non-current liabilities		5,599	533	177

Borrowings	4.8	273	—	—
Corporate tax payable	2.4	43	239	8
Lease liabilities	3.3	18	13	13
Contract liabilities	3.7	24	3	5
Other payables	3.8	1,069	489	342
Total current liabilities		1,427	744	368
Total liabilities		7,026	1,277	545
Total shareholders' equity and liabilities		12,873	6,414	5,232

1.Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, Management has

translated the consolidated financial statements and related notes into USD for all periods presented. Refer to Note 1.1

for more information.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	109

Financial Statements for the Genmab Group

Consolidated Statements of Cash Flows


	Note	2025	2024¹ Restated	2023¹ Restated
Cash flows from operating activities:
Net profit before tax		1,204	1,326	817
		—	—	—
Financial income	4.5	(408)	(645)	(299)
Financial expense	4.5	269	291	254
Adjustment for non-cash transactions
Share-based compensation expense	2.3, 4.6	128	105	85
Depreciation	3.2, 3.3	55	49	40
Amortization	3.1	16	11	3
Impairment losses	3.1, 3.6	32	17	—
Change in operating assets and liabilities
Receivables	3.6	(166)	(230)	116
Inventories	3.5	(9)	(1)	(8)
Other payables	3.8	400	122	90
Cash flows from operating activities before financial items		1,521	1,045	1,098
Interest received		135	136	131
Interest elements of lease payments	3.3	(5)	(5)	(3)
Interest paid		(5)	—	—
Corporate taxes paid		(460)	(50)	(155)
Net cash provided by operating activities		1,186	1,126	1,071
Cash flows from investing activities:
Acquisition of business, net of cash acquired	5.5	—	(1,783)	—
Acquisition of assets, net of cash acquired	5.5	(7,215)	—	—
Investment in intangible assets	3.1	(18)	(17)	(1)
Investment in tangible assets	3.2	(37)	(27)	(53)
Marketable securities bought	4.3, 4.4	(991)	(1,248)	(1,578)
Marketable securities sold	4.3, 4.4	2,622	1,636	1,451
Other investments bought	3.4	(4)	(8)	(4)
Net cash (used in) investing activities		(5,643)	(1,447)	(185)


	Note	2025	2024¹ Restated	2023¹ Restated
Cash flows from financing activities:
Warrants exercised	4.6, 4.7	23	19	21
Principal elements of lease payments	3.3	(13)	(9)	(14)
Purchase of treasury shares	4.7	(430)	(560)	(81)
Payment of withholding taxes on behalf of employees on net settled RSUs		(18)	(16)	(15)
Proceeds from issuance of borrowings	4.8	5,500	—	—
Debt issuance costs paid	4.8	(273)	—	—
Net cash provided by (used in) financing activities		4,789	(566)	(89)

Changes in cash and cash equivalents		332	(887)	797
Cash and cash equivalents at the beginning of the period		1,380	2,204	1,419
Exchange rate adjustments		3	63	(12)
Cash and cash equivalents at the end of the period		1,715	1,380	2,204

Cash and cash equivalents include:
Bank deposits		1,715	1,369	2,004
Short-term marketable securities		—	11	200
Cash and cash equivalents at the end of the period		1,715	1,380	2,204

1.Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, Management has

translated the consolidated financial statements and related notes into USD for all periods presented. Additionally,

certain reclassifications have been made between financial income and financial expenses for all periods presented.

Refer to Note 1.1 and Note 1.4, respectively, for more information.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	110

Financial Statements for the Genmab Group

Consolidated Statements of Changes in Equity


	Share capital	Share premium	Translation reserves	Retained earnings	Shareholders' equity
Balance at December 31, 2022¹ Restated	10	1,921	(141)	2,125	3,915
Net profit	—	—	—	631	631
Other comprehensive income	—	—	139	—	139
Total comprehensive income	—	—	139	631	770

Transactions with owners:
Exercise of warrants	—	21	—	—	21
Purchase of treasury shares	—	—	—	(81)	(81)
Share-based compensation expenses	—	—	—	85	85
Withholding taxes on behalf of employees on net settled RSUs	—	—	—	(15)	(15)
Tax on items recognized directly in equity	—	—	—	(8)	(8)

Balance at December 31, 2023¹ Restated	10	1,942	(2)	2,737	4,687
Net profit	—	—	—	1,133	1,133
Other comprehensive income	—	—	(224)	—	(224)
Total comprehensive income	—	—	(224)	1,133	909

Transactions with owners:
Exercise of warrants	—	19	—	—	19
Purchase of treasury shares	—	—	—	(560)	(560)
Share-based compensation expenses	—	—	—	105	105
Withholding taxes on behalf of employees on net settled RSUs	—	—	—	(16)	(16)
Tax on items recognized directly in equity	—	—	—	(7)	(7)


	Share capital	Share premium	Translation reserves	Retained earnings	Shareholders' equity
Balance at December 31, 2024¹ Restated	10	1,961	(226)	3,392	5,137
Net profit	—	—	—	963	963
Other comprehensive income	—	—	45	—	45
Total comprehensive income	—	—	45	963	1,008

Transactions with owners:
Exercise of warrants	—	23	—	—	23
Purchase of treasury shares	—	—	—	(430)	(430)
Share-based compensation expenses	—	—	—	124	124
Withholding taxes on behalf of employees on net settled RSUs	—	—	—	(18)	(18)
Share Reduction	—	(64)	—	64	—
Tax on items recognized directly in equity	—	—	—	3	3

Balance at December 31, 2025	10	1,920	(181)	4,098	5,847

1.Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, Management has

translated the consolidated financial statements and related notes into USD for all periods presented. Refer to Note 1.1

and Note 1.4 for more information.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	111

Financial Statements for the Genmab Group

Section 1 - Basis of Presentation

These consolidated financial statements include Genmab A/S (parent

company) and subsidiaries over which the parent company has control.

The Genmab consolidated Group is referenced herein as “Genmab” or

the “Company.”

This section describes Genmab’s general accounting policies including Management’s judgements and

estimates under IFRS Accounting Standards as issued by the International Accounting Standards Board

(IASB) and endorsed by the EU (IFRS Accounting Standards). The specific accounting policies are

described in each note in conjunction with supplementary disclosures of the specific item with the

aim to provide a more understandable description of each accounting area.

(In all accompanying tables, amounts of dollars are expressed in millions, except per share amounts,

unless otherwise noted).

1.1 - Nature of the Business and Accounting Policies

Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and

specializes in the creation and development of differentiated antibody therapeutics for the treatment

of cancer and other diseases. Genmab has seven approved products commercialized by third parties, two

approved products that are jointly commercialized with a collaboration partner, a broad clinical

and preclinical product pipeline and proprietary next-generation antibody technologies.

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards

as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS

Accounting Standards as endorsed by the EU and further disclosure requirements for listed companies in

Denmark. The consolidated financial statements were approved by the Board of Directors and authorized

for issue on February 17, 2026. Except as outlined in Note 1.2, the consolidated financial statements have

been prepared using the same accounting policies as 2024.

Please refer to the overview below to see in which note/section the detailed accounting policy is included.

Section 2 - Result for the Year

2.1 - Revenue

2.2 - Information about Geographical Areas

2.3 - Staff Costs

2.4 - Corporate and Deferred Tax

2.5 - Profit Per Share

Section 3 - Operating Assets and Liabilities

3.1 - Other Intangible Assets and Goodwill

3.2 - Property and Equipment

3.3 - Leases

3.4 - Other Investments

3.5 - Inventories

3.6 - Receivables

3.7 - Contract Liabilities

3.8 - Other Payables

Section 4 - Capital Structure, Financial Risk and Related Items

4.3 - Financial Assets and Liabilities

4.4 - Marketable Securities

4.5 - Financial Income and Expenses

4.6 - Share-Based Instruments

4.8 - Borrowings

Section 5 - Other Disclosures

5.5 - Acquisitions

Materiality

Genmab’s Annual Report is based on the concept of materiality and the Company focuses on information

that is considered material and relevant to the users of the consolidated financial statements. The

consolidated financial statements consist of a large number of transactions. These transactions are

aggregated into classes according to their nature or function and presented in classes of similar items in

the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If

items are individually immaterial, they are aggregated with other items of similar nature in the consolidated

financial statements or in the notes.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	112

Financial Statements for the Genmab Group

Genmab provides these specific required disclosures unless the information is considered immaterial to the

economic decision-making of the readers of the consolidated financial statements or not applicable.

Consolidated Financial Statements

The consolidated financial statements include Genmab A/S and subsidiaries over which the parent

company has control. The parent controls a subsidiary when the parent is exposed to, or has rights

to, variable returns from its involvement with the subsidiary and has the ability to affect those returns

through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds

investments either directly or indirectly in the following subsidiaries:


Name	Domicile	Ownership and votes 2025	Ownership and votes 2024
Genmab B.V.	Utrecht, the Netherlands	100%	100%
Genmab Holding B.V.	Utrecht, the Netherlands	100%	100%
Genmab Holding II B.V.	Utrecht, the Netherlands	100%	N/A²
Genmab US, Inc.	Delaware, USA	100%	100%
Genmab K.K.	Tokyo, Japan	100%	100%
Genmab Germany GmbH	Munich, Germany	100%	N/A²
Genmab UK Ltd	London, United Kingdom	100%	N/A²
Genmab France SAS	Paris, France	100%	N/A²
Genmab Finance LLC.	Delaware, USA	100%	N/A²
ProfoundBio Inc.	Delaware, USA	100%	100%
ProfoundBio US Co.	Delaware, USA	100%	100%
ProfoundBio Limited	Hong Kong, China	100%	100%
Genmab (Suzhou) Co., Ltd.	Suzhou, China	100%	100%
Genmab (Beijing) Co., Ltd.	Beijing, China	100%	100%
Merus B.V.	Utrecht, the Netherlands	100%	N/A¹
Merus US Inc.	Massachusetts, USA	100%	N/A¹

1.These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.

2.These subsidiaries were created during 2025.

Genmab’s consolidated financial statements have been prepared on the basis of the financial statements

of the parent company and subsidiaries – prepared under Genmab’s accounting policies – by combining

similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,

intercompany receivables and payables, and unrealized gains and losses on transactions between the

consolidated companies are eliminated.

The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the

proportionate share of the subsidiaries’ equity. Subsidiaries are consolidated from the date when control is

transferred to the Group.

Items included in the financial statements of Genmab's entities are measured using the currency of the

primary economic environment in which the entity operates (functional currency).The income statements

for subsidiaries with a different functional currency than Genmab’s presentation currency are translated into

Genmab’s presentation currency at average exchange rates, and the balance sheets are translated at the

exchange rate in effect at the balance sheet date.

Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ equity at the

beginning of the year and exchange rate differences arising as a result of foreign subsidiaries’ income

statements being translated at average exchange rates are recorded in translation reserves in

shareholders’ equity.

Functional and Presentation Currency Change

Management has determined it is appropriate to change both the functional currency of the Genmab A/S

legal entity and the presentation currency of the consolidated financial statements from DKK to

USD effective January 1, 2025. The change in functional currency was triggered by the expansion of

commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of

the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in

presentation currency is applied retrospectively and was made to better reflect the Company’s financial

position. Comparative figures for prior periods have been restated accordingly.

The consolidated statements of comprehensive income and the consolidated statements of cash flows

have been translated into the presentation currency using the average exchange rates prevailing during

each reporting period. In the consolidated balance sheets, all assets and liabilities have been translated

using the period-end exchange rates, and all resulting exchange differences have been recognized in other

comprehensive income for the relevant year and accumulated in translation reserves in equity.

Shareholders’ equity balances have been translated using historical rates in effect on the date of the

transactions.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	113

Financial Statements for the Genmab Group

The DKK/USD exchange rates used to reflect the change in presentation currency were as follows:


	2020	2021	2022	2023
Average rate	0.1530	NA	0.1415	0.1451
Closing rate	N/A	0.1524	0.1434	0.1483


	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024
Average rate	0.1456	0.1443	0.1472	0.1433	0.1452
Closing rate	0.1450	0.1435	0.1502	0.1400	0.1400

The change in presentation currency resulted in the following impact on the December 31, 2024

consolidated balance sheet:


	Previously reported in DKK		Reported in USD
	December 31, 2024	Presentation currency change	December 31, 2024
Total assets	45,811	(39,397)	6,414
Total liabilities	9,114	(7,837)	1,277
Total shareholders' equity	36,697	(31,560)	5,137

The change in presentation currency resulted in the following impact on the January 1, 2024 consolidated

balance sheets:


	Previously reported in DKK		Reported in USD
	January 1, 2024	Presentation currency change	January 1, 2024
Total assets	35,289	(30,057)	5,232
Total liabilities	3,679	(3,134)	545
Total shareholders' equity	31,610	(26,923)	4,687

The change in presentation currency resulted in the following impact on the 12 months ended

December 31, 2024 consolidated statement of comprehensive income:


	Previously reported in DKK		Reported in USD
	December 31, 2024	Presentation currency change	December 31, 2024
Net profit	7,844	(6,711)	1,133
Comprehensive income	8,274	(7,365)	909

The change in presentation currency resulted in the following impact on the 12 months ended

December 31, 2023 consolidated statement of comprehensive income:


	Previously reported in DKK		Reported in USD
	December 31, 2023	Presentation currency change	December 31, 2023
Net profit	4,352	(3,721)	631
Comprehensive income	4,314	(3,544)	770

The change in presentation currency resulted in the following impact on the 12 months ended

December 31, 2024 consolidated statement of cash flows:


	Previously reported in DKK		Reported in USD
Cash provided by (used in):	December 31, 2024	Presentation currency change	December 31, 2024
Operating activities	7,771	(6,645)	1,126
Investing activities	(9,907)	8,460	(1,447)
Financing activities	(3,919)	3,353	(566)

The change in presentation currency resulted in the following impact on the 12 months ended

December 31, 2023 consolidated statement of cash flows:


	Previously reported in DKK		Reported in USD
Cash provided by (used in):	December 31, 2023	Presentation currency change	December 31, 2023
Operating activities	7,380	(6,309)	1,071
Investing activities	(1,282)	1,097	(185)
Financing activities	(606)	517	(89)


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	114

Financial Statements for the Genmab Group

The change in presentation currency resulted in the following impact on the 12 months ended

December 31, 2024 basic and diluted earnings per share:


	Previously reported in DKK		Reported in USD
	December 31, 2024	Presentation currency change	December 31, 2024
Earnings per share - basic	122.21	(104.55)	17.66
Earnings per share - diluted	121.36	(103.83)	17.53

The change in presentation currency resulted in the following impact on the 12 months ended December

31, 2023 basic and diluted earnings per share:


	Previously reported in DKK		Reported in USD
	December 31, 2023	Presentation currency change	December 31, 2023
Earnings per share - basic	66.64	(56.97)	9.67
Earnings per share - diluted	66.02	(56.44)	9.58

Foreign Currency

Transactions in foreign currencies are translated at the exchange rates in effect at the date of the

transaction.

Except for foreign currency differences related to tax balances, exchange rate gains and losses arising

between the transaction date and the settlement date are recognized in the Consolidated Statements

of Comprehensive Income as financial income or expense.

Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect

at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the

balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial

income or expense.

Classification of Costs and Operating Expenses in the Income Statement

Cost of Product Sales

Cost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly

from third-party providers of manufacturing as well as costs related to internal resources and distribution

and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of

product sales. Also included in cost of product sales are royalty payments on commercialized products.

Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners

for the sale of commercial products when Genmab is determined to be the principal in sales to end

customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of

product sales relate to sales of EPKINLY in the US and Japan pursuant to the Collaboration Agreement

with AbbVie.

Aside from these items, there are no other costs included within cost of product sales.

Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab’s Collaboration

Agreement with AbbVie.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	115

Financial Statements for the Genmab Group

Research and Development Expenses

Research and development expenses primarily include salaries, benefits and other employee-related costs

of Genmab’s research and development staff, license costs, manufacturing costs, preclinical costs, clinical

trials, contractors and outside service fees, amortization and impairment of licenses and rights related to

intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the

extent that such costs are related to the Group’s research and development activities.

Refer to Note 3.1 for a more detailed description on the treatment of Genmab’s research and development

expenses.

Selling, General and Administrative Expenses

Selling, general and administrative expenses relate to the management and administration of Genmab,

including commercialization activities. This primarily includes salaries, benefits and other employee costs

related to management and support functions including human resources, information technology and the

finance departments. In addition, depreciation of property and equipment and depreciation of right-of-use

assets, to the extent such expenses are related to administrative functions, are also included. Selling,

general and administrative expenses are recognized in the Consolidated Statements of Comprehensive

Income in the period to which they relate.

Acquisition and Integration Related Charges

Acquisition and integration related charges for the acquisitions of Merus N.V. ("Merus") and ProfoundBio

which occurred during the fourth quarter of 2025 and second quarter of 2024, respectively.

Refer to Note 5.5 for more information regarding Genmab’s Acquisition and Integration costs related to the

acquisition of Merus and ProfoundBio.

Government Grants

Government grants are recognized at their fair value where there is reasonable assurance that the grant

will be received and that Genmab will comply with all attaching conditions. When the grant relates to an

expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that

the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the

fair value is credited to a contract liability account and is released to the statement of comprehensive

income as other operating income over the expected useful life of the relevant asset by equal annual

installments.

Statements of Cash Flows

The cash flow statement is presented using the indirect method with basis in the net profit before tax.

Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and

expense, non-cash operating items including depreciation, amortization, impairment losses, share-based

compensation expenses, and for changes in operating assets and liabilities, interest paid and received,

interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities

are mainly comprised of changes in receivables, inventories and other payables excluding the items

included in cash and cash equivalents. Changes in non-current assets and liabilities are included in

operating assets and liabilities, if related to the main revenue-producing activities of Genmab.

Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases

and sales of marketable securities and other investments, as well as purchases of intangible assets and

property and equipment.

Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants,

payments of withholding taxes on behalf of employees on net settled RSUs and repayments of borrowings

including installments on loans, notes and lease liabilities.

Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a

maturity of less than 90 days on the date of acquisition.

The statements of cash flows cannot be derived solely from the consolidated financial statements.

Treasury Shares

The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from

the sale of treasury shares is recognized in retained earnings.

Collaborations, License Agreements and Collaborative Agreements

Collaborations and License Agreements

Genmab continues to pursue the establishment of research collaborations and licensing agreements.

These arrangements often include upfront payments, expense reimbursements or payments to the

collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain

future events linked to the success of the asset in development.

In regard to Genmab’s license agreements with J&J, Novartis and Roche, each of these parties retain

final decision-making authority over the relevant activities and as such no joint control exists.

Refer to Note 2.1 for additional information related to revenue from these parties.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	116

Financial Statements for the Genmab Group

Collaborative Agreements

Genmab has entered into a number of joint collaborative agreements. These agreements often include

upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and

royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the

asset in development.

These agreements also provide Genmab with varying rights to develop, produce and market products

together with its collaborative partners. Both parties in these arrangements share in the decision-making

and therefore have joint control of the arrangement. In 2025, Genmab’s more significant collaboration

agreements are with AbbVie (epcoritamab) and Pfizer (tisotumab vedotin).

Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.

Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations,

License Agreements and Collaborative Agreements.

1.2 - New Accounting Policies and Disclosures

New Accounting Policies and Disclosures For 2025

Genmab has, with effect from January 1, 2025, implemented the following amendment:

•Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

The implementation of this amendment did not have a material impact on the consolidated financial

statements for the current or prior reporting periods and is not expected to have a significant impact

in future reporting periods.

New Accounting Policies and Disclosures Effective in 2026 or Later

Furthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) not yet

effective, but issued by the IASB, Management does not anticipate any significant impact on the

Consolidated Financial Statements in the period of initial application from the adoption of these

new standards and amendments, apart from IFRS 18 ‘Presentation and Disclosure in Financial

Statements’ which replaces IAS 1 effective from 1 January 2027. Management is assessing the impact

of the standard on its financial statements, and the impact has not yet been determined.

IFRS 18 introduces the following :

•Changes the presentation of the financial statements, requiring items of income and expense to be

classified into five categories: operating, investing, finance, income taxes and discontinued operations

along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and

income taxes.

•Requires companies to disclose definitions of company-specific management-defined performance

measures (MPMs) that are related to the statement of income and provide reconciliations between the

MPMs and the most similar specified subtotals within the statement of income in a single note.

•Provides enhanced guidance on the principles of how items should be aggregated or disaggregated

based on shared characteristics. The changes are expected to provide more detailed and useful

information to investors and impacts all primary financial statements and notes.

1.3 - Management’s Judgements and Estimates under IFRS

In preparing financial statements under IFRS, certain provisions in the standards require Management’s

judgements, including various accounting estimates and assumptions. These judgements and estimates

affect the application of accounting policies, as well as reported amounts within the consolidated financial

statements and disclosures.

Determining the carrying amount of certain assets and liabilities requires judgements, estimates and

assumptions concerning future events that are based on historical experience and other factors, which by

their very nature are associated with uncertainty and unpredictability.

Accounting estimates are based on historical experience and various other factors relative to the

circumstances in which they are applied. Estimates are generally made based on information available

at the time.

Accounting judgements are made in the process of applying accounting policies. These judgements

are typically made based on the guidance and information available at the time of application.

These estimates and judgements may prove incomplete or incorrect, and unexpected events or

circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results

to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in

the relevant section of this Annual Report and in the notes to the consolidated financial statements.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	117

Financial Statements for the Genmab Group


Accounting policy	Key accounting estimates and judgements	Note reference	Risk
Fair value and impairment assessment of other intangible assets and goodwill	Estimation of the fair value of other intangible assets acquired through acquisitions Subsequent assessment of impairment of other intangible assets Estimation regarding the valuation of goodwill and assessment of impairment of goodwill	Notes 3.1 and 5.5	High
Revenue recognition	Judgement in assessing whether a collaboration partner is a customer Estimation of partner net sales amounts in the calculation of royalties Estimation of variable consideration Judgement in assessing the nature of combined performance obligations within contracts	Note 2.1	High
Share-based compensation	Judgement in selecting assumptions required for valuation of warrant grants Estimation in developing forfeiture rate RSUs/warrants and probability of achievement for PSUs	Note 4.6	Moderate
Current and deferred income taxes	Judgement and estimation regarding valuation of deferred income tax assets	Note 2.4	Moderate

1.4 - Reclassifications of Prior Period Financial Statements

In order to conform to the current period gross presentation for 2025, a reclassification of net, $100 million

gain and $63 million loss have been made to the gross amounts presented for 2024 and 2023, to move

foreign exchange rate gains and losses related to marketable securities from gains and losses on foreign

exchange rates to gains and losses on marketable securities. These reclassifications have no impact on

the net amounts of financial items as presented in Note 4.5 - Financial Income and Expenses.


	December 31, 2024	Reclass	December 31, 2024
Financial income:
Gain on marketable securities	53	184	237
Foreign exchange rate gain	431	(173)	258
Gain on other investments, net	21	(15)	6
Total financial income	505	(4)	501

Financial expenses:
Loss on marketable securities	(23)	(84)	(107)
Foreign exchange rate loss	(239)	73	(166)
Loss on other investments, net	(15)	15	—
Total financial expenses	(277)	4	(273)
Net financial items	228	—	228


	December 31, 2023	Reclass	December 31, 2023
Financial income:
Gain on marketable securities	72	85	157
Foreign exchange rate gain	57	(57)	—
Gain on other investments, net	10	(10)	—
Total financial income	139	18	157

Financial expenses:
Loss on marketable securities	(26)	(148)	(174)
Foreign exchange rate loss	(186)	120	(66)
Loss on other investments, net	(14)	10	(4)
Total financial expenses	(226)	(18)	(244)
Net financial items	(87)	—	(87)

Refer to Note 4.5 for additional information relating to financial income and expenses of the Group.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	118

Financial Statements for the Genmab Group

Section 2 - Result for the Year

This section includes disclosures related to revenue, information about

geographical areas, staff costs, corporate and deferred tax, and profit

per share.

2.1 - Revenue


	2025	2024	2023
Revenue by type:
Royalties	3,102	2,517	1,989
Net product Sales	398	253	61
Reimbursement revenue	53	144	124
Milestone revenue	97	145	171
Collaboration revenue	70	62	45
Total	3,720	3,121	2,390

Revenue by collaboration partner:
Janssen	2,565	2,091	1,734
AbbVie	66	58	106
Roche	106	107	102
Novartis	446	408	219
BioNTech	40	127	114
Pfizer1	77	77	54
Other	22	—	—
Total2	3,322	2,868	2,329

Royalties by product:
DARZALEX	2,443	2,019	1,635
Kesimpta	443	323	217
TEPEZZA	105	106	102
Other3	111	69	35
Total	3,102	2,517	1,989

1.Pzifer acquired Seagen in December 2023

2.Excludes Genmab’s Net product sales

3.Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY


	Accounting Policies

Genmab recognizes revenue when its customer obtains control of promised goods or services, in an

amount that reflects the consideration that it expects to receive in exchange for those goods or services. To

determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15,

Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the

performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction

price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity

satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is

probable that the Company will collect the consideration it is entitled to in exchange for the goods or

services it transfers to the customer. At contract inception, once the contract is determined to be within the

scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies

as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of

the transaction price that is allocated to the respective performance obligation when (or as) the

performance obligation is satisfied.

Royalties: Certain of Genmab’s license and collaboration agreements include sales-based royalties

based on the level of sales. The license has been deemed to be the predominant item to which the

royalties relate under Genmab’s license and collaboration agreements. As a result, Genmab recognizes

revenue when the related sales occur.

Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the

customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring

the products. Control of the products is transferred at a single point in time which occurs upon delivery to

the customer. The amount of sales to be recognized is based on the consideration Genmab expects to

receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions

is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates

and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are

estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing

the expected value of the sales deductions (variable consideration). Sales deductions are estimated and

provided for at the time the related sales are recorded. Genmab’s estimates related to sales deductions

require significant use of estimates as not all conditions are known at the time of sale. The estimates are

based on analyses of existing contractual obligations, historical experience, drug product analogs and

payer channel mix. Genmab considers the provisions established for sales deductions to be reasonable

and appropriate based on currently available information; however, the actual amount of deductions may

differ from the amounts estimated by Management as more information becomes available. Estimates will

be assessed each period and adjusted as required based on updated information and actual experience.

When Genmab is determined to be the principal in sales to end customers, all product sales are included in

net product sales in the Consolidated Statements of Comprehensive Income. As of December 31, 2025, all

net product sales relate to sales of EPKINLY in the US and Japan and Tivdak in Japan and Germany,

pursuant to the Collaboration Agreements with AbbVie and Pfizer, respectively.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	119

Financial Statements for the Genmab Group

Reimbursement Revenue for R&D Services: Genmab’s research collaboration agreements

include provisions for reimbursement or cost sharing for R&D services and payment for full time

equivalents (“FTEs”) at contractual rates. R&D services are performed and satisfied over time given that

the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for

research services is recognized over time rather than at a point in time.

Milestone Revenue: Certain of Genmab’s license and collaboration agreements include development,

regulatory and commercial milestone payments based on the level of sales. At the inception of each

arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones

is considered highly probable and estimates the amount to be included in the transaction price using the

most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the

associated milestone value is included in the transaction price. Milestone payments that are not within the

control of Genmab or the license and collaboration partner, such as regulatory approvals, are not

considered probable of being achieved until those approvals are received. The transaction price is then

allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab

recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of

each subsequent reporting period, Genmab re-evaluates the probability of achievement of such

development milestones and commercial milestones and any related constraint, and if necessary, adjusts

its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up

basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab’s existing

license and collaboration agreements, milestone payments have been allocated to the license transfer

performance obligation.

Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for

the sale of commercial products by our collaboration partners. When Genmab’s collaboration partner is

determined to be the principal in sales to end customers, Genmab’s share of profits for the sale of

commercial products is included in collaboration revenue.

License Revenue for Intellectual Property: If the license to Genmab’s functional intellectual

property is determined to be distinct from the other performance obligations identified in the arrangement,

Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time

the license is transferred to the licensee and the licensee is able to use and benefit from the license. For

licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the

combined performance obligation to determine whether the combined performance obligation is satisfied

over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes

of recognizing revenue from non-refundable, upfront fees. Under all of Genmab’s existing license and

collaboration agreements the license to functional intellectual property has been determined to be distinct

from other performance obligations identified in the agreement.

Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations,

License Agreements and Collaborative Agreements.

Refer to Note 1.3 for Management’s judgements and estimates related to revenue recognition.

2.2 - Information about Geographical Areas

Genmab is managed and operated as one business unit, which is reflected in the organizational structure

and internal reporting. No separate lines of business or separate business entities have been identified

with respect to any licensed products, marketed products, product candidates or geographical markets and

no segment information is currently prepared for internal reporting.

Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial

statements as Genmab’s business activities are not organized on the basis of differences in related

product and geographical areas.


	Revenue	Non-current assets	Revenue	Non-current assets	Revenue	Non-current assets
	2025		2024		2023
Denmark	3,326	1,791	2,868	1,779	2,329	75
Netherlands	1	7,512	—	108	—	130
United States	180	459	131	447	55	56
Japan	213	12	122	14	6	8
China	—	6	—	7	—	—
Total	3,720	9,780	3,121	2,355	2,390	269

Out of total non-current assets of $9,780 million, $1,728 million relates to intangible assets in Denmark

primarily acquired as part of the acquisition of ProfoundBio, $7,394 million relates to intangibles in the

Netherlands acquired as a part of the acquisition of Merus N.V. and $355 million relates to Goodwill in the

United States acquired through the acquisition of ProfoundBio.


	Accounting Policies

Geographical information is presented for Genmab’s revenue and non-current assets. Revenue is

attributed to countries on the basis of the location of the legal entity holding the contract with the

counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-

use assets, and receivables.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	120

Financial Statements for the Genmab Group

2.3 - Staff Costs


	2025	2024	2023
Wages and salaries	547	460	381
Share-based compensation	128	105	85
Defined contribution plans	34	30	25
Other social security costs	77	58	49
Government grants related to research and development expenses	(23)	(22)	(25)
Total	763	631	515
Staff costs are included in the Consolidated Statements of Comprehensive Income as follows:
Cost of product sales	4	2	—
Research and development expenses	436	366	291
Selling, general and administrative expenses	323	263	224
Total	763	631	515
Average number of FTE	2,694	2,535	2,011
Number of FTE at year-end	3,029	2,682	2,204

Staff costs also include $58 million of payments to Merus option holders for the portion of the equity payout

attributable to the post-combination period, which were recorded in Acquisition and integration related

charges in the Consolidated Statements of Income during the fourth quarter of 2025.

Refer to Note 4.6 for additional information regarding share-based instruments, Note 5.1 for additional

information regarding the remuneration of the Board and Executive Management and Note 5.5 for

additional information related to the acquisition of Merus.


	Accounting Policies

Staff costs

Wages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are

recognized in the financial year in which the employee performs the associated work.

Genmab’s pension plans are classified as defined contribution plans and, accordingly, no pension

obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in

the income statement in the period in which they are accrued, and outstanding contributions are included in

other payables.

Termination benefits are recognized as an expense, when Genmab is committed demonstrably,

without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.

2.4 - Corporate and Deferred Tax

Taxation – Income Statement & Shareholders’ Equity


	2025	2024	2023
Current tax on profit	256	261	189
Adjustment to deferred tax	(63)	14	(9)
Net increase (decrease) of unrecognized deferred tax assets for the year	51	(84)	6
Effect of exchange rate adjustment	(3)	2	—
Total tax for the period in the income statement	241	193	186


	2025	2024	2023
Net profit before tax	1,204	1,326	817
Tax at the Danish corporation tax rate of 22% for all periods	265	292	180
Tax effect of:
Net increase (decrease) of unrecognized deferred tax assets for the year	51	(84)	6
Net of non-taxable income over non- deductible expenses	(36)	13	1
Other current and deferred tax adjustments	(36)	(30)	(1)
Effect of exchange rate adjustment	(3)	2	—
Total tax effect	(24)	(99)	6
Total tax for the period in the income statement	241	193	186
Total tax for the period in shareholders' equity	(3)	7	8
Effective Tax Rate	20.0%	14.6%	22.8%

Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate

tax expense was $241 million in 2025, $193 million in 2024 and $186 million in 2023. Tax benefits of $3

million in 2025, tax expense of $7 million in 2024 and tax expense of $8 million in 2023, related to excess

tax benefits for share-based compensation were recorded directly in shareholders’ equity. Other current

and deferred tax adjustments primarily driven by income subject to tax at a lower rate than the statutory

U.S. rate.

There were no additional unrecognized tax losses utilized in 2025. As a result of the ProfoundBio

integration activities, Genmab utilized approximately $360 million of previously unrecognized tax

losses during 2024, compared to an estimate of $319 million disclosed in the prior year.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	121

Financial Statements for the Genmab Group

Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global

minimum top-up tax, which became effective on January 1, 2024. Under this legislation, the Company is

liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate per jurisdiction and the

minimum rate of 15 percent. The rules have no impact on the tax position of Genmab in 2025.

Taxation – Balance Sheet

Significant components of the deferred tax asset(liability) are as follows:


	December 31,	December 31,	January 1,
	2025	2024	2024
Share-based instruments	52	38	5
Deferred revenue	16	16	16
Intangible assets	(410)	(409)	(9)
Liabilities	30	9	3
Tax losses and credits carried forward	33	48	—
Other temporary differences	86	95	16
Total	(193)	(203)	31


	Share- based instruments	Deferred revenue	Intangible assets	Liabilities	Tax losses carried forward	Other temporary differences	Total
2025
Net deferred tax asset/(liability) at the beginning of the year	38	16	(409)	9	48	95	(203)
Recognised in Profit or Loss	14	—	(1)	21	(15)	(9)	10
Acquired in Business Combinations	—	—	—	—	—	—	—
Net deferred tax asset/(liability) at the end of the year	52	16	(410)	30	33	86	(193)

2024
Net deferred tax asset/(liability) at the beginning of the year	5	16	(9)	3	—	16	31
Recognised in Profit or Loss	33	—	(52)	6	48	79	114
Acquired in Business Combinations	—	—	(348)	—	—	—	(348)
Net deferred tax asset/(liability) at the end of the year	38	16	(409)	9	48	95	(203)

Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in

the future. Management has considered future taxable income and applied its judgement in assessing

whether deferred tax assets should be recognized.

The difference between the deferred tax liability as of December 31, 2024 and the deferred tax liability

acquired as part of the acquisition of ProfoundBio relates to the reestablishment of the deferred tax liability

as a result of the transfer of intangible assets from ProfoundBio US to Genmab A/S during the fourth

quarter of 2024. The transferred intangible assets were fully depreciated for Danish tax purposes in 2024.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	122

Financial Statements for the Genmab Group

As of December 31, 2025, Genmab had estimated gross unrecognized tax loss carryforwards in the

Netherlands of $1.6 billion and in the United States of $0.1 billion to reduce future taxable income.

As of December 31, 2024, Genmab had estimated gross unrecognized tax loss carryforwards in the

Netherlands of $0.1 billion. The increase of the loss carryforwards is due to the acquisition of Merus

B.V; and Merus U.S. The tax losses available in the Netherlands and the United States as of December 31,

2025 can be carried forward indefinitely.


	Accounting Policies

Corporate Tax

Corporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income

statement, except to the extent that the tax is attributable to items which directly relate to shareholders’

equity or other comprehensive income.

Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be

recovered from or paid to the tax authorities.

Deferred Tax

Deferred tax accounting requires recognition of deferred tax on all temporary differences between the

carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the

tax value of certain tax losses carried forward.

Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates

expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of

changes in tax rates are recognized in the income statement.

Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried

forward, are recognized only to the extent that it is probable that future taxable profit will be available

against which the differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences that arise when the carrying

amount of an asset exceeds its tax basis or the carrying amount of a liability is less than its tax base.


	Management’s Judgements and Estimates

Deferred Tax

Genmab recognizes deferred tax assets if Management assesses that these tax assets can be offset

against positive taxable income within the foreseeable future. This judgement is made on an ongoing basis

and is based on numerous factors, including actual results, budgets, and business plans for the coming

years.

Realization of deferred tax assets is dependent upon a number of factors, including estimated future

taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab’s

future taxable income will be driven by future events that are highly susceptible to factors outside the

control of Genmab including overall commercial growth, specific clinical outcomes, regulatory approvals,

advancement of Genmab’s product pipeline and other matters. As such, changes in estimates of

the impact from these factors could impact Genmab’s future taxable income in a positive or

negative manner.

As of December 31, 2025, the deferred tax assets of Merus B.V. and Merus U.S. are not recognized. As a

result of the ProfoundBio integration activities, Genmab, based on current business plans and estimates of

future taxable income, recognized a significant portion of previously unrecognized deferred tax assets

during 2024.

2.5 - Profit Per Share


	2025	2024	2023
Net profit	963	1,133	631
(Shares)
Weighted average number of shares outstanding	64,721,175	66,139,029	66,023,437
Weighted average number of treasury shares	(2,570,090)	(1,952,382)	(713,693)
Weighted average number of shares excl. treasury shares	62,151,085	64,186,647	65,309,744
Adjustments for share-based instruments, dilution	540,545	469,339	587,833
Weighted average number of shares, diluted	62,691,630	64,655,986	65,897,577
Basic net profit per share	15.50	17.66	9.67
Diluted net profit per share	15.37	17.53	9.58

In the calculation of the diluted net profit per share for 2025, 1,067,239 potential ordinary shares related to

share-based instruments have been excluded as they are anti-dilutive, compared to 788,967 and 248,649

for 2024 and 2023, respectively.


	Accounting Policies

Basic Net Profit Per Share

Basic net profit per share is calculated as the net profit for the period divided by the weighted average

number of outstanding ordinary shares, excluding treasury shares.

Diluted Net Profit Per Share

Diluted net profit per share is calculated as the net profit for the period divided by the weighted average

number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of

share equivalents.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	123

Financial Statements for the Genmab Group

Section 3 - Operating Assets

and Liabilities

This section covers the operating assets and related liabilities that form

the basis for Genmab’s activities. Deferred tax assets and liabilities are

included in Note 2.4. Assets related to Genmab’s financing activities

are shown in section 4.

3.1 - Other Intangible Assets and Goodwill

The increase in the gross carrying value of other intangible assets during 2025 was primarily due to the

addition of intangible assets from the acquisition of Merus, including $6,927 million of in-process research

and development (IPR&D) related to petosemtamab (Peto), $369 million related to the acquired Merus

technology platform and $82 million related to other licenses and patents.

As a not-yet-in-use IPR&D asset, Peto, is not currently being amortized. Amortization will be recognized on

a straight-line basis upon regulatory approval. The acquired Merus technology platform asset is being

amortized over its estimated useful life of 13 years.

Peto is monitored for impairment throughout the year and tested for impairment on at least an annual basis

during the fourth quarter of the year. An impairment test was performed following the acquisition of Merus

and no impairment losses were recognized.

The increase in the gross carrying value of other intangible assets during 2024 was primarily due to

intangibles assets from the acquisition of ProfoundBio, including Rina-S and the ADC technology platform.

The ADC technology platform is amortized on a straight-line basis over its estimated useful life of 15 years.

As of December 31, 2025, the asset has a remaining useful life of approximately 14 years.

Rina-S, a not-yet in use IPR&D asset acquired as a part of the 2024 ProfoundBio acquisition, has a

carrying value of $1,532 million as of December 31, 2025. As a not-yet in use IPR&D asset, Rina-S is

not currently being amortized. Amortization will be recognized on a straight-line basis upon regulatory

approval.

Rina-S is monitored for impairment throughout the year and tested for impairment on at least an annual

basis during the fourth quarter of the year. The annual impairment review indicated that the recoverable

amount in the forecast period for Rina-S significantly exceeds the carrying amount. The recoverable

amount is estimated based on value in use (VIU), with VIU being estimated at net present value using an

income approach.

Refer to Note 5.5 for additional details on acquired intangibles assets from the Merus and ProfoundBio

acquisitions.


	Goodwill	Licenses and Patents	Technology Platform	Acquired IPR&D	Total Intangible Assets
2025
Cost at the beginning of the year	355	149	180	1,532	2,216
Additions for the year	—	115	369	6,927	7,411
Effect of exchange rate adjustment	—	4	1	15	20
Cost at the end of the year	355	268	550	8,474	9,647
Amortization and impairment losses at the beginning of the year	—	126	7	—	133
Amortization for the year	—	2	14	—	16
Impairment losses for the year	—	18	—	—	18
Effect of exchange rate adjustment	—	2	—	—	2
Amortization and impairment losses at the end of the year	—	148	21	—	169
Carrying amount at the end of the year	355	120	529	8,474	9,478

2024
Cost at the beginning of the year	—	134	—	—	134
Additions for the year	354	24	180	1,536	2,094
Effect of exchange rate adjustment	1	(9)	—	(4)	(12)
Cost at the end of the year	355	149	180	1,532	2,216
Amortization and impairment losses at the beginning of the year	—	119	—	—	119
Amortization for the year	—	3	8	—	11
Impairment losses for the year	—	11	—	—	11
Effect of exchange rate adjustment	—	(7)	(1)	—	(8)
Amortization and impairment losses at the end of the year	—	126	7	—	133
Carrying amount at the end of the year	355	23	173	1,532	2,083


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	124

Financial Statements for the Genmab Group

The impairment losses recognized during 2025 relate to licenses and patents and were primarily

attributable to other intangible assets associated with the acasunlimab program, which was terminated in

the fourth quarter of 2025. The impairment losses during 2024 were related to licenses and patents, which

were not material. The impairment losses for 2025 and 2024 were recognized in Research

and development expenses in the Consolidated Statements of Comprehensive Income.

Amortization expense was $16 million $11 million, and $8 million for 2025, 2024 and 2023, respectively,

which was recorded in Research and development expenses in the Consolidated Statements of

Comprehensive Income.

Goodwill

The carrying amount of goodwill was $355 million as of December 31, 2025, due to the acquisition

of ProfoundBio (refer to Note 5.5), and was unchanged from December 31, 2024.. No impairment of

goodwill was recognized in 2025 as the annual impairment test showed that the estimated recoverable

amount exceeded the carrying amount of the cash-generating unit (CGU) to which all of Genmab’s

goodwill was allocated.

Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to

which consolidated goodwill is allocated and monitored by Management. Genmab operates as a single

CGU, reflecting its single operating segment. The recoverable amount is estimated based on VIU, with VIU

being estimated at net present value using an income approach. The applied discount rate is 8.6%. Cash

flow projections are based on Management-approved forecasts. The forecast period comprises 10 years.

Management considers the use of a forecast period longer than five years to be appropriate given the long-

term nature of pharmaceutical development and commercialization cycles and the expected duration of

economic benefits from the underlying assets. No terminal growth rate was applied, and the growth rate

was not considered a material input in the VIU calculation.

The key estimations relate to volume of market share, pricing, development of new markets and the

success rate for introducing new products and treatments. Assumptions are affected by external factors

such as market and generic competition, and price regulation. VIU is determined using largely

unobservable inputs.

Management has performed sensitivity analyses on the key assumptions used in the VIU calculation.

Reasonably possible changes in the key assumptions, individually or in combination, would not result in the

carrying amount exceeding the recoverable amount, and accordingly no impairment would be required.


	Accounting Policies

Research and Development Projects

Internal and subcontracted research costs are charged in full to research and development expenses in the

Consolidated Statements of Comprehensive Income in the period in which they are incurred. Development

costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally

generated intangible assets from development, as the criteria for recognition of an intangible asset are not

met.

Genmab acquires licenses and rights primarily to gain access to targets and technologies identified by third

parties. Payments to third parties under collaboration and license agreements are assessed to determine

whether such payments should be expensed as incurred as research and development expenses or

capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible

assets are measured at cost less accumulated amortization and any impairment losses. Milestone

payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire

licenses and rights. 

For acquired research and development projects, and intellectual property rights, including acquisition in a

business combination, the likelihood of obtaining future commercial sales is reflected in the cost of the

asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost

of acquired research and development projects can often be measured reliably, these projects fulfil the

capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to

acquisition are treated consistently with internal project development costs.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired and

liabilities assumed in a business combination accounted for by the acquisition method of accounting.

Goodwill is allocated to each of the group’s CGU (or groups of CGUs) expected to benefit from the

synergies of the combination. Genmab consists of one single CGU which represents its single operating

segment.

Recognition and Measurement

Intangible assets are initially measured at cost and are subsequently measured at cost less any

accumulated amortization and any impairment loss. Goodwill is not amortized but is subject to impairment

testing.

Amortization

Intangible assets with definite useful lives are amortized based on the straight-line method over their

estimated useful lives. This corresponds to the legal duration or the economic useful life depending

on which is shorter. The amortization of intellectual property rights, including IPR&D, commences

after regulatory approval has been obtained or when assets are put in use.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	125

Financial Statements for the Genmab Group


	Management’s Judgements and Estimates

Impairment Assessment of Goodwill and Other Intangible Assets

Genmab performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its

fiscal fourth quarter. Indefinite-lived intangible assets and the CGU including goodwill are monitored for

indicators of impairment throughout the year. If indicators of impairment exist, then an impairment test is

performed. The recoverable amount of certain intangible assets was determined using VIU. The VIU used

in impairment tests is based on Management’s projections and anticipated net present value of estimated

future cash flows from marketable products and products in development. Goodwill and intangible assets

not yet available for use are tested for impairment at least annually or when indicators of impairment are

identified. Goodwill is allocated to the single operating segment. The discount rate used is based on the

Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. VIU is determined

using largely unobservable inputs.

Assets that are subject to amortization are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable.

Factors considered material that could trigger an impairment test include the following:

•Development of a competing drug

•Realized sales trending below predicted sales

•Inconsistent or unfavorable clinical readouts

•Changes in the legal framework covering patents, rights, and licenses

•Advances in medicine and/or technology that affect the medical treatments

•Adverse impact on reputation and/or brand names

An impairment loss is recognized in Consolidated Statements of Comprehensive Income as research

and development expenses when the carrying amount of intangible assets exceeds the recoverable

amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date

for possible reversal.

3.2 - Property and Equipment


	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment
2025
Cost at January 1	101	139	14	254
Additions for the year	8	9	29	46
Transfers between the classes	23	18	(41)	—
Disposals for the year	(6)	(5)	—	(11)
Exchange rate adjustment	6	14	1	21
Cost at December 31	132	175	3	310

Accumulated depreciation and impairment at January 1	(38)	(79)	—	(117)
Depreciation for the year	(13)	(25)	—	(38)
Exchange rate adjustment	(3)	(10)	—	(13)
Accumulated depreciation on disposals	6	5	—	11
Accumulated depreciation and impairment at December 31	(48)	(109)	—	(157)

Carrying amount at December 31	84	66	3	153


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	126

Financial Statements for the Genmab Group


	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment
2024
Cost at January 1	101	135	6	242
Additions for the year	1	12	17	30
Acquisitions through business combinations	2	6	—	8
Transfers between the classes	1	6	(7)	—
Disposals for the year	(1)	(12)	(1)	(14)
Exchange rate adjustment	(3)	(8)	(1)	(12)
Cost at December 31	101	139	14	254

Accumulated depreciation and impairment at January 1	(29)	(71)	—	(100)
Depreciation for the year	(11)	(23)	—	(34)
Exchange rate adjustment	1	4	—	5
Accumulated depreciation on disposals	1	11	—	12
Accumulated depreciation and impairment at December 31	(38)	(79)	—	(117)

Carrying amount at December 31	63	60	14	137


	2025	2024	2023
Depreciation and impairment included in the income statement as follows:
Research and development expenses	31	29	20
Selling, general and administrative expenses	7	5	7
Total	38	34	27

Capital expenditures in 2025 were primarily related to the expansion of Genmab’s facilities in the United

States and Japan. Capital expenditures in 2024 were primarily related to the expansion of Genmab’s

facilities in the United States and Japan.


	Accounting Policies

Property and equipment is comprised of leasehold improvements, assets under construction, and

equipment, furniture, and fixtures, which are measured at cost less accumulated depreciation and any

impairment losses.

The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is

ready for use. Costs include direct costs and costs to subcontractors.

Depreciation

Depreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual

value, over the estimated useful lives, which are as follows:


Equipment, furniture and fixtures	3-5 years
Leasehold improvements	15 years or the lease term, if shorter

Depreciation commences when the asset is available for use, including when it is in the location and

condition necessary for it to be capable of operating in the manner intended by Management. The

useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets

under construction are not depreciated.

Impairment

If circumstances or changes in Genmab’s operations indicate that the carrying amount of property

and equipment may not be recoverable, Management performs an impairment test of the asset.

The basis for the performance of an impairment test is the recoverable amount of the asset, determined as

the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present

value of future cash inflow expected to be generated from the asset.

If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the

recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive

Income when the impairment is identified.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	127

Financial Statements for the Genmab Group

3.3 - Leases

Genmab has entered into lease agreements with respect to office and laboratory space, vehicles, and

IT equipment. The expense, lease liability, and right-of-use assets balances related to vehicles and IT

equipment are immaterial. The leases are non-cancelable over various periods through 2038.


	2025	2024	2023
Right-of-use assets
Balance at January 1	128	102	75
Additions to right-of-use assets1	12	48	36
Depreciation charge for the year	(17)	(15)	(13)
Exchange rate adjustment	4	(7)	4
Balance at December 31	127	128	102

Lease liabilities
Current	18	13	13
Non-current	134	131	101

Total at December 31	152	144	114
Cash outflow for lease payments	18	14	17

1.Additions to right-of-use assets in 2025 related to the Merus acquisition, modifications to existing leases, lease incentives, and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.

Variable lease payments, short-term lease expense, lease interest expense, and low-value assets.

Undiscounted future minimum payments under leases are as follows:


	December 31,	December 31,	December 31,
	2025	2024	2023
Payment due
Within 1 year	25	18	16
1 – 3 years	47	40	30
3 – 5 years	44	39	27
More than 5 years	65	77	61
Total	181	174	134


	Accounting Policies

All leases are recognized in the Consolidated Balance Sheets as a right-of-use (ROU) asset with a

corresponding lease liability, except for short-term leases in which the term is 12 months or less and

low-value leases.

ROU assets represent Genmab’s right to use an underlying asset for the lease term and lease liabilities

represent Genmab’s obligation to make lease payments arising from the lease. The ROU asset is

depreciated over the shorter of the asset’s useful life or the lease term on a straight-line basis. In the

Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the

lease term in operating expenses and interest expenses related to the lease liability are classified

in financial items.

Genmab determines if an arrangement is a lease at inception. Genmab leases various properties

and vehicles. Lease contracts are typically made for fixed periods. Lease terms are negotiated on

an individual basis and contain a wide range of terms and conditions.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities

are measured at amortized cost, and include the net present value of fixed payments, less any lease

incentives receivable. As Genmab’s leases generally do not provide an implicit interest rate, Genmab uses

an incremental borrowing rate based on the information available at the commencement date of the lease

in determining the present value of lease payments. Lease terms utilized by Genmab may include options

to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In

determining the lease term, Management considers all facts and circumstances that create an economic

incentive to exercise an extension option, or not exercise a termination option. Extension options (or

periods after termination options) are only included in the lease term if the lease is reasonably certain to be

extended.

ROU assets are measured at cost and include the amount of the initial measurement of the lease liability,

any lease payments made at or before the commencement date less any lease incentives received, any

initial direct costs, and restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognized on a straight-

line basis as an expense in the Consolidated Statements of Comprehensive Income.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	128

Financial Statements for the Genmab Group

3.4 - Other Investments


	December 31,	December 31,	January 1,
	2025	2024	2024
Publicly traded equity securities	9	5	7
Fund investments	26	25	13
Privately held equity securities	2	2	—
Total	37	32	20

Other investments includes strategic investments in publicly traded common stock of companies, including

common stock of companies with whom Genmab has entered into collaboration arrangements,

investments in certain investment funds, as well as investments in shares of privately held companies.


	Accounting Policies

Other investments are measured on initial recognition at fair value, and subsequently at fair value.

Changes in fair value are recognized in the Consolidated Statements of Comprehensive Income within

financial income or expense.

Other investments primarily consist of investments in certain strategic investment funds. Genmab’s share

of the fair value of these fund investments is determined based on the valuation of the underlying

investments included in the fund. Investments in publicly traded equity securities included in these strategic

investment funds are valued based at the most recent sale price or official closing price reported on the

exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity

securities are based on other factors, including but not limited to, type of the security, the size of the

holding, the initial cost of the security, the price and extent of public trading in similar securities of the

comparable companies, an analysis of the Company's or issuer's financial statements and with respect to

debt securities, the maturity and creditworthiness. As such, these fund investments have been

characterized as Level 3 investments as fair values are based on significant unobservable inputs.

3.5 - Inventories


	December 31,	December 31,	January 1,
	2025	2024	2024
Raw materials	6	1	2
Work in progress	—	—	—
Finished goods	13	11	9
Total inventories (gross)	19	12	11
Allowances at year end	(1)	(3)	(3)
Total inventories (net)	18	9	8

In 2025 and 2024, allowances related to write downs of excess and obsolete inventories were immaterial

and recognized as expense within cost of product sales in the Consolidated Statements of Comprehensive

Income.


	Accounting Policies

Inventories are measured at the lower of cost and net realizable value with costs determined on a first-

in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly

from third-party providers of manufacturing as well as costs related to internal resources and distribution

and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period

and will write down excess or obsolete inventories to their net realizable value in the period in which the

impairment is identified. Write downs of inventory are included within Cost of product sales in the

Consolidated Statements of Comprehensive Income.

Included in inventories are materials with the intended purpose of being made available for sale. If the

materials are later used in the production of clinical products, the materials are charged to research and

development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used

in Genmab’s research and development process (e.g., early research/clinical trials) are immediately

expensed to research and development as incurred.

Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is written down to its

net realizable value (that is the probable amount expected to be realized from its sale or use at the time of

production). The amount of this write down is recognized in the Consolidated Statements

of Comprehensive Income as research and development expenses. Once there is a high probability of

regulatory approval being obtained for the product, inventory costs begin to be capitalized. Additionally, the

write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized

as a reduction to research and development expenses in the Consolidated Statements of Comprehensive

Income.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	129

Financial Statements for the Genmab Group

3.6 - Receivables


	December 31,	December 31,	January 1,
	2025	2024	2024
Receivables related to collaboration agreements	907	761	615
Prepayments	65	36	36
Trade receivables related to product sales	96	65	27
Interest receivables	4	19	22
Other receivables	62	49	43
Total	1,134	930	743
Non-current receivables	22	7	10
Current receivables	1,112	923	733
Total	1,134	930	743

During 2025 and 2024, there were immaterial and no losses, respectively, related to receivables and the

credit risk on receivables is considered to be limited. The provision for expected credit losses was zero

given that there have been no credit losses over the last three years and the limited credit risk due to high-

quality nature with high credit ratings (top tier life science companies and major distributors) of Genmab’s

customers are not likely to result in future default risk.

The receivables are mainly comprised of royalties, trade receivables, milestones and amounts due under

collaboration agreements and are non-interest bearing receivables which are due less than one year from

the balance sheet date.

Refer to Note 4.2 for additional information about interest receivables and related credit risk.


	Accounting Policies

Initially, trade receivables are designated as financial assets measured at transaction price and other

receivables are measured at fair value. Subsequently receivables are measured in the balance sheet

at amortized cost, which generally corresponds to nominal value less expected credit losses.

Accounts receivable arising from product sales consists of amounts due from customers, net of customer

allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab’s contracts

with customers have initial payment terms that range from 30 to 180 days.

Management measures allowance for doubtful trade receivables based on the simplified approach to

provide for expected credit losses, which requires the use of the lifetime expected loss provision for all

trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days

past due.

Loss allowance is calculated using historical analysis of customer payments, past due customer invoice

activity, Dun & Bradstreet credit risk management reports, and specific customer knowledge.

Prepayments include expenditures related to a future financial period. Prepayments are measured at cost.

3.7 - Contract Liabilities


	December 31,	December 31,	January 1,
	2025	2024	2024
Contract liabilities at January 1	70	76	74
Consideration received	14	—	—
Additions from asset acquisition	51	—	—
Revenue recognized during the year	(16)	(1)	—
Exchange rate adjustment	—	(5)	2
Total	119	70	76
Non-current contract liabilities	95	67	71
Current contract liabilities	24	3	5
Total	119	70	76

Contract liabilities relate to the AbbVie collaboration agreement and contract liabilities assumed as part of

the acquisition of Merus.

Under the AbbVie collaboration agreement, Genmab received a non-refundable upfront payment of

$750 million in July 2020, of which $673 million was recognized as license revenue during 2020. The

revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to

be identified and subject to a research agreement to be negotiated between Genmab and AbbVie. During

the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that

governs the research and development activities in regard to the product concepts.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	130

Financial Statements for the Genmab Group

As part of the continued evaluation of contract liabilities related to the AbbVie collaboration agreement,

Genmab’s classification of contract liabilities reflects the current estimate of co-development activities as of

December 31, 2025. Contract liabilities related to AbbVie have been recognized as reimbursement revenue

in the Consolidated Statements of Comprehensive Income. The amounts recognized in 2025 and 2024

were not material.

Contract liabilities assumed in the acquisition of Merus primarily relate to a collaboration, option and

license agreement between Merus and Gilead Sciences, Inc. (Gilead), under which Merus granted Gilead

access to certain intellectual property and committed to perform related research and collaboration

activities. At inception of the arrangement, Merus identified a performance obligation consisting of research

services and deferred the consideration allocated to this performance obligation. Following the acquisition,

contract liabilities of $51 million were recognized, primarily relating to the Gilead collaboration agreement,

which accounted for $49 million of the additions. The contract liabilities assumed from the acquisition of

Merus are recognized as reimbursement revenue in the Consolidated Statements of Comprehensive

Income over time as the related performance obligations are satisfied.

Refer to Note 5.6 for additional information related to the AbbVie and Gilead collaborations.

3.8 - Other Payables


	December 31,	December 31,	January 1,
	2025	2024	2024
Liabilities related to collaboration agreements	79	39	22
Staff cost liabilities	171	102	94
Accounts payable	145	90	49
Other liabilities	679	263	182
Total	1,074	494	347
Non-current other payables	5	5	5
Current other payables	1,069	489	342
Total	1,074	494	347


	Accounting Policies

Other payables, excluding provisions, are initially measured at fair value and subsequently measured in the

balance sheet at amortized cost.

The current other payables are comprised of liabilities that are due less than one year from the balance

sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial

year. The $580 million increase in current other payables is primarily related to the expansion of our

product pipeline as well as accrued termination costs associated with the discontinuance of the

acasunlimab program during the fourth quarter of 2025.

Non-current payables are measured at the present value of the expenditures expected to be required to

settle the obligation using a pre-tax discount rate that reflects current market assessments of the time

value of money and the risks specific to the obligation. The increase in the liability due to passage of time

is recognized as interest expense.

Accounts Payable

Accounts payable are measured in the Consolidated Balance Sheets at amortized cost.

Other Liabilities

Other liabilities primarily include accrued expenses related to our research and development project costs

and are measured in the Consolidated Balance Sheets at amortized cost.

Refer to Note 2.3 for accounting policies related to staff costs.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	131

Financial Statements for the Genmab Group

Section 4 - Capital Structure,

Financial Risk and Related Items

This section includes disclosures related to how Genmab manages its

capital structure, cash position and related risks and items. Genmab is

primarily financed through partnership collaborations.

4.1 - Capital Management

Genmab’s goal is to maintain a strong capital base so as to maintain investor, creditor and market

confidence, and to have adequate liquidity to support the continuous advancement of Genmab’s product

pipeline and business in general. To achieve this goal Genmab invests in different liquidity tiers. To meet

operational goals, Genmab invests in cash and cash equivalents and marketable securities. To ensure

sufficient reserves, Genmab invests in short-term securities with an average duration of about six months,

which serves as back-up liquidity for the operating tier. For strategic purposes, Genmab has short term

investments to support the Company’s growth over the longer term. Most of Genmab’s cash and

marketable securities are in USD due to having a larger USD expenditure base than DKK, which provides

better matching of investment balances with actual expenditures. Genmab is primarily financed through

revenues under various collaboration agreements and had, as of December 31, 2025, cash, and cash

equivalents of $1,715 million compared to $1,380 million as of December 31,2024. There were no

marketable securities as of December 31, 2025 compared to marketable securities of $1,574 million as of

December 31, 2024. Genmab liquidated all marketable securities and incurred $5.5 billion of borrowings to

contribute to the financing of the Merus acquisition in December 2025. Genmab’s cash and cash

equivalents and marketable securities support the advancement of our product pipeline and operations.

Genmab entered into financing arrangements total $5.5 billion, consisting of senior secured notes, senior

unsecured notes, and term loans to contribute to the financing of the Merus acquisition. Genmab has

access to up to $500 million in additional funds through the 2025 Revolving Credit Facility. Refer to Note

4.8 for additional information related to the revolving credit facility and existing borrowings.

The adequacy of our available funds will depend on many factors, including the level of DARZALEX and

other royalty streams, progress in our research and development programs, the magnitude of those

programs, our commitments to existing and new clinical collaborators, our ability to establish commercial

and licensing arrangements, our capital expenditures, market developments, and any future acquisitions.

Because Genmab’s future commercial potential and operating profits are hard to predict, Genmab’s policy

is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a

continuous advancement of Genmab’s product pipeline and business in general.

The Board monitors the share and capital structure to ensure that Genmab’s capital resources support its

strategic goals.

4.2 - Financial Risk

The financial risks of Genmab are managed centrally.

The overall risk management guidelines have been approved by the Board of Directors and include

the Group’s investment policies related to our marketable securities and interest rate risk related to

borrowings. The Group’s risk management guidelines are established to identify and analyze the risks

faced by the Genmab Group, to set the appropriate risk limits and controls and to monitor the risks and

adherence to limits. It is Genmab’s policy not to actively speculate in financial risks. The Group’s financial

risk management is directed solely towards monitoring and reducing financial risks which are directly

related to Genmab’s operations.

Management ensures that the interest rate risk is managed by Treasury in accordance with the Interest

Risk Policy. Interest rate risk relates mainly to outstanding interest-bearing debt with floating interest rates.

Interest rate risk management is handled centrally by the Parent Company.

The primary objective of Genmab’s investment activities is to preserve capital and ensure liquidity with

a secondary objective of maximizing the return derived from security investments without significantly

increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for

which investments (which are primarily shorter-term in nature) are considered to be eligible investments for

Genmab and which investment parameters are to be applied, including maturity limitations and credit

ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the

risk of loss resulting from over-concentration of assets in a specific class, issuer, currency, country, or

economic sector.

Genmab’s marketable securities are administered by external investment managers. The investment

guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab’s

activities and financial position. Genmab’s investment policy allows investments in debt rated BBB- or

greater by S&P or Fitch and in debt rated Baa3 or greater by Moody’s. The policy also includes additional

allowable investment types such as corporate debt, commercial paper, certificates of deposit, and certain

types of AAA rated asset-backed securities.

In addition to the capital management and financing risk mentioned in Note 4.1, Genmab has identified the

following key financial risk areas, which are mainly related to our marketable securities portfolio and

borrowings:


⬤	credit risk;
⬤	foreign currency risk; and
⬤	interest rate risk


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	132

Financial Statements for the Genmab Group

All of Genmab’s marketable securities are traded in established markets. Given the current market

conditions, all future cash inflows, including re-investments of proceeds from the disposal of marketable

securities, are invested in highly liquid, investment grade securities.

Refer to Note 4.4 for additional information regarding marketable securities.

Credit Risk

Genmab is exposed to credit risk and losses on marketable securities, bank deposits and receivables. The

maximum credit exposure related to Genmab’s cash and cash equivalents and marketable securities was

$1,715 million as of December 31, 2025 compared to $2,954 million as of December 31, 2024. The

maximum credit exposure to Genmab’s receivables was $1,134 million as of December 31, 2025

compared to $930 million as of December 31, 2024.

Genmab maintains a large portion of its investment portfolio in cash equivalents and marketable securities

in USD as well as a portion of cash equivalents and marketable securities in DKK, EUR and GBP as a

natural partial hedge of Genmab A/S’s liability exposures in those currencies.

Marketable Securities

To manage and reduce credit risks on our securities, Genmab’s policy is to ensure only securities from

investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted

if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating

shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of

the rating agencies listed below, the credit assessment is made against the lowest rating available for the

issuer.


Category	S&P	Moody’s	Fitch
Short-term	A-2	P-2	F-2
Long-term	BBB-	Baa3	BBB-

As of December 31, 2024, 71% of Genmab’s $1,574 million marketable securities were long-term A rated

or higher, or short-term A-1 / P-1 rated by S&P, Moody’s or Fitch. Genmab did not have any marketable

securities as of December 31, 2025, as they were liquidated to contribute to the financing of the

Merus acquisition.

Cash and Cash Equivalents

To reduce the credit risk on our bank deposits, Genmab’s policy is only to invest its cash deposits with

highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P

rating of at least F‑1 and A‑1, respectively. In addition, Genmab maintains bank deposits at a level

necessary to support the short-term funding requirements of Genmab. The total value of bank deposits

including AAA rated money market funds and short-term marketable securities classified as cash

equivalents amounted to 1,380 million at the end of 2024. There were no short term marketable securities

classified as cash and cash equivalents as of December 31, 2025. The decrease was primarily the result of

cash used to acquire Merus in December 2025.

Receivables

The credit risk related to our receivables is not significant, despite a concentration of credit risk, due to the

high-quality nature of Genmab’s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche,

AbbVie and BioNTech are Genmab’s primary collaboration partners in which receivables are established

for royalties, milestone revenue and reimbursement revenue. These collaboration partners are life sciences

companies with strong credit worthiness and long-standing relationships with Genmab. Additionally,

Genmab does not have a history of writing off receivables from collaboration partners.

Foreign Currency Risk

Genmab and its foreign subsidiaries are not significantly affected by currency risks as both revenues and

expenses are primarily settled in the foreign subsidiaries’ functional currencies.

The majority of Genmab’s revenue is generated in USD. Exchange rate changes to the USD, prior to

Genmab A/S changing its functional and group presentation currency from DKK to USD effective January

1, 2025, resulted in changes to the translated value of future net profit before tax and cash flows.

Genmab’s revenue in USD was 81% of total revenue in 2025 as compared to 79% in 2024 and 86%

in 2023.

Under our license agreement with J&J for DARZALEX, for purposes of calculating royalties due to

Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at

a specified annual Currency Hedge Rate. Movements in foreign exchanges against the annual Currency

Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and

cash flows.

There is also exposure that exchange rate fluctuations may impact equity as part of the currency

translation adjustments required to convert the investments in foreign subsidiaries from their respective

functional currencies to the presentation currency of USD during consolidation, however any such

fluctuations would be immaterial.

To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment

portfolio in cash equivalents and marketable securities in USD as well as a portion of cash equivalents and

marketable securities in DKK, EUR and GBP as a natural partial hedge of Genmab A/S’s liability exposures

in those currencies.


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	133

Financial Statements for the Genmab Group

Assets and Liabilities in Foreign Currency

Genmab’s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total

marketable securities were as follows:


	2025		2024
Percent
USD	—	%	76	%
DKK	—	%	15	%
EUR	—	%	8	%
GBP	—	%	1	%
Total at December 31	—	%	100	%

Genmab’s USD currency exposure, prior to Genmab A/S changing its functional and group presentation

currency from DKK to USD effective January 1, 2025, mainly related to cash and cash equivalents,

marketable securities, and receivables related to our collaborations with J&J, AbbVie, and Roche. Prior to

January 1, 2025, significant changes in the exchange rate of USD to DKK have caused net profit before tax

to change materially as gains and losses are recognized in the Consolidated Statements of

Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of

December 31, 2024, a 10% increase/decrease in the USD to DKK exchange rate was estimated to impact

Genmab’s net profit before tax by approximately $266 million. The analysis assumed that all other

variables, in particular interest rates, remain constant. The movements in the income statement and equity

arise from monetary items (cash and cash equivalents, marketable securities, receivables, and liabilities)

where the functional currency of the entity differs from the currency that the monetary items are

denominated in. As of December 31, 2025, Genmab’s DKK exposure is not material.

Genmab’s EUR exposure is mainly related to our marketable securities, receivables under our

collaboration with BioNTech, intangible assets acquired through the acquisition of Merus and other costs

denominated in EUR. As of December 31, 2025 and 2024, Genmab’s EUR exposure is not material.

Genmab’s GBP currency exposure is mainly related to contracts and marketable securities denominated in

GBP. As of December 31, 2025 and 2024, Genmab’s GBP exposure is not material.

Interest Rate Risk

Genmab is exposed to interest rate risk as the Senior Unsecured Notes of $1 billion and Senior Secured

Notes of $1.5 billion have fixed rates, and Term Loan A of $1 billion and Term Loan B of $2 billion have

been partially swapped to fixed rates using hedging instruments effective January 2026 and Genmab

intends to apply hedge accounting. The effectiveness of the hedging instruments will be monitored by

Management on a quarterly basis. Genmab’s exposure to interest rate risk as of December 31, 2025 is low

due to the debt issuance, and related interest rate exposure, occurring in December 2025.

An interest rate change on Term Loan A and Term Loan B of +/- 1 percentage point would not materially

decrease/increase net profit before tax in 2025, primarily due to the loans being acquired in December

2025. There was no interest-bearing debt in 2024.

For more information on Genmab’s borrowings refer to Note 4.8.

Marketable Securities

The securities in which the Group has invested bear interest rate risk, as a change in market-derived

interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective

of the investment activities, the portfolio of securities is monitored on a total return basis.

To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of

securities with a relatively short effective duration with both fixed and variable interest rates.

A sensitivity analysis was performed on Genmab’s marketable securities, and based on exposures in 2024

and 2025, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the

fair values of these financial instruments. Due to the short-term nature of the current investments and to

the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair

value due to interest rate changes is considered to be insignificant compared to the fair value of the

portfolio.


	2025	2024
Year of Maturity
2025	—	700
2026	—	449
2027	—	324
2028	—	46
2029	—	22
2030+	—	33
Total at December 31	—	1,574


Management’s Review	Financial Statements	Other Information	Genmab 2025 Annual Report	134

Financial Statements for the Genmab Group

4.3 - Financial Assets and Liabilities

Categories Of Financial Assets And Liabilities


		December 31,
	Note	2025	2024
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	—	1,574
Other investments	3.4	37	32
Financial assets measured at amortized cost
Receivables excluding prepayments	3.6	1,069	894
Cash and cash equivalents		1,715	1,380
Financial liabilities measured at amortized cost
Borrowings	4.8	(5,274)	—
Lease liabilities	3.3	(152)	(144)
Other payables excluding provisions	3.8	(1,069)	(489)

Fair Value Measurement


		December 31,
		2025				2024
	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets Measured at Fair Value
Marketable securities	4.4	—	—	—	—	1,574	—	—	1,574
Other investments	3.4	9	2	26	37	5	2	25	32

Marketable Securities

Substantially all fair market values are determined by reference to external sources using unadjusted

quoted prices in established markets for our marketable securities (Level 1).

Other Investments