
Interim Report for the First Nine Months of 2022
Company Announcement no. 55
1560 Copenhagen V, Denmark
Net cash (used in) investing activities primarily reflects differences between the proceeds received from
the sale and maturity of our investments and amounts invested, and the cash paid for investments in
tangible assets. Purchases of marketable securities exceeded sales and maturities to a greater extent in
the first nine months of 2022 compared to the first nine months of 2021. For the first nine months of 2021,
investing activities also include the proceeds from the sale of CureVac shares of DKK 438 million. There
were no sales of other investments in the first nine months of 2022.
Net cash (used in) / provided by financing activities is primarily related to the 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 in cash used in financing activities for the periods is
primarily driven by cash payments for the purchase of treasury shares of DKK 908 million in the first nine
months of 2022 compared to DKK 447 million in the first nine months of 2021.
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 USD. The
increase in exchange rate adjustments results from the USD strengthening against the DKK to a much
greater extent in the first nine months of 2022 compared to the first nine months of 2021.
Genmab’s USD denominated cash and cash equivalents, and marketable securities represented 89% of
Genmab’s total cash and cash equivalents, and marketable securities as of September 30, 2022
compared to 86% as of December 31, 2021.
Cash and cash equivalents included short-term marketable securities of DKK 1,295 million as of
September 30, 2022 compared to DKK 296 million as of December 31, 2021. In accordance with our
accounting policy, securities purchased with a maturity of less than ninety days at the date of acquisition
are classified as cash and cash equivalents. Refer to Financial Statement Note 3 in this interim report for
further details about our marketable securities.
Key Developments to Cash Flows - Third Quarter of 2022
No significant key developments other than the items described above.
Balance Sheet
As of September 30, 2022, total assets were DKK 30,686 million compared to DKK 24,627 million on
December 31, 2021. As of September 30, 2022, assets were mainly comprised of marketable securities
of DKK 13,411 million, cash and cash equivalents of DKK 10,377 million and current receivables of DKK
4,951 million. The current receivables consist primarily of amounts related to royalties from our
collaboration agreements.
As of September 30, 2022, total liabilities were DKK 4,029 million compared to DKK 2,431 million on
December 31, 2021. The increase in total liabilities of DKK 1,598 million, or 66%, was primarily driven by
the increase in corporate tax payable due to Genmab’s net result before tax and timing of estimated tax
payments, and increase in accrued research and development costs related to the continued
advancement of Genmab projects.
Shareholders’ equity as of September 30, 2022 was DKK 26,657 million compared to DKK 22,196 million
on December 31, 2021. The increase of DKK 4,461 million, or 20%, was driven primarily by Genmab’s
net profit and share-based compensation expense related to the issuance of shares under Genmab’s
warrant and RSU programs, partly offset by the purchase of treasury shares during the period. Genmab’s
equity ratio was 87% as of September 30, 2022 compared to 90% as of December 31, 2021.