{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "GEN": "http://xbrl.genmab.com/2022-12-31", "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://xbrl.genmab.com/2022-12-31/529900MTJPDPE4MHJ122-2022-12-31.xsd" ] }, "facts": { "pp-value-2-1": { "value": "Genmab A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-1": { "value": "Kalvebod Brygge 43 1560 Copenhagen VDenmarkGenmab A/SThese 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 \u201cGenmab\u201d or the \u201cCompany\u201d.This section describes Genmab\u2019s financial accounting policies including management\u2019s judgements and estimates under International Financial Reporting Standards (IFRS). New or revised EU endorsed accounting standards and interpretations are described, in addition to how these changes are expected to impact the financial performance and reporting of Genmab.Genmab describes the accounting policies in conjunction with each note with the aim to provide a more understandable description of each accounting area.ESEF Reporting Genmab is required to file the Annual Report in the European Single Electronic Format (ESEF) using the XHTML format and to tag the consoli-dated financial statements including notes using Inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. The annual report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named 529900MTJPDPE4MHJ122-2022-12-31-en.zip.1.1Nature of the Business and Accounting PoliciesGenmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has five approved products commer-cialized by third parties, one approved product that is jointly commercialized with a collaboration partner, a broad clinical and pre-clinical product pipeline and proprietary next-generation antibody technologies.The consoli-dated financial statements were approved by the Board of Directors and authorized for issue on February 22, 2023.Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2021.Please refer to the overview below to see in which note/section the detailed accounting policy is included.Section 2 Results for the Year 2.1 Revenue2.2 Information about Geographical Areas2.3 Staff Costs2.4 Corporate and Deferred Tax2.5 Profit per Share Section 3 Operating Assets and Liabilities3.1 Intangible Assets3.2 Property and Equipment3.3 Leases 3.4 Other Investments3.5 Receivables3.7 Other PayablesSection 4 Capital Structure, Financial Risk and Related Items4.3 Financial Assets and Liabilities4.4 Marketable Securities4.5 Financial Income and Expenses4.6 Share-Based InstrumentsBasis of PresentationSection 1Danish Financial Statements Act.The consolidated financial statements have beenprepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further requirements in the Section 1 Basis of Presentation | 1.1 Nature of the Business and Accounting PoliciesMaterialityGenmab\u2019s 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 trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consol-idated 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 financial statements or in the notes.The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers ofthe financial statements or not applicable.Consolidated Financial StatementsThe 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 invest-ments either directly or indirectly in the following subsidiaries:NameDomicileOwnership and votes 2022Ownership and votes 2021Genmab B.V.Utrecht, the Netherlands100%100%Genmab Holding B.V.Utrecht, the Netherlands100%100%Genmab US, Inc.New Jersey, USA100%100%Genmab K.K.Tokyo, Japan100%100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement 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. Exchangerate gains and losses arising between the trans-action date and the balance sheet date are recognized in the income statement as financial income or expense.Section 1 Basis of Presentation | 1.1 Nature of the Business and Accounting PoliciesClassification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee-related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, pre-clinical costs, clinical trials, contractors and outside service fees, amortization and impair-ment 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\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, 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 depart-ments. 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 income statement in the period to which they relate.Statements of Cash FlowsThe 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 net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, 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 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 purchases and sales of marketable securities and other investments, as well as purchases of 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 payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash,bank deposits, and marketable securities with a maturity of less than ninety days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.Treasury SharesThe 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.Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. 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\u2019s license agreements with Janssen, 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.Joint Collaborative AgreementsGenmab has entered into a number of joint collab-orative agreements. These agreements often include upfront payments, expense reimburse-ments or payments to the collaboration partner, and milestone and royalty arrangements, contin-gent 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 2022, Genmab\u2019s more significant collaboration agreements are with AbbVie (Epcoritamab), Seagen (Tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Section 1 Basis of Presentation | 1.2 New Accounting Policies and Disclosures1.2New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2022Genmab has, with effect from January 1, 2022, implemented the following standards and amendments:Amendments to IFRS 3 Business Combinations;Amendments to IAS 16 Property, Plant and Equipment;Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets; andAnnual Improvements 2018\u20132020All of the above amendments were issued on May 14, 2020. The implementation of these amendments 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 2023 or LaterThe IASB has issued a number of new standards and updated some existing standards, the majority of which are effective for accounting periods beginning on January 1, 2023 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Genmab in current or future reporting periods and on foreseeable future transactions.1.3Management\u2019s Judgements and Estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management\u2019s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the applica-tion of accounting policies, as well as reported amounts within the consolidated financial state-ments and disclosures.Determining the carrying amount of certain assetsand 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 informa-tion 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 consoli-dated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consol-idated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.Accounting PolicyKey Accounting Estimates and JudgementsNote ReferenceEstimation RiskRevenue RecognitionEstimation of partner net sales amounts in the calculation of royaltiesJudgement in assessing the probability of attainment of milestonesEstimation of variable considerationJudgement in assessing the nature of combined performance obligations within contractsNote 2.1Moderate/HighShare Based CompensationJudgement in selecting assumptions required for valuation of warrant grantsNote 4.6ModerateCurrent and deferred income taxesJudgement and estimation regarding valuation of deferred income tax assetsEstimation in developing the provision for any uncertain tax positionsNote 2.4ModerateIntangible assetsJudgement in determining impairment of an intangible assetNote 3.1LowResults for the YearThis section includes disclosures related to revenue, information about geographical areas, staff costs, corporate and deferred tax and profit per share. A detailed description of the results for the year is provided in the Financial Review section in the Management\u2019s Review.Section 22.1Revenue(DKK million)202220212020Revenue by type:Royalties11,6726,9774,741Reimbursement revenue818531431Milestone revenue1,767954351License revenue6\u20134,588Collaboration revenue33220\u2013Total14,5958,48210,111Revenue by collaboration partner:Janssen10,6206,8474,693AbbVie1,1742454,398Roche796603305Novartis815236212BioNTech708416230Seagen413135201Other69\u201372Total14,5958,48210,111Royalties by product:DARZALEX10,0566,1354,419TEPEZZA796593298Kesimpta77923510Other411414Total11,6726,9774,741Accounting PoliciesGenmab 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 iden-tifies 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 obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s 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\u2019s Section 2 Results for the Year | 2.1 Revenuelicense and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include the provisions for reimbursement or cost sharing for research and development services and payment for 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\u2019s license and collaboration agreements include devel-opment, 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 perfor-mance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenueas or when the performance obligations under the contract are satisfied. At the end of each subse-quent reporting period, Genmab re-evaluates the probability of achievement of such development 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\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s 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 trans-ferred 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\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes net profit sharing arrangements for the sale of commercial products. When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2022, Genmab has not recorded any net product sales. When Genmab\u2019s collabo-ration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of net profits for the sale of commercial products is included in collaboration revenue.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Management\u2019s Judgements and Estimates \u2014 Revenue RecognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires management\u2019s judgement to assess and determine the following:An estimation of partner net sales amounts in determination of the calculation of royalties.An assessment of whether the achievement of milestone payments is highly probable.An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilitiesof technical and regulatory success.The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determinewhether the performance obligations are satisfied over time or at a point in time.Section 2 Results for the Year | 2.2 Information about Geographical Areas2.2Information about Geographical AreasGenmab 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 geograph-ical 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\u2019s business activities are not organized on the basis of differences in related product and geographical areas.RevenueNon-currentassetsRevenueNon-current assetsRevenueNon-current assets(DKK million)202220212020Denmark14,5952118,48226910,111344Netherlands\u2013793\u2013422\u2013380United States\u2013442\u2013470\u2013370Japan\u201370\u201395\u2013\u2013Total14,5951,5168,4821,25610,1111,094Accounting PoliciesGeographical information is presented for Genmab\u2019s 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, property and equipment, right-of-use assets and receivables.2.3Staff Costs(DKK million)202220212020Wages and salaries1,9131,174694Share-based compensation439310200Defined contribution plans1128051Other social security costs263155108Government grants(144)(122)(119)Total2,5831,597934Staff costs are included in the income statement as follows:Research and development expenses1,6621,190803Selling, general and administrative expenses1,065529250Government grants related to research and development expenses(144)(122)(119)Total2,5831,597934Average number of FTE1,4601,022656Number of FTE at year-end1,6601,212781Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management.Section 2 Results for the Year | 2.4 Corporate and Deferred Tax2.4Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million)202220212020Current tax on profit1,4989681,191Adjustment to deferred tax107(371)(112)Adjustment to unrecognized deferred tax assets(92)37867Total tax for the period in the income statement1,5139751,146(DKK million)202220212020Net profit before tax7,0353,9835,904Tax at the Danish corporation tax rate of 22% for all periods1,5488761,299Tax effect of:Adjustment to unrecognized deferred tax assets(92)13767Recognition of previously unrecognized tax losses and deductible temporary differences(12)119(222)Non-deductible expenses/non-taxable income and other permanent differences, net(147)(5)All other(10)7Total tax effect(35)99(153)Total tax for the period in the income statement1,5139751,146Total tax for the period in shareholders\u2019 equity(22)(31)(44)Effective Tax Rate21.5%24.5%19.4%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,513 million in 2022, DKK 975 million in 2021 and DKK 1,146 million in 2020. Tax expenses of DKK 22 million, DKK 31 million, and DKK 44 million related to excess tax benefits for share-based compensation were recorded directly in shareholders\u2019 equity, in 2022, 2021, and 2020, respectively.Taxation \u2014 Balance SheetSignificant components of the deferred tax asset are as follows:(DKK million)20222021Share-based instruments128136Deferred revenue113113Other temporary differences1115Total Deferred Taxes252264Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized.As of December 31, 2022, and 2021, Genmab hadgross tax loss carryforwards of DKK 3.2 billion and DKK 2.7 billion, respectively, to reduce future taxable income in the U.S. and the Netherlands. The loss carryforwards generally expire in various periods through 2037; however, U.S. tax losses originating after 2017 and tax losses in the Netherlands available as of December 31, 2022, can be carried forward indefinitely.Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the 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.Genmab\u2019s 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 contribu-tions are included in other payables.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 associ-ated work.Staff CostsAccounting PoliciesThe Dutch Research and Development Act \u201cWBSO\u201d provides compensation for a part of research and development wages and other coststhrough a reduction in payroll taxes. WBSO grant amounts are offset against wages and salaries and included in research and development expenses in the income statement.Government GrantsSection 2 Results for the Year | 2.5 Profit Per Sharetax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive 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 TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences betweenthe 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 asa 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.Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a 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 future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. 2.5Profit Per Share(DKK million)202220212020Net profit5,5223,0084,758(Shares)Average number of shares outstanding65,783,13065,634,30065,315,975Average number of treasury shares(395,829)(238,663)(136,969)Average number of shares excl. treasury shares65,387,30165,395,63765,179,006Average number of share-based instruments, dilution622,303650,114706,869Average number of shares, diluted66,009,60466,045,75165,885,875Basic net profit per share84.4546.0073.00Diluted net profit per share83.6545.5472.21In the calculation of the diluted net profit per share for 2022, 68,728 warrants (none of which were vested) have been excluded as these share-based instruments are out of the money, compared to 43,654 and 68,605 (none of which were vested) for 2021 and 2020, respectively.Accounting PoliciesBasic Net Profit per ShareBasic 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 ShareDiluted 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.Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. Therecognition of deferred tax assets will result in a decrease to income tax expense in such period. Operating Assets and LiabilitiesThis section covers the operating assets and related liabilities that form the basis for Genmab\u2019s activities. Deferred tax assets and liabilities are included in Note 2.4. Assets related to Genmab\u2019s financing activities are shown in section 4.Section 33.1Intangible AssetsLicenses, Rights, andPatents(DKK million)20222021Cost at January 1891891Cost at December 31891891Accumulated amortization and impairment at January 1(637)(553)Amortization for the year(70)(84)Impairment for the year(38)\u2013Accumulated amortization and impairment at December 31(745)(637)Carrying amount of Intangible Assets at December 31146254(DKK million)202220212020Amortization and impairment included in the income statement as follows:Research and development expenses10884131Total10884131Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, 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.Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified 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 intan-gible 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.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization Section 3 Operating Assets and Liabilities | 3.2 Property and Equipmentof intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.Management\u2019s Judgements and EstimatesImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, 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 generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recover-able amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intan-gible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.3.2Property and Equipment(DKK million)Leasehold improvementsEquipment, furniture andfixturesAssets underconstructionTotal property and equipment2022Cost at January 140053752989Additions for the year5118181304Disposals for the year(8)(13)\u2013(21)Exchange rate adjustment157\u201322Cost at December 314126492331,294Accumulated depreciation and impairment at January 1(90)(278)\u2013(368)Depreciation for the year(52)(94)\u2013(146)Exchange rate adjustment(1)(2)\u2013(3)Accumulated depreciation on disposals1111\u201322Accumulated depreciation and impairment at December 31(132)(363)\u2013(495)Carrying amount at December 312802862337992021Cost at January 128741614717Additions for the year29120111260Transfers between the classes703(73)\u2013Disposals for the year\u2013(9)\u2013(9)Exchange rate adjustment147\u201321Cost at December 3140053752989Accumulated depreciation and impairment at January 1(43)(221)\u2013(264)Depreciation for the year(46)(64)\u2013(110)Exchange rate adjustment(1)(2)\u2013(3)Accumulated depreciation on disposals\u20139\u20139Accumulated depreciation and impairment at December 31(90)(278)\u2013(368)Carrying amount at December 3131025952621(DKK million)202220212020Depreciation and impairmentincluded in the income statement as follows:Research and development expenses1089369Selling, general and administrative expenses381710Total14611079Capital expenditures in 2022 and 2021 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion 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.3.3LeasesGenmab has entered into lease agreements with respect to office and laboratory space, and IT equipment. The expense, lease liability, and right-of-use assets balances related to IT equipment are immaterial. The leases are non-cancellable over various periods through 2038.(DKK million)December 31, 2022December 31, 2021December 31, 2020Right-of-use assets1Balance at January3542831771Additions to right-of-use assets243127142Depreciation charge for the year(74)(56)(36)Balance at December 31523354283Lease liabilitiesCurrent746242Non-current523363277Total lease liabilities597425319Cash outflow for lease payments8870531. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.Variable lease payments, short-term leases, lease interest expense, and sublease income are immaterial.Future minimum payments under leases as of December 31, 2022, December 31, 2021, and December 31, 2020, are as follows:(DKK million)202220212020Payment dueLess than 1 year8974531 to 3 years16710985More than 3 years but less than 5 years1369762More than 5 years271207194Total663487394Future minimum payments under our leases with commencement dates after December 31, 2022 are not included in the table above.Significant Leases Not Yet CommencedDuring 2020, Genmab entered into a lease agreement with respect to the new headquarters in Denmark with a commencement date in March 2023 and is non-cancellable until March 2038. The total future minimum payments over the term of the lease are approximately DKK 339 million and estimated capital expenditures to fit out the space are approximately DKK 128 million.Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (\u201cROU\u201d) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review 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 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 income statement when the impairment is identified.DepreciationDepreciation 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\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation 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.Section 3 Operating Assets and Liabilities | 3.4 Other InvestmentsROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019suseful life or the lease term on a straight-line basis. In the income statement, lease costs are replaced by depreciation of the ROU asset recog-nized 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 IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negoti-ated 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 include the net present value of fixed payments, less any lease incentives. As Genmab\u2019s leases generally do not provide an implicit interestrate, 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 income statement.3.4Other Investments(DKK million)December 31, 2022December 31, 2021Publicly traded equity securities67344Fund investments6627Total other investments133371Other investments include investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrangements, as well as investments in certain strategic investment funds. The decrease in other investments was primarily driven by the decrease in fair value of Genmab\u2019s investment in common shares of CureVac N.V. (\u201cCureVac\u201d).Accounting PoliciesOther investments are measured on initial recog-nition at fair value, and subsequently at fair value. Changes in fair value are recognized in the incomestatement within financial income or expense.3.5Receivables(DKK million)20222021Receivables related to collaboration agreements5,2662,979Interest receivables8237Other receivables176160Receivables for securities matured290\u2013Prepayments144218Total at December 315,9583,394Non-current receivables4827Current receivables5,9103,367Total at December 315,9583,394During 2022 and 2021, there were no losses related to receivables and the credit risk on receiv-ables is considered to be limited. The provision forexpected credit losses was not significant given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies) of Genmab\u2019s customers are not likely to result in future default risk.The receivables are mainly comprised of royalties, milestones and amounts due under collaboration agreements and are non-interest bearing receiv-ables 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 PoliciesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.Section 3 Operating Assets and Liabilities | 3.6 Deferred Revenue3.6Deferred RevenueGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million)20222021Deferred revenue at January 1513513Payment received\u2013\u2013Revenue recognized during the year\u2013\u2013Total at December 31513513Non-current deferred revenue480487Current deferred revenue3326Total at December 31513513Deferred revenue was recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 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 controlled under a research agreement to be negotiated between Genmab and AbbVie. One of the product concepts will comprise of or contain Genmab antibodies conjugated with AbbVie\u2019s payload linker technology and the other three product concepts will comprise of or contain CD3 DuoBody bispecific antibodies and AbbVie propri-etary antibodies.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.As of December 31, 2022, two of the four product concepts have been selected for research and development. As part of the continued evalua-tion of deferred revenue related to the AbbVie collaboration agreement, Genmab\u2019s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2022. None of the deferred revenue was recognized as reim-bursement revenue in 2022, 2021 or 2020.Refer to Note 2.1 for additional information related to the AbbVie collaboration.3.7Other Payables(DKK million)20222021Liabilities related to collaboration agreements7053Staff cost liabilities481296Other liabilities919781Provisions1213Accounts payable245350Total at December 311,7271,493Non-current other payables1113Current other payables1,7161,480Total at December 311,7271,493Accounting PoliciesOther 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.Non-current payables are measured at the presentvalue 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 PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and develop-ment project costs.Refer to Note 2.3 for accounting policies related to staff costs.4.1Capital ManagementGenmab\u2019s goal is to maintain a strong capital baseso as to maintain investor, creditor and market confidence, and a continuous advancement of Genmab\u2019s product pipeline and business in general.Genmab is primarily financed through revenues under various collaboration agreements and had, as of December 31, 2022, cash and cash equivalents of DKK 9,893 million and marketable securities of DKK 12,431 million compared to DKK 8,957 million and DKK 10,381 million, respec-tively, as of December 31, 2021. Genmab\u2019s cash and cash equivalents and marketable securities support the advancement of our product pipeline and operations.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. Accordingly, Genmab may require additional fundsand may attempt to raise additional funds throughequity or debt financings, collaborative agree-ments with partners, or from other sources.The Board of Directors monitors the share and capital structure to ensure that Genmab\u2019s capital resources support its strategic goals.Neither Genmab A/S nor any of its subsid-iaries are subject to externally imposed capital requirements.4.2Financial RiskThe financial risks of the Genmab Group are managed centrally.The overall risk management guidelines have been approved by the Board of Directors and include the Group\u2019s investment policy related to our marketable securities. The Group\u2019s 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\u2019s policy not to actively speculate in financial risks. The Group\u2019s financial risk management is directed solely towards monitoring and reducing financial risks which are directly related to Genmab\u2019s operations.The primary objective of Genmab\u2019s 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 invest-ments (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\u2019s marketable securities are adminis-trated by external investment managers. The investment guidelines and managers are reviewedregularly to reflect changes in market conditions, Genmab\u2019s activities and financial position. At the beginning of 2021, Genmab\u2019s investment policy was amended to allow investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody\u2019s. The amended 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 hasidentified the following key financial risk areas, which are mainly related to our marketable securi-ties portfolio:credit risk;foreign currency risk; andinterest rate riskAll of Genmab\u2019s 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 Capital Structure, Financial Risk andRelated ItemsThis 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.Section 4Section 4 Capital Structure, Financial Risk and Related Items | 4.2 Financial Riskmarketable securities are invested in highly liquid, investment grade securities. Refer to Note 4.4 for additional information regarding market-able securities.Credit RiskGenmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securi-ties was DKK 22,324 million as of December 31, 2022 compared to DKK 19,338 million as of December 31, 2021. The maximum credit exposure to Genmab\u2019s receivables was DKK 5,958 million as of December 31, 2022 compared to DKK 3,394 million as of December 31, 2021.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s 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\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2022, 75% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1/P-1 rated by S&P, Moody\u2019s or Fitch compared to 68% as of December 31, 2021. The total value of marketable securities amounted to DKK 12,431 million at the end of 2022 compared to DKK 10,381 million at the end of 2021.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s 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 secu-rities classified as cash equivalents amounted to DKK 9,893 million as of December 31, 2022 compared to DKK 8,957 million at the end of 2021. The increase was primarily driven by Genmab\u2019s increased profitability and foreign exchange movements which positively impacted our USD denominated cash and cash equivalents.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.1, Janssen, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in There is also exposure that exchange rate fluctu-ations 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 presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affectedUnder 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. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 89% of total revenue in 2022as compared to 92% in 2021 and 95% in 2020.Genmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.Foreign Currency Riskby currency risks as both revenues and expensesare primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated inUSD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:Percent December 31, 2022 December 31, 2021USD 80% 75%DKK 12% 16%EUR 7% 8%GBP 1% 1%Total 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collabo-rations with Janssen, AbbVie, Roche and Seagen. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to changematerially as gains and losses are recognized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2022 and 2021, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.2 billion and DKK 1.5 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetaryitems (cash and cash equivalents, marketable securities, receivables and liabilities) where the Section 4 Capital Structure, Financial Risk and Related Items | 4.3 Financial Assets and LiabilitiesMarketable SecuritiesThe 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\u2019smarketable securities, and based on exposures in 2021 and 2022, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instru-ments. Due to the short-term nature of the current investments and to the extent that Genmab is ableto 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.(DKK million)20222021Year of Maturity2022\u20133,37220236,2543,04120243,6602,65420251,80144820262191522027+497714Total12,43110,3814.3Financial Assets and LiabilitiesCategories of Financial Assets and Liabilities(DKK million)Note20222021Financial assets measured at fair value through profit or lossMarketable securities4.412,43110,381Other investments3.4133371Financial assets measured at amortized costReceivables excluding prepayments3.55,8143,176Cash and cash equivalents9,8938,957Financial liabilities measured at amortized cost:Other payables excluding provisions3.7(1,715)(1,480)Lease liabilities3.3(597)(425)Level 3TotalAssets Measured at Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31,2022 and 2021, Genmab\u2019s GBP exposure is not material.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR.This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change,the DKK values of our EUR denominated assets and costs could be materially different comparedto what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2022 and 2021, Genmab\u2019s EUR exposure is not material.functional currency of the entity differs from thecurrency that the monetary items are denomi-nated in.Genmab\u2019s exposure to interest rate risk is primarily related to marketable securities, asGenmab currently does not have significant interest-bearing debts.Interest Rate Risk2021Level 1 Level 2 Level 3 Total10,381 \u2013 \u2013 10,381 344 \u2013 27 371Section 4 Capital Structure, Financial Risk and Related Items | 4.3 Financial Assets and LiabilitiesMarketable SecuritiesSubstantially all fair market values are determinedby reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsThe fair value of Genmab\u2019s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1).There were no transfers into or out of Level 3 during 2021 or 2022. Acquisitions (capital calls) on Level 3 investments in 2021 and 2022 were as follows:(DKK million)Other InvestmentsFair value at December 31, 202014Acquisitions13Fair value at December 31, 202127Acquisitions39Fair value at December 31, 202266Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), andthose to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contrac-tual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measure-ment is based on the presumption that the transaction to sell the asset or transfer the liabilitytakes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in thefinancial statements on a recurring basis, Genmabdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement asa whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Section 4 Capital Structure, Financial Risk and Related Items | 4.4 Marketable Securities4.4Marketable Securities(DKK million)Market value 2022Share %Market value 2021Share %USD portfolioCorporate bonds5,09141%5,14950%US government bonds and treasury bills3,06725%1,49614%Commercial paper8076%5285%Other1,0238%6086%Total USD portfolio9,98880%7,78175%DKK portfolioKingdom of Denmark bonds and treasury bills4423%4604%Danish mortgage-backed securities1,0939%1,20312%Total DKK portfolio1,53512%1,66316%EUR portfolioEuropean government bonds and treasury bills8327%8568%GBP portfolioUK government bonds and treasury bills761%811%Total portfolio12,431100%10,381100%Marketable securities12,43110,381Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting PoliciesSection 4 Capital Structure, Financial Risk and Related Items | 4.5 Financial Income and Expenses4.5Financial Income and Expenses(DKK million)202220212020Financial income:Interest and other financial income324197184Gain on other investments, net\u2013\u2013965Foreign exchange rate gain, net1,0341,470\u2013Total financial income1,3581,6671,149Financial expenses:Interest and other financial expenses(21)(13)(10)Loss on marketable securities, net(361)(246)(92)Loss on other investments, net(298)(443)\u2013Foreign exchange rate loss, net\u2013\u2013(1,456)Total financial expenses(680)(702)(1,558)Net financial items678965(409)Interest IncomeInterest income was DKK 324 million in 2022 compared to DKK 197 million in 2021. The increase of DKK 127 million, or 64%, was driven by higher effective interest rates in the U.S., Europe and Denmark for the respective periods.Foreign Exchange Rate Gains and LossesForeign exchange rate gains of DKK 1,034 million in 2022 and DKK 1,470 million in 2021, and losses of DKK 1,456 million in 2020 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, 2022December 31, 2021December 31, 2020USD/DKK Foreign Exchange Rates6.97226.56126.0524% Increase/(Decrease)6%8%(9)%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesLoss on marketable securities, net was DKK 361 million in 2022 and DKK 246 million in 2021. The increase in losses of DKK 115 million, or 47%, was primarily driven by higher interest rates on Genmab\u2019s Danish mortgage investments in 2022 as compared to 2021. Loss on marketable securities, net was DKK 246 million in 2021 and DKK 92 million in 2020. The increase in losses of DKK 154 million was primarily driven by the movements in interest rates in the U.S. and Europe in the respective periods.Other InvestmentsLoss on other investments, net was DKK 298 million in 2022 and DKK 443 million in 2021, and gain on other investments, net was DKK 965 million in 2020. The losses and gains in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Interest income is shown separately from gainsand losses on marketable securities and other securities and equity interests.Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-salefinancial assets).Accounting PoliciesSection 4 Capital Structure, Financial Risk and Related Items | 4.6 Share-Based Instruments4.6Share-Based InstrumentsRestricted Stock Unit ProgramGenmab A/S has established an RSU program (equity-settled share-based payment transac-tions) as an incentive for Genmab\u2019s employees, members of the Executive Management, and members of the Board of Directors. RSUs granted to Executive Management are performance-based.RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting.See the table below for a summary of key terms of Genmab\u2019s RSU programs:RSUs Granted in PeriodsKey TermsDecember 2019\u2013February 2021From February 2021GrantsGranted at closing share price on the grant date. Vesting (Settlement)Cliff vesting \u2014 RSUs become fully vested on the first banking day of the month following a period of 3 years from the grant date.After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances chooseto make a cash settlement instead of delivering shares.Leaver Leavers \u2014 Forfeit all unvested RSUs except when due to retirement, death, serious sickness or serious injury, in which case granted but not yet vested RSUs shall remain outstanding and will be settled in accordance with their terms.Notwithstanding the above, the December 2020 RSU grant to members of the Board of Directors was made subject to pro-rata vesting upon termination of board services.Employees and Executive Management \u2014RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.1Good-Leavers \u2014 May maintain a pro-rata portion of unvested RSUs2Bad-Leavers \u2014 Forfeit all unvested RSUs.Death \u2014 Forfeit all unvested RSUs.1. \u201cGood-Leaver\u201d \u2014 Dismissal without cause or termination of employment due to the Genmab\u2019s material breach of the RSU or Warrant holder\u2019s employment terms, or if the participant is a member of the Board of Directors, if the membership of the Board of Directors ceases for any other reason than as a result of the participants death.2. \u201cBad-leaver\u201d \u2014 Dismissed for cause or during the employment probationary period.The RSU program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program.Section 4 Capital Structure, Financial Risk and Related Items | 4.6 Share-Based InstrumentsRSU Activity in 2022, 2021 and 2020Number of RSUs held by the Board of DirectorsNumber of RSUs held by the ExecutiveManagementNumber of RSUs held by employeesNumber of RSUs held by former members of the Executive Management, Board of Directors and employeesTotal RSUsWeighted AverageFair Value \u2014 RSUsGranted \u2014 DKKOutstanding at January 1, 202019,95372,865208,8596,230307,907Granted*2,9299,03234,43113046,5221,927.83Settled(6,470)(12,253)(22,196)(5,936)(46,855)Transferred(2,822)(2,334)(22,762)27,918\u2013Cancelled(1,025)(1,128)(958)(10,535)(13,646)Outstanding at December 31, 202012,56566,182197,37417,807293,928Outstanding at January 1, 202112,56566,182197,37417,807293,928Granted*3,29731,417146,6844,817186,2152,236.44Settled(3,556)(14,089)(35,962)(9,967)(63,574)Transferred(688)5,533(14,810)9,965\u2013Cancelled(653)\u2013(255)(9,670)(10,578)Outstanding at December 31, 202110,96589,043293,03112,952405,991Outstanding at January 1, 202210,96589,043293,03112,952405,991Granted*4,29540,453221,0006,383272,1312,250.18Settled(3,420)(17,165)(67,945)(12,847)(101,377)Transferred(2,368)\u2013(13,749)16,117\u2013Cancelled(653)\u2013(9,195)(18,759)(28,607)Outstanding at December 31, 20228,819112,331423,1423,846548,138*RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of Executive Management and the Board of Directors.Warrant ProgramGenmab A/S has established a warrant program (equity-settled share-based payment trans-actions) as an incentive for all the Genmab Group\u2019s employees and members of the Executive Management.Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S\u2019 shareholders.Warrant grants to Executive Management are subject to Genmab\u2019s Remuneration Policy adoptedat the Annual General Meeting.See the table below for a summary of key terms of Genmab\u2019s warrant programs:Warrants Granted in PeriodsKey TermsApril 2012\u2013March 2017March 2017\u2013February 2021From February 2021GrantsGranted at an exercise price equal to the closing share price on the grant date.Vesting (Exercisable)Annually over 4-year period (25% per year)Cliff vesting over 3-year period (100% after 3 years)LeaverLeavers \u2014 Forfeit all unvested warrants; however, may be able to exercise warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause.Good-Leavers \u2014 Maymaintain a pro-rata portionof unvested warrantsBad-Leavers \u2014 For feit allunvested warrants.Death \u2014 For feit all unvestedwarrants.Lapse7th anniversary of grant dateThe warrant program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program.Section 4 Capital Structure, Financial Risk and Related Items | 4.6 Share-Based InstrumentsWarrant Activity in 2022, 2021 and 2020Number of warrants held by the Board of DirectorsNumber ofwarrants held by the Executive ManagementNumber of warrants held by employeesNumber of warrants held by former members of the Executive Management, Board of Directors and employeesTotal warrantsWeighted average exercise price \u2014 DKKWeighted average share price at exercise date \u2014 DKKOutstanding Warrants \u2014% of Share CapitalOutstanding at January 1, 202062,334347,801858,973144,5161,413,624862.03Granted*\u20137,771110,041416118,2282,009.79Exercised(24,438)\u2013(122,015)(324,793)(471,246)296.772,035.29Expired\u2013\u2013\u2013\u2013\u2013\u2013Cancelled\u2013(28,424)(589)(43,125)(72,138)1,157.54Transfers(25,955)(186,333)(113,833)326,121\u2013\u2013Outstanding at December 31, 202011,941140,815732,577103,135988,4681,247.222%Exercisable at year end4,19283,426166,40292,696346,716935.60Exercisable warrants in the money at year end4,19283,426166,40292,696346,716935.60Outstanding at January 1, 202111,941140,815732,577103,135988,4681,247.22Granted*1,2171,287167,0806,400175,9842,282.35Exercised(2,500)(7,250)(105,726)(57,232)(172,708)780.482,439.80Expired\u2013\u2013\u2013\u2013\u2013\u2013Cancelled\u2013\u2013(477)(22,816)(23,293)1,956.91Transfers\u201324,782(54,454)29,672\u2013\u2013Outstanding at December 31, 202110,658159,634739,00059,159968,4511,501.491%Exercisable at year end6,594135,723219,38650,021411,7241,058.41Exercisable warrants in the money at year end6,594135,723219,38650,021411,7241,058.41Outstanding at January 1, 202210,658159,634739,00059,159968,4511,501.49Granted*1,541\u2013250,0057,412258,9582,244.22Exercised(1,558)(29,836)(176,948)(34,775)(243,117)1,154.952,815.33Expired\u2013\u2013\u2013\u2013\u2013\u2013Cancelled\u2013\u2013(13,670)(32,654)(46,324)2,029.00Transfers(8,721)\u2013(25,373)34,094\u2013\u2013Outstanding at December 31, 20221,920129,798773,01433,236937,9681,770.311%Exercisable at year end617118,571282,29632,695434,1791,265.68Exercisable warrants in the money at year end617118,571282,29632,695434,1791,265.68*Warrants held by the Board of Directors include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of Executive Management and the Board of Directors.Section 4 Capital Structure, Financial Risk and Related Items | 4.6 Share-Based InstrumentsWeighted Average Outstanding Warrants at December 31, 2022ExercisepriceDKKGrant DateNumber of warrants outstandingWeighted average remaining contractual life (in years)Number ofwarrants exercisable815.50March 17, 20162,7250.212,725962.00June 7, 20184,6462.444,6461,025.00December 10, 2018109,9182.94109,9181,032.00December 15, 201763,2301.9663,2301,050.00September 21, 201814,0242.7314,0241,136.00October 6, 20162,6950.772,6951,145.00December 15, 201614,9630.9614,9631,147.50June 6, 20199,3863.439,3861,155.00March 29, 20195,5093.255,5091,161.00March 1, 201910,1283.1710,1281,210.00April 10, 20187,0902.287,0901,233.00June 9, 20163,6810.443,6811,334.50October 11, 201932,1503.7832,1501,362.50March 26, 202030,9384.24\u20131,402.00March 28, 20176,8371.246,8371,408.00June 8, 20179541.449541,424.00February 10, 20174081.114081,427.00March 29, 20178,4001.258,4001,432.00October 5, 20171,9941.761,9941,615.00December 5, 2019135,4413.93135,4411,948.00June 3, 202012,9614.43\u20132,070.00February 26, 202190,9685.16\u20132,103.00June 9, 202222,2216.44\u20132,129.00January 25, 202215,9866.07\u20132,148.00April 13, 202115,0975.29\u20132,175.00February 25, 2022166,2866.15\u20132,317.00October 7, 202034,1094.77\u20132,381.00December 15, 202022,9834.96\u20132,408.00March 29, 202213,4596.25\u20132,492.00January 28, 202110,0535.08\u20132,585.00September 20, 202219,6446.72\u20132,641.00November 22, 20216,4565.89\u20132,698.00June 22, 202114,2165.48\u20132,806.00October 7, 202119,4765.77\u20133,172.00November 21, 20228,9366.89\u20131,770.31937,9684.40434,179Weighted Average Outstanding Warrants at December 31, 2021Exerciseprice DKKGrant DateNumber ofwarrants outstandingWeighted average remaining contractual life (in years)Number of warrants exercisable466.20March 26, 20156000.24600623.50June 11, 20156500.45650636.50October 7, 20157,7000.777,700815.50March 17, 20165,3011.215,301939.50December 10, 201520,6120.9420,612962.00June 7, 20186,5273.446,5271,025.00December 10, 2018169,5653.94169,5651,032.00December 15, 201779,7712.9679,7711,050.00September 21, 201816,8063.7316,8061,136.00October 6, 201610,4241.7710,4241,145.00December 15, 201653,3741.9653,3741,147.50June 6, 201917,2094.43\u20131,155.00March 29, 20197,6624.25\u20131,161.00March 1, 201919,0284.17\u20131,210.00April 10, 201810,1893.2810,1891,233.00June 9, 20169,0301.449,0301,334.50October 11, 201952,2234.78\u20131,362.50March 26, 202032,0545.24\u20131,402.00March 28, 20177,1102.247,1101,408.00June 8, 20171,2742.441,2741,424.00February 10, 20179462.119461,427.00March 29, 20178,4002.258,4001,432.00October 5, 20173,4452.763,4451,615.00December 5, 2019183,2404.93\u20131,948.00June 3, 202014,8985.43\u20132,070.00February 26, 202196,8406.16\u20132,148.00April 13, 202116,8806.29\u20132,317.00October 7, 202036,9495.77\u20132,381.00December 15, 202023,7615.96\u20132,492.00January 28, 202112,3296.08\u20132,641.00November 22, 20216,8796.89\u20132,698.00June 22, 202115,2616.48\u20132,806.00October 7, 202121,5146.77\u20131,501.49968,4514.39411,724Section 4 Capital Structure, Financial Risk and Related Items | 4.6 Share-Based InstrumentsAccounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achievement of performance goals associated with performance based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compen-sation expense recognized to date associated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-basedRSU programs are designated as equity-settled share-based payment transactions.Management\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;The risk-free interest rate, which is determined as the interest rate on Danish government bonds(bullet issues) with a maturity of five years;The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Valuation Assumptions for Warrants Granted in 2022, 2021 and 2020The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:202220212020Weighted averageFair value per warrant on grant date664.08701.82631.51Share price2,244.222,282.352,009.79Exercise price2,244.222,282.352,009.79Expected dividend yield0%0%0%Expected stock price volatility33.5%36.6%37.0%Risk-free interest rate0.15%-0.54%-0.58%Expected life of warrants5 years5 years5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants grantedDKK 172 millionDKK 124 millionDKK 75 millionTotal fair value of RSUs grantedDKK 612 millionDKK 416 millionDKK 90 millionSection 4 Capital Structure, Financial Risk and Related Items | 4.7 Share Capital4.7Share CapitalShare CapitalThe share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominalvalue of DKK 1. All shares are fully paid.As of December 31, 2022, the share capital of Genmab A/S comprised 65,961,573 shares of DKK 1 each with one vote. There are no restric-tions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obli-gation to allow his/her shares to be redeemed.Genmab\u2019s Board of Directors is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instruments of Genmab A/S as set out in articles 4A-5B of Genmab A/S\u2019 Articles of Association. Further, Genmab\u2019s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2022:April 13, 2021 AuthorizationMarch 29, 2019AuthorizationMarch 28, 2017 AuthorizationWarrants issued68,291500,000500,000Warrants reissued1,33359,67163,558Warrants available for issue681,709\u2013\u2013Warrants available for reissue1,25410,661\u2013Share PremiumThe share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s offerings, reduced by any external expenses directly attributable to the offerings. The share premium reserve can be distributed.Changes in Share Capital During 2020 to 2022The share capital of DKK 66 million at December 31, 2022 is divided into 65,961,573 shares at a nominal value of DKK 1 each.Number of sharesShare capital(DKK million)1Share Price RangesDecember 31, 201965,074,50265.1Exercise of warrants471,2460.4DKK 31.75 to DKK 1,432.00December 31, 202065,545,74865.5Exercise of warrants172,7080.2DKK 31.75 to DKK 1,432.00December 31, 202165,718,45665.7Exercise of warrants243,1170.3DKK 466.20 to DKK 1,615.00December 31, 202265,961,57366.01. New shares were subscribed at share prices in connection with the exercise of warrants under Genmab\u2019s warrant program.Section 4 Capital Structure, Financial Risk and Related Items | 4.7 Share CapitalTreasury SharesNumber of sharesShare capital (DKK million)Proportion of share capital%Cost (DKK million)Shareholding at December 31, 2019163,9210.20.3192Shares used for funding RSU program(31,815)(0.1)(0.1)(38)Shareholding at December 31, 2020132,1060.10.2154Purchase of treasury shares200,0000.20.3447Shares used for funding RSU program(43,781)\u2013(0.1)(51)Shareholding at December 31, 2021288,3250.30.4550Purchase of treasury shares370,0000.40.6908Shares used for funding RSU program(68,377)(0.1)(0.1)(80)Shareholding at December 31, 2022589,9480.60.91,378Share RepurchasesGenmab intends to purchase its own shares primarily to cover obligations in relation to the share-based remuneration programs and reduce the dilution effect of share capital increases resulting from future exercises of warrants.2021 Authorization2019 Authorization2016 Authorization1Number of shares authorized for repurchase500,000500,000500,000Actual shares repurchased under authorization40,000500,000255,000Shares available for repurchase as of December 31, 2022460,000\u2013\u20131. Nominal value of DKK 500,000As announced on June 17, 2022, Genmab initiated a share buy-back program. During 2022, Genmab acquired 370,000 of its own shares, representing approximately 0.6% of share capital as of December 31, 2021. The total amount paid to acquire the shares, including directly attributable costs, was DKK 908 million and was recognized as a deduction to shareholders\u2019 equity. During 2021, Genmab acquired 200,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2020. The total amount paid to acquire the shares, including directly attributable costs, was DKK 447 million and was recognized as a deduction to shareholders\u2019 equity. These shares are classi-fied as treasury shares and are presented within retained earnings on the balance sheet as of December 31, 2022.As of December 31, 2022, 589,948 treasury shares were held by Genmab.5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million)202220212020Wages and salaries555148Share-based compensation expenses705843Defined contribution plans222Total12711193The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2022 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Other DisclosuresThis section is comprised of various statutory disclosures or notes that are of secondary importance for the understanding of Genmab\u2019s financials.Section 5Section 5 Other Disclosures | 5.1 Remuneration of the Board of Directors and Executive ManagementRemuneration to the Board of DirectorsBase Board FeeCommittee FeesShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020Deirdre P. Connelly1.21.21.10.50.50.50.90.70.72.62.42.3Pernille Erenbjerg0.90.90.70.40.40.40.70.50.42.01.81.5Anders Gersel Pedersen0.60.60.40.40.40.40.50.40.51.51.41.3Paolo Paoletti0.60.60.40.30.30.30.50.40.41.41.31.1Rolf Hoffmann0.60.60.40.30.40.30.50.40.51.41.41.21Elizabeth O\u2019Farrell0.5\u2013\u20130.2\u2013\u20130.6\u2013\u20131.3\u2013\u20132Jonathan Peacock\u20130.50.3\u20130.30.3\u20130.60.4\u20131.41.03Mats Pettersson\u2013\u20130.3\u2013\u20130.1\u2013\u20131.6\u2013\u20132.04Mijke Zachariasse0.60.60.4\u2013\u2013\u20130.40.30.11.00.90.54Martin Schultz0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20134Takahiro Hamatani0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20135Peter Storm Kristensen0.10.60.4\u2013\u2013\u20130.10.40.40.21.00.85,6Rima Bawarshi Nassar0.10.60.1\u2013\u2013\u20130.10.2\u20130.20.80.16Daniel J. Bruno\u2013\u20130.3\u2013\u2013\u2013\u2013\u2013(0.4)\u2013\u2013(0.1)Total6.26.24.82.12.32.34.33.94.612.612.411.71. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Mats Pettersson stepped down from the Board of Directors at the Annual General Meeting in March 2020.4. Employee elected board members were elected at the Annual General Meeting in March 2022.5. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee elected board members at the Annual General Meeting in March 2022.6. Daniel J. Bruno stepped down from the Board of Directors and Rima Bawarshi Nassar replaced Daniel J. Bruno on the Board of Directors as an employee elected board member during August 2020.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Section 5 Other Disclosures | 5.1 Remuneration of the Board of Directors and Executive ManagementRemuneration to the Executive ManagementBase SalaryDefined Contribution PlansOther BenefitsAnnual Cash BonusShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020202220212020202220212020Jan van de Winkel8.67.97.31.31.11.00.30.61.08.67.98.422.920.619.641.738.137.31Anthony Pagano4.33.23.00.10.10.1\u2013\u2013\u20132.61.92.39.57.25.216.512.410.62Anthony Mancini4.73.93.10.10.10.1\u20133.13.32.82.32.011.47.23.119.016.611.6Judith Klimovsky4.94.04.00.10.10.1\u2013\u20130.12.92.53.014.113.212.722.019.819.93Tahamtan Ahmadi4.63.3\u20130.10.1\u2013\u2013\u2013\u20132.82.0\u20137.75.5\u201315.210.9\u20131David A. Eatwell\u2013\u20130.9\u2013\u20130.1\u2013\u20132.5\u2013\u2013\u2013\u2013\u2013(2.3)\u2013\u20131.2Total27.122.318.31.71.51.40.33.76.919.716.615.765.653.738.3114.497.880.61. David A. Eatwell stepped down as CFO on February 29, 2020, and Anthony Pagano was appointed CFO and member of the Executive Management on March 1, 2020.2. Anthony Mancini was appointed Chief Operating Officer and member of the Executive Management in March 2020.3. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, Presidentand Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally registered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cSenior Leadership\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance Payments:In the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on our financial position is estimated to beapproximately DKK 82 million as of December 31, 2022 (2021: DKK 72 million, 2020: DKK 52 million).Section 5 Other Disclosures | 5.2 Related Party Disclosures5.2Related Party DisclosuresGenmab\u2019s related parties are the parent company\u2019s subsidiaries, Board of Directors, Executive Management, and close members of thefamily of these persons.Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the members of the Board of Directors or Executive Management.Other than the remuneration and other trans-actions relating to the Board of Directors and Executive Management described in Note 5.1, there were no material related party transactions during 2022, 2021 and 2020.5.3CommitmentsPurchase ObligationsGenmab has entered into a number of agreementsrelated to research and development activities that contain various obligations. These short-term contractual obligations amounted to approxi-mately DKK 1,687 million as of December 31, 2022, all of which is due in less than two years (2021: approximately DKK 1,340 million).Genmab also has certain contingent commitmentsunder license and collaboration agreements that may become due in the future. As of December 31,2022, these contingent commitments amounted to approximately DKK 20,077 million (USD 2,880 million) in potential future development, regu-latory and commercial milestone payments to third parties under license and collaboration agreements for our pre-clinical and clinical stage development programs as compared to approxi-mately DKK 19,574 million (USD 2,983 million) as of December 31, 2021. These milestone paymentsgenerally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.5.4Fees to Auditors Appointed at the Annual General Meeting(DKK million)202220212020PricewaterhouseCoopersAudit fees5.85.84.9Audit-related fees2.01.81.0Tax fees\u2013\u20130.3All other fees\u20130.1\u2013Total7.87.76.2Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 2.0 million in 2022 (DKK 1.9 million and DKK 1.3 million in 2021 and 2020, respectively). These services primarily include agreed-upon procedures, other assurance assessments and reports, accounting advice, educational training and tax and VAT compliance.5.5Adjustments to Cash Flow Statements(DKK million)Note202220212020Adjustments for non-cash transactions:Depreciation, amortization and impairment3.1, 3.2, 3.3362248259Share-based compensation expenses2.3, 4.6439310200Other\u2013(32)\u2013Total adjustments for non-cash transactions801526459Change in operating assets and liabilities:Receivables(2,213)(1,074)306Deferred revenue\u2013\u2013513Other payables283304168Total change in operating assets and liabilities(1,930)(770)987Section 5 Other Disclosures | 5.6 Collaborations and Technology Licenses5.6Collaborations and Technology LicensesCollaborationsGenmab enters into collaborations with biotech-nology and pharmaceutical companies to advancethe development and commercialization of Genmab\u2019s product candidates and to supplement its internal pipeline. Genmab seeks collabora-tions that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.Janssen (Daratumumab/DARZALEX)In 2012, Genmab entered into a global license, development and commercialization agreement with Janssen for daratumumab (marketed for the treatment of certain multiple myeloma indica-tions as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, Janssen is fully responsible for devel-oping and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on Janssen\u2019s annual net product sales. The royalties payable by Janssen are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country(for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, Janssen\u2019s obligation to pay royalties under this agreement will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of dara-tumumab in such country or upon the expiration of the last-to-expire relevant Genmab-owned patent (as defined in the agreement) covering daratumumab in such country. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.In September 2020, Genmab commenced binding arbitration of two matters arising under its license agreement with Janssen relating to daratumumab. Under the license agreement, Genmab is, among other things, entitled to royalties from Janssen on net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEXFASPRO in the U.S. and as DARZALEX SC in Europefor SC administration). In April 2022, the arbitral tribunal issued an award in the binding arbitrationof the two matters. Genmab did not seek a review of the award, and the award is now final.The first matter concerned the question as to whether Janssen\u2019s obligation to pay royalties on sales of licensed product extends, in each applicable country, until the expiration or invalidation of the last-to-expire relevant Genmab-owned patent or the last-to-expire relevant Janssen-owned patent covering the product, as further defined and described in the license agreement. As to that matter, the tribunal determined by majority opinion that Janssen\u2019s obligation to pay royalties to Genmab on sales of licensed product, in each applicable country, extends through the expiration or invalidation of the last-to-expire relevant Genmab-owned patent covering the product or use thereof, but not the relevant Janssen-owned patent. The relevant Genmab-owned issued U.S., European and Japanese patents will expire in the late 2020s and early 2030s.The second matter concerned the question as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for the Halozyme enzyme technology used in the SC formulation of daratumumab (marketed as DARZALEX FASPRO in the U.S.). The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of SC daratumumab sales. As to that matter, the tribunal ruled by majority opinion that Janssen is permitted to continue reducing its royalty payments to Genmab as an offset against a share of Janssen\u2019s royalty payments made to Halozyme.On June 9, 2022, Genmab announced the commencement of a second arbitration under the daratumumab license agreement with Janssen. This second arbitration follows from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on the question as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for its technology used in the daratumumab SC product. The tribunal based its ruling on the finding that DARZALEX FASPRO constitutes a new licensed product under the license agreement.In this second arbitration, Genmab is conse-quently seeking an award of USD 405 million plus interest in accrued milestone payments for DARZALEX FASPRO and a declaration that it is entitled to a new 13-year royalty term from the date of DARZALEX FASPRO\u2019s first commercial sale.See Company Announcement no. 21/2022.Novartis (Ofatumumab/Kesimpta)Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatu-mumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatu-mumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment of net sales for non-cancer treatments. Novartis\u2019s obligation to pay royalties under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product is a given country. In 2020 SC ofatumumab was approved by the U.S. FDA, as Kesimpta, for the treatment of RMS in adults.Ofatumumab was also previously approved as \u00aeArzerra for certain CLL indications. In 2019, the marketing authorization for Arzerra was withdrawn in the EU and several other territories. In August 2020, Genmab announced that Novartisplanned to transition Arzerra to an oncology Section 5 Other Disclosures | 5.6 Collaborations and Technology Licensesaccess program for CLL patients in the U.S. In 2020, Genmab recognized USD 30 million lump sum from Novartis as payment for lost potential royalties. Ofatumumab is no longer in develop-ment for CLL.Roche (Teprotumumab/TEPEZZA)In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche.Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA, for the treatment of TED, is now being conducted by Horizon under a license from Roche. Under the terms of Genmab\u2019s agreement with Roche, Genmab will receive mid-single digit royalties on sales of TEPEZZA.Seagen (Tisotumab vedotin/Tivdak)In September 2010, Genmab and Seagen entered into an ADC collaboration, and a commercial license and collaboration agreement was executed in October 2011. Under the agreement, Genmab was granted rights to utilize Seagen\u2019s ADC technology with its human monoclonal TF antibody. Seagen was granted rights to exercise a co-development and co-commercialization option at the end of Phase 1 clinical development for tisotumab vedotin. In August 2017, Seagen exercised this option. In October 2020, Genmab and Seagen entered into a joint commercializationagreement. Genmab is co-promoting tisotumab vedotin in the U.S. and will lead commercial operational activities and book sales in Japan, while Seagen will lead operational commercial activities in the U.S., Europe and China with a 50:50 cost and profit split in those markets. In any other markets, Seagen will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.In September 2021, tisotumab vedotin was approved by the U.S. FDA and is marketed under the trade name Tivdak. Seagen records product sales of Tivdak in the U.S. and Genmab shares 50% of the profits for this product.AbbVie (Epcoritamab)On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4, and a discovery research collaboration for future differentiated antibody therapeutics for cancer. For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab will book sales in the U.S. and Japan and receive tiered royalties on remaining global sales outside of these terri-tories. For any product candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs origi-nally included in the agreement, one of which, DuoBody-CD3x5T4, was subsequently stopped and another, DuoHexaBody-CD37, now being solely developed by Genmab.As a result of one program being stopped and another now being solely developed by Genmab, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs and up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestones. Genmab is further entitled to tiered royalties between 22% and 26% on net sales for epcor-itamab outside the United States and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie pre-tax profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs for DuoHexaBody-CD37 (after December 24, 2022) and the discovery research programs up to opt-in.The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)Co-development activities for the product concepts: USD 78 million (DKK 513 million)For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, devel-opment timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized. The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development andcommercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaborationpartner, and as such this part of the collaboration is not in scope of IFRS 15.In September 2021, Genmab, along with AbbVie, decided that the data did not support the further development of DuoBody-CD3x5T4. In June 2022, AbbVie decided to discontinue co-development of DuoHexaBody-CD37. Upon expiry of the 180-day notice period on December 24, 2022, Genmab became solely responsible for the further devel-opment of DuoHexaBody-CD37 against low-singledigit royalty payments to AbbVie, up to an agreed maximum total royalty amount, based on future potential sales of the product.Refer to Note 3.6 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.BioNTechIn May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab\u2019s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodu-latory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on prede-termined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, devel-opment and commercialization of monospecific antibody candidates using Genmab\u2019s HexaBody technology platform.Genmab and BioNTech have four investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), DuoBody-PD-L1x4-1BB (GEN1046/BNT311), HexaBody-CD27 (GEN1053/BNT313) and GEN1056 (BNT322).Janssen (DuoBody)In July 2012, Genmab entered into a collaboration with Janssen to create and develop bispecific anti-bodies using our DuoBody technology platform. Under this original agreement, Janssen had the right to use the DuoBody technology platform to create panels of bispecific antibodies (up to 10 DuoBody programs) to multiple disease target combinations. Genmab received an upfront payment of USD 3.5 million from Janssen and will potentially be entitled to milestone and license payments of up to approximately USD 175 million,as well as royalties for each commercialized DuoBody product.Under the terms of a December 2013 amendment,Janssen was entitled to work on up to 10 addi-tional programs. Genmab received an initial payment of USD 2 million from Janssen. For each of the additional programs that Janssen successfully initiates, develops and commer-cializes, Genmab will potentially be entitled to receive average milestone and license payments of approximately USD 191 million. Genmab will be entitled to royalties on sales of any commer-cialized products. All research work is funded by Janssen.Janssen has exercised 14 licenses under this collaboration, not all of which are active, and no further options remain for use by Janssen.As of December 31, 2022, three DuoBody-based products created under this collaboration were in active clinical development. Of these, RYBREVANT and TECVAYLI were the first and second medicines,respectively, created using the DuoBody tech-nology platform to receive regulatory approval. In December 2022, Janssen submitted a BLA to the U.S. FDA for the third product in active clinical development, talquetamab, for the treatment of patients with relapsed or refractory multiple myeloma. Genmab receives milestones and royalties between 8% and 10% for RYBREVANT and milestones and a mid-single digit royalty for TECVAYLI based on Janssen\u2019s annual net product sales. Pursuant to the terms of the DuoBody agreement, Janssen\u2019s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant product patent (as defined in the agreement) covering the licensed product in such country.5.7Subsequent EventsNo events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2022.Denmark", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-2": { "value": "Kalvebod Brygge 43 1560 Copenhagen V", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": 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"value": "98000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "f45965": { "value": "14968000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "f45968": { "value": "27441000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "pp-value-17-2": { "value": "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 \u201cGenmab\u201d or the \u201cCompany\u201d.MaterialityGenmab\u2019s 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 trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consol-idated 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 financial statements or in the notes.The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers ofthe financial statements or not applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-2": { "value": "Danish Financial Statements Act.The consolidated financial statements have beenprepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further requirements in the ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-2": { "value": "The consoli-dated financial statements were approved by the Board of Directors and authorized for issue on February 22, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-2": { "value": "Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2021.1.2New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2022Genmab has, with effect from January 1, 2022, implemented the following standards and amendments:Amendments to IFRS 3 Business Combinations;Amendments to IAS 16 Property, Plant and Equipment;Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets; andAnnual Improvements 2018\u20132020All of the above amendments were issued on May 14, 2020. The implementation of these amendments 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-3": { "value": "Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2021.1.2New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2022Genmab has, with effect from January 1, 2022, implemented the following standards and amendments:Amendments to IFRS 3 Business Combinations;Amendments to IAS 16 Property, Plant and Equipment;Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets; andAnnual Improvements 2018\u20132020All of the above amendments were issued on May 14, 2020. The implementation of these amendments 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-123-2": { "value": "Consolidated Financial StatementsThe 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 invest-ments either directly or indirectly in the following subsidiaries:NameDomicileOwnership and votes 2022Ownership and votes 2021Genmab B.V.Utrecht, the Netherlands100%100%Genmab Holding B.V.Utrecht, the Netherlands100%100%Genmab US, Inc.New Jersey, USA100%100%Genmab K.K.Tokyo, Japan100%100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-183-2": { "value": "Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement 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. Exchangerate gains and losses arising between the trans-action date and the balance sheet date are recognized in the income statement as financial income or expense.Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee-related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, pre-clinical costs, clinical trials, contractors and outside service fees, amortization and impair-ment 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\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, 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 depart-ments. 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 income statement in the period to which they relate.Statements of Cash FlowsThe 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 net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, 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 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 purchases and sales of marketable securities and other investments, as well as purchases of 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 payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash,bank deposits, and marketable securities with a maturity of less than ninety days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.Treasury SharesThe 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.Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. 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\u2019s license agreements with Janssen, 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.Accounting PoliciesGenmab 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 iden-tifies 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 obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s 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\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include the provisions for reimbursement or cost sharing for research and development services and payment for 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\u2019s license and collaboration agreements include devel-opment, 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 perfor-mance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenueas or when the performance obligations under the contract are satisfied. At the end of each subse-quent reporting period, Genmab re-evaluates the probability of achievement of such development 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\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s 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 trans-ferred 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\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes net profit sharing arrangements for the sale of commercial products. When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2022, Genmab has not recorded any net product sales. When Genmab\u2019s collabo-ration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of net profits for the sale of commercial products is included in collaboration revenue.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Accounting PoliciesGeographical information is presented for Genmab\u2019s 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, property and equipment, right-of-use assets and receivables.Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the 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.Genmab\u2019s 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 contribu-tions are included in other payables.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 associ-ated work.Staff CostsAccounting PoliciesThe Dutch Research and Development Act \u201cWBSO\u201d provides compensation for a part of research and development wages and other coststhrough a reduction in payroll taxes. WBSO grant amounts are offset against wages and salaries and included in research and development expenses in the income statement.Government Grantstax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive 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 TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences betweenthe 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 asa 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.Accounting PoliciesBasic Net Profit per ShareBasic 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 ShareDiluted 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.Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, 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.Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified 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 intan-gible 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.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion 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.Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (\u201cROU\u201d) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review 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 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 income statement when the impairment is identified.DepreciationDepreciation 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\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation 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.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019suseful life or the lease term on a straight-line basis. In the income statement, lease costs are replaced by depreciation of the ROU asset recog-nized 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 IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negoti-ated 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 include the net present value of fixed payments, less any lease incentives. As Genmab\u2019s leases generally do not provide an implicit interestrate, 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 income statement.Accounting PoliciesOther investments are measured on initial recog-nition at fair value, and subsequently at fair value. Changes in fair value are recognized in the incomestatement within financial income or expense.Accounting PoliciesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.Accounting PoliciesOther 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.Non-current payables are measured at the presentvalue 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 PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and develop-ment project costs.Refer to Note 2.3 for accounting policies related to staff costs.Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), andthose to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contrac-tual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measure-ment is based on the presumption that the transaction to sell the asset or transfer the liabilitytakes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in thefinancial statements on a recurring basis, Genmabdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement asa whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting PoliciesInterest income is shown separately from gainsand losses on marketable securities and other securities and equity interests.Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-salefinancial assets).Accounting PoliciesAccounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achievement of performance goals associated with performance based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compen-sation expense recognized to date associated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-basedRSU programs are designated as equity-settled share-based payment transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-183-3": { "value": "Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-187-3": { "value": "Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement 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. Exchangerate gains and losses arising between the trans-action date and the balance sheet date are recognized in the income statement as financial income or expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-203-3": { "value": "Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee-related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, pre-clinical costs, clinical trials, contractors and outside service fees, amortization and impair-ment 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\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, 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 depart-ments. 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 income statement in the period to which they relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-203-4": { "value": "Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee-related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, pre-clinical costs, clinical trials, contractors and outside service fees, amortization and impair-ment 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\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-236-2": { "value": "Statements of Cash FlowsThe 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 net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, 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 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 purchases and sales of marketable securities and other investments, as well as purchases of 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 payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash,bank deposits, and marketable securities with a maturity of less than ninety days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.5.5Adjustments to Cash Flow Statements(DKK million)Note202220212020Adjustments for non-cash transactions:Depreciation, amortization and impairment3.1, 3.2, 3.3362248259Share-based compensation expenses2.3, 4.6439310200Other\u2013(32)\u2013Total adjustments for non-cash transactions801526459Change in operating assets and liabilities:Receivables(2,213)(1,074)306Deferred revenue\u2013\u2013513Other payables283304168Total change in operating assets and liabilities(1,930)(770)987", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-236-4": { "value": "Statements of Cash FlowsThe 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 net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, 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 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 purchases and sales of marketable securities and other investments, as well as purchases of 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 payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash,bank deposits, and marketable securities with a maturity of less than ninety days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-271-2": { "value": "Treasury SharesThe 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.Treasury SharesNumber of sharesShare capital (DKK million)Proportion of share capital%Cost (DKK million)Shareholding at December 31, 2019163,9210.20.3192Shares used for funding RSU program(31,815)(0.1)(0.1)(38)Shareholding at December 31, 2020132,1060.10.2154Purchase of treasury shares200,0000.20.3447Shares used for funding RSU program(43,781)\u2013(0.1)(51)Shareholding at December 31, 2021288,3250.30.4550Purchase of treasury shares370,0000.40.6908Shares used for funding RSU program(68,377)(0.1)(0.1)(80)Shareholding at December 31, 2022589,9480.60.91,378Share RepurchasesGenmab intends to purchase its own shares primarily to cover obligations in relation to the share-based remuneration programs and reduce the dilution effect of share capital increases resulting from future exercises of warrants.2021 Authorization2019 Authorization2016 Authorization1Number of shares authorized for repurchase500,000500,000500,000Actual shares repurchased under authorization40,000500,000255,000Shares available for repurchase as of December 31, 2022460,000\u2013\u20131. Nominal value of DKK 500,000As announced on June 17, 2022, Genmab initiated a share buy-back program. During 2022, Genmab acquired 370,000 of its own shares, representing approximately 0.6% of share capital as of December 31, 2021. The total amount paid to acquire the shares, including directly attributable costs, was DKK 908 million and was recognized as a deduction to shareholders\u2019 equity. During 2021, Genmab acquired 200,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2020. The total amount paid to acquire the shares, including directly attributable costs, was DKK 447 million and was recognized as a deduction to shareholders\u2019 equity. These shares are classi-fied as treasury shares and are presented within retained earnings on the balance sheet as of December 31, 2022.As of December 31, 2022, 589,948 treasury shares were held by Genmab.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-271-4": { "value": "Treasury SharesThe 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-276-3": { "value": "Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. 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\u2019s license agreements with Janssen, 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-296-2": { "value": "Joint Collaborative AgreementsGenmab has entered into a number of joint collab-orative agreements. These agreements often include upfront payments, expense reimburse-ments or payments to the collaboration partner, and milestone and royalty arrangements, contin-gent 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 2022, Genmab\u2019s more significant collaboration agreements are with AbbVie (Epcoritamab), Seagen (Tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.2.1Revenue(DKK million)202220212020Revenue by type:Royalties11,6726,9774,741Reimbursement revenue818531431Milestone revenue1,767954351License revenue6\u20134,588Collaboration revenue33220\u2013Total14,5958,48210,111Revenue by collaboration partner:Janssen10,6206,8474,693AbbVie1,1742454,398Roche796603305Novartis815236212BioNTech708416230Seagen413135201Other69\u201372Total14,5958,48210,111Royalties by product:DARZALEX10,0566,1354,419TEPEZZA796593298Kesimpta77923510Other411414Total11,6726,9774,741Accounting PoliciesGenmab 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 iden-tifies 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 obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s 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\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include the provisions for reimbursement or cost sharing for research and development services and payment for 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\u2019s license and collaboration agreements include devel-opment, 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 perfor-mance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenueas or when the performance obligations under the contract are satisfied. At the end of each subse-quent reporting period, Genmab re-evaluates the probability of achievement of such development 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\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s 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 trans-ferred 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\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes net profit sharing arrangements for the sale of commercial products. When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2022, Genmab has not recorded any net product sales. When Genmab\u2019s collabo-ration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of net profits for the sale of commercial products is included in collaboration revenue.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Management\u2019s Judgements and Estimates \u2014 Revenue RecognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires management\u2019s judgement to assess and determine the following:An estimation of partner net sales amounts in determination of the calculation of royalties.An assessment of whether the achievement of milestone payments is highly probable.An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilitiesof technical and regulatory success.The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determinewhether the performance obligations are satisfied over time or at a point in time.3.6Deferred RevenueGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million)20222021Deferred revenue at January 1513513Payment received\u2013\u2013Revenue recognized during the year\u2013\u2013Total at December 31513513Non-current deferred revenue480487Current deferred revenue3326Total at December 31513513Deferred revenue was recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 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 controlled under a research agreement to be negotiated between Genmab and AbbVie. One of the product concepts will comprise of or contain Genmab antibodies conjugated with AbbVie\u2019s payload linker technology and the other three product concepts will comprise of or contain CD3 DuoBody bispecific antibodies and AbbVie propri-etary antibodies.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.As of December 31, 2022, two of the four product concepts have been selected for research and development. As part of the continued evalua-tion of deferred revenue related to the AbbVie collaboration agreement, Genmab\u2019s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2022. None of the deferred revenue was recognized as reim-bursement revenue in 2022, 2021 or 2020.Refer to Note 2.1 for additional information related to the AbbVie collaboration.5.6Collaborations and Technology LicensesCollaborationsGenmab enters into collaborations with biotech-nology and pharmaceutical companies to advancethe development and commercialization of Genmab\u2019s product candidates and to supplement its internal pipeline. Genmab seeks collabora-tions that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.Janssen (Daratumumab/DARZALEX)In 2012, Genmab entered into a global license, development and commercialization agreement with Janssen for daratumumab (marketed for the treatment of certain multiple myeloma indica-tions as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, Janssen is fully responsible for devel-oping and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on Janssen\u2019s annual net product sales. The royalties payable by Janssen are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country(for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, Janssen\u2019s obligation to pay royalties under this agreement will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of dara-tumumab in such country or upon the expiration of the last-to-expire relevant Genmab-owned patent (as defined in the agreement) covering daratumumab in such country. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.In September 2020, Genmab commenced binding arbitration of two matters arising under its license agreement with Janssen relating to daratumumab. Under the license agreement, Genmab is, among other things, entitled to royalties from Janssen on net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEXFASPRO in the U.S. and as DARZALEX SC in Europefor SC administration). In April 2022, the arbitral tribunal issued an award in the binding arbitrationof the two matters. Genmab did not seek a review of the award, and the award is now final.The first matter concerned the question as to whether Janssen\u2019s obligation to pay royalties on sales of licensed product extends, in each applicable country, until the expiration or invalidation of the last-to-expire relevant Genmab-owned patent or the last-to-expire relevant Janssen-owned patent covering the product, as further defined and described in the license agreement. As to that matter, the tribunal determined by majority opinion that Janssen\u2019s obligation to pay royalties to Genmab on sales of licensed product, in each applicable country, extends through the expiration or invalidation of the last-to-expire relevant Genmab-owned patent covering the product or use thereof, but not the relevant Janssen-owned patent. The relevant Genmab-owned issued U.S., European and Japanese patents will expire in the late 2020s and early 2030s.The second matter concerned the question as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for the Halozyme enzyme technology used in the SC formulation of daratumumab (marketed as DARZALEX FASPRO in the U.S.). The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of SC daratumumab sales. As to that matter, the tribunal ruled by majority opinion that Janssen is permitted to continue reducing its royalty payments to Genmab as an offset against a share of Janssen\u2019s royalty payments made to Halozyme.On June 9, 2022, Genmab announced the commencement of a second arbitration under the daratumumab license agreement with Janssen. This second arbitration follows from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on the question as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for its technology used in the daratumumab SC product. The tribunal based its ruling on the finding that DARZALEX FASPRO constitutes a new licensed product under the license agreement.In this second arbitration, Genmab is conse-quently seeking an award of USD 405 million plus interest in accrued milestone payments for DARZALEX FASPRO and a declaration that it is entitled to a new 13-year royalty term from the date of DARZALEX FASPRO\u2019s first commercial sale.See Company Announcement no. 21/2022.Novartis (Ofatumumab/Kesimpta)Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatu-mumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatu-mumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment of net sales for non-cancer treatments. Novartis\u2019s obligation to pay royalties under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product is a given country. In 2020 SC ofatumumab was approved by the U.S. FDA, as Kesimpta, for the treatment of RMS in adults.Ofatumumab was also previously approved as \u00aeArzerra for certain CLL indications. In 2019, the marketing authorization for Arzerra was withdrawn in the EU and several other territories. In August 2020, Genmab announced that Novartisplanned to transition Arzerra to an oncology access program for CLL patients in the U.S. In 2020, Genmab recognized USD 30 million lump sum from Novartis as payment for lost potential royalties. Ofatumumab is no longer in develop-ment for CLL.Roche (Teprotumumab/TEPEZZA)In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche.Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA, for the treatment of TED, is now being conducted by Horizon under a license from Roche. Under the terms of Genmab\u2019s agreement with Roche, Genmab will receive mid-single digit royalties on sales of TEPEZZA.Seagen (Tisotumab vedotin/Tivdak)In September 2010, Genmab and Seagen entered into an ADC collaboration, and a commercial license and collaboration agreement was executed in October 2011. Under the agreement, Genmab was granted rights to utilize Seagen\u2019s ADC technology with its human monoclonal TF antibody. Seagen was granted rights to exercise a co-development and co-commercialization option at the end of Phase 1 clinical development for tisotumab vedotin. In August 2017, Seagen exercised this option. In October 2020, Genmab and Seagen entered into a joint commercializationagreement. Genmab is co-promoting tisotumab vedotin in the U.S. and will lead commercial operational activities and book sales in Japan, while Seagen will lead operational commercial activities in the U.S., Europe and China with a 50:50 cost and profit split in those markets. In any other markets, Seagen will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.In September 2021, tisotumab vedotin was approved by the U.S. FDA and is marketed under the trade name Tivdak. Seagen records product sales of Tivdak in the U.S. and Genmab shares 50% of the profits for this product.AbbVie (Epcoritamab)On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4, and a discovery research collaboration for future differentiated antibody therapeutics for cancer. For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab will book sales in the U.S. and Japan and receive tiered royalties on remaining global sales outside of these terri-tories. For any product candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs origi-nally included in the agreement, one of which, DuoBody-CD3x5T4, was subsequently stopped and another, DuoHexaBody-CD37, now being solely developed by Genmab.As a result of one program being stopped and another now being solely developed by Genmab, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs and up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestones. Genmab is further entitled to tiered royalties between 22% and 26% on net sales for epcor-itamab outside the United States and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie pre-tax profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs for DuoHexaBody-CD37 (after December 24, 2022) and the discovery research programs up to opt-in.The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)Co-development activities for the product concepts: USD 78 million (DKK 513 million)For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, devel-opment timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized. The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development andcommercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaborationpartner, and as such this part of the collaboration is not in scope of IFRS 15.In September 2021, Genmab, along with AbbVie, decided that the data did not support the further development of DuoBody-CD3x5T4. In June 2022, AbbVie decided to discontinue co-development of DuoHexaBody-CD37. Upon expiry of the 180-day notice period on December 24, 2022, Genmab became solely responsible for the further devel-opment of DuoHexaBody-CD37 against low-singledigit royalty payments to AbbVie, up to an agreed maximum total royalty amount, based on future potential sales of the product.Refer to Note 3.6 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.BioNTechIn May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab\u2019s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodu-latory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on prede-termined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, devel-opment and commercialization of monospecific antibody candidates using Genmab\u2019s HexaBody technology platform.Genmab and BioNTech have four investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), DuoBody-PD-L1x4-1BB (GEN1046/BNT311), HexaBody-CD27 (GEN1053/BNT313) and GEN1056 (BNT322).Janssen (DuoBody)In July 2012, Genmab entered into a collaboration with Janssen to create and develop bispecific anti-bodies using our DuoBody technology platform. Under this original agreement, Janssen had the right to use the DuoBody technology platform to create panels of bispecific antibodies (up to 10 DuoBody programs) to multiple disease target combinations. Genmab received an upfront payment of USD 3.5 million from Janssen and will potentially be entitled to milestone and license payments of up to approximately USD 175 million,as well as royalties for each commercialized DuoBody product.Under the terms of a December 2013 amendment,Janssen was entitled to work on up to 10 addi-tional programs. Genmab received an initial payment of USD 2 million from Janssen. For each of the additional programs that Janssen successfully initiates, develops and commer-cializes, Genmab will potentially be entitled to receive average milestone and license payments of approximately USD 191 million. Genmab will be entitled to royalties on sales of any commer-cialized products. All research work is funded by Janssen.Janssen has exercised 14 licenses under this collaboration, not all of which are active, and no further options remain for use by Janssen.As of December 31, 2022, three DuoBody-based products created under this collaboration were in active clinical development. Of these, RYBREVANT and TECVAYLI were the first and second medicines,respectively, created using the DuoBody tech-nology platform to receive regulatory approval. In December 2022, Janssen submitted a BLA to the U.S. FDA for the third product in active clinical development, talquetamab, for the treatment of patients with relapsed or refractory multiple myeloma. Genmab receives milestones and royalties between 8% and 10% for RYBREVANT and milestones and a mid-single digit royalty for TECVAYLI based on Janssen\u2019s annual net product sales. Pursuant to the terms of the DuoBody agreement, Janssen\u2019s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant product patent (as defined in the agreement) covering the licensed product in such country.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-296-3": { "value": "Joint Collaborative AgreementsGenmab has entered into a number of joint collab-orative agreements. These agreements often include upfront payments, expense reimburse-ments or payments to the collaboration partner, and milestone and royalty arrangements, contin-gent 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 2022, Genmab\u2019s more significant collaboration agreements are with AbbVie (Epcoritamab), Seagen (Tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.2.1Revenue(DKK million)202220212020Revenue by type:Royalties11,6726,9774,741Reimbursement revenue818531431Milestone revenue1,767954351License revenue6\u20134,588Collaboration revenue33220\u2013Total14,5958,48210,111Revenue by collaboration partner:Janssen10,6206,8474,693AbbVie1,1742454,398Roche796603305Novartis815236212BioNTech708416230Seagen413135201Other69\u201372Total14,5958,48210,111Royalties by product:DARZALEX10,0566,1354,419TEPEZZA796593298Kesimpta77923510Other411414Total11,6726,9774,7413.6Deferred RevenueGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million)20222021Deferred revenue at January 1513513Payment received\u2013\u2013Revenue recognized during the year\u2013\u2013Total at December 31513513Non-current deferred revenue480487Current deferred revenue3326Total at December 31513513Deferred revenue was recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 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 controlled under a research agreement to be negotiated between Genmab and AbbVie. One of the product concepts will comprise of or contain Genmab antibodies conjugated with AbbVie\u2019s payload linker technology and the other three product concepts will comprise of or contain CD3 DuoBody bispecific antibodies and AbbVie propri-etary antibodies.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.As of December 31, 2022, two of the four product concepts have been selected for research and development. As part of the continued evalua-tion of deferred revenue related to the AbbVie collaboration agreement, Genmab\u2019s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2022. None of the deferred revenue was recognized as reim-bursement revenue in 2022, 2021 or 2020.Refer to Note 2.1 for additional information related to the AbbVie collaboration.5.6Collaborations and Technology LicensesCollaborationsGenmab enters into collaborations with biotech-nology and pharmaceutical companies to advancethe development and commercialization of Genmab\u2019s product candidates and to supplement its internal pipeline. Genmab seeks collabora-tions that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.Janssen (Daratumumab/DARZALEX)In 2012, Genmab entered into a global license, development and commercialization agreement with Janssen for daratumumab (marketed for the treatment of certain multiple myeloma indica-tions as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, Janssen is fully responsible for devel-oping and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on Janssen\u2019s annual net product sales. The royalties payable by Janssen are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country(for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, Janssen\u2019s obligation to pay royalties under this agreement will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of dara-tumumab in such country or upon the expiration of the last-to-expire relevant Genmab-owned patent (as defined in the agreement) covering daratumumab in such country. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.In September 2020, Genmab commenced binding arbitration of two matters arising under its license agreement with Janssen relating to daratumumab. Under the license agreement, Genmab is, among other things, entitled to royalties from Janssen on net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEXFASPRO in the U.S. and as DARZALEX SC in Europefor SC administration). In April 2022, the arbitral tribunal issued an award in the binding arbitrationof the two matters. Genmab did not seek a review of the award, and the award is now final.The first matter concerned the question as to whether Janssen\u2019s obligation to pay royalties on sales of licensed product extends, in each applicable country, until the expiration or invalidation of the last-to-expire relevant Genmab-owned patent or the last-to-expire relevant Janssen-owned patent covering the product, as further defined and described in the license agreement. As to that matter, the tribunal determined by majority opinion that Janssen\u2019s obligation to pay royalties to Genmab on sales of licensed product, in each applicable country, extends through the expiration or invalidation of the last-to-expire relevant Genmab-owned patent covering the product or use thereof, but not the relevant Janssen-owned patent. The relevant Genmab-owned issued U.S., European and Japanese patents will expire in the late 2020s and early 2030s.The second matter concerned the question as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for the Halozyme enzyme technology used in the SC formulation of daratumumab (marketed as DARZALEX FASPRO in the U.S.). The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of SC daratumumab sales. As to that matter, the tribunal ruled by majority opinion that Janssen is permitted to continue reducing its royalty payments to Genmab as an offset against a share of Janssen\u2019s royalty payments made to Halozyme.On June 9, 2022, Genmab announced the commencement of a second arbitration under the daratumumab license agreement with Janssen. This second arbitration follows from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on the question as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for its technology used in the daratumumab SC product. The tribunal based its ruling on the finding that DARZALEX FASPRO constitutes a new licensed product under the license agreement.In this second arbitration, Genmab is conse-quently seeking an award of USD 405 million plus interest in accrued milestone payments for DARZALEX FASPRO and a declaration that it is entitled to a new 13-year royalty term from the date of DARZALEX FASPRO\u2019s first commercial sale.See Company Announcement no. 21/2022.Novartis (Ofatumumab/Kesimpta)Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatu-mumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatu-mumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment of net sales for non-cancer treatments. Novartis\u2019s obligation to pay royalties under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product is a given country. In 2020 SC ofatumumab was approved by the U.S. FDA, as Kesimpta, for the treatment of RMS in adults.Ofatumumab was also previously approved as \u00aeArzerra for certain CLL indications. In 2019, the marketing authorization for Arzerra was withdrawn in the EU and several other territories. In August 2020, Genmab announced that Novartisplanned to transition Arzerra to an oncology access program for CLL patients in the U.S. In 2020, Genmab recognized USD 30 million lump sum from Novartis as payment for lost potential royalties. Ofatumumab is no longer in develop-ment for CLL.Roche (Teprotumumab/TEPEZZA)In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche.Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA, for the treatment of TED, is now being conducted by Horizon under a license from Roche. Under the terms of Genmab\u2019s agreement with Roche, Genmab will receive mid-single digit royalties on sales of TEPEZZA.Seagen (Tisotumab vedotin/Tivdak)In September 2010, Genmab and Seagen entered into an ADC collaboration, and a commercial license and collaboration agreement was executed in October 2011. Under the agreement, Genmab was granted rights to utilize Seagen\u2019s ADC technology with its human monoclonal TF antibody. Seagen was granted rights to exercise a co-development and co-commercialization option at the end of Phase 1 clinical development for tisotumab vedotin. In August 2017, Seagen exercised this option. In October 2020, Genmab and Seagen entered into a joint commercializationagreement. Genmab is co-promoting tisotumab vedotin in the U.S. and will lead commercial operational activities and book sales in Japan, while Seagen will lead operational commercial activities in the U.S., Europe and China with a 50:50 cost and profit split in those markets. In any other markets, Seagen will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.In September 2021, tisotumab vedotin was approved by the U.S. FDA and is marketed under the trade name Tivdak. Seagen records product sales of Tivdak in the U.S. and Genmab shares 50% of the profits for this product.AbbVie (Epcoritamab)On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4, and a discovery research collaboration for future differentiated antibody therapeutics for cancer. For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab will book sales in the U.S. and Japan and receive tiered royalties on remaining global sales outside of these terri-tories. For any product candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs origi-nally included in the agreement, one of which, DuoBody-CD3x5T4, was subsequently stopped and another, DuoHexaBody-CD37, now being solely developed by Genmab.As a result of one program being stopped and another now being solely developed by Genmab, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs and up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestones. Genmab is further entitled to tiered royalties between 22% and 26% on net sales for epcor-itamab outside the United States and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie pre-tax profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs for DuoHexaBody-CD37 (after December 24, 2022) and the discovery research programs up to opt-in.The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)Co-development activities for the product concepts: USD 78 million (DKK 513 million)For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, devel-opment timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized. The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development andcommercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaborationpartner, and as such this part of the collaboration is not in scope of IFRS 15.In September 2021, Genmab, along with AbbVie, decided that the data did not support the further development of DuoBody-CD3x5T4. In June 2022, AbbVie decided to discontinue co-development of DuoHexaBody-CD37. Upon expiry of the 180-day notice period on December 24, 2022, Genmab became solely responsible for the further devel-opment of DuoHexaBody-CD37 against low-singledigit royalty payments to AbbVie, up to an agreed maximum total royalty amount, based on future potential sales of the product.Refer to Note 3.6 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.BioNTechIn May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab\u2019s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodu-latory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on prede-termined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, devel-opment and commercialization of monospecific antibody candidates using Genmab\u2019s HexaBody technology platform.Genmab and BioNTech have four investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), DuoBody-PD-L1x4-1BB (GEN1046/BNT311), HexaBody-CD27 (GEN1053/BNT313) and GEN1056 (BNT322).Janssen (DuoBody)In July 2012, Genmab entered into a collaboration with Janssen to create and develop bispecific anti-bodies using our DuoBody technology platform. Under this original agreement, Janssen had the right to use the DuoBody technology platform to create panels of bispecific antibodies (up to 10 DuoBody programs) to multiple disease target combinations. Genmab received an upfront payment of USD 3.5 million from Janssen and will potentially be entitled to milestone and license payments of up to approximately USD 175 million,as well as royalties for each commercialized DuoBody product.Under the terms of a December 2013 amendment,Janssen was entitled to work on up to 10 addi-tional programs. Genmab received an initial payment of USD 2 million from Janssen. For each of the additional programs that Janssen successfully initiates, develops and commer-cializes, Genmab will potentially be entitled to receive average milestone and license payments of approximately USD 191 million. Genmab will be entitled to royalties on sales of any commer-cialized products. All research work is funded by Janssen.Janssen has exercised 14 licenses under this collaboration, not all of which are active, and no further options remain for use by Janssen.As of December 31, 2022, three DuoBody-based products created under this collaboration were in active clinical development. Of these, RYBREVANT and TECVAYLI were the first and second medicines,respectively, created using the DuoBody tech-nology platform to receive regulatory approval. In December 2022, Janssen submitted a BLA to the U.S. FDA for the third product in active clinical development, talquetamab, for the treatment of patients with relapsed or refractory multiple myeloma. Genmab receives milestones and royalties between 8% and 10% for RYBREVANT and milestones and a mid-single digit royalty for TECVAYLI based on Janssen\u2019s annual net product sales. Pursuant to the terms of the DuoBody agreement, Janssen\u2019s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant product patent (as defined in the agreement) covering the licensed product in such country.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-355-2": { "value": "1.3Management\u2019s Judgements and Estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management\u2019s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the applica-tion of accounting policies, as well as reported amounts within the consolidated financial state-ments and disclosures.Determining the carrying amount of certain assetsand 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 informa-tion 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 consoli-dated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consol-idated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.Accounting PolicyKey Accounting Estimates and JudgementsNote ReferenceEstimation RiskRevenue RecognitionEstimation of partner net sales amounts in the calculation of royaltiesJudgement in assessing the probability of attainment of milestonesEstimation of variable considerationJudgement in assessing the nature of combined performance obligations within contractsNote 2.1Moderate/HighShare Based CompensationJudgement in selecting assumptions required for valuation of warrant grantsNote 4.6ModerateCurrent and deferred income taxesJudgement and estimation regarding valuation of deferred income tax assetsEstimation in developing the provision for any uncertain tax positionsNote 2.4ModerateIntangible assetsJudgement in determining impairment of an intangible assetNote 3.1LowManagement\u2019s Judgements and Estimates \u2014 Revenue RecognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires management\u2019s judgement to assess and determine the following:An estimation of partner net sales amounts in determination of the calculation of royalties.An assessment of whether the achievement of milestone payments is highly probable.An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilitiesof technical and regulatory success.The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determinewhether the performance obligations are satisfied over time or at a point in time.Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a 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 future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. Therecognition of deferred tax assets will result in a decrease to income tax expense in such period. Management\u2019s Judgements and EstimatesImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, 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 generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recover-able amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intan-gible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.Management\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;The risk-free interest rate, which is determined as the interest rate on Danish government bonds(bullet issues) with a maturity of five years;The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-529-4": { "value": "Accounting PoliciesGenmab 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 iden-tifies 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 obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s 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\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include the provisions for reimbursement or cost sharing for research and development services and payment for 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\u2019s license and collaboration agreements include devel-opment, 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 perfor-mance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenueas or when the performance obligations under the contract are satisfied. At the end of each subse-quent reporting period, Genmab re-evaluates the probability of achievement of such development 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\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s 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 trans-ferred 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\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes net profit sharing arrangements for the sale of commercial products. When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2022, Genmab has not recorded any net product sales. When Genmab\u2019s collabo-ration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of net profits for the sale of commercial products is included in collaboration revenue.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-669-2": { "value": "2.2Information about Geographical AreasGenmab 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 geograph-ical 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\u2019s business activities are not organized on the basis of differences in related product and geographical areas.RevenueNon-currentassetsRevenueNon-current assetsRevenueNon-current assets(DKK million)202220212020Denmark14,5952118,48226910,111344Netherlands\u2013793\u2013422\u2013380United States\u2013442\u2013470\u2013370Japan\u201370\u201395\u2013\u2013Total14,5951,5168,4821,25610,1111,094Accounting PoliciesGeographical information is presented for Genmab\u2019s 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, property and equipment, right-of-use assets and receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-726-4": { "value": "Accounting PoliciesGeographical information is presented for Genmab\u2019s 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, property and equipment, right-of-use assets and receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-731-2": { "value": "2.3Staff Costs(DKK million)202220212020Wages and salaries1,9131,174694Share-based compensation439310200Defined contribution plans1128051Other social security costs263155108Government grants(144)(122)(119)Total2,5831,597934Staff costs are included in the income statement as follows:Research and development expenses1,6621,190803Selling, general and administrative expenses1,065529250Government grants related to research and development expenses(144)(122)(119)Total2,5831,597934Average number of FTE1,4601,022656Number of FTE at year-end1,6601,212781Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management.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.Genmab\u2019s 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 contribu-tions are included in other payables.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 associ-ated work.Staff CostsAccounting Policies5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million)202220212020Wages and salaries555148Share-based compensation expenses705843Defined contribution plans222Total12711193The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2022 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase Board FeeCommittee FeesShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020Deirdre P. Connelly1.21.21.10.50.50.50.90.70.72.62.42.3Pernille Erenbjerg0.90.90.70.40.40.40.70.50.42.01.81.5Anders Gersel Pedersen0.60.60.40.40.40.40.50.40.51.51.41.3Paolo Paoletti0.60.60.40.30.30.30.50.40.41.41.31.1Rolf Hoffmann0.60.60.40.30.40.30.50.40.51.41.41.21Elizabeth O\u2019Farrell0.5\u2013\u20130.2\u2013\u20130.6\u2013\u20131.3\u2013\u20132Jonathan Peacock\u20130.50.3\u20130.30.3\u20130.60.4\u20131.41.03Mats Pettersson\u2013\u20130.3\u2013\u20130.1\u2013\u20131.6\u2013\u20132.04Mijke Zachariasse0.60.60.4\u2013\u2013\u20130.40.30.11.00.90.54Martin Schultz0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20134Takahiro Hamatani0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20135Peter Storm Kristensen0.10.60.4\u2013\u2013\u20130.10.40.40.21.00.85,6Rima Bawarshi Nassar0.10.60.1\u2013\u2013\u20130.10.2\u20130.20.80.16Daniel J. Bruno\u2013\u20130.3\u2013\u2013\u2013\u2013\u2013(0.4)\u2013\u2013(0.1)Total6.26.24.82.12.32.34.33.94.612.612.411.71. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Mats Pettersson stepped down from the Board of Directors at the Annual General Meeting in March 2020.4. Employee elected board members were elected at the Annual General Meeting in March 2022.5. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee elected board members at the Annual General Meeting in March 2022.6. Daniel J. Bruno stepped down from the Board of Directors and Rima Bawarshi Nassar replaced Daniel J. Bruno on the Board of Directors as an employee elected board member during August 2020.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Remuneration to the Executive ManagementBase SalaryDefined Contribution PlansOther BenefitsAnnual Cash BonusShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020202220212020202220212020Jan van de Winkel8.67.97.31.31.11.00.30.61.08.67.98.422.920.619.641.738.137.31Anthony Pagano4.33.23.00.10.10.1\u2013\u2013\u20132.61.92.39.57.25.216.512.410.62Anthony Mancini4.73.93.10.10.10.1\u20133.13.32.82.32.011.47.23.119.016.611.6Judith Klimovsky4.94.04.00.10.10.1\u2013\u20130.12.92.53.014.113.212.722.019.819.93Tahamtan Ahmadi4.63.3\u20130.10.1\u2013\u2013\u2013\u20132.82.0\u20137.75.5\u201315.210.9\u20131David A. Eatwell\u2013\u20130.9\u2013\u20130.1\u2013\u20132.5\u2013\u2013\u2013\u2013\u2013(2.3)\u2013\u20131.2Total27.122.318.31.71.51.40.33.76.919.716.615.765.653.738.3114.497.880.61. David A. Eatwell stepped down as CFO on February 29, 2020, and Anthony Pagano was appointed CFO and member of the Executive Management on March 1, 2020.2. Anthony Mancini was appointed Chief Operating Officer and member of the Executive Management in March 2020.3. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, Presidentand Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally registered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cSenior Leadership\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance Payments:In the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on our financial position is estimated to beapproximately DKK 82 million as of December 31, 2022 (2021: DKK 72 million, 2020: DKK 52 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-731-3": { "value": "2.3Staff Costs(DKK million)202220212020Wages and salaries1,9131,174694Share-based compensation439310200Defined contribution plans1128051Other social security costs263155108Government grants(144)(122)(119)Total2,5831,597934Staff costs are included in the income statement as follows:Research and development expenses1,6621,190803Selling, general and administrative expenses1,065529250Government grants related to research and development expenses(144)(122)(119)Total2,5831,597934Average number of FTE1,4601,022656Number of FTE at year-end1,6601,212781Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-905-4": { "value": "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.Genmab\u2019s 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 contribu-tions are included in other payables.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 associ-ated work.Staff CostsAccounting Policies", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-910-2": { "value": "The Dutch Research and Development Act \u201cWBSO\u201d provides compensation for a part of research and development wages and other coststhrough a reduction in payroll taxes. WBSO grant amounts are offset against wages and salaries and included in research and development expenses in the income statement.Government Grants", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-910-4": { "value": "The Dutch Research and Development Act \u201cWBSO\u201d provides compensation for a part of research and development wages and other coststhrough a reduction in payroll taxes. WBSO grant amounts are offset against wages and salaries and included in research and development expenses in the income statement.Government Grants", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-791-2": { "value": "2.4Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million)202220212020Current tax on profit1,4989681,191Adjustment to deferred tax107(371)(112)Adjustment to unrecognized deferred tax assets(92)37867Total tax for the period in the income statement1,5139751,146(DKK million)202220212020Net profit before tax7,0353,9835,904Tax at the Danish corporation tax rate of 22% for all periods1,5488761,299Tax effect of:Adjustment to unrecognized deferred tax assets(92)13767Recognition of previously unrecognized tax losses and deductible temporary differences(12)119(222)Non-deductible expenses/non-taxable income and other permanent differences, net(147)(5)All other(10)7Total tax effect(35)99(153)Total tax for the period in the income statement1,5139751,146Total tax for the period in shareholders\u2019 equity(22)(31)(44)Effective Tax Rate21.5%24.5%19.4%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,513 million in 2022, DKK 975 million in 2021 and DKK 1,146 million in 2020. Tax expenses of DKK 22 million, DKK 31 million, and DKK 44 million related to excess tax benefits for share-based compensation were recorded directly in shareholders\u2019 equity, in 2022, 2021, and 2020, respectively.Taxation \u2014 Balance SheetSignificant components of the deferred tax asset are as follows:(DKK million)20222021Share-based instruments128136Deferred revenue113113Other temporary differences1115Total Deferred Taxes252264Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized.As of December 31, 2022, and 2021, Genmab hadgross tax loss carryforwards of DKK 3.2 billion and DKK 2.7 billion, respectively, to reduce future taxable income in the U.S. and the Netherlands. The loss carryforwards generally expire in various periods through 2037; however, U.S. tax losses originating after 2017 and tax losses in the Netherlands available as of December 31, 2022, can be carried forward indefinitely.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences betweenthe 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 asa 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.Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a 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 future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. Therecognition of deferred tax assets will result in a decrease to income tax expense in such period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-791-3": { "value": "2.4Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million)202220212020Current tax on profit1,4989681,191Adjustment to deferred tax107(371)(112)Adjustment to unrecognized deferred tax assets(92)37867Total tax for the period in the income statement1,5139751,146(DKK million)202220212020Net profit before tax7,0353,9835,904Tax at the Danish corporation tax rate of 22% for all periods1,5488761,299Tax effect of:Adjustment to unrecognized deferred tax assets(92)13767Recognition of previously unrecognized tax losses and deductible temporary differences(12)119(222)Non-deductible expenses/non-taxable income and other permanent differences, net(147)(5)All other(10)7Total tax effect(35)99(153)Total tax for the period in the income statement1,5139751,146Total tax for the period in shareholders\u2019 equity(22)(31)(44)Effective Tax Rate21.5%24.5%19.4%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,513 million in 2022, DKK 975 million in 2021 and DKK 1,146 million in 2020. Tax expenses of DKK 22 million, DKK 31 million, and DKK 44 million related to excess tax benefits for share-based compensation were recorded directly in shareholders\u2019 equity, in 2022, 2021, and 2020, respectively.Accounting PoliciesCorporate TaxCorporate 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\u2019 equity or other comprehen-sive 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-900-4": { "value": "Accounting PoliciesCorporate TaxCorporate 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\u2019 equity or other comprehen-sive 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-920-4": { "value": "Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences betweenthe 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 asa 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-959-2": { "value": "2.5Profit Per Share(DKK million)202220212020Net profit5,5223,0084,758(Shares)Average number of shares outstanding65,783,13065,634,30065,315,975Average number of treasury shares(395,829)(238,663)(136,969)Average number of shares excl. treasury shares65,387,30165,395,63765,179,006Average number of share-based instruments, dilution622,303650,114706,869Average number of shares, diluted66,009,60466,045,75165,885,875Basic net profit per share84.4546.0073.00Diluted net profit per share83.6545.5472.21In the calculation of the diluted net profit per share for 2022, 68,728 warrants (none of which were vested) have been excluded as these share-based instruments are out of the money, compared to 43,654 and 68,605 (none of which were vested) for 2021 and 2020, respectively.Accounting PoliciesBasic Net Profit per ShareBasic 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 ShareDiluted 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1004-4": { "value": "Accounting PoliciesBasic Net Profit per ShareBasic 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 ShareDiluted 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1028-2": { "value": "3.1Intangible AssetsLicenses, Rights, andPatents(DKK million)20222021Cost at January 1891891Cost at December 31891891Accumulated amortization and impairment at January 1(637)(553)Amortization for the year(70)(84)Impairment for the year(38)\u2013Accumulated amortization and impairment at December 31(745)(637)Carrying amount of Intangible Assets at December 31146254(DKK million)202220212020Amortization and impairment included in the income statement as follows:Research and development expenses10884131Total10884131Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, 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.Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified 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 intan-gible 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.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1028-3": { "value": "3.1Intangible AssetsLicenses, Rights, andPatents(DKK million)20222021Cost at January 1891891Cost at December 31891891Accumulated amortization and impairment at January 1(637)(553)Amortization for the year(70)(84)Impairment for the year(38)\u2013Accumulated amortization and impairment at December 31(745)(637)Carrying amount of Intangible Assets at December 31146254(DKK million)202220212020Amortization and impairment included in the income statement as follows:Research and development expenses10884131Total10884131Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, 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.Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified 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 intan-gible 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.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1056-4": { "value": "(DKK million)202220212020Amortization and impairment included in the income statement as follows:Research and development expenses10884131Total10884131(DKK million)202220212020Depreciation and impairmentincluded in the income statement as follows:Research and development expenses1089369Selling, general and administrative expenses381710Total14611079Capital expenditures in 2022 and 2021 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1056-5": { "value": "(DKK million)202220212020Amortization and impairment included in the income statement as follows:Research and development expenses10884131Total10884131(DKK million)202220212020Depreciation and impairmentincluded in the income statement as follows:Research and development expenses1089369Selling, general and administrative expenses381710Total14611079Capital expenditures in 2022 and 2021 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1056-6": { "value": "(DKK million)202220212020Amortization and impairment included in the income statement as follows:Research and development expenses10884131Total10884131(DKK million)202220212020Depreciation and impairmentincluded in the income statement as follows:Research and development expenses1089369Selling, general and administrative expenses381710Total14611079Capital expenditures in 2022 and 2021 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1070-5": { "value": "Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, 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.Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified 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 intan-gible 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.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1106-3": { "value": "Management\u2019s Judgements and EstimatesImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, 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 generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recover-able amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intan-gible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review 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 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 income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1131-2": { "value": "3.2Property and Equipment(DKK million)Leasehold improvementsEquipment, furniture andfixturesAssets underconstructionTotal property and equipment2022Cost at January 140053752989Additions for the year5118181304Disposals for the year(8)(13)\u2013(21)Exchange rate adjustment157\u201322Cost at December 314126492331,294Accumulated depreciation and impairment at January 1(90)(278)\u2013(368)Depreciation for the year(52)(94)\u2013(146)Exchange rate adjustment(1)(2)\u2013(3)Accumulated depreciation on disposals1111\u201322Accumulated depreciation and impairment at December 31(132)(363)\u2013(495)Carrying amount at December 312802862337992021Cost at January 128741614717Additions for the year29120111260Transfers between the classes703(73)\u2013Disposals for the year\u2013(9)\u2013(9)Exchange rate adjustment147\u201321Cost at December 3140053752989Accumulated depreciation and impairment at January 1(43)(221)\u2013(264)Depreciation for the year(46)(64)\u2013(110)Exchange rate adjustment(1)(2)\u2013(3)Accumulated depreciation on disposals\u20139\u20139Accumulated depreciation and impairment at December 31(90)(278)\u2013(368)Carrying amount at December 3131025952621(DKK million)202220212020Depreciation and impairmentincluded in the income statement as follows:Research and development expenses1089369Selling, general and administrative expenses381710Total14611079Capital expenditures in 2022 and 2021 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1290-4": { "value": "Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion 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.DepreciationDepreciation 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\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1394-4": { "value": "ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review 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 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 income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1394-5": { "value": "ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review 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 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 income statement when the impairment is identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1300-2": { "value": "3.3LeasesGenmab has entered into lease agreements with respect to office and laboratory space, and IT equipment. The expense, lease liability, and right-of-use assets balances related to IT equipment are immaterial. The leases are non-cancellable over various periods through 2038.(DKK million)December 31, 2022December 31, 2021December 31, 2020Right-of-use assets1Balance at January3542831771Additions to right-of-use assets243127142Depreciation charge for the year(74)(56)(36)Balance at December 31523354283Lease liabilitiesCurrent746242Non-current523363277Total lease liabilities597425319Cash outflow for lease payments8870531. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.Variable lease payments, short-term leases, lease interest expense, and sublease income are immaterial.Future minimum payments under leases as of December 31, 2022, December 31, 2021, and December 31, 2020, are as follows:(DKK million)202220212020Payment dueLess than 1 year8974531 to 3 years16710985More than 3 years but less than 5 years1369762More than 5 years271207194Total663487394Future minimum payments under our leases with commencement dates after December 31, 2022 are not included in the table above.Significant Leases Not Yet CommencedDuring 2020, Genmab entered into a lease agreement with respect to the new headquarters in Denmark with a commencement date in March 2023 and is non-cancellable until March 2038. The total future minimum payments over the term of the lease are approximately DKK 339 million and estimated capital expenditures to fit out the space are approximately DKK 128 million.Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (\u201cROU\u201d) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019suseful life or the lease term on a straight-line basis. In the income statement, lease costs are replaced by depreciation of the ROU asset recog-nized 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 IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negoti-ated 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 include the net present value of fixed payments, less any lease incentives. As Genmab\u2019s leases generally do not provide an implicit interestrate, 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 income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1388-4": { "value": "Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (\u201cROU\u201d) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019suseful life or the lease term on a straight-line basis. In the income statement, lease costs are replaced by depreciation of the ROU asset recog-nized 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 IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negoti-ated 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 include the net present value of fixed payments, less any lease incentives. As Genmab\u2019s leases generally do not provide an implicit interestrate, 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 income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1443-2": { "value": "3.4Other Investments(DKK million)December 31, 2022December 31, 2021Publicly traded equity securities67344Fund investments6627Total other investments133371Other investments include investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrangements, as well as investments in certain strategic investment funds. The decrease in other investments was primarily driven by the decrease in fair value of Genmab\u2019s investment in common shares of CureVac N.V. (\u201cCureVac\u201d).Accounting PoliciesOther investments are measured on initial recog-nition at fair value, and subsequently at fair value. Changes in fair value are recognized in the incomestatement within financial income or expense.4.3Financial Assets and LiabilitiesCategories of Financial Assets and Liabilities(DKK million)Note20222021Financial assets measured at fair value through profit or lossMarketable securities4.412,43110,381Other investments3.4133371Financial assets measured at amortized costReceivables excluding prepayments3.55,8143,176Cash and cash equivalents9,8938,957Financial liabilities measured at amortized cost:Other payables excluding provisions3.7(1,715)(1,480)Lease liabilities3.3(597)(425)4.4Marketable Securities(DKK million)Market value 2022Share %Market value 2021Share %USD portfolioCorporate bonds5,09141%5,14950%US government bonds and treasury bills3,06725%1,49614%Commercial paper8076%5285%Other1,0238%6086%Total USD portfolio9,98880%7,78175%DKK portfolioKingdom of Denmark bonds and treasury bills4423%4604%Danish mortgage-backed securities1,0939%1,20312%Total DKK portfolio1,53512%1,66316%EUR portfolioEuropean government bonds and treasury bills8327%8568%GBP portfolioUK government bonds and treasury bills761%811%Total portfolio12,431100%10,381100%Marketable securities12,43110,381Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting Policies", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1443-3": { "value": "3.4Other Investments(DKK million)December 31, 2022December 31, 2021Publicly traded equity securities67344Fund investments6627Total other investments133371Other investments include investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrangements, as well as investments in certain strategic investment funds. The decrease in other investments was primarily driven by the decrease in fair value of Genmab\u2019s investment in common shares of CureVac N.V. (\u201cCureVac\u201d).Accounting PoliciesOther investments are measured on initial recog-nition at fair value, and subsequently at fair value. Changes in fair value are recognized in the incomestatement within financial income or expense.4.4Marketable Securities(DKK million)Market value 2022Share %Market value 2021Share %USD portfolioCorporate bonds5,09141%5,14950%US government bonds and treasury bills3,06725%1,49614%Commercial paper8076%5285%Other1,0238%6086%Total USD portfolio9,98880%7,78175%DKK portfolioKingdom of Denmark bonds and treasury bills4423%4604%Danish mortgage-backed securities1,0939%1,20312%Total DKK portfolio1,53512%1,66316%EUR portfolioEuropean government bonds and treasury bills8327%8568%GBP portfolioUK government bonds and treasury bills761%811%Total portfolio12,431100%10,381100%Marketable securities12,43110,381Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting Policies", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1470-5": { "value": "Accounting PoliciesOther investments are measured on initial recog-nition at fair value, and subsequently at fair value. Changes in fair value are recognized in the incomestatement within financial income or expense.Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), andthose to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contrac-tual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measure-ment is based on the presumption that the transaction to sell the asset or transfer the liabilitytakes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in thefinancial statements on a recurring basis, Genmabdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement asa whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting Policies", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1470-6": { "value": "Accounting PoliciesOther investments are measured on initial recog-nition at fair value, and subsequently at fair value. Changes in fair value are recognized in the incomestatement within financial income or expense.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting Policies", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1475-2": { "value": "3.5Receivables(DKK million)20222021Receivables related to collaboration agreements5,2662,979Interest receivables8237Other receivables176160Receivables for securities matured290\u2013Prepayments144218Total at December 315,9583,394Non-current receivables4827Current receivables5,9103,367Total at December 315,9583,394During 2022 and 2021, there were no losses related to receivables and the credit risk on receiv-ables is considered to be limited. The provision forexpected credit losses was not significant given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies) of Genmab\u2019s customers are not likely to result in future default risk.The receivables are mainly comprised of royalties, milestones and amounts due under collaboration agreements and are non-interest bearing receiv-ables 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 PoliciesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1524-4": { "value": "Accounting PoliciesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1531-3": { "value": "Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1605-2": { "value": "3.7Other Payables(DKK million)20222021Liabilities related to collaboration agreements7053Staff cost liabilities481296Other liabilities919781Provisions1213Accounts payable245350Total at December 311,7271,493Non-current other payables1113Current other payables1,7161,480Total at December 311,7271,493Accounting PoliciesOther 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.Non-current payables are measured at the presentvalue 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 PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and develop-ment project costs.Refer to Note 2.3 for accounting policies related to staff costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1638-4": { "value": "Accounting PoliciesOther 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.Non-current payables are measured at the presentvalue 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 PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and develop-ment project costs.Refer to Note 2.3 for accounting policies related to staff costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1664-2": { "value": "4.1Capital ManagementGenmab\u2019s goal is to maintain a strong capital baseso as to maintain investor, creditor and market confidence, and a continuous advancement of Genmab\u2019s product pipeline and business in general.Genmab is primarily financed through revenues under various collaboration agreements and had, as of December 31, 2022, cash and cash equivalents of DKK 9,893 million and marketable securities of DKK 12,431 million compared to DKK 8,957 million and DKK 10,381 million, respec-tively, as of December 31, 2021. Genmab\u2019s cash and cash equivalents and marketable securities support the advancement of our product pipeline and operations.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. Accordingly, Genmab may require additional fundsand may attempt to raise additional funds throughequity or debt financings, collaborative agree-ments with partners, or from other sources.The Board of Directors monitors the share and capital structure to ensure that Genmab\u2019s capital resources support its strategic goals.Neither Genmab A/S nor any of its subsid-iaries are subject to externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1699-2": { "value": "4.2Financial RiskThe financial risks of the Genmab Group are managed centrally.The overall risk management guidelines have been approved by the Board of Directors and include the Group\u2019s investment policy related to our marketable securities. The Group\u2019s 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\u2019s policy not to actively speculate in financial risks. The Group\u2019s financial risk management is directed solely towards monitoring and reducing financial risks which are directly related to Genmab\u2019s operations.The primary objective of Genmab\u2019s 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 invest-ments (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\u2019s marketable securities are adminis-trated by external investment managers. The investment guidelines and managers are reviewedregularly to reflect changes in market conditions, Genmab\u2019s activities and financial position. At the beginning of 2021, Genmab\u2019s investment policy was amended to allow investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody\u2019s. The amended 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 hasidentified the following key financial risk areas, which are mainly related to our marketable securi-ties portfolio:credit risk;foreign currency risk; andinterest rate riskAll of Genmab\u2019s 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 market-able securities.Credit RiskGenmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securi-ties was DKK 22,324 million as of December 31, 2022 compared to DKK 19,338 million as of December 31, 2021. The maximum credit exposure to Genmab\u2019s receivables was DKK 5,958 million as of December 31, 2022 compared to DKK 3,394 million as of December 31, 2021.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s 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\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2022, 75% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1/P-1 rated by S&P, Moody\u2019s or Fitch compared to 68% as of December 31, 2021. The total value of marketable securities amounted to DKK 12,431 million at the end of 2022 compared to DKK 10,381 million at the end of 2021.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s 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 secu-rities classified as cash equivalents amounted to DKK 9,893 million as of December 31, 2022 compared to DKK 8,957 million at the end of 2021. The increase was primarily driven by Genmab\u2019s increased profitability and foreign exchange movements which positively impacted our USD denominated cash and cash equivalents.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.1, Janssen, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in There is also exposure that exchange rate fluctu-ations 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 presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affectedUnder 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. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 89% of total revenue in 2022as compared to 92% in 2021 and 95% in 2020.Genmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.Foreign Currency Riskby currency risks as both revenues and expensesare primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated inUSD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:Percent December 31, 2022 December 31, 2021USD 80% 75%DKK 12% 16%EUR 7% 8%GBP 1% 1%Total 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collabo-rations with Janssen, AbbVie, Roche and Seagen. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to changematerially as gains and losses are recognized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2022 and 2021, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.2 billion and DKK 1.5 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetaryitems (cash and cash equivalents, marketable securities, receivables and liabilities) where the Marketable SecuritiesThe 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\u2019smarketable securities, and based on exposures in 2021 and 2022, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instru-ments. Due to the short-term nature of the current investments and to the extent that Genmab is ableto 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.(DKK million)20222021Year of Maturity2022\u20133,37220236,2543,04120243,6602,65420251,80144820262191522027+497714Total12,43110,381Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31,2022 and 2021, Genmab\u2019s GBP exposure is not material.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR.This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change,the DKK values of our EUR denominated assets and costs could be materially different comparedto what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2022 and 2021, Genmab\u2019s EUR exposure is not material.functional currency of the entity differs from thecurrency that the monetary items are denomi-nated in.Genmab\u2019s exposure to interest rate risk is primarily related to marketable securities, asGenmab currently does not have significant interest-bearing debts.Interest Rate Risk", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1769-3": { "value": "Credit RiskGenmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securi-ties was DKK 22,324 million as of December 31, 2022 compared to DKK 19,338 million as of December 31, 2021. The maximum credit exposure to Genmab\u2019s receivables was DKK 5,958 million as of December 31, 2022 compared to DKK 3,394 million as of December 31, 2021.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s 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\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2022, 75% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1/P-1 rated by S&P, Moody\u2019s or Fitch compared to 68% as of December 31, 2021. The total value of marketable securities amounted to DKK 12,431 million at the end of 2022 compared to DKK 10,381 million at the end of 2021.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s 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 secu-rities classified as cash equivalents amounted to DKK 9,893 million as of December 31, 2022 compared to DKK 8,957 million at the end of 2021. The increase was primarily driven by Genmab\u2019s increased profitability and foreign exchange movements which positively impacted our USD denominated cash and cash equivalents.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.1, Janssen, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1771-3": { "value": "There is also exposure that exchange rate fluctu-ations 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 presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affectedUnder 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. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 89% of total revenue in 2022as compared to 92% in 2021 and 95% in 2020.Genmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.Foreign Currency Riskby currency risks as both revenues and expensesare primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated inUSD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:Percent December 31, 2022 December 31, 2021USD 80% 75%DKK 12% 16%EUR 7% 8%GBP 1% 1%Total 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collabo-rations with Janssen, AbbVie, Roche and Seagen. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to changematerially as gains and losses are recognized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2022 and 2021, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.2 billion and DKK 1.5 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetaryitems (cash and cash equivalents, marketable securities, receivables and liabilities) where the Marketable SecuritiesThe 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\u2019smarketable securities, and based on exposures in 2021 and 2022, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instru-ments. Due to the short-term nature of the current investments and to the extent that Genmab is ableto 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.(DKK million)20222021Year of Maturity2022\u20133,37220236,2543,04120243,6602,65420251,80144820262191522027+497714Total12,43110,381Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31,2022 and 2021, Genmab\u2019s GBP exposure is not material.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR.This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change,the DKK values of our EUR denominated assets and costs could be materially different comparedto what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2022 and 2021, Genmab\u2019s EUR exposure is not material.functional currency of the entity differs from thecurrency that the monetary items are denomi-nated in.Genmab\u2019s exposure to interest rate risk is primarily related to marketable securities, asGenmab currently does not have significant interest-bearing debts.Interest Rate Risk", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1771-4": { "value": "There is also exposure that exchange rate fluctu-ations 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 presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affectedUnder 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. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 89% of total revenue in 2022as compared to 92% in 2021 and 95% in 2020.Genmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.Foreign Currency Riskby currency risks as both revenues and expensesare primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated inUSD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:Percent December 31, 2022 December 31, 2021USD 80% 75%DKK 12% 16%EUR 7% 8%GBP 1% 1%Total 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collabo-rations with Janssen, AbbVie, Roche and Seagen. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to changematerially as gains and losses are recognized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2022 and 2021, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.2 billion and DKK 1.5 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetaryitems (cash and cash equivalents, marketable securities, receivables and liabilities) where the Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31,2022 and 2021, Genmab\u2019s GBP exposure is not material.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR.This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change,the DKK values of our EUR denominated assets and costs could be materially different comparedto what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2022 and 2021, Genmab\u2019s EUR exposure is not material.functional currency of the entity differs from thecurrency that the monetary items are denomi-nated in.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1871-3": { "value": "2021Level 1 Level 2 Level 3 Total10,381 \u2013 \u2013 10,381 344 \u2013 27 371Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measure-ment is based on the presumption that the transaction to sell the asset or transfer the liabilitytakes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in thefinancial statements on a recurring basis, Genmabdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement asa whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1863-2": { "value": "Level 3TotalAssets Measured at 2021Level 1 Level 2 Level 3 Total10,381 \u2013 \u2013 10,381 344 \u2013 27 371Marketable SecuritiesSubstantially all fair market values are determinedby reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsThe fair value of Genmab\u2019s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1).There were no transfers into or out of Level 3 during 2021 or 2022. Acquisitions (capital calls) on Level 3 investments in 2021 and 2022 were as follows:(DKK million)Other InvestmentsFair value at December 31, 202014Acquisitions13Fair value at December 31, 202127Acquisitions39Fair value at December 31, 202266Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), andthose to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contrac-tual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measure-ment is based on the presumption that the transaction to sell the asset or transfer the liabilitytakes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in thefinancial statements on a recurring basis, Genmabdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement asa whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1922-6": { "value": "Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measure-ment is based on the presumption that the transaction to sell the asset or transfer the liabilitytakes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in thefinancial statements on a recurring basis, Genmabdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement asa whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1925-4": { "value": "4.4Marketable Securities(DKK million)Market value 2022Share %Market value 2021Share %USD portfolioCorporate bonds5,09141%5,14950%US government bonds and treasury bills3,06725%1,49614%Commercial paper8076%5285%Other1,0238%6086%Total USD portfolio9,98880%7,78175%DKK portfolioKingdom of Denmark bonds and treasury bills4423%4604%Danish mortgage-backed securities1,0939%1,20312%Total DKK portfolio1,53512%1,66316%EUR portfolioEuropean government bonds and treasury bills8327%8568%GBP portfolioUK government bonds and treasury bills761%811%Total portfolio12,431100%10,381100%Marketable securities12,43110,381Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting Policies", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2002-8": { "value": "Transactions are recognized at the trade date.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment graderated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated assetbacked securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This businessmodel does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.\u2022 Fair value through profit and loss (FVPL): Assetsthat do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain orloss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together withforeign exchange gains and losses. Impairmentlosses are presented as a separate line item in the statement of profit or loss.Marketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. There are two measurement categories into which Genmab classifies its debt instruments:Accounting Policies", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2010-2": { "value": "4.5Financial Income and Expenses(DKK million)202220212020Financial income:Interest and other financial income324197184Gain on other investments, net\u2013\u2013965Foreign exchange rate gain, net1,0341,470\u2013Total financial income1,3581,6671,149Financial expenses:Interest and other financial expenses(21)(13)(10)Loss on marketable securities, net(361)(246)(92)Loss on other investments, net(298)(443)\u2013Foreign exchange rate loss, net\u2013\u2013(1,456)Total financial expenses(680)(702)(1,558)Net financial items678965(409)Interest IncomeInterest income was DKK 324 million in 2022 compared to DKK 197 million in 2021. The increase of DKK 127 million, or 64%, was driven by higher effective interest rates in the U.S., Europe and Denmark for the respective periods.Foreign Exchange Rate Gains and LossesForeign exchange rate gains of DKK 1,034 million in 2022 and DKK 1,470 million in 2021, and losses of DKK 1,456 million in 2020 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, 2022December 31, 2021December 31, 2020USD/DKK Foreign Exchange Rates6.97226.56126.0524% Increase/(Decrease)6%8%(9)%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesLoss on marketable securities, net was DKK 361 million in 2022 and DKK 246 million in 2021. The increase in losses of DKK 115 million, or 47%, was primarily driven by higher interest rates on Genmab\u2019s Danish mortgage investments in 2022 as compared to 2021. Loss on marketable securities, net was DKK 246 million in 2021 and DKK 92 million in 2020. The increase in losses of DKK 154 million was primarily driven by the movements in interest rates in the U.S. and Europe in the respective periods.Other InvestmentsLoss on other investments, net was DKK 298 million in 2022 and DKK 443 million in 2021, and gain on other investments, net was DKK 965 million in 2020. The losses and gains in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Interest income is shown separately from gainsand losses on marketable securities and other securities and equity interests.Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-salefinancial assets).Accounting Policies", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2010-3": { "value": "4.5Financial Income and Expenses(DKK million)202220212020Financial income:Interest and other financial income324197184Gain on other investments, net\u2013\u2013965Foreign exchange rate gain, net1,0341,470\u2013Total financial income1,3581,6671,149Financial expenses:Interest and other financial expenses(21)(13)(10)Loss on marketable securities, net(361)(246)(92)Loss on other investments, net(298)(443)\u2013Foreign exchange rate loss, net\u2013\u2013(1,456)Total financial expenses(680)(702)(1,558)Net financial items678965(409)Interest IncomeInterest income was DKK 324 million in 2022 compared to DKK 197 million in 2021. The increase of DKK 127 million, or 64%, was driven by higher effective interest rates in the U.S., Europe and Denmark for the respective periods.Foreign Exchange Rate Gains and LossesForeign exchange rate gains of DKK 1,034 million in 2022 and DKK 1,470 million in 2021, and losses of DKK 1,456 million in 2020 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, 2022December 31, 2021December 31, 2020USD/DKK Foreign Exchange Rates6.97226.56126.0524% Increase/(Decrease)6%8%(9)%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesLoss on marketable securities, net was DKK 361 million in 2022 and DKK 246 million in 2021. The increase in losses of DKK 115 million, or 47%, was primarily driven by higher interest rates on Genmab\u2019s Danish mortgage investments in 2022 as compared to 2021. Loss on marketable securities, net was DKK 246 million in 2021 and DKK 92 million in 2020. The increase in losses of DKK 154 million was primarily driven by the movements in interest rates in the U.S. and Europe in the respective periods.Other InvestmentsLoss on other investments, net was DKK 298 million in 2022 and DKK 443 million in 2021, and gain on other investments, net was DKK 965 million in 2020. The losses and gains in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Interest income is shown separately from gainsand losses on marketable securities and other securities and equity interests.Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-salefinancial assets).Accounting Policies", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2010-4": { "value": "4.5Financial Income and Expenses(DKK million)202220212020Financial income:Interest and other financial income324197184Gain on other investments, net\u2013\u2013965Foreign exchange rate gain, net1,0341,470\u2013Total financial income1,3581,6671,149Financial expenses:Interest and other financial expenses(21)(13)(10)Loss on marketable securities, net(361)(246)(92)Loss on other investments, net(298)(443)\u2013Foreign exchange rate loss, net\u2013\u2013(1,456)Total financial expenses(680)(702)(1,558)Net financial items678965(409)Interest IncomeInterest income was DKK 324 million in 2022 compared to DKK 197 million in 2021. The increase of DKK 127 million, or 64%, was driven by higher effective interest rates in the U.S., Europe and Denmark for the respective periods.Foreign Exchange Rate Gains and LossesForeign exchange rate gains of DKK 1,034 million in 2022 and DKK 1,470 million in 2021, and losses of DKK 1,456 million in 2020 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, 2022December 31, 2021December 31, 2020USD/DKK Foreign Exchange Rates6.97226.56126.0524% Increase/(Decrease)6%8%(9)%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesLoss on marketable securities, net was DKK 361 million in 2022 and DKK 246 million in 2021. The increase in losses of DKK 115 million, or 47%, was primarily driven by higher interest rates on Genmab\u2019s Danish mortgage investments in 2022 as compared to 2021. Loss on marketable securities, net was DKK 246 million in 2021 and DKK 92 million in 2020. The increase in losses of DKK 154 million was primarily driven by the movements in interest rates in the U.S. and Europe in the respective periods.Other InvestmentsLoss on other investments, net was DKK 298 million in 2022 and DKK 443 million in 2021, and gain on other investments, net was DKK 965 million in 2020. The losses and gains in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Interest income is shown separately from gainsand losses on marketable securities and other securities and equity interests.Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-salefinancial assets).Accounting Policies", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2102-6": { "value": "Interest income is shown separately from gainsand losses on marketable securities and other securities and equity interests.Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-salefinancial assets).Accounting Policies", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2106-2": { "value": "4.6Share-Based InstrumentsRestricted Stock Unit ProgramGenmab A/S has established an RSU program (equity-settled share-based payment transac-tions) as an incentive for Genmab\u2019s employees, members of the Executive Management, and members of the Board of Directors. RSUs granted to Executive Management are performance-based.RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting.See the table below for a summary of key terms of Genmab\u2019s RSU programs:RSUs Granted in PeriodsKey TermsDecember 2019\u2013February 2021From February 2021GrantsGranted at closing share price on the grant date. Vesting (Settlement)Cliff vesting \u2014 RSUs become fully vested on the first banking day of the month following a period of 3 years from the grant date.After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances chooseto make a cash settlement instead of delivering shares.Leaver Leavers \u2014 Forfeit all unvested RSUs except when due to retirement, death, serious sickness or serious injury, in which case granted but not yet vested RSUs shall remain outstanding and will be settled in accordance with their terms.Notwithstanding the above, the December 2020 RSU grant to members of the Board of Directors was made subject to pro-rata vesting upon termination of board services.Employees and Executive Management \u2014RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.1Good-Leavers \u2014 May maintain a pro-rata portion of unvested RSUs2Bad-Leavers \u2014 Forfeit all unvested RSUs.Death \u2014 Forfeit all unvested RSUs.1. \u201cGood-Leaver\u201d \u2014 Dismissal without cause or termination of employment due to the Genmab\u2019s material breach of the RSU or Warrant holder\u2019s employment terms, or if the participant is a member of the Board of Directors, if the membership of the Board of Directors ceases for any other reason than as a result of the participants death.2. \u201cBad-leaver\u201d \u2014 Dismissed for cause or during the employment probationary period.The RSU program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program.RSU Activity in 2022, 2021 and 2020Number of RSUs held by the Board of DirectorsNumber of RSUs held by the ExecutiveManagementNumber of RSUs held by employeesNumber of RSUs held by former members of the Executive Management, Board of Directors and employeesTotal RSUsWeighted AverageFair Value \u2014 RSUsGranted \u2014 DKKOutstanding at January 1, 202019,95372,865208,8596,230307,907Granted*2,9299,03234,43113046,5221,927.83Settled(6,470)(12,253)(22,196)(5,936)(46,855)Transferred(2,822)(2,334)(22,762)27,918\u2013Cancelled(1,025)(1,128)(958)(10,535)(13,646)Outstanding at December 31, 202012,56566,182197,37417,807293,928Outstanding at January 1, 202112,56566,182197,37417,807293,928Granted*3,29731,417146,6844,817186,2152,236.44Settled(3,556)(14,089)(35,962)(9,967)(63,574)Transferred(688)5,533(14,810)9,965\u2013Cancelled(653)\u2013(255)(9,670)(10,578)Outstanding at December 31, 202110,96589,043293,03112,952405,991Outstanding at January 1, 202210,96589,043293,03112,952405,991Granted*4,29540,453221,0006,383272,1312,250.18Settled(3,420)(17,165)(67,945)(12,847)(101,377)Transferred(2,368)\u2013(13,749)16,117\u2013Cancelled(653)\u2013(9,195)(18,759)(28,607)Outstanding at December 31, 20228,819112,331423,1423,846548,138*RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of Executive Management and the Board of Directors.Warrant ProgramGenmab A/S has established a warrant program (equity-settled share-based payment trans-actions) as an incentive for all the Genmab Group\u2019s employees and members of the Executive Management.Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S\u2019 shareholders.Warrant grants to Executive Management are subject to Genmab\u2019s Remuneration Policy adoptedat the Annual General Meeting.See the table below for a summary of key terms of Genmab\u2019s warrant programs:Warrants Granted in PeriodsKey TermsApril 2012\u2013March 2017March 2017\u2013February 2021From February 2021GrantsGranted at an exercise price equal to the closing share price on the grant date.Vesting (Exercisable)Annually over 4-year period (25% per year)Cliff vesting over 3-year period (100% after 3 years)LeaverLeavers \u2014 Forfeit all unvested warrants; however, may be able to exercise warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause.Good-Leavers \u2014 Maymaintain a pro-rata portionof unvested warrantsBad-Leavers \u2014 For feit allunvested warrants.Death \u2014 For feit all unvestedwarrants.Lapse7th anniversary of grant dateThe warrant program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program.Warrant Activity in 2022, 2021 and 2020Number of warrants held by the Board of DirectorsNumber ofwarrants held by the Executive ManagementNumber of warrants held by employeesNumber of warrants held by former members of the Executive Management, Board of Directors and employeesTotal warrantsWeighted average exercise price \u2014 DKKWeighted average share price at exercise date \u2014 DKKOutstanding Warrants \u2014% of Share CapitalOutstanding at January 1, 202062,334347,801858,973144,5161,413,624862.03Granted*\u20137,771110,041416118,2282,009.79Exercised(24,438)\u2013(122,015)(324,793)(471,246)296.772,035.29Expired\u2013\u2013\u2013\u2013\u2013\u2013Cancelled\u2013(28,424)(589)(43,125)(72,138)1,157.54Transfers(25,955)(186,333)(113,833)326,121\u2013\u2013Outstanding at December 31, 202011,941140,815732,577103,135988,4681,247.222%Exercisable at year end4,19283,426166,40292,696346,716935.60Exercisable warrants in the money at year end4,19283,426166,40292,696346,716935.60Outstanding at January 1, 202111,941140,815732,577103,135988,4681,247.22Granted*1,2171,287167,0806,400175,9842,282.35Exercised(2,500)(7,250)(105,726)(57,232)(172,708)780.482,439.80Expired\u2013\u2013\u2013\u2013\u2013\u2013Cancelled\u2013\u2013(477)(22,816)(23,293)1,956.91Transfers\u201324,782(54,454)29,672\u2013\u2013Outstanding at December 31, 202110,658159,634739,00059,159968,4511,501.491%Exercisable at year end6,594135,723219,38650,021411,7241,058.41Exercisable warrants in the money at year end6,594135,723219,38650,021411,7241,058.41Outstanding at January 1, 202210,658159,634739,00059,159968,4511,501.49Granted*1,541\u2013250,0057,412258,9582,244.22Exercised(1,558)(29,836)(176,948)(34,775)(243,117)1,154.952,815.33Expired\u2013\u2013\u2013\u2013\u2013\u2013Cancelled\u2013\u2013(13,670)(32,654)(46,324)2,029.00Transfers(8,721)\u2013(25,373)34,094\u2013\u2013Outstanding at December 31, 20221,920129,798773,01433,236937,9681,770.311%Exercisable at year end617118,571282,29632,695434,1791,265.68Exercisable warrants in the money at year end617118,571282,29632,695434,1791,265.68*Warrants held by the Board of Directors include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of Executive Management and the Board of Directors.Weighted Average Outstanding Warrants at December 31, 2022ExercisepriceDKKGrant DateNumber of warrants outstandingWeighted average remaining contractual life (in years)Number ofwarrants exercisable815.50March 17, 20162,7250.212,725962.00June 7, 20184,6462.444,6461,025.00December 10, 2018109,9182.94109,9181,032.00December 15, 201763,2301.9663,2301,050.00September 21, 201814,0242.7314,0241,136.00October 6, 20162,6950.772,6951,145.00December 15, 201614,9630.9614,9631,147.50June 6, 20199,3863.439,3861,155.00March 29, 20195,5093.255,5091,161.00March 1, 201910,1283.1710,1281,210.00April 10, 20187,0902.287,0901,233.00June 9, 20163,6810.443,6811,334.50October 11, 201932,1503.7832,1501,362.50March 26, 202030,9384.24\u20131,402.00March 28, 20176,8371.246,8371,408.00June 8, 20179541.449541,424.00February 10, 20174081.114081,427.00March 29, 20178,4001.258,4001,432.00October 5, 20171,9941.761,9941,615.00December 5, 2019135,4413.93135,4411,948.00June 3, 202012,9614.43\u20132,070.00February 26, 202190,9685.16\u20132,103.00June 9, 202222,2216.44\u20132,129.00January 25, 202215,9866.07\u20132,148.00April 13, 202115,0975.29\u20132,175.00February 25, 2022166,2866.15\u20132,317.00October 7, 202034,1094.77\u20132,381.00December 15, 202022,9834.96\u20132,408.00March 29, 202213,4596.25\u20132,492.00January 28, 202110,0535.08\u20132,585.00September 20, 202219,6446.72\u20132,641.00November 22, 20216,4565.89\u20132,698.00June 22, 202114,2165.48\u20132,806.00October 7, 202119,4765.77\u20133,172.00November 21, 20228,9366.89\u20131,770.31937,9684.40434,179Weighted Average Outstanding Warrants at December 31, 2021Exerciseprice DKKGrant DateNumber ofwarrants outstandingWeighted average remaining contractual life (in years)Number of warrants exercisable466.20March 26, 20156000.24600623.50June 11, 20156500.45650636.50October 7, 20157,7000.777,700815.50March 17, 20165,3011.215,301939.50December 10, 201520,6120.9420,612962.00June 7, 20186,5273.446,5271,025.00December 10, 2018169,5653.94169,5651,032.00December 15, 201779,7712.9679,7711,050.00September 21, 201816,8063.7316,8061,136.00October 6, 201610,4241.7710,4241,145.00December 15, 201653,3741.9653,3741,147.50June 6, 201917,2094.43\u20131,155.00March 29, 20197,6624.25\u20131,161.00March 1, 201919,0284.17\u20131,210.00April 10, 201810,1893.2810,1891,233.00June 9, 20169,0301.449,0301,334.50October 11, 201952,2234.78\u20131,362.50March 26, 202032,0545.24\u20131,402.00March 28, 20177,1102.247,1101,408.00June 8, 20171,2742.441,2741,424.00February 10, 20179462.119461,427.00March 29, 20178,4002.258,4001,432.00October 5, 20173,4452.763,4451,615.00December 5, 2019183,2404.93\u20131,948.00June 3, 202014,8985.43\u20132,070.00February 26, 202196,8406.16\u20132,148.00April 13, 202116,8806.29\u20132,317.00October 7, 202036,9495.77\u20132,381.00December 15, 202023,7615.96\u20132,492.00January 28, 202112,3296.08\u20132,641.00November 22, 20216,8796.89\u20132,698.00June 22, 202115,2616.48\u20132,806.00October 7, 202121,5146.77\u20131,501.49968,4514.39411,724Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achievement of performance goals associated with performance based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compen-sation expense recognized to date associated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-basedRSU programs are designated as equity-settled share-based payment transactions.Management\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;The risk-free interest rate, which is determined as the interest rate on Danish government bonds(bullet issues) with a maturity of five years;The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Valuation Assumptions for Warrants Granted in 2022, 2021 and 2020The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:202220212020Weighted averageFair value per warrant on grant date664.08701.82631.51Share price2,244.222,282.352,009.79Exercise price2,244.222,282.352,009.79Expected dividend yield0%0%0%Expected stock price volatility33.5%36.6%37.0%Risk-free interest rate0.15%-0.54%-0.58%Expected life of warrants5 years5 years5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants grantedDKK 172 millionDKK 124 millionDKK 75 millionTotal fair value of RSUs grantedDKK 612 millionDKK 416 millionDKK 90 million", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2948-4": { "value": "Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achievement of performance goals associated with performance based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compen-sation expense recognized to date associated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-basedRSU programs are designated as equity-settled share-based payment transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3050-2": { "value": "4.7Share CapitalShare CapitalThe share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominalvalue of DKK 1. All shares are fully paid.As of December 31, 2022, the share capital of Genmab A/S comprised 65,961,573 shares of DKK 1 each with one vote. There are no restric-tions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obli-gation to allow his/her shares to be redeemed.Genmab\u2019s Board of Directors is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instruments of Genmab A/S as set out in articles 4A-5B of Genmab A/S\u2019 Articles of Association. Further, Genmab\u2019s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2022:April 13, 2021 AuthorizationMarch 29, 2019AuthorizationMarch 28, 2017 AuthorizationWarrants issued68,291500,000500,000Warrants reissued1,33359,67163,558Warrants available for issue681,709\u2013\u2013Warrants available for reissue1,25410,661\u2013Share PremiumThe share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s offerings, reduced by any external expenses directly attributable to the offerings. The share premium reserve can be distributed.Changes in Share Capital During 2020 to 2022The share capital of DKK 66 million at December 31, 2022 is divided into 65,961,573 shares at a nominal value of DKK 1 each.Number of sharesShare capital(DKK million)1Share Price RangesDecember 31, 201965,074,50265.1Exercise of warrants471,2460.4DKK 31.75 to DKK 1,432.00December 31, 202065,545,74865.5Exercise of warrants172,7080.2DKK 31.75 to DKK 1,432.00December 31, 202165,718,45665.7Exercise of warrants243,1170.3DKK 466.20 to DKK 1,615.00December 31, 202265,961,57366.01. New shares were subscribed at share prices in connection with the exercise of warrants under Genmab\u2019s warrant program.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3234-3": { "value": "5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million)202220212020Wages and salaries555148Share-based compensation expenses705843Defined contribution plans222Total12711193The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2022 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase Board FeeCommittee FeesShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020Deirdre P. Connelly1.21.21.10.50.50.50.90.70.72.62.42.3Pernille Erenbjerg0.90.90.70.40.40.40.70.50.42.01.81.5Anders Gersel Pedersen0.60.60.40.40.40.40.50.40.51.51.41.3Paolo Paoletti0.60.60.40.30.30.30.50.40.41.41.31.1Rolf Hoffmann0.60.60.40.30.40.30.50.40.51.41.41.21Elizabeth O\u2019Farrell0.5\u2013\u20130.2\u2013\u20130.6\u2013\u20131.3\u2013\u20132Jonathan Peacock\u20130.50.3\u20130.30.3\u20130.60.4\u20131.41.03Mats Pettersson\u2013\u20130.3\u2013\u20130.1\u2013\u20131.6\u2013\u20132.04Mijke Zachariasse0.60.60.4\u2013\u2013\u20130.40.30.11.00.90.54Martin Schultz0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20134Takahiro Hamatani0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20135Peter Storm Kristensen0.10.60.4\u2013\u2013\u20130.10.40.40.21.00.85,6Rima Bawarshi Nassar0.10.60.1\u2013\u2013\u20130.10.2\u20130.20.80.16Daniel J. Bruno\u2013\u20130.3\u2013\u2013\u2013\u2013\u2013(0.4)\u2013\u2013(0.1)Total6.26.24.82.12.32.34.33.94.612.612.411.71. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Mats Pettersson stepped down from the Board of Directors at the Annual General Meeting in March 2020.4. Employee elected board members were elected at the Annual General Meeting in March 2022.5. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee elected board members at the Annual General Meeting in March 2022.6. Daniel J. Bruno stepped down from the Board of Directors and Rima Bawarshi Nassar replaced Daniel J. Bruno on the Board of Directors as an employee elected board member during August 2020.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Remuneration to the Executive ManagementBase SalaryDefined Contribution PlansOther BenefitsAnnual Cash BonusShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020202220212020202220212020Jan van de Winkel8.67.97.31.31.11.00.30.61.08.67.98.422.920.619.641.738.137.31Anthony Pagano4.33.23.00.10.10.1\u2013\u2013\u20132.61.92.39.57.25.216.512.410.62Anthony Mancini4.73.93.10.10.10.1\u20133.13.32.82.32.011.47.23.119.016.611.6Judith Klimovsky4.94.04.00.10.10.1\u2013\u20130.12.92.53.014.113.212.722.019.819.93Tahamtan Ahmadi4.63.3\u20130.10.1\u2013\u2013\u2013\u20132.82.0\u20137.75.5\u201315.210.9\u20131David A. Eatwell\u2013\u20130.9\u2013\u20130.1\u2013\u20132.5\u2013\u2013\u2013\u2013\u2013(2.3)\u2013\u20131.2Total27.122.318.31.71.51.40.33.76.919.716.615.765.653.738.3114.497.880.61. David A. Eatwell stepped down as CFO on February 29, 2020, and Anthony Pagano was appointed CFO and member of the Executive Management on March 1, 2020.2. Anthony Mancini was appointed Chief Operating Officer and member of the Executive Management in March 2020.3. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, Presidentand Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally registered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cSenior Leadership\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance Payments:In the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on our financial position is estimated to beapproximately DKK 82 million as of December 31, 2022 (2021: DKK 72 million, 2020: DKK 52 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3234-4": { "value": "5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million)202220212020Wages and salaries555148Share-based compensation expenses705843Defined contribution plans222Total12711193The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2022 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase Board FeeCommittee FeesShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020Deirdre P. Connelly1.21.21.10.50.50.50.90.70.72.62.42.3Pernille Erenbjerg0.90.90.70.40.40.40.70.50.42.01.81.5Anders Gersel Pedersen0.60.60.40.40.40.40.50.40.51.51.41.3Paolo Paoletti0.60.60.40.30.30.30.50.40.41.41.31.1Rolf Hoffmann0.60.60.40.30.40.30.50.40.51.41.41.21Elizabeth O\u2019Farrell0.5\u2013\u20130.2\u2013\u20130.6\u2013\u20131.3\u2013\u20132Jonathan Peacock\u20130.50.3\u20130.30.3\u20130.60.4\u20131.41.03Mats Pettersson\u2013\u20130.3\u2013\u20130.1\u2013\u20131.6\u2013\u20132.04Mijke Zachariasse0.60.60.4\u2013\u2013\u20130.40.30.11.00.90.54Martin Schultz0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20134Takahiro Hamatani0.5\u2013\u2013\u2013\u2013\u2013\u2013\u2013\u20130.5\u2013\u20135Peter Storm Kristensen0.10.60.4\u2013\u2013\u20130.10.40.40.21.00.85,6Rima Bawarshi Nassar0.10.60.1\u2013\u2013\u20130.10.2\u20130.20.80.16Daniel J. Bruno\u2013\u20130.3\u2013\u2013\u2013\u2013\u2013(0.4)\u2013\u2013(0.1)Total6.26.24.82.12.32.34.33.94.612.612.411.71. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Mats Pettersson stepped down from the Board of Directors at the Annual General Meeting in March 2020.4. Employee elected board members were elected at the Annual General Meeting in March 2022.5. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee elected board members at the Annual General Meeting in March 2022.6. Daniel J. Bruno stepped down from the Board of Directors and Rima Bawarshi Nassar replaced Daniel J. Bruno on the Board of Directors as an employee elected board member during August 2020.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Remuneration to the Executive ManagementBase SalaryDefined Contribution PlansOther BenefitsAnnual Cash BonusShare-Based Compensation ExpensesTotal(DKK million)202220212020202220212020202220212020202220212020202220212020202220212020Jan van de Winkel8.67.97.31.31.11.00.30.61.08.67.98.422.920.619.641.738.137.31Anthony Pagano4.33.23.00.10.10.1\u2013\u2013\u20132.61.92.39.57.25.216.512.410.62Anthony Mancini4.73.93.10.10.10.1\u20133.13.32.82.32.011.47.23.119.016.611.6Judith Klimovsky4.94.04.00.10.10.1\u2013\u20130.12.92.53.014.113.212.722.019.819.93Tahamtan Ahmadi4.63.3\u20130.10.1\u2013\u2013\u2013\u20132.82.0\u20137.75.5\u201315.210.9\u20131David A. Eatwell\u2013\u20130.9\u2013\u20130.1\u2013\u20132.5\u2013\u2013\u2013\u2013\u2013(2.3)\u2013\u20131.2Total27.122.318.31.71.51.40.33.76.919.716.615.765.653.738.3114.497.880.61. David A. Eatwell stepped down as CFO on February 29, 2020, and Anthony Pagano was appointed CFO and member of the Executive Management on March 1, 2020.2. Anthony Mancini was appointed Chief Operating Officer and member of the Executive Management in March 2020.3. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, Presidentand Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally registered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cSenior Leadership\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance Payments:In the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on our financial position is estimated to beapproximately DKK 82 million as of December 31, 2022 (2021: DKK 72 million, 2020: DKK 52 million).5.2Related Party DisclosuresGenmab\u2019s related parties are the parent company\u2019s subsidiaries, Board of Directors, Executive Management, and close members of thefamily of these persons.Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the members of the Board of Directors or Executive Management.Other than the remuneration and other trans-actions relating to the Board of Directors and Executive Management described in Note 5.1, there were no material related party transactions during 2022, 2021 and 2020.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3733-2": { "value": "5.3CommitmentsPurchase ObligationsGenmab has entered into a number of agreementsrelated to research and development activities that contain various obligations. These short-term contractual obligations amounted to approxi-mately DKK 1,687 million as of December 31, 2022, all of which is due in less than two years (2021: approximately DKK 1,340 million).Genmab also has certain contingent commitmentsunder license and collaboration agreements that may become due in the future. As of December 31,2022, these contingent commitments amounted to approximately DKK 20,077 million (USD 2,880 million) in potential future development, regu-latory and commercial milestone payments to third parties under license and collaboration agreements for our pre-clinical and clinical stage development programs as compared to approxi-mately DKK 19,574 million (USD 2,983 million) as of December 31, 2021. These milestone paymentsgenerally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3733-3": { "value": "5.3CommitmentsPurchase ObligationsGenmab has entered into a number of agreementsrelated to research and development activities that contain various obligations. These short-term contractual obligations amounted to approxi-mately DKK 1,687 million as of December 31, 2022, all of which is due in less than two years (2021: approximately DKK 1,340 million).Genmab also has certain contingent commitmentsunder license and collaboration agreements that may become due in the future. As of December 31,2022, these contingent commitments amounted to approximately DKK 20,077 million (USD 2,880 million) in potential future development, regu-latory and commercial milestone payments to third parties under license and collaboration agreements for our pre-clinical and clinical stage development programs as compared to approxi-mately DKK 19,574 million (USD 2,983 million) as of December 31, 2021. These milestone paymentsgenerally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3773-2": { "value": "5.4Fees to Auditors Appointed at the Annual General Meeting(DKK million)202220212020PricewaterhouseCoopersAudit fees5.85.84.9Audit-related fees2.01.81.0Tax fees\u2013\u20130.3All other fees\u20130.1\u2013Total7.87.76.2Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 2.0 million in 2022 (DKK 1.9 million and DKK 1.3 million in 2021 and 2020, respectively). These services primarily include agreed-upon procedures, other assurance assessments and reports, accounting advice, educational training and tax and VAT compliance.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-4237-2": { "value": "5.7Subsequent EventsNo events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f98825": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }