2022
Annual Report
Rooted in
Science,
Inspired by
Patients
CVR No. 21 0 2 38 84
2 Genmab | 2022 Annual Report | Management’s Review
Table of
Contents
Management’s
Review
Financial
Statements
Other
Information
Management’s Review
4 Our Vision
5 Chair’s Statement
7 Letter from the CEO
9 2022 at a Glance
10 Consolidated Key Figures
11 2023 Outlook
12 Our Strategy
13 Who We Are
14 Business Model
15 Research and Development Capabilities
16 Enhancing Commercialization
Capabilities to Bring Our Innovations
to Patients
17 Antibody Discovery and Development
18 Products and Technologies
43 Corporate Social Responsibility and
Sustainability Commitments
46 Genmab’s Task Force on Climate-related
Financial Disclosures
49 Stakeholder Engagement
51 Human Capital Management
52 Financial Review
60 Risk Management
65 Enterprise Risk Management
66 Corporate Governance
68 Board of Directors
71 Senior Leadership
73 Shareholders and Share Information
Financial Statements
76 Financial Statements for the
Genmab Group
116 Financial Statements of the
Parent Company
132 Directors’ and Management’s Statement
on the Annual Report
133 Independent Auditor’s Reports
Other Information
137 Glossary
138 Forward-looking Statement
139 Contact Information
Table of Contents
Our Reporting Suite
2022 Corporate Responsibility Report
(https://ir.genmab.com/static-files/
72218610-90a6-4fd3-a76a-d4a7c9c6ef01)
2022 Corporate Governance Report
2022 Compensation Report
Our Corporate Responsibility, Corporate
Governance and Compensation
Reports for 2022 can be found on
our website, Genmab.com.
4
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Statements
Other
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Genmab | 2022 Annual Report | Management’s Review
Table of
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Management’s
Review
By 2030, our KYSO (knock-your-
socks-off) antibody medicines
are fundamentally transforming
the lives of people with cancer
and other serious diseases.
Our Core PurposeOur 2030 Vision
Financial
Statements
Other
Information
Management’s
Review
Table of
Contents
5 Genmab | 2022 Annual Report | Management’s Review
Chair’s Statement
Deirdre P. Connelly
Board Chair
Dear Shareholder,
At Genmab, we strive to be innovative and
forward-thinking in everything we do, not just
in our approach to discovering and developing
differentiated antibody therapeutics. As a result,
in 2022 the unstoppable team at Genmab built
on our already solid foundation with progress
throughout our business.
Commitment to Sustainability and
the Environment
Over the past year, we continued our business-
driven corporate responsibility strategy with
an emphasis on measuring our carbon footprint,
setting climate ambitions and targets, and
improving our climate-related disclosures. We
remained committed to our three previously
selected United Nations Sustainable Development
Goals (UNSDGs), and added an additional UNSDG,
Goal 13: Climate Action.
We are also dedicated to transparency and the
continued improvement of our climate disclo-
sures. We have included in our Annual Report
our disclosures in accordance with the Task
Force on Climate-related Financial Disclosures
(TCFD) recommendations. In addition, we have
an intention to commit to a climate target to
reduce our greenhouse gas (GHG) emissions in
line with the Paris Agreement. Because of our
focus on sustainability, Genmab scores well on
external benchmarking for environmental, social
and governance (ESG) and we continually seek
ways to improve and remain compliant with
existing and new requirements. In 2023, we
At Genmab, we strive
to be innovative and
forward-thinking in
everything we do, not
just in our approach
to discovering and
developing differentiated
antibody therapeutics.
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Chair’s Statement
will continue our commitment to environmental
responsibility and sustainability and will look for
opportunities to further integrate this commit-
ment into our business. I encourage you to read
our 2022 Corporate Responsibility Report for
more information.
Experienced Leadership
In 2022, we further strengthened our Senior
Leadership team with the appointments of Birgitte
Stephensen to Chief Legal Officer and Chris Cozic
to Chief People Officer. Both leaders have experi-
ence in their fields, within and outside of Genmab.
Birgitte Stephensen joined Genmab in 2002
and previously served as Genmab’s Senior Vice
President, Intellectual Property Rights and Legal.
Chris Cozic joined Genmab in 2017 and most
recently served as Senior Vice President, Global
Human Resources.
We also saw a change to our Board of Directors
with the election of Elizabeth O’Farrell at
Genmab’s 2022 Annual General Meeting. During
her 24-year career at Eli Lilly, Ms. O’Farrell
served as CFO of some of the company’s largest
businesses, including as Head of Global Finance
Operations. She has solid financial experience
including strategic, operational and financial
decision-making and reporting across the value
chain as well as expertise in driving global
change initiatives.
On behalf of the Board of Directors, I would like to
thank Genmab’s dedicated team members, CEO
Jan van de Winkel and the entire global leadership
team for their inspiration and extraordinary
leadership as well as our shareholders for their
continued support.
Sincerely,
Deirdre P. Connelly
Board Chair
Over the past year, we continued to
focus on our business-driven corporate
responsibility strategy with an emphasis
on measuring our carbon footprint,
setting climate ambitions and targets, and
improving our climate-related disclosures.
Financial
Statements
Other
Information
Management’s
Review
Table of
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7 Genmab | 2022 Annual Report | Management’s Review
Letter from the CEO
Jan van de Winkel, Ph.D.
President &
Chief Executive Officer
We believe that with our unstoppable
team we can improve the lives of patients
through innovative and differentiated
antibody therapeutics.
Dear Shareholder,
A Successful Strategy
When I became CEO of Genmab in 2010 there
was an imperative to outline a new strategy — one
that would reposition the company to become
financially sustainable and allow us to invest
in our world-class antibody products and tech-
nologies. That three-pronged strategy — to
turn science into medicine, build a profitable
and successful biotech and focus on our core
competence — led quickly to success. Just two
years after we unveiled this strategy, we entered
into two agreements with Janssen Biotech,
Inc. (Janssen) that subsequently resulted in
multiple approved medicines: DARZALEX
®
(daratumumab) and DARZALEX FASPRO
®
(dara-
tumumab and hyaluronidase-fihj) and the first
approved DuoBody
®
-based antibody therapies
RYBREVANT
®
(amivantamab) and TECVAYLI
®
(teclistamab). There is potential for an addi-
tional DuoBody-based medicine from this
collaboration, as Janssen submitted a Biologics
License Application (BLA) in December to the
U.S. Food and Drug Administration (U.S. FDA)
for talquetamab.
The approved medicines form part of the
recurring revenue streams that we use to invest
back into our company’s pipeline, technology
and people. The results of this investment were
on display in 2022. We celebrated the first full
year of Genmab’s first approved medicine, Tivdak
®
(tisotumab vedotin-tftv), co-developed with
Seagen Inc. (Seagen), being available for certain
cervical cancer patients in the U.S. We submitted
applications for our own DuoBody-based inves-
tigational medicine, epcoritamab, for approval in
the U.S. and Japan and our partner AbbVie Inc.
(AbbVie) followed suit in Europe. We expanded
and advanced our clinical and pre-clinical port-
folios, including an expansion of our successful
collaboration with BioNTech SE (BioNTech), and
we further scaled our organization to be aligned
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Review
with our portfolio growth and potential future
product launches.
A Vision Rooted in Science, Inspired
by Patients
Soon after we launched our successful strategy,
we articulated an ambitious vision for the
company — that by 2025, our own product has
transformed cancer treatment, and we have a
pipeline of KYSO antibodies. To support this
vision, we outlined how we would build our capa-
bilities and teams, and we aligned on a series
of goals and milestones that we committed to
reaching by 2025. These ambitious goals were a
roadmap to becoming the company that we knew
we could be. I am proud that we have met most
of those goals and many more are within reach,
giving us an extremely solid foundation on which
to continue to build Genmab. With these achieve-
ments, we felt that it was time to look beyond
our 2025 Vision to continue impacting the lives
of patients and the healthcare community into
the future. Together with members of Genmab’s
leadership team and colleagues throughout the
organization, we discussed what would make us
feel proud in 2030. We have captured our aspi-
rations for the future with a new vision, that by
2030, our KYSO antibody medicines are funda-
mentally transforming the lives of people with
cancer and other serious diseases.
Our 2030 Vision is not a reimagining of what
Genmab is, but a bold expansion of what
Genmab can be and how our unstoppable
team aspires to use our innovation in antibody
therapeutics to fundamentally transform the
lives of patients. We know that our antibody
know-how, assets and technologies can
be applied to diseases outside cancer — the
approvals of Novartis AG (Novartis)’s Kesimpta
®
(ofatumumab) in relapsing multiple sclerosis
(RMS) and Horizon Therapeutics, plc (Horizon)’s
TEPEZZA
®
(teprotumumab-trbw) in thyroid eye
disease (TED) are proof of this. While we will
continue to create and develop new treatment
concepts in oncology, we will apply a rigorous
approach in identifying areas outside of oncology
where our science and expertise may potentially
make the biggest difference for patients, with the
ultimate goal of improving the lives of as many
people as possible.
An Unstoppable Team, a KYSO Future
As a co-founder of Genmab, I am extremely
motivated by the progress we have made, both
since I became CEO and over the past year.
As a scientist and immunologist, I am truly
excited by the potential of our antibodies and
by the possibilities for Genmab in 2023, 2030
and beyond.
I can say with confidence that this is not my
story alone or the story of our global leadership
team — it is the story of our talented and
unstoppable Genmab team, of our collaboration
partners who believe in the power of antibody
therapies, of our supportive Board of Directors,
the patients who participate in our clinical trials
and their families, the investigators who help
us trailblaze innovations, and our shareholders
Letter from the CEO
who believe in our vision. We are at the
beginning of a fantastic KYSO future that we
are creating together, and I thank you for your
continued support.
Sincerely yours,
Jan van de Winkel, Ph.D.
President & Chief Executive Officer
Our 2030 Vision is
not a reimagining of
what Genmab is, but
a bold expansion of
what Genmab can be.
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2022 at a Glance
Operational
U.S. FDA granted orphan-drug designation
to epcoritamab for the treatment of follicular
lymphoma (FL)
Publication by Genmab and collaboration
partner AbbVie of topline results from the
large B-cell lymphoma (LBCL) cohort of the
pivotal EPCORE™ NHL-1 epcoritamab study
New Phase 3 study for epcoritamab initiated
Regulatory submissions for subcutaneous
(SC) epcoritamab in the U.S. and Japan by
Genmab and in Europe by AbbVie
Epcoritamab BLA accepted for Priority Review
by the U.S. FDA with a Prescription Drug User Fee
Act (PDUFA) target action date of May 21, 2023
Epcoritamab Marketing Authorization
Application (MAA) validated by the European
Medicines Agency (EMA)
First full year of Tivdak, co-development with
Seagen, available for certain cervical cancer
patients in the U.S.
Continued development of commercialization
capabilities and Genmab’s broader
organizational infrastructure with the addition
of 448 new colleagues
Expansion of global strategic collaboration
with BioNTech, including investigational
medicine HexaBody
®
-CD27 (GEN1053/BNT313)
Second DuoBody-based medicine to receive
regulatory approval: Janssen’s TECVAYLI
Financial
Liquidity and Capital Resources
DKK
12,431M
Marketable securities
DKK
9,893M
Cash and cash equivalents
DKK
27, 4 41 M
Shareholders’ equity
2020 Operating Profit impacted by one-time
AbbVie upfront payment.
DKK
194B
2022 year-end market cap
DKK
14,595M
2022 revenue
DKK
8,238M
2022 operating expenses
68% invested in research and
development (R&D)
Operating Profit
(DKK million)
2022202120202019
2018
1,380 2,638 6,313
6,357
3,018
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Consolidated Key Figures
(DKK million) 2018* 2019 2020 2021 2022
Income Statement
Revenue 3,025 5,366 10,111 8,482 14,595
Research and development expenses (1,431) (2,386) (3,137) (4,181) (5,562)
Selling, general and administrative expenses (214) (342) (661) (1,283) (2,676)
Operating expenses (1,645) (2,728) (3,798) (5,464) (8,238)
Operating profit 1,380 2,638 6,313 3,018 6,357
Net financial items 232 221 (409) 965 678
Net profit 1,472 2,166 4,758 3,008 5,522
Balance Sheet
Marketable securities 5,573 7,41 9 8,819 10,381 12,431
Cash and cash equivalents 533 3,552 7,26 0 8,957 9,893
Total non-current assets 1,028 1,183 2,352 1,891 1,901
Total assets 8,461 15,144 21,143 24,627 30,278
Shareholders’ equity 8,014 14,048 19,121 22,196 27,4 41
Share capital 61 65 66 66 66
Cash Flow Statement
Cash flow from operating activities 1,015 1,326 6,433 2,228 3,912
Cash flow from investing activities (1,778) (1,983) (2,351) (961) (2,761)
Cash flow from financing activities (71) 3,660 71 (420) (789)
Investments in intangible and tangible assets (478) (111) (307) (252) (317)
Financial Ratios and Other Information
Basic net profit per share 24.03 34.40 73.00 46.00 84.45
Diluted net profit per share 23.73 34.03 72.21 45.54 83.65
Year-end share market price 1, 0 67.50 1,481.50 2,463.00 2,630.00 2,941.00
Price/book value 8.19 6.85 8.50 7.82 7.07
Shareholders’ equity per share 130.32 216.12 289.71 336.30 415.77
Equity ratio 95% 93% 90% 90% 91%
Shares outstanding 61,49 7,571 65,074,502 65,545,748 65,718,456 65,961,573
Average number of employees (FTE)** 313 471 656 1,022 1,460
Number of employees (FTE) at year-end 377 548 781 1,212 1,660
* Prior period amounts have not been adjusted under the modified retrospective method to adopt International Financial Reporting Standards (IFRS) 16
as of January 1, 2019
**Full-time equivalent (FTE) or team members
Revenue
(DKK million)
Operating Expenses
(DKK million)
FTE at Year End
FTE
214
342
661
1,431
2,386
3,137
1,283
2,676
4,181
5,562
2018
2019
2020
2021
2022
1,645
2,728
3,798
8,238
5,464
2018
2019
2020
2021
2022
3,025
5,36 6
10,111
14,595
8,482
2018
2019
2020
2021
2022
377
548
781
1,660
1,212
R&D SG&A*
*Selling, general, and administrative expenses
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2023 Outlook
Revenue
Genmab expects its 2023 revenue to be in the
range of DKK 14,600–16,100 million, compared
to DKK 14,595 million in 2022. Our revenue in
2022 was driven primarily by DARZALEX royalties
due to the continued strong growth of DARZALEX
net sales, favorable exchange rate movements
between the USD and DKK and the positive impact
of applying the DARZALEX contractual annual
Currency Hedge Rate.
Genmab’s projected revenue growth for 2023 is
driven by recurring revenues related to DARZALEX,
TEPEZZA and Kesimpta royalties from net sales
growth, partly offset by negative exchange rate
movements between the USD and DKK due to a
lower assumed USD/DKK exchange rate.
Genmab’s projected revenue for 2023 primarily
consists of DARZALEX royalties of DKK 10,400–
11,100 million. Such royalties are based on
estimated DARZALEX 2023 net sales of USD
9.4–10.0 billion compared to actual net sales in
2022 of approximately USD 8.0 billion. DARZALEX
royalties are partly offset by Genmab’s share
of Janssen’s royalty payments to Halozyme
Therapeutics, Inc. (Halozyme) in connection with
SC net sales. The remainder of Genmab’s revenue
consists of increasing royalties from TEPEZZA,
Kesimpta, RYBREVANT and TECVAYLI, reimburse-
ment revenue, milestones including those for
epcoritamab and collaboration revenue with
Seagen for Tivdak.
Operating Expenses
Genmab anticipates its 2023 operating expenses
to be in the range of DKK 9,800–10,600 million,
compared to DKK 8,238 million in 2022. The
growth in operating expenses is to support
Genmab’s continued portfolio advancement and
investing for future product launches, including
epcoritamab.
Operating Profit
Genmab expects our operating profit to be in
the range of DKK 3,900–6,200 million in 2023,
compared to DKK 6,357 million in 2022.
Outlook: Risks and Assumptions
In addition to factors already mentioned, the
estimates above are subject to change for
numerous reasons including but not limited to:
the achievement of certain milestones associated
with Genmab’s collaboration agreements; the
timing and variation of development activities
(including activities carried out by Genmab’s
collaboration partners) and related income and
costs; DARZALEX, DARZALEX FASPRO, Kesimpta,
TEPEZZA, RYBREVANT and TECVAYLI net sales
and royalties paid to Genmab; changing rates of
inflation; and currency exchange rates (the 2023
guidance assumes a USD/DKK exchange rate
of 6.8). The financial guidance assumes that
no significant new agreements are entered
into during 2023 that could materially affect
the results. Additionally, depending on trends
related to the coronavirus and future variants,
the COVID-19 pandemic could potentially have a
material adverse impact on Genmab’s business
and financial performance, including clinical trials,
projected regulatory approval timelines, supply
chain and revenues, and cause Genmab’s actual
results to differ materially from 2023 Guidance
and Key 2023 Priorities in this annual report.
While global health authorities and global vacci-
nation efforts alleviated some of the adverse
impacts of the COVID-19 pandemic, should the
global outbreak of COVID-19 persist, it may
have long-term impacts on the development,
regulatory approval and commercialization of
Genmab’s investigational medicines and on net
sales of approved medicines created by Genmab
or that leverage Genmab’s DuoBody technology,
which are developed and marketed by Genmab
or Genmab’s collaboration partners. The factors
discussed above, as well as other factors that
are currently unforeseeable, may result in further
and other unforeseen material adverse impacts
on Genmab’s business and financial perfor-
mance, including on the sales of Tivdak and on
the net sales of DARZALEX, Kesimpta, TEPEZZA,
RYBREVANT and TECVAYLI by Genmab’s collab-
oration partners and on Genmab’s royalties,
collaboration revenue and milestone revenue
therefrom.
(DKK million) 2023 Guidance 2022 Actual Result
Revenue 14,600–16,100 14,595
Operating expenses (9,800)–(10,600) (8,238)
Operating profit 3,900–6,200* 6,357
*Operating profit does not sum due to rounding
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Management’s
Review
Our Strategy
Business Strategy Priorities in 2022 Priorities for 2023 Link to Risk
Build a profitable and successful
biotech
― Maintain a flexible and capital-
efficient model
― Maximize relationships with partners
― Retain ownership of select products
Further scale organization aligned with growing product portfolio
and brand needs
― Further scale organization aligned with differentiated antibody
product portfolio growth and future launches
― Use solid financial base to grow and broaden antibody product
and technology portfolio
Invest in our people and culture
― Further scale organization aligned with differentiated antibody
product portfolio growth and future launches
Become a leading integrated biotech innovation powerhouse
― Use solid financial base to grow and broaden antibody product
and technology portfolio
Please refer to the risks
included in this Annual
Report.
Focus on core competence
― Identify the best disease targets
― Develop unique first-in-class or best-
in-class antibodies
― Develop next-generation
technologies
Growth and development of differentiated early-stage product
candidates
― DuoBody-PD-L1x4-1BB
1
& DuoBody-CD40x4-1BB
1
― Data from clinical expansion cohorts to progress to next steps
― Expand and advance proprietary clinical product portfolio
Build a world-class differentiated pipeline
― DuoBody-PD-L1x4-1BB
― Establish proof of concept data in solid tumor indication
― DuoBody-CD40x4-1BB
― Establish efficacy and safety data in solid tumor indication
― Progress towards late-stage clinical development
― Expand and advance proprietary clinical product portfolio
Please refer to the risks
included in this Annual
Report.
Turn science into medicine
― Create differentiated antibody
therapeutics with significant
commercial potential
Broad and rapid development of late-stage clinical pipeline and
further build U.S. country organization
― Epcoritamab
2
― Expand clinical development program with multiple
Phase 3 trials initiated and submission of first BLA (subject to
supportive U.S. FDA feedback)
― Tivdak
3
― Establish Tivdak as a clear choice for second-line (2L) +
recurrent or metastatic cervical cancer patients
― Broaden clinical development program including Phase 2
evaluation of combination therapy in earlier line treatment for
cervical cancer and other solid tumors
Bring our own medicines to patients
― Epcoritamab
― Launch in relapsed/refractory diffuse large B-cell lymphoma
(DLBCL)
4
― Submit a supplemental BLA (sBLA)
5
― Broaden clinical development program
― Tivdak
― Progress successful uptake in 2L+ recurrent or metastatic
cervical cancer patients
― Progress clinical development program
Please refer to the risks
included in this Annual
Report.
CSR Strategy Priorities in 2022 Priorities for 2023 Link to Risk
Commitment to our business-driven
Corporate Social Responsibility (CSR)
strategy, which focuses on four pillars:
― Science-driven health innovations
for patients
― Employee well-being and vitality
― Ethics and transparency
― Environmental and community
sustainability
― Continue strong commitment to being a responsible and
sustainable biotech
― Look for opportunities to further integrate ESG into our strategic
planning and risk management processes
― Monitor ESG matters of relevance to our business operations
― Establish clear goals to measure our performance
― Establish climate ambitions, targets, and emissions reductions
and integrate climate-related financial risks into Genmab’s
Enterprise Risk Management (ERM) program
― Continue strong commitment to being a sustainable and
responsible company
― Further integrate ESG into our strategic planning, operations and
risk management processes
― Further formalize total CO
2
emissions mapping
― Further define and communicate Genmab’s commitment to
successfully attract, motivate, retain and reward top talent
― Enhance Diversity, Equity and Inclusion (DE&I) processes and efforts
― Monitor regulatory landscape and prepare for new ESG-related
reporting requirements
Please refer to the risks
included in Genmab’s
2022 Corporate
Responsibility report,
https://ir.genmab.com/
static-files/72218610-
90a6-4fd3-a76a-
d4a7c9c6ef01
1. Co-development with BioNTech; 2. Co-development with AbbVie; 3. Co-development with Seagen; 4. Subject to regulatory approvals; 5. Subject to supportive U.S. FDA feedback
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Management’s
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Table of
Contents
Who We Are
Genmab’s Growing Organization
and Growing Presence
Our Core Values
In our quest to turn science into medicine, we
use these guideposts to transform the future of
cancer treatment:
• Passion for innovation
• Determination — being the best at what we do
• Integrity — we do the right thing
• We work as one team and respect each other
Princeton, USA
– Translational Research
– Development
– U.S. Market Operations
– Corporate Functions
Utrecht, NL
– Research
– Translational Research
– Antibody Product Creation
– Corporate Functions
– Headquarters
– Chemistry, Manufacturing and
Controls (CMC) Operations
– Clinical Operations
– Corporate Functions
Tokyo, JP
– Japan Clinical Operations
– Japan Market Operations
– Corporate Functions
Our Key Accomplishments
Each of our achievements stands as evidence of
our unyielding determination, including:
• Tivdak, Genmab’s first approved medicine,
co-developed and co-promoted in the U.S. in
partnership with Seagen
• Five medicines that were created by Genmab, or
that leverage Genmab’s DuoBody technology,
are being developed and marketed by global
pharmaceutical and biotechnology companies
• Inventors of four proprietary antibody
technologies
• Growing proprietary clinical programs
• Pioneers of a robust pre-clinical pipeline
• Forty investigational new drug applications
(INDs) filed by Genmab and/or partners, based
on Genmab’s innovations and technology,
since 1999
• World-class team with deep antibody know-how,
and R&D and commercial expertise
• Partnerships with industry leaders and
innovators
• Solid financial foundation
• Building and expanding our capabilities with
more than 1,600 team members across our
international locations
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Management’s
Review
Our Strengths and
Differentiators
The Value We Create
for Stakeholders
Building a Fully Integrated
Biotech Innovation Powerhouse
World-class antibody biology knowledge
and deep insight into disease targets
Discovery and development engine with
proprietary technologies that allow us to
build a world-class pipeline
In-house expertise with a solid track
record of building successful strategic
partnerships
Robust pipeline of potential best-in-class
and first-in-class therapies
Experienced, diverse leadership team
Business Model
At Genmab, we have built a profitable and successful biotech that creates value for our stakeholders.
Patients
25
Ongoing or
announced clinical
trials with Genmab
owned (≥50%)
products
Our People
>448
New full-time jobs
created in 2022
Investors
12%
Increase in market
capitalization
in 2022
Collaborations
Research
agreements and
collaborations
in place across
innovation
ecosystem of
pharma, biotech
and academia
Team:
Flexible and adaptive
infrastructure
Strong Financials:
Growing recurring
revenues and focused
investments
Collaboration:
Across innovation
ecosystem of pharma,
biotech and academia,
drives our business
forward
Translational Research
and Data Science:
Key to accelerating
development and ensuring
the right therapies get to
the right patients
Research
Track record of
success and investing
for tomorrow
Development
Scaling up capabilities
to expand from
early- to late-stage
development
Commercialization
Building the
next step in our
evolution
Enabling Functions: Supporting growth and managing risk
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Inspired by Nature
At Genmab, we are inspired by nature and
understand how antibodies work. We are deeply
knowledgeable about antibody biology and our
scientists harness this expertise to create and
develop differentiated investigational antibody
medicines. We utilize a sophisticated and highly
automated process to efficiently generate, select,
produce and evaluate human antibody-based
products. Our teams have established a fully inte-
grated R&D enterprise and streamlined process
to coordinate the activities of antibody product
discovery, pre-clinical testing, manufacturing,
clinical trial design and execution, and regulatory
submissions across Genmab’s international oper-
ations. Through our expertise in antibody drug
development, we pioneer technologies that allow
us to create differentiated and potentially first-in-
class or best-in-class investigational medicines
with the potential to improve patients’ lives. Our
antibody expertise has enabled us to create our
cutting-edge technology platforms: DuoBody,
HexaBody, DuoHexaBody
®
and HexElect
®
.
To connect patients with the right medicine at
the right dose, we are also transforming Genmab;
building on our world-class research in antibodies
to expand our capabilities beyond the lab. We
have expanded our scientific focus to use data
science and artificial intelligence to aid in the
discovery of new targets and biomarkers and
bolster our in-depth translational medicine labo-
ratory capabilities.
Sustainable and State-of-the-Art
Facilities
The Netherlands
Genmab’s discovery and pre-clinical research
is conducted at our R&D Center in Utrecht, the
Netherlands, one of the first Building Research
Establishment Environmental Assessment Method
(BREEAM) Excellent laboratory buildings in the
Netherlands. The R&D Center is located in close
proximity to other life sciences companies and a
world-class research university. It houses state-
of-the-art laboratories including an advanced
robotics lab, a modern auditorium, science café,
and innovative brainstorming and meeting rooms.
The space provides a bright, open and collabo-
rative atmosphere to enable the Genmab team
to continue to innovate and find new ways to
help patients.
To accommodate Genmab’s growth, we will
occupy most of the new “Accelerator” multi-
tenant building, connected directly to the Genmab
R&D Center. It is designed to achieve the same
BREEAM Excellent high sustainability standard.
Expansion into this building, which will contain
both offices and laboratories, is expected
in 2023.
Research and Development Capabilities
United States
Genmab opened its new U.S. facility in 2020.
This space, modeled on the open and collabora-
tive spirit of the R&D Center in Utrecht, includes
both offices and laboratories. The U.S. transla-
tional research laboratories allow Genmab to
expand our translational pre-clinical and clinical
drug development research expertise and are
part of the strategic growth of the Company. As
with the construction and design of our Utrecht
facilities, our U.S. office and laboratories were
designed and built with sustainability in mind and
meet the requirements for Leadership in Energy
and Environmental Design (LEED) Gold certifica-
tion for sustainable design features. Additionally,
75% of the construction waste created when
building out the facility was recycled, rather than
being sent to a landfill.
As Genmab continues to grow our geographical
footprint, we will endeavor to do so with minimal
impact to the environment and with sustainability
as a key area of focus.
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Genmab | 2022 Annual Report | Management’s Review16
Enhancing Commercialization Capabilities to Bring Our Innovations to Patients
Our 2030 Vision is for Genmab’s KYSO
antibody medicines to fundamentally
transform the treatment of cancer and
other serious diseases. We are becoming
an integrated end-to-end biotech
innovation powerhouse that discovers,
develops, and delivers next-generation
antibody-based medicines to patients.
Through the addition of key talent and
the purposeful and strategic growth of
our capabilities, we have never been in a
better position to achieve our Vision.
Key to our ability to bring our medicines to
patients is commercialization. Over the past
few years, we have made tremendous progress
in building and establishing this important
capability, first in the U.S. and Japan, through a
disciplined and integrated approach.
• In the third quarter of 2021, together with our
partner Seagen, we launched our first marketed
medicine, Tivdak, in the U.S. Since its launch,
Tivdak is on the way to becoming the clear
second-line choice for women with recurrent or
metastatic cervical cancer with more than 900
women estimated to have received treatment as
of December 2022.
• We continue to expand our capabilities as we
prepare for the potential launch of epcoritamab
in the U.S. and Japan, pending regulatory
approvals, by deepening our talent base,
focusing on impactful approaches and optimal
access for all appropriate patients.
• Our commercialization team is anchored in
highly experienced leaders and teams across
functions: medical affairs, marketing, market
access, insights and analytics as well as field-
based teams in the U.S. to ensure the best
possible experience for care teams and their
patients treated with our medicines.
• We have built a global commercial team
to help shape our development and go-to-
market strategy in close partnership with R&D.
Building a deep understanding of the potential
and evolution of markets/segments will help
ensure a thoughtful approach to advancing
our pipeline.
At Genmab, commercialization is an integrated
approach guided by our commitment to the
patients we serve; everyone doing their part
to ensure patients get the most from our next-
generation differentiated antibody-based
medicines.
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We are experts in antibody discovery and development. Our appreciation for,
and understanding of, the power of the human immune system gives us a unique
perspective on how to respond to the constant challenges of oncology drug
development. We entered a new chapter with the commercialization and launch
of our first medicine, co-owned with Seagen, in 2021, and we are preparing
for the potential launch of our second medicine in 2023 under our collaboration
with AbbVie.
Antibody Discovery and Development
Target
Format Indication
Antibody
T
1/2
Antibody-Drug Conjugate/
Immunocytokine
Designer Polyclonals/
Bispecifics
Half-Life Extended/Inert/
Fc-Enhanced/Isotypes
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At the end of 2022, Genmab’s proprietary
pipeline of investigational medicines,
where we are responsible for at least
50% of development, consisted of nine
antibodies in clinical development.
These include Genmab’s first U.S. FDA
approved medicine, Tivdak, which
Genmab is co-developing with Seagen
and co-promoting in the U.S. In
addition to our own pipeline, there are
multiple investigational medicines in
development by global pharmaceutical
and biotechnology companies, including
five approved medicines powered by
Genmab’s technology and innovations.
Beyond the investigational medicines in
clinical development, our pipeline also
includes multiple pre-clinical programs.
An overview of the development status
of our approved medicine and of each
Products and Technologies
Programs Incorporating Genmab’s
Innovations and Technology in Phase 2
Development or Later
Approved Medicines
DARZALEX/DARZALEX FASPRO (daratumumab/
daratumumab and hyaluronidase-fihj, Janssen)
Kesimpta (ofatumumab, Novartis)
TEPEZZA (teprotumumab-trbw, Horizon)
RYBREVANT (amivantamab, Janssen)
TECVAYLI (teclistamab, Janssen)
≥ Phase 2 Clinical Stage
Investigational Medicines
Talquetamab (Janssen)
Inclacumab (Global Blood Therapeutics, now
owned by Pfizer)
Mim8 (Novo Nordisk A/S (Novo Nordisk))
Camidanlumab tesirine (ADC Therapeutics)
PRV-015 (Provention Bio)
Lu AF82422 (Lundbeck)
Additional investigational medicines are in early-
stage clinical development.
Genmab’s Proprietary Pipeline (≥50%
Genmab ownership)*
Approved Medicine
Tivdak (tisotumab vedotin-tftv)
Clinical Stage Investigational
Medicines
Epcoritamab
DuoBody-PD-L1x4-1BB (GEN1046/BNT311)
DuoBody-CD40x4-1BB (GEN1042/BNT312)
DuoHexaBody-CD37 (GEN3009)
HexaBody-CD38 (GEN3014)
DuoBody-CD3xB7H4 (GEN1047)
HexaBody-CD27 (GEN1053/BNT313)
GEN1056 (BNT322)
* Tisotumab vedotin co-development with Seagen; epcori-
tamab co-development with AbbVie; DuoBody-PD-L1x4-1BB,
DuoBody-CD40x4-1BB, HexaBody-CD27 and GEN1056
co-development with BioNTech; Genmab is developing
HexaBody-CD38 in an exclusive worldwide license and option
agreement with Janssen.
Pipeline
of our investigational medicines is
provided in the following sections.
Detailed descriptions of dosing and
efficacy and safety data from certain
clinical trials have been disclosed in
company announcements and media
releases published via the Nasdaq
Copenhagen A/S (Nasdaq Copenhagen)
stock exchange and may also be found in
Genmab’s filings with the U.S. Securities
and Exchange Commission (SEC).
Additional information is available on
Genmab’s website, www.genmab.com.
The information accessible through
our website is not part of and is not
incorporated by reference herein.
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Products and Technologies
Genmab’s Proprietary
1
Products
Approved Medicine
Approved Product Target Developed By Disease Indication
Tivdak (tisotumab vedotin-tftv) Tissue factor (TF) Co-development Genmab/Seagen Adult patients with recurrent or metastatic cervical cancer
with disease progression on or after chemotherapy
2
1. Approved and investigational medicines where Genmab has ≥50% ownership, in co-development with partners as indicated.
2. Refer to local country prescribing information for precise indication and safety information.
Pipeline, Including Further Development for Approved Medicine
Product Target Developed By Disease Indications Most Advanced Development Phase
Pre-clinical 1 1/2 2 3
Tisotumab vedotin TF Co-development Genmab/Seagen Cervical cancer
Solid tumors
Epcoritamab CD3, CD20 Co-development Genmab/AbbVie Relapsed/refractory DLBCL
Relapsed/refractory FL (combo)
B-cell non-Hodgkin lymphoma (B-NHL)
B-NHL (combo)
Relapsed/refractory chronic lymphocytic leukemia (CLL) & Richter’s Syndrome
Indolent NHL, pediatric patients
DuoBody-PD-L1x4-1BB (GEN1046/BNT311) PD-L1, 4-1BB Co-development Genmab/BioNTech Non-small cell lung cancer (NSCLC)
Solid tumors
Duo8ody-CD40x4-1 BB (GEN1042/BNT312) CD40, 4-1BB Co-development Genmab/BioNTech Solid tumors
DuoHexaBody-CD37 (GEN3009) CD37 Genmab
1
Hematologic malignancies
HexaBody-CD38 (GEN3014) CD38 Genmab
2
Hematologic malignancies
DuoBody-CD3xB7H4 (GEN1047) CD3, B7H4 Genmab Solid tumors
HexaBody-CD27 (GEN1053/BNT313) CD27 Co-development Genmab/BioNTech Solid tumors
GEN1056 (BNT322) Undisclosed Co-development Genmab/BioNTech Solid tumors
1. 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 development of DuoHexaBody-CD37 against low-single digit
royalty payments to AbbVie, up to an agreed maximum total royalty amount, based on future potential sales of the product.
2. Genmab is developing HexaBody-CD38 in an exclusive worldwide license and option agreement with Janssen.
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Products and Technologies
Programs Incorporating Genmab’s Innovation and Technology
1
Approved Medicines
Approved Product Discovered and/or Developed & Marketed By Disease Indication(s)
DARZALEX
(daratumumab)/DARZALEX FASPRO
(daratumumab and hyaluronidase-fihj)
Janssen (Royalties to Genmab on net global sales) Multiple myeloma
2
Light-chain (AL) Amyloidosis
2
Kesimpta (ofatumumab) Novartis (Royalties to Genmab on net global sales) RMS
2
TEPEZZA (teprotumumab-trbw) Horizon Therapeutics (under sublicense from Roche,
royalties to Genmab on net global sales)
TED
2
RYBREVANT (amivantamab/amivantamab-vmjw) Janssen (Royalties to Genmab on net global sales) NSCLC
2
TECVAYLI (teclistamab/teclistamab-cqyv) Janssen (Royalties to Genmab on net global sales) Relapsed and refractory multiple myeloma
2
1. Approved and investigational medicines created by Genmab or created by collaboration partners leveraging Genmab’s DuoBody technology platform, under development, and where relevant,
commercialized by a third party.
2. See local prescribing information for precise indication and safety information.
Pipeline, Including Further Development for Approved Medicines, ≥Phase 2 Development
Product Technology Discovered and/or Developed By Disease Indications Most Advanced Development Phase
Pre-clinical 1 1/2 2 3
Daratumumab UltiMAb
®
* Janssen Multiple myeloma
AL Amyloidosis
Ofatumumab UltiMAb Novartis RMS
Teprotumumab UltiMAb Horizon TED
Amivantamab DuoBody Janssen NSCLC
Advanced or metastatic gastric or esophageal cancer
Hepatocellular carcinoma
Advanced or metastatic colorectal cancer
Teclistamab DuoBody Janssen Multiple myeloma
Talquetamab (JNJ-64407564) DuoBody Janssen Relapsed or refractory multiple myeloma
Inclacumab UltiMAb Global Blood Therapeutics Vasa-occlusive crises in sickle cell disease
Mim8 DuoBody Novo Nordisk Hemophilia A
Camidanlumab tesirine (ADCT-301) UltiMAb ADC Therapeutics Relapsed/refractory Hodgkin lymphoma
PRV-015 (AMG 714) UltiMAb Provention Bio Celiac disease
Lu AF82422 UltiMAb Lundbeck Multiple system atrophy
*UltiMab transgenic mouse technology licensed from Medarex, Inc. (Medarex), a wholly owned subsidiary of Bristol Myers Squibb
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protease-cleavable linker that covalently attaches
the microtubule-disrupting agent monomethyl
auristatin E to the antibody. Genmab used tech-
nology licensed from Medarex to generate the
TF antibody forming part of tisotumab vedotin.
Tisotumab vedotin, marketed as Tivdak, is the
first and only U.S. FDA approved ADC for the
treatment of adult patients with recurrent or meta-
static cervical cancer with disease progression
on or after chemotherapy. Tisotumab vedotin
is being co-developed by Genmab and Seagen.
Under a joint commercialization agreement,
Genmab is co-promoting Tivdak in the U.S. and
will lead commercial operational activities in
Japan. Seagen is leading commercial operational
activities in the U.S. and will lead commercial
operational activities in Europe and China. In
these four markets there will be a 50:50 cost and
profit split. In other markets, Seagen will commer-
cialize Tivdak and Genmab will receive royalties
based on a percentage of aggregate net sales
ranging from the mid-teens to the mid-twenties.
The companies have joint decision-making on the
worldwide development and commercialization
strategy for Tivdak. Please refer to Note 5.6 of the
financial statements for further details regarding
the tisotumab vedotin collaboration with Seagen.
The companies have a broad clinical development
program for tisotumab vedotin, including a confir-
matory Phase 3 study in recurrent or metastatic
cervical cancer.
Please consult the U.S. Prescribing Information
for Tivdak for the labeled indication and safety
information, including the boxed warning.
First and Only U.S. FDA Approved
Antibody-drug Conjugate (ADC) for
Recurrent or Metastatic Cervical Cancer
• An ADC directed to TF, a protein highly
prevalent on solid tumors, including
cervical cancer, which is associated with
poor prognosis
• Accelerated approval granted by
the U.S. FDA for Tivdak, the first and
only approved ADC for the treatment
of adult patients with recurrent or
metastatic cervical cancer with disease
progression on or after chemotherapy
• U.S. FDA approval was based
on data from the innovaTV 204
(NCT03438396) Phase 2 single-arm
clinical study evaluating tisotumab
vedotin as monotherapy in patients
with previously treated recurrent or
metastatic cervical cancer
• In addition to a Phase 3 study in
recurrent or metastatic cervical cancer
(innovaTV 301, NCT04697628),
clinical studies in other solid tumors
are ongoing
• Co-developed globally and co-promoted
in the U.S. in collaboration with Seagen
Tisotumab vedotin is an ADC composed of
Genmab’s human monoclonal antibody directed
to TF and Seagen’s ADC technology that utilizes a
Tivdak
(tisotumab vedotin-tftv)
Genmab’s Proprietary Pipeline
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Genmab’s Proprietary Pipeline
Key Ongoing Clinical Trials
Disease Stage Development Phase
Pre-clinical 1 1/2 2 3
Cervical cancer Recurrent or metastatic innovaTV 301
Recurrent or Stage IVB (Combo & Mono) innovaTV 205
Solid tumors Locally advanced or metastatic innovaT V 207
About Cervical Cancer
1
• Cancer that originates in the cells lining
the cervix
• Fourth most frequently diagnosed and fourth
most deadly cancer in women worldwide
2
• In developing regions, ranked second in
incidence and mortality in women
2
• In 2022, an estimated 14,100 new cases of
invasive cervical cancer will be diagnosed,
and 4,280 women will die from the disease in
the U.S.
3
• Up to 16% of women initially present with
metastatic cervical cancer
3
• Among women who present with earlier stage
disease, 15%–61% will go on to develop
metastatic cervical cancer, most commonly
within the first two years following completion
of therapy
4
• 5-year survival rate for women in the U.S. and
Japan with recurrent or metastatic cervical
cancer is only 17.1% and 19.5%, respectively,
highlighting an urgent unmet need for
effective treatment
3
1. General statistics include all stages of cervical cancer.
2. Bray F, Ferlay J, Soerjomataram I, Siegel RL, Torre LA,
Jemal A. Global cancer statistics 2018: GLOBOCAN
estimates of incidence and mortality worldwide for
36 cancers in 185 countries. CA: a cancer journal for
clinicians. 2018;68(6):394-424.
3. Institute NC. SEER Cancer Stat Facts: Cervical Cancer.
2022. https://seer.cancer.gov/statfacts/html/
cervix.html. Accessed November 21, 2022.
4. Pfaendler KS, Tewari KS. Changing paradigms in the
systemic treatment of advanced cervical cancer. Am J
Obstet Gynecol. 2016;214(1):22-30.
Updates from First Quarter to
Third Quarter
• June: Genmab and Seagen presented multiple
tisotumab vedotin abstracts at the American
Society of Clinical Oncology (ASCO) Annual
Meeting, including interim data from the
Phase 1b/2 innovaTV 205 (NCT03786081)
study of tisotumab vedotin, which was presented
during an oral session. The ongoing innovaTV
205 study is evaluating tisotumab vedotin as
monotherapy and in combination with other
agents in recurrent or metastatic cervical cancer.
• March: Genmab and Seagen presented interim
data from two cohorts of the Phase 1b/2 innovaTV
205 study of tisotumab vedotin as a virtual
oral presentation at the Society of Gynecologic
Oncology Annual Meeting on Women’s Cancer.
• February: Genmab and Seagen presented
preliminary data from the Phase 2 innovaTV
207 (NCT03485209) study of tisotumab vedotin
as part of a plenary session at the American
Society for Radiation Oncology (ASTRO) 2022
Multidisciplinary Head and Neck Cancers
Symposium. The ongoing innovaTV 207 study
is evaluating the activity, safety and tolerability
of tisotumab vedotin in selected solid tumors
with high TF expression. The data presented at
ASTRO was from the squamous cell carcinoma
of the head and neck (SCCHN) cohort of the
study, which is evaluating tisotumab vedotin
as monotherapy in patients with SCCHN who
experienced disease progression on or after
a first-line platinum-containing regimen and a
checkpoint inhibitor.
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Genmab’s Proprietary Pipeline
Epcoritamab
(DuoBody-CD3xCD20)
Potential Best-in-Class
Investigational Medicine
• Bispecific antibody-based
investigational medicine created with
Genmab’s DuoBody technology
• Multiple ongoing clinical studies across
different settings and histologies,
including Phase 3 studies in DLBCL
(EPCORE DLBCL-1, NCT04628494) and
FL (EPCORE FL-1, NCT05409066) with
more studies in planning
• In the second half of 2022, Genmab
submitted a BLA to the U.S. FDA and a
Japan New Drug Application (JNDA) to
the Ministry of Health, Labor and Welfare
(MHLW) in Japan for SC epcoritamab for
the treatment of patients with relapsed/
refractory LBCL. AbbVie submitted an
MAA to the EMA for SC epcoritamab
for the treatment of patients with
relapsed/refractory DLBCL. The BLA
was subsequently accepted for Priority
Review by the U.S. FDA and the MAA
was validated by the EMA. The U.S. FDA
set a PDUFA date of May 21, 2023
• The regulatory submissions were
supported by results from the LBCL
cohort of the pivotal EPCORE NHL-1
(NCT03625037) trial evaluating the
safety and preliminary efficacy of
epcoritamab in patients with relapsed,
progressive or refractory CD20+ mature
B-NHL, including DLBCL
• Co-developed in collaboration
with AbbVie
Epcoritamab is a proprietary bispecific antibody
created using Genmab’s DuoBody technology
platform. Epcoritamab targets CD3, which is
expressed on T-cells, and CD20, a clinically
validated target on malignant B-cells. Genmab
used technology licensed from Medarex to
generate the CD20 antibody forming part of
epcoritamab. In 2020, Genmab entered into a
broad oncology collaboration agreement with
AbbVie to jointly develop and commercialize
epcoritamab. The companies will share commer-
cial responsibilities in the U.S. and Japan, with
AbbVie responsible for further global commercial-
ization. Genmab will book sales in the U.S. and
Japan and receive tiered royalties on remaining
global sales outside of these territories. Please
refer to Note 5.6 of the financial statements for
further details regarding the epcoritamab collab-
oration with AbbVie. The companies have a broad
clinical development program for epcoritamab,
including two Phase 3 studies ongoing, and addi-
tional studies in planning.
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Genmab’s Proprietary Pipeline
Key Ongoing Clinical Trials
Disease Stage Development Phase
Pre-clinical 1 1/2 2 3
DLBCL Relapsed/Refractory EPCORE DLBCL-1
FL Relapsed/Refractory (Combo) EPCORE FL-1
B-NHL Relapsed/Progressive/Refractory EPCORE NHL-1
Relapsed/Progressive/Refractory (Japan) EPCORE NHL-3
Relapsed/Refractory Pediatric EPCORE Peds-1
Previously Untreated/Relapsed/Refractory (Combo) EPCORE NHL-2
Previously Untreated/Relapsed/Refractory (China) EPCORE NHL-4
Previously Untreated/Relapsed/Refractory (Combo) EPCORE NHL-5
CLL/Richter’s Syndrome Relapsed/Refractory EPCORE CLL-1
About Diffuse Large B-cell
Lymphoma
• DLBCL is an aggressive type of NHL that
develops from B cells
1
• DLBCL is the most common type of NHL in
the U.S. and worldwide
1
• Prognosis for relapsed or refractory DLBCL
patients is poor, especially for those with
high-risk factors
3
• For most patients with refractory DLBCL
there are no curative treatment options
3
1. Lymphoma Research Foundation. Diffuse Large
B-Cell Lymphoma. https://lymphoma.org/
understanding-lymphoma/aboutlymphoma/nhl/
dlbcl/ Accessed December 2, 2022.
2. National Institutes of Health. SEER Cancer Stat Facts:
DLBCL. https://seer.cancer.gov/statfacts/html/
dlbcl.html. Accessed November 21, 2022.
3. Crump, Michael, et al. “Outcomes in Refractory
Diffuse Large B-Cell Lymphoma: Results from the
International SCHOLAR-1 Study.” Blood, American
Society of Hematology, 19 Oct. 2017, https://www.
ncbi.nlm.nih.gov/pmc/articles/PMC5649550/.
Fourth Quarter Updates
• December: Publication in the Journal of Clinical
Oncology, “Epcoritamab, a Novel, Subcutaneous
CD3xCD20 Bispecific T-Cell–Engaging Antibody,
in Relapsed or Refractory Large B-Cell Lymphoma:
Dose Expansion in a Phase I/II Trial.”
• December: Genmab submitted to the MHLW
a JNDA for SC epcoritamab for the treatment of
patients with relapsed/refractory LBCL after two
or more lines of systemic therapy.
• December: Multiple presentations at the 64th
American Society of Hematology (ASH) Annual
Meeting, including four oral presentations.
• November: The U.S. FDA accepted the BLA for
SC epcoritamab for Priority Review. The U.S.
FDA set a PDUFA date of May 21, 2023. Based
on Genmab’s agreement with AbbVie this event
triggered a milestone payment of USD 80 million
to Genmab.
• October: AbbVie submitted an MAA to the
EMA for SC epcoritamab for the treatment of
patients with relapsed/refractory DLBCL after
two or more lines of systemic therapy. This was
subsequently validated by the EMA, an event
that triggered a milestone payment of USD
60 million to Genmab.
Updates from First Quarter to
Third Quarter
• September: Genmab submitted a BLA to the
U.S. FDA for SC epcoritamab for the treatment of
patients with relapsed/refractory LBCL after two
or more lines of systemic therapy.
• June: Genmab and AbbVie presented multiple
epcoritamab abstracts at both the ASCO Annual
Meeting and the 27th Annual Meeting of the
European Hematology Association (EHA). Data
from the first cohort of the EPCORE NHL-1 trial
of epcoritamab in relapsed/refractory LBCL was
presented as a late-breaking oral presentation
during the Presidential Symposium at EHA.
• April: Genmab and AbbVie announced topline
results from the first cohort of the Phase 1/2
EPCORE NHL-1 trial of epcoritamab in relapsed/
refractory LBCL.
• March: The U.S. FDA granted orphan-drug
designation to epcoritamab for the treatment
of FL.
64.6%
5-year survival
rate
2
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DuoBody-
PD-L1x4-1BB
(GEN1046/BNT311)
DuoBody-
CD40x4-1BB
(GEN1042/BNT312)
Bispecific Next-Generation
Immunotherapy
• Bispecific antibody-based
investigational medicine created
with Genmab’s DuoBody technology
platform
• Clinical studies in solid tumors
ongoing, including a Phase 2 study in
NSCLC (NCT05117242)
• Co-developed in collaboration with
BioNTech
Potential First-in-Class Bispecific
Agonistic Antibody
• Bispecific antibody-based
investigational medicine created
with Genmab’s DuoBody technology
platform
• Phase 1/2 clinical study
(NCT04083599) in solid tumors
ongoing
• Co-developed in collaboration with
BioNTech
DuoBody-PD-L1x4-1BB is a proprietary bispecific
antibody, jointly owned by Genmab and BioNTech,
created using Genmab’s DuoBody technology
platform. It is being co-developed by Genmab
and BioNTech under an agreement in which the
companies share all costs and future potential
profits for DuoBody-PD-L1x4-1BB on a 50:50
basis. DuoBody-PD-L1x4-1BB is designed to
induce an antitumor immune response by simul-
taneous and complementary PD-L1 blockade
and conditional 4-1BB stimulation using an inert
DuoBody format. Three clinical studies in solid
tumors are ongoing including a Phase 2 study
of DuoBody-PD-L1x4-1BB as monotherapy or in
combination with pembrolizumab in patients with
recurrent metastatic NSCLC.
DuoBody-CD40x4-1BB is a proprietary bispecific
antibody, jointly owned by Genmab and BioNTech,
created using Genmab’s DuoBody technology
platform. It is being co-developed by Genmab
and BioNTech under an agreement in which the
companies share all costs and future potential
profits for DuoBody-CD40x4-1BB on a 50:50
basis. CD40 and 4-1BB were selected as targets
to enhance both dendritic cells and antigen-de-
pendent T-cell activation, using an inert DuoBody
format. A Phase 1/2 clinical study of DuoBody-
CD40x4-1BB in solid tumors is ongoing.
Fourth Quarter Update
• December: Combination safety data and
early encouraging anti-tumor activity in
SCCHN patients treated with chemotherapy,
pembrolizumab and DuoBody-CD40x4-1BB was
presented at the European Society for Medical
Oncology Immuno-Oncology Annual Congress.
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DuoHexaBody-
CD37
(GEN3009)
HexaBody-
CD38
(GEN3014)
First DuoHexaBody Program in
Clinical Development
• Antibody-based investigational
medicine created with Genmab’s
DuoHexaBody technology platform
• Phase 1/2 clinical study
(NCT04358458) in hematologic
malignancies ongoing
HexaBody-based Investigational
Medicine with Potential in
Hematological Malignancies
• Antibody-based investigational
medicine created with Genmab’s
HexaBody technology platform
• Phase 1/2 clinical study
(NCT04824794) in hematological
malignancies ongoing
• Developed in an exclusive worldwide
license and option agreement with
Janssen
DuoHexaBody-CD37 is a bispecific antibody that
targets two non-overlapping CD37 epitopes,
created using Genmab’s DuoHexaBody technology
platform. The DuoHexaBody technology platform
combines the dual targeting of our DuoBody tech-
nology platform with the enhanced potency of our
HexaBody technology platform, creating bispe-
cific antibodies with target-mediated enhanced
hexamerization. A Phase 1/2 clinical study in
hematologic malignancies, including the potential
for combination with epcoritamab, is ongoing.
Update from First Quarter to
Third Quarter
• June: 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 development of
DuoHexaBody-CD37 against low-single digit
royalty payments to AbbVie, up to an agreed
maximum total royalty amount, based on future
potential sales of the product.
HexaBody-CD38 is a human CD38 monoclonal
antibody-based investigational medicine created
using Genmab’s HexaBody technology platform.
In pre-clinical models of hematological malig-
nancies, HexaBody-CD38 demonstrated highly
potent complement-dependent cytotoxicity and
showed potent anti-tumor activity. In June 2019,
Genmab entered into an exclusive worldwide
license and option agreement with Janssen to
develop and commercialize HexaBody-CD38. A
Phase 1/2 clinical study in hematologic malignan-
cies is ongoing and includes an arm comparing
HexaBody-CD38 to daratumumab in anti-CD38
monoclonal antibody-naïve relapsed or refractory
multiple myeloma patients.
Fourth Quarter Update
• December: Poster presentation of preliminary
dose-escalation results presented at the 64th
ASH Annual Meeting.
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DuoBody-
CD3xB7H4
(GEN1047)
HexaBody-
CD27
(GEN1053/BNT313)
Bispecific with Potential in
Solid Tumors
• Bispecific antibody-based
investigational medicine created
with Genmab’s DuoBody technology
platform
• Phase 1/2 clinical study
(NCT05180474) in malignant solid
tumors ongoing
HexaBody-based Investigational
Medicine with Potential in
Solid Tumors
• Antibody-based investigational
medicine created with Genmab’s
HexaBody technology platform
• Phase 1/2 clinical study (NCT05435339)
in solid tumors ongoing
• Co-developed in collaboration with
BioNTech
HexaBody-CD27 is a CD27 antibody that utilizes
Genmab’s HexaBody technology, specifically
engineered to form an antibody hexamer
(a formation of six antibodies) upon binding its
target on the cell membrane of T cells. It is being
co-developed by Genmab and BioNTech under an
agreement in which the companies share all costs
and future potential profits for HexaBody-CD27
on a 50:50 basis. A Phase 1/2 clinical study of
HexaBody-CD27 in solid tumors is ongoing.
DuoBody-CD3xB7H4 is a bispecific anti-
body-based investigational medicine created
using Genmab’s DuoBody technology platform.
B7H4 is an immune checkpoint protein expressed
on malignant cells in various solid cancers
including breast, ovarian and lung cancer. In
pre-clinical studies, DuoBody-CD3xB7H4 induced
T-cell mediated cytotoxicity of B7H4-positive
tumor cells. DuoBody-CD3xB7H4 is being
developed for the potential treatment of solid
cancer indications known to express B7H4. A
Phase 1/2 clinical study of DuoBody-CD3xB7H4
in malignant solid tumors is ongoing.
Update from First Quarter to
Third Quarter
• January: The first patient was dosed in the
first-in-human Phase 1/2 study of DuoBody-
CD3xB7H4 in patients with malignant
solid tumors.
Fourth Quarter Updates
• November: The first patient was dosed
in the first-in-human Phase 1/2 study of
HexaBody-CD27 in patients with malignant
solid tumors.
• November: First pre-clinical disclosure during
the Society for Immunotherapy of Cancer 37th
Annual Meeting.
Update from First Quarter to
Third Quarter
• May: IND application and first Clinical Trial
Application (CTA) submitted for HexaBody-CD27.
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GEN1056
(BNT322)
First-in-Human Study Recruiting
• Phase 1 clinical study (NCT05586321)
in solid tumors ongoing
• Co-developed in collaboration with
BioNTech
GEN1056 is an antibody product being co-
developed by Genmab and BioNTech for the
treatment of solid tumors and for use in combi-
nation with other products. A first-in-human
Phase 1 clinical study of GEN1056 in patients
with advanced solid tumors is ongoing.
Fourth Quarter Update
• November: The first patient was dosed in the
first-in-human Phase 1 study of GEN1056.
Update from First Quarter to
Third Quarter
• July: The first CTA was submitted for GEN1056.
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Pre-clinical Programs
• Broad pre-clinical pipeline that includes
both partnered products and in-house
programs based on our proprietary
technologies and/or antibodies
• Multiple new INDs expected to be
submitted over the coming years
• Genmab has entered multiple strategic
collaborations to support the expansion
of our innovative pipeline
Our pre-clinical pipeline includes immune
effector function enhanced antibodies developed
with our HexaBody technology platform and
bispecific antibodies created with our DuoBody
technology platform. We are also collaborating
with our partners to generate additional new
antibody-based product concepts. A number of
the pre-clinical programs are conducted in coop-
eration with our collaboration partners.
Update from First Quarter to
Third Quarter
• August: Genmab and BioNTech expanded
the companies’ global strategic collaboration
to develop and commercialize novel
immunotherapies for the treatment of cancer
patients. Under the expansion, the companies
will jointly develop and commercialize, subject
to regulatory approval, other formats including
monospecific antibodies leveraging Genmab’s
proprietary HexaBody technology platform.
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Approved Medicines Incorporating
Genmab’s Innovations and Technology
In addition to Genmab’s own pipeline of investiga-
tional medicines, our innovations and proprietary
technology platforms are applied in the pipelines
of global pharmaceutical and biotechnology
companies. These companies are running clinical
development programs with antibodies created
by Genmab or created using Genmab’s DuoBody
bispecific antibody technology platform. The
programs run from Phase 1 development to
approved medicines.
The information in this section includes those
medicines that have been approved by regulatory
agencies in certain territories. Under the agree-
ments for these medicines Genmab is entitled to
certain potential milestones and royalties.
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Approved Medicines Incorporating Genmab’s Innovations and Technology
Daratumumab is a human monoclonal antibody
that binds with high affinity to the CD38 molecule,
which is highly expressed on the surface of
multiple myeloma cells and is also expressed
by AL amyloidosis plasma cells. Genmab used
technology licensed from Medarex to generate the
CD38 antibody. Daratumumab is being developed
by Janssen under an exclusive worldwide
license from Genmab to develop, manufacture
and commercialize daratumumab. Under the
terms of the agreement, Genmab is entitled to
double digit royalties between 12% and 20%
with Janssen reducing such royalty payments for
Genmab’s share of Janssen’s royalty payments
made to Halozyme. Please refer to Note 5.6
of the financial statements for further details
regarding the daratumumab collaboration with
Janssen. Daratumumab (marketed as DARZALEX
for IV administration and as DARZALEX FASPRO
in the U.S. and as DARZALEX SC in Europe for SC
administration) is approved in a large number
of territories for the treatment of adult patients
with certain multiple myeloma indications and
is the only approved therapy in the U.S., Europe
and Japan for the treatment of adult patients with
AL amyloidosis.
Please consult the European Summary of
Product Characteristics for DARZALEX and
DARZALEX SC and the U.S. Prescribing Information
for DARZALEX and DARZALEX FAS PRO for the
labeled indication and safety information.
Redefining the Treatment of
Multiple Myeloma
• First-in-class human CD38 monoclonal
antibody
• Developed and commercialized by
Janssen under an exclusive worldwide
license from Genmab
• Intravenous (IV) formulation approved
in combination with other therapies and
as monotherapy for certain multiple
myeloma indications
• First and only SC CD38-directed
antibody approved for the treatment of
certain multiple myeloma indications,
known as DARZALEX FASPRO in the U.S.,
and as DARZALEX SC in Europe
• SC daratumumab is the first and only
approved therapy for AL amyloidosis in
the U.S., Europe and Japan
• 2022 net sales of DARZALEX by Janssen
were USD 7,977 million
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Approved Medicines Incorporating Genmab’s Innovations and Technology
Ofatumumab is a human monoclonal antibody
that targets an epitope on the CD20 molecule
encompassing parts of the small and large extra-
cellular loops. Genmab used technology licensed
from Medarex to generate the CD20 antibody.
Ofatumumab, marketed as Kesimpta, is approved
in territories including the U.S., Europe and
Japan for the treatment of certain adult patients
with RMS. Kesimpta is the first B-cell therapy
that can be self-administered by patients at
home or anywhere using the Sensoready autoin-
jector pen, once monthly after starting therapy.
Ofatumumab is being developed and marketed
worldwide by Novartis under a license agreement
between Genmab and Novartis. Under the terms
of the agreement, Genmab is entitled to 10%
royalties on net sales of Kesimpta. Please refer to
Note 5.6 of the financial statements for further
details regarding the ofatumumab collaboration
with Novartis.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for the labeled indication and
safety information for Kesimpta.
Approved in the Treatment of RMS
• Human CD20 monoclonal antibody
developed and commercialized by
Novartis under a license agreement
with Genmab
• Approved in territories including the
U.S., EU and Japan for treatment of RMS
in adults
• First B-cell therapy that can be self-
administered by patients at home
or anywhere using the Sensoready
®
autoinjector pen
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Approved Medicines Incorporating Genmab’s Innovations and Technology
Teprotumumab, approved by the U.S. FDA under
the trade name TEPEZZA, is a human monoclonal
antibody that targets the Insulin-like Growth
Factor 1 Receptor (IGF-1R), a validated target.
Genmab used technology licensed from Medarex
to generate the IGF-1R antibody. The antibody was
created by Genmab under a collaboration with
Roche and development and commercialization
of the product is now being conducted by Horizon
under a sublicense from Roche. Under the terms
of Genmab’s agreement with Roche, Genmab will
receive mid-single digit royalties on net sales of
TEPEZZA. Please refer to Note 5.6 of the financial
statements for further details regarding the tepro-
tumumab collaboration.
Please consult the U.S. Prescribing Information
for the labeled indication and safety information
for TEPEZZA.
First U.S. FDA Approved Medicine for
the Treatment of TED
• Developed and commercialized by
Horizon for the treatment of TED
• First and only U.S. FDA approved
medicine for the treatment of TED
• Also being explored in a clinical trial
for the treatment of diffuse cutaneous
systemic sclerosis (dcSSC)
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Approved Medicines Incorporating Genmab’s Innovations and Technology
In July 2012, Genmab entered into a collaboration
with Janssen to create and develop bispecific
antibodies using Genmab’s DuoBody technology
platform. One of these, Janssen’s amivantamab,
is a fully human bispecific antibody that targets
epidermal growth factor receptor (EGFR) and
cMet, two validated cancer targets. The two
antibody libraries used to produce amivantamab
were both generated by Genmab. In collaboration
with Janssen, the antibody pair used to create
amivantamab was selected. Janssen is respon-
sible for the development and commercialization
of amivantamab.
In 2021, Janssen received approvals in the U.S.,
Europe and other markets for amivantamab,
marketed as RYBREVANT, for the treatment of
certain adult patients with NSCLC with EGFR exon
20 insertion mutations. These were the first regu-
latory approvals for a therapy that was created
using Genmab’s proprietary DuoBody bispecific
technology platform. Under our agreement with
Janssen, Genmab will receive milestones and
royalties between 8% and 10% on net sales
of RYBREVANT. Please refer to Note 5.6 of the
financial statements for further details regarding
the DuoBody collaboration with Jansen.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for RYBREVANT for the labeled
indication and safety information.
First Regulatory Approvals for a
DuoBody-based Medicine
• Part of Genmab and Janssen DuoBody
research and license agreement
• First approved medicine created
using Genmab’s proprietary DuoBody
technology platform
• Under the agreement with Janssen,
Genmab will receive milestones and
royalties on net sales of RYBREVANT
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Approved Medicines Incorporating Genmab’s Innovations and Technology
In July 2012, Genmab entered into a collaboration
with Janssen to create and develop bispecific
antibodies using Genmab’s DuoBody technology
platform. One of the products subsequently
discovered and developed by Janssen is teclis-
tamab, a bispecific antibody that targets CD3,
which is expressed on T-cells and B-cell matu-
ration antigen (BCMA), which is expressed on
mature B lymphocytes.
In August 2022, Janssen received conditional
marketing authorization from the European
Commission for subcutaneously administered
teclistamab, marketed as TECVAYLI, as mono-
therapy for the treatment of adult patients with
relapsed and refractory multiple myeloma.
Patients must have received at least three prior
therapies, including an immunomodulatory agent,
a proteasome inhibitor, and a CD38 antibody and
have demonstrated disease progression on the
last therapy. In October 2022, Janssen received
U.S. FDA approval of TECVAYLI™ (teclistam-
ab-cqyv) for the treatment of adult patients with
relapsed or refractory multiple myeloma, who
previously received four or more prior lines of
therapy, including a proteasome inhibitor, immu-
nomodulatory drug and anti-CD38 monoclonal
antibody.
TECVAYLI is the second therapy created using
Genmab’s proprietary DuoBody bispecific tech-
nology platform to receive regulatory approval.
Under our agreement with Janssen, Genmab will
receive milestones and a mid-single digit royalty
on net sales of TECVAYLI. Please refer to Note 5.6
Bispecific Antibody Approved for the
Treatment of Relapsed and Refractory
Multiple Myeloma
• Part of Genmab and Janssen DuoBody
research and license agreement
• Second approved medicine created
using Genmab’s proprietary DuoBody
technology platform
• Under the agreement with Janssen,
Genmab will receive milestones and
royalties on net sales of TECVAYLI
of the financial statements for further details
regarding the DuoBody collaboration with Jansen.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for TECVAYLI for the labeled indi-
cation and safety information.
(teclistamab)
TECVAYLI
T
M
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Antibody Technologies
Our Proprietary Technology Platform Suite
Platform Principle Applications
DuoBody
Bispecific antibodies Dual-targeting:
• Recruitment (e.g., T cells)
• Tumor heterogeneity
HexaBody
Target-mediated enhanced
hexamerization
Enhanced potency:
• Complement-dependent
cytotoxicity (CDC)
• Target clustering, outside-in
signaling, apoptosis
DuoHexaBody
Bispecific antibodies with
target-mediated enhanced
hexamerization
Dual-targeting + enhanced potency:
• CDC
• Target clustering, outside-in
signaling, apoptosis
HexElect
Two co-dependent anti-
bodies with target-mediated
enhanced hexamerization
Dual-targeting + enhanced potency
and selectivity:
• Co-dependent unlocking of potency
• New target space, previously
inaccessible
Antibodies are Y-shaped proteins that play a
central role in immunity against bacteria and
viruses (also known as pathogens). As we develop
immunity, our bodies generate antibodies that
bind to pathogen structures (known as antigens),
which are specific to the pathogen. Once bound,
the antibodies attract other parts of the immune
system to eliminate the pathogen. In modern
medicine, we have learned how to create and
develop specific antibodies against antigens
associated with diseased human cells for use
in the treatment of diseases such as cancer and
autoimmune disease. Genmab uses several types
of technologies to create antibodies to treat
disease and has developed proprietary antibody
technologies including the DuoBody, HexaBody,
DuoHexaBody and HexElect technology
platforms. Information about these technolo-
gies can be found in the following sections and
at www.genmab.com/research-innovation/
antibody-technology-platforms/.
We use or license several other technologies
to generate diverse libraries of high-quality,
functional antibodies. In addition, we use or
license technologies to increase the potency of
some of our antibody therapeutics on a product-
by-product basis, including ADCs. ADCs are
antibodies with potent cytotoxic agents coupled
to them. By using antibodies that recognize
specific targets on tumor cells, these cytotoxic
agents are preferentially delivered to the
tumor cells.
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DuoBody
Technology Platform
Antibody Technologies
The DuoBody technology platform is Genmab’s
innovative platform for the discovery and devel-
opment of bispecific antibodies. Bispecific
antibodies bind to two different epitopes
(or “docking” sites) either on the same or on
different targets (also known as dual-targeting).
Dual-targeting may improve binding specificity
and enhance therapeutic efficacy or bring two
different cells together (for example, engaging
a T cell to kill a tumor cell). Bispecific antibodies
generated with the DuoBody technology platform
can be used for the development of therapeutics
for diseases such as cancer, autoimmune, infec-
tious, cardiovascular, central nervous system
diseases and hemophilia. DuoBody molecules
combine the benefits of bispecificity with the
strengths of conventional antibodies, which
allows DuoBody molecules to be administered
and dosed the same way as other antibody thera-
peutics. Genmab’s DuoBody technology platform
generates bispecific antibodies via a versatile
and broadly applicable process that is easily
performed at high throughput, standard bench,
as well as at commercial manufacturing scale.
Genmab uses the DuoBody technology platform
to create its own bispecific antibody programs
and the technology is also available for licensing.
Genmab has numerous alliances for the DuoBody
Innovative Technology for Bispecific
Antibody Therapeutics
• Bispecific antibody technology platform
• Potential in cancer, autoimmune,
infectious, cardiovascular, central
nervous system diseases and
hemophilia
• Commercial collaborations with AbbVie,
Janssen and BioNTech among others,
plus multiple research collaborations
• First regulatory approvals for medicines
created using the DuoBody technology
platform — Janssen’s RYBREVANT and
TECVAYLI
• In the second half of 2022, Genmab
submitted a BLA to the U.S. FDA and a
JNDA to the MHLW for SC epcoritamab
for the treatment of patients with
relapsed/refractory LBCL. AbbVie
submitted an MAA to the EMA for
SC epcoritamab for the treatment of
patients with relapsed/refractory DLBCL
The innovative DuoBody technology
platform generates bispecific antibodies
via a fast, versatile and broadly appli-
cable process called controlled Fab-arm
exchange. With only minimal protein
engineering, the technology allows the
binding arms of two distinct monoclonal
antibodies to exchange, combining into
one stable bispecific antibody, thereby
retaining regular immunoglobulin structure
and function. The DuoBody technology
platform is also highly suitable for high
throughput generation, screening and
discovery of bispecific antibodies in final
therapeutic format.
technology platform including commercial collab-
orations with AbbVie, Janssen, Novo Nordisk,
BioNTech and Immatics.
Genmab’s proprietary DuoBody technology
platform has been applied to a variety of bispe-
cific antibody products in development, both
in our own pipeline and in programs being
developed by collaboration partners. The tech-
nology has been validated by the continued
advancement of these investigational medicines
through clinical development, including two
medicines approved in both the U.S. and
in Europe.
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Advancing Our Pipeline
AbbVie
On June 10, 2020, Genmab entered into a broad
oncology collaboration agreement with AbbVie
to jointly develop and commercialize products
including epcoritamab (DuoBody-CD3xCD20),
and subsequently into a discovery research
collaboration for up to four future differentiated
antibody therapeutics for cancer. The companies
will share commercial responsibilities for
epcoritamab in the U.S. and Japan, with AbbVie
responsible for further global commercialization.
Genmab will be the principal for net sales in the
U.S. and Japan and will receive tiered royalties
on remaining global sales outside of these
territories. For any product candidates developed
as a result of the companies’ 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.
Antibody Technologies
DuoBody
Collaborations
Under the terms of the agreement, Genmab
has the potential to receive regulatory and
sales milestone payments, as well as tiered
royalties between 22% and 26% on net sales for
epcoritamab outside the U.S. and Japan. Except
for these royalty-bearing sales, the parties will
share in pre-tax profits from the potential sale
of epcoritamab on a 50:50 basis. 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 and
AbbVie split 50:50 the development costs related
to epcoritamab, while Genmab will be responsible
for 100% of the costs for the discovery research
programs up to opt-in. Please refer to Note 5.6
of the financial statements for further details
regarding the collaboration with AbbVie.
BioNTech
In May 2015, Genmab entered an agreement
with BioNTech to jointly research, develop and
commercialize bispecific antibody-based inves-
tigational medicines using Genmab’s DuoBody
technology platform. Under the terms of the
agreement, BioNTech will provide proprietary
antibodies against key immunomodulatory
targets, while Genmab provides proprietary anti-
bodies and access to its DuoBody technology
platform. Genmab paid an upfront fee of USD
10 million to BioNTech. If the companies jointly
select any antibody-based 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 an antibody product forward, the
other company is entitled to continue devel-
oping it on predetermined licensing terms. The
agreement also includes provisions which will
allow the parties to opt out of joint development
at key points. Genmab and BioNTech selected
two antibody products for clinical development,
DuoBody-CD40x4-1BB (GEN1042/BNT312) and
DuoBody-PD-L1x4-1BB (GEN1046/BNT311), both
of which are now in clinical trials.
Our Innovative Technology in Action
Janssen
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.
As of December 31, 2022, three DuoBody-based
investigational medicines created under this
collaboration were in the clinic. Two of these,
amivantamab and teclistamab, are the first
medicines 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 investigational medicine
in active clinical development, talquetamab,
for the treatment of patients with relapsed or
refractory multiple myeloma. Genmab is entitled
to milestone payments as well as royalties on
sales of each commercialized DuoBody medicine.
Please refer to Note 5.6 of the financial state-
ments for further details regarding the DuoBody
collaboration with Janssen.
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Antibody Technologies
Novo Nordisk
In August 2015, Genmab entered an agreement
to grant Novo Nordisk commercial licenses to use
the DuoBody technology platform to create and
develop bispecific antibody candidates for two
therapeutic programs that would target a disease
area outside of cancer therapeutics. After an
initial period of exclusivity for both target combi-
nations, Novo Nordisk extended exclusivity of the
commercial license for one target combination
in 2018, now in clinical development as Mim8.
Under the exclusive license agreement, Genmab
is entitled to potential milestones and will be
entitled to single digit royalties on sales of Mim8,
should it receive regulatory approval.
Collaborations Across the Pharma
and Biotech Ecosystem
Immatics
In July 2018, Genmab entered into a research
collaboration and exclusive license agreement
with Immatics to discover and develop next-gen-
eration bispecific immunotherapies to target
multiple cancer indications. Genmab received
an exclusive license to three proprietary targets
from Immatics, with an option to license up
to two additional targets at predetermined
economics. Under the terms of the agreement,
Genmab paid Immatics an upfront fee of USD
54 million and Immatics is eligible to receive up
to USD 550 million in development, regulatory
and commercial milestone payments for each
antibody product, as well as tiered royalties on
net sales.
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HexaBody
Technology Platform
The HexaBody technology platform is a propri-
etary Genmab technology that is designed to
increase the potency of antibodies. The HexaBody
technology platform builds on natural biology
and strengthens the natural killing ability of
antibodies while retaining regular structure
and specificity. The technology allows for the
creation of potent therapeutics by inducing
antibody hexamer formation (clusters of six
antibodies) after binding to their target antigen
on the cell surface. We have used the HexaBody
technology platform to generate antibodies
with enhanced complement-mediated killing,
allowing antibodies with limited or absent killing
capacity to be transformed into potent, cytotoxic
antibodies. In addition to complement-mediated
killing, the clustering of membrane receptors by
the HexaBody technology platform can lead to
subsequent outside-in signaling leading to cell
death. The HexaBody technology platform creates
opportunities to explore new antibody-based
product candidates and repurpose drug candi-
dates unsuccessful in previous clinical trials
due to insufficient potency. The HexaBody tech-
nology platform is broadly applicable and can be
combined with Genmab’s DuoBody technology
platform (DuoHexaBody technology platform)
as well as other antibody technologies. The
technology has the potential to enhance antibody
therapeutics for a broad range of applications
including cancer and infectious diseases. Genmab
is using the HexaBody technology platform for
its own antibody programs and the technology is
also available for licensing. Two HexaBody-based
investigational medicines are currently in clinical
development. Genmab entered into an exclusive
worldwide license and option agreement
with Janssen to develop and commercialize
Creating Differentiated Therapeutics
• Enhanced potency antibody technology
platform
• Broadly applicable technology that
builds on natural antibody biology
• HexaBody-based investigational
medicines in clinical development;
HexaBody-CD38 (GEN3014) and
HexaBody-CD27 (GEN1053/BNT313)
Antibody Technologies
HexaBody-CD38 (GEN3014), a next-generation
CD38 monoclonal antibody-based investiga-
tional medicine. In 2022, Genmab and BioNTech
expanded their global strategic collaboration to
include co-development of monospecific antibody
candidates leveraging the HexaBody technology.
The first antibody in the clinic under this collabo-
ration is HexaBody-CD27 (GEN1053/BNT313).
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DuoHexaBody
Technology Platform
HexElect
Technology Platform
The DuoHexaBody technology platform is a
proprietary technology that combines the dual
targeting of our DuoBody technology platform
with the enhanced potency of our HexaBody tech-
nology platform, creating bispecific antibodies
with target-mediated enhanced hexamerization.
We currently have one investigational medicine
created with the DuoHexaBody technology
platform in the clinic, DuoHexaBody-CD37
(GEN3009). DuoHexaBody-CD37 is a bispecific
antibody that targets two non-overlapping CD37
epitopes. It entered the clinic in 2020 and is
currently being investigated in relapsed/refrac-
tory B-NHL, including potentially in combination
with epcoritamab.
The HexElect antibody technology platform is
Genmab’s newest proprietary antibody tech-
nology. This technology combines two HexaBody
molecules designed to effectively and selectively
hit only those cells that express both targets by
making the activity of complexes of HexaBody
molecules dependent on their binding to two
different targets on the same cell. The HexElect
technology platform maximizes efficacy while
minimizing possible toxicity, potentially leading to
more potent and safer investigational medicines.
Combining Dual-Targeting and
Enhanced Potency
• Antibody technology that combines
DuoBody and HexaBody technology
platforms
• Creates bispecific antibodies with target-
mediated enhanced potency
• First DuoHexaBody-based
investigational medicine in the clinic —
DuoHexaBody-CD37 (GEN3009)
Enhancing Selectivity and Potency
• Antibody technology platform inspired
by the HexaBody technology platform
• Combines dual-targeting with enhanced
selectivity and potency
Antibody Technologies
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Corporate Social Responsibility and Sustainability Commitments
We are committed to being a
sustainable, socially responsible
biotech company. This commitment is
anchored in our vision, core purpose
and values, focused for impact through
our CSR strategy, and lived every
day by our team. It is fundamental to
the way we do business.
Our Core Purpose and Vision
Our commitment to CSR is anchored in our
company’s core purpose “to improve the lives of
patients by creating and developing innovative
antibody products” and our vision that “by 2030,
our KYSO antibody medicines will fundamentally
transform the lives of people with cancer and
other serious diseases.” Our vision inspires and
motivates us. Our unstoppable team is focused
on developing innovative and differentiated
antibody therapeutics that will improve the lives
of patients.
How We Carry Out Our CSR Initiatives
We are committed to complying with all laws,
codes, and standards applicable to our business
and operations. We also prioritize the well-being
and vitality of our teams and actively seek to
minimize our impact on the environment. We
have high ethical standards and aim to conduct
business with companies and within countries
that share our ethical commitment including
our support for the protection of internationally
proclaimed human rights. We strive to conduct
clinical trials in markets where a medicine is
planned to become available.
We track trends, benchmark and examine
our ESG activities, policies and disclosures
to build a sustainable, socially responsible
biotech company.
We are committed to transparency and continued
improvement of our climate disclosures. To this
end, we support the TCFD recommendations as
we believe they provide a useful framework to
increase transparency on climate-related risks
and opportunities. We want to reduce our envi-
ronmental footprint and aim to provide additional
disclosures on climate-related topics in the future
as we incorporate the TCFD recommendations
into our business. Please refer to “Genmab’s Task
Force on Climate-related Financial Disclosures”
in this report for more information.
We follow the Sustainability Accounting Standards
Board (SASB) framework to disclose critical
measurements on ESG activities relevant to our
business.
Our Approach
Our approach is designed to ensure we carry
out our CSR commitments as a core part of our
business and in line with international best
practice.
• Guided by our vision, purpose and core values
• Focused on four CSR pillars
• Underpinned by our commitment to the UNSDGs
• Supported by the Board of Directors and
Executive Management
• Aligned with ESG priorities and disclosures
CSR Governance
Our CSR governance is led by the Board of
Directors. Our Board of Directors’ Nominating
and Corporate Governance Committee oversees
our CSR efforts and provides recommendations
to the Board on corporate responsibility and
sustainability matters. Additionally, the Board of
Directors’ Audit and Finance Committee oversees
our ESG reporting requirements.
Our CSR Committee, which is co-chaired by our
CEO and the Senior Vice President of Global
Communications and Corporate Affairs, provides
direction on CSR strategy and associated policies
and ensures we carry out our CSR activities effec-
tively and communicate them clearly and openly.
Our CSR Global Council and Global Sustainability
Working Group help us implement and enhance
our CSR strategy.
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Corporate Social Responsibility
and Sustainability Commitments
We are committed to ensuring our actions benefit our direct stakeholders
(patients, customers, team members, collaboration partners and
shareholders) and society as a whole.
To this end, our CSR strategy focuses on four key pillars:
Science-Driven Health
Innovations for Patients
Employee Well-Being
and Vitality
Ethics and
Transparency
Environmental and
Community Sustainability
1
We use our world-class knowledge in antibody
biology and deep expertise in innovative antibody
technology to develop cancer treatments to have
a positive impact on society.
2
We care for our employees’ health, well-being,
safety and development and promote a collabo-
rative culture that fosters passion for innovation,
integrity and respect.
3
We believe that DE&I are fundamental to
achieving our vision and are committed to cham-
pioning a corporate culture that accepts and
promotes uniqueness and empowers each team
member to bring their authentic self to work in a
safe, open and respectful environment.
4
We operate our business with the utmost
integrity, seeking to do the right thing in all
aspects of our business and integrating compli-
ance, ethics and transparency into our business
practices, policies and procedures.
5
We maintain a highly ethical organization,
promoting our Code of Conduct to employees and
engaging with partners and suppliers committed
to the same level of ethics in their operations.
6
We aim to reduce our impact on the environment
by refining our processes and incorporating
best practices into our operations as we strive
to reduce our environmental footprint, minimize
waste and decrease use of hazardous material.
7
We monitor and evaluate targets for ESG
activities, measure our impact and communicate
our progress.
8
We engage with and support the communities in
which we operate.
As we further execute our CSR strategy and build programs that
have an impact on our stakeholders, we will be guided by the
following tenets, which support our four CSR pillars:
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Corporate Social Responsibility
and Sustainability Commitments
Our Commitment to the United Nations
Sustainable Development Goals
As a company rooted in science, inspired by
patients, and committed to sustainability, we
embrace our responsibility to society and are
proud to help advance the UNSDGs. An initial
internal assessment in 2020 determined that our
business activities were most closely aligned with
Goals 3, 5 and 8. In 2022, based on our commit-
ment and actions regarding climate change, we
decided to add Goal 13: Climate Action. We focus
on aligning our CSR activities to support these
goals and will continue to assess our business
operations in relation to all the UNSDGs.
Goal 3:
Good Health and Well-Being:
Ensure healthy lives and promote
well-being for all at all ages
We are dedicated to using science-driven
innovation to improve the lives of patients with
cancer and their families. In addition to dedicating
resources to research and development and
to bring medicines to patients, we are committed
to our employees’ well-being and vitality, and
have benefits and programs in place for them.
Additionally, we seek to support and be part
of health-related initiatives in the communities
where we operate.
Goal 5:
Gender Equality:
Achieve gender equality and empower
all women and girls
We continue to lead in gender diversity among
our peers. We have a female representation at
“Director-level and above” of 51% and are proud
that nearly half of our Board of Directors are
female, including the Chair and Deputy Chair.
Genmab’s statutory report on Corporate Responsibility for the
financial year 2022 cf. Sections 99a, 99b, 99d and 107d of
the Danish Financial Statements Act (“Lovpligtig redegørelse
for samfundsansvar, jf. årsregnskabslovens § 99 a, 99b, 99d,
107d”) can be found on the company’s website (ht tps://
ir.genmab.com/static-files/72218610-90a6-4fd3-a76a-
d4a7c9c6ef01), including additional information about
policies, progress made during 2022 and expected activities
for 2023.
Goal 8:
Decent Work and Economic Growth:
Promote sustained, inclusive and sustain-
able economic growth, full and productive
employment and decent work for all
Our work is driven by innovation and conducted
by highly skilled people dedicated to their roles.
We pay all our team members a living wage and
provide a safe, inclusive and secure working
environment. Additionally, we contribute to the
life sciences innovation ecosystem by collaborating
with academia, biotech and pharma companies,
and other innovators to advance therapies against
cancer and other diseases. We also contribute to
science, technology, engineering, and mathematics
(STEM) education, mentoring programs and other
community efforts to help advance education and
professional development among our communities.
Goal 13:
Climate Action:
Take urgent action to combat climate
change and its impacts
We are committed to transparency and continued
improvement of our climate disclosures. In 2022, we
committed to supporting the recommendations of
the TCFD. Our journey to reduce our impact on the
environment inspired our work to establish a climate
target to reduce our GHG emissions in line with the
Paris Agreement to align our business to a future
where global warming is kept at or below 1.5°C. We
measure and report on emissions from our own oper-
ations and from purchased electricity and have begun
the process of designing a model to collect data
across our value chain for our Scope 3 emissions.
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Genmab’s Task Force on Climate-related Financial Disclosures
Topic Recommended Disclosures Genmab’s Disclosures
Governance Describe the board’s oversight of climate-related risks and opportunities. The Board of Directors’ Nominating and Corporate Governance Committee oversees climate-related issues
as part of its responsibility over all aspects of Genmab’s CSR strategy. The Committee and the Board of
Directors receive biannual updates on Genmab’s progress, related risks and opportunities.
Describe management’s role in assessing and managing climate-related risks
and opportunities.
The CSR Committee moves our CSR efforts forward and integrates ESG-related matters relevant to our
business into our strategic planning.
From 2022, the CSR Committee will receive updates on Genmab’s progress toward carbon reduction targets,
climate-related financial risk, relevant prevention and mitigation measures annually.
Climate-related financial risks and relevant prevention and mitigation measures will be reviewed and
endorsed by the Global Compliance and Risk Committee. Additionally, the Audit and Finance Committee
oversees our ESG reporting requirements.
Strategy Describe the climate-related risks and opportunities the organization has
identified over the short, medium and long term.
Describe the impact of climate-related risks and opportunities on the
organization’s businesses, strategy and financial planning.
Genmab has conducted scenario analysis on the potential transition and physical risks and opportunities
related to climate change, at 1.5–2°C and 4°C of warming, across our value chain, in the short term (2030),
and medium/long term (2040/2050). Below is a brief summary of the key potential risks identified:
Description of potential risks identified 1.5–2°C, short term:
― Transition risk resulting from emerging certification, regulation and carbon taxation, pricing, and tariffs
and related costs of compliance and the switch to low carbon materials and technologies
― Transition risk resulting from increased focus of investors and regulators on ESG performance in
investment decision-making, increasingly connecting access to capital and investment to ESG and
climate performance
― Transition risk resulting from shift in consumer preferences and talent attraction criteria toward climate
and responsibility
― Physical risk of disruption of supply chains due to changes in weather patterns and extreme
weather events
― Physical risk resulting from more frequent and severe heat waves, leading to increased cooling costs
Description of potential risks identified 1.5–2°C, medium/long term
― Physical risk of disruption of supply chains and operations due to changes in weather patterns and
increase in frequency of extreme weather events
― Physical risk resulting from more frequent and severe heat waves, leading to increased cooling costs
― Physical risk resulting from coastal flooding, potentially disrupting operations and the supply chain
Description of potential risks identified 4°C, short term
― Physical risk of disruption of supply chains, acute limited supply, and increased cost of raw materials due
to changes in weather patterns and extreme weather events
― Physical risk resulting from frequent and severe heat waves, leading to increased cooling costs
― Physical risk of disruption of supply chain, operations and distribution, resulting from increased
acute flooding
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Topic Recommended Disclosures Genmab’s Disclosures
Strategy
(continued)
Describe the climate-related risks and opportunities the organization has
identified over the short, medium and long term.
Describe the impact of climate-related risks and opportunities on the
organization’s businesses, strategy and financial planning.
Description of potential risks identified 4°C, medium/long term
― Transition risk resulting from fragmented regulatory efforts to curb runaway climate change through cost
of compliance with carbon taxation, pricing, etc.
― Physical risk resulting from acute, severe and frequent extreme weather events, leading to disruption of
operations, supply chain and distribution, damage to physical assets and inventory, as well as increase
in raw materials cost and insurance costs
― Physical risk resulting from acute and severe heat waves, leading to instability of supply chains,
increased energy costs for cooling and loss of inventory
― Physical risk resulting from sea level rise and coastal flooding, leading to disruption of operations and
supply chains, damage to physical assets, inventory
Describe the climate-related risks and opportunities the organization has
identified over the short, medium and long term.
Describe the impact of climate-related risks and opportunities on the
organization’s businesses, strategy and financial planning.
Brief summary of the key potential climate-related opportunities:
Description of potential opportunities identified 1.5–2°C and 4°C
― Cost savings from the use of new technologies, more energy efficient/low carbon production
and distribution
― Cost savings and reduced exposure to resource and water scarcity through, for instance, the use
of recycling
― Increase resilience, adaptation and cost savings from efficient and green buildings
― Cost savings and lowered exposure to carbon pricing and other regulations
― Reputational gains with stakeholders and potential employees from focus on climate-related topics
Describe the impact of climate-related risks and opportunities on the
organization’s businesses, strategy and financial planning.
Climate-related risks and opportunities identified will be considered and integrated as part of Genmab’s
ERM program, financial planning and strategy. To play our part in mitigating the physical impacts of climate
change and curbing warming, Genmab will commit to a climate target, to reduce our GHG emissions in line
with the Paris Agreement.
Describe the resilience of the organization’s strategy, taking into consideration
different climate-related scenarios, including a 2°C or lower scenario.
Genmab has conducted qualitative climate-related scenario analysis. Four scenarios spanning 1.5–2°C
and 4°C of warming were developed based on Intergovernmental Panel on Climate Change, International
Energy Agency and other sources, and Genmab’s risks and opportunities across the value chain in the short,
medium/long term were assessed.
In 2023, Genmab will further assess the resilience of our corporate strategy in these climate-related scenarios.
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Topic Recommended Disclosures Genmab’s Disclosures
Risk
Management
Describe the organization’s processes for identifying and assessing climate-
related risks.
In 2022, Genmab continued its assessment of climate-related risk and scenario analysis to identify key risks
and opportunities. The risks have been assessed through stakeholder engagement and interviews.
Describe the organization’s processes for managing climate-related risks. Climate-related risks identified will be considered as part of our ERM program, and responsibility for
monitoring, prevention and mitigation will be cascaded to relevant functions within Genmab.
Describe how processes for identifying, assessing and managing climate-
related risks are integrated into the organization’s overall risk management.
Metrics and
Targets
Disclose the metrics used by the organization to assess climate-related risks
and opportunities in line with its strategy and risk management process.
Genmab reports on Scope 1 and 2 GHG emissions in line with the GHG Protocol.
Genmab will develop metrics related to business continuity and natural disaster recovery. These may
include, for instance, suppliers assessed/engaged on climate and climate risk topics, etc.
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 GHG emissions and the
related risks.
Genmab’s Scope 1 and 2 emissions totaled 393.8 tonnes CO
2
e in 2022. Emissions reductions will contribute
to the mitigation of the transition risk of carbon taxes, pricing and tariffs.
In connection with our intent to commit to and set a climate target, Genmab started the process of
measuring our Scope 3 emissions by estimating emissions from selected material Scope 3 categories.
This estimation will be foundational in establishing the baseline for our climate ambitions, targets and
emissions reductions.
Describe the targets used by the organization to manage climate-related risks
and opportunities and performance against targets.
Genmab intends to commit to and set a climate target to reduce our GHG emissions in line with the Paris
Agreement goals.
We calculated our Scope 1 and 2 emissions in
accordance with the global standard for carbon
accounting, the GHG Protocol, and these were
reduced by 38% compared to 2021. In 2022 we
initiated the process of estimating our Scope 3
footprint in accordance with the GHG Protocol.
A thorough assessment of Genmab’s value chain
emissions based on 2021 spend-data showed us
that there is a need for higher quality data. This
is due to our business model, where key carbon
intensive process steps for the discovery and
development of our antibody-based molecules
are outsourced, and a majority of revenue
is generated based on royalty streams from
out-licensed products. The 2022 assessment had
an unacceptable uncertainty level with regards
to >90% of our estimated emissions. We will
continue to improve the quality of our data and
we will strive to engage with our suppliers and
partners in order to obtain a Scope 3 carbon
footprint with an acceptable level of accuracy,
acknowledging that carbon footprint mapping is
inherently uncertain.
Carbon Emissions 2022
Total Scope 1 emissions (tCO
2
e) 283.1
Total Scope 2 emissions (tCO
2
e) 110.7
Total Scope 1 & 2 emissions (tCO
2
e) 393.8
Electricity Consumption
and Renewables 2022
Electricity consumption (MWh) 3,127
Share renewables 94%
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Stakeholder Engagement
As an international company, Genmab has many
stakeholders with an interest in how we conduct
our business. Continuous engagement with these
groups drives our success. We do this through
direct interactions, participation in industry groups,
employee engagement surveys, and more. Some
of Genmab’s key stakeholder groups and the ways
we interact with them are highlighted here.
Our Research Collaborators
Genmab collaborates with parties from large
pharmaceutical companies to academic institutions.
These are collaborations with complementary partners
in terms of technologies, capabilities and knowledge.
Why are they important to us?
Collaborations across the innovation ecosystem of pharma, biotech
and academia help us create innovative next-generation antibody
therapeutics and potentially bring them to patients faster.
How do we engage with them?
Our methods of engagement vary from co-development of
programs, licensing of our technology platforms, involvement in
clinical trials and indirectly, through our work with industry groups.
Our list of research collaborations is extensive. We work with large
pharmaceutical and biotechnology companies as well as other inno-
vative companies and groups. Some examples of the latter include:
Tempus, which has built one of the world’s largest libraries of
clinical and molecular data; the European Network of Gynecological
Oncological Trial Groups and Gynecologic Oncology Group, with
which we collaborated on the tisotumab vedotin innovaTV 204
study; industry groups such as the Biotechnology Innovation
Organization (BIO), Holland Bio, BioNJ and the Confederation of
Danish Industry.
Our People
The health, well-being, safety, and development of
Genmab’s team members is a top priority for the
organization.
Why are they important to us?
Our talented teams are the cornerstone of our success and funda-
mental to achieving our 2030 Vision. We believe that an engaged,
inclusive and diverse workplace inspires our employees and is
essential to our future.
How do we engage with them?
Genmab aims to foster individual empowerment and development
and allows people to transform their skills into real value
for patients.
In 2022, we conducted a global team member engagement
survey, which consisted of both questionnaire and focus groups
on five topics: Camaraderie & Teamwork, Career Development,
Empowerment & Trust, Performance Management and Work-Life
Balance. Genmab’s results outpaced Life Sciences industry bench-
marks and highlighted key opportunities to drive even higher
engagement in the future. The survey had an 88% global participa-
tion rate and an 84% employee engagement score.
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Patient Advocacy Organizations
With our first medicine on the market, we have an
obligation to engage with patient advocates to ensure
we are providing as much support as possible to
patients in need.
Why are they important to us?
Transforming the lives of patients is our purpose. Supporting and
collaborating with patient advocacy organizations is an important
way in which Genmab can positively impact the lives of patients.
How do we engage with them?
Over the course of the past few years, we have actively sought out
patient advocacy groups, both to provide our financial support for
their efforts and programs and also to collaborate and bring them to
our locations for educational events with the Genmab team.
In 2022 we, along with our partner Seagen, launched CeMe, a
disease awareness campaign that leverages real-life storytelling
to spotlight the barriers to treatment and challenges associated
with cervical cancer. The campaign features diverse members
of the cervical cancer community, including patients and patient
advocates, in content on the CeMe YouTube channel. Social
media posts encourage visits to the YouTube channel to watch
the videos and seek additional information from various patient
advocacy groups.
Our Communities
Our team members actively engage in the communities
in which we operate.
Why are they important to us?
As part of Genmab’s ongoing commitment to CSR we aim to be good
citizens not only of the world but of the local communities in which
our facilities are located.
How do we engage with them?
Throughout 2022, Genmab supported community-based activ-
ities; for example, on September 13, 2022, nearly 500 Genmab
colleagues participated in the first annual Global Volunteer
Day. Colleagues from Denmark, the Netherlands and the U.S.
helped more than 30 nonprofit organizations in their communi-
ties. Activities included: removing invasive plants from a nature
preserve, building toys for children with serious illnesses, making
comfort kits for cancer patients, and assembling food kits to combat
hunger in our local communities.
Colleagues can also use the Community@Genmab Portal to learn
about Genmab’s impact, share volunteer stories, and access the
Global Employee Giving Program.
Our Shareholders and Investors
Genmab has a diverse shareholder base with investors
from across a spectrum of size and location.
Why are they important to us?
The support of Genmab’s investors is essential to the success of
the Company as we grow into a fully integrated biotech innovation
powerhouse.
How do we engage with them?
We communicate about our business, financial results, develop-
ment programs and scientific results in an open and transparent
way through company announcements, investor meetings and
company presentations.
Illustrating this transparency, we maintain a dialogue with our
shareholders, investors and other stakeholders, and the Board of
Directors participates in ad hoc investor meetings, e.g., as part of
regular corporate governance outreach campaigns to our share-
holders, as well as their representatives and proxy advisors, to gain
insight into the perspective of our shareholders.
More information on Genmab’s stakeholder engage-
ment may be found in our 2022 Corporate Responsibility
Report on the company’s website (https://ir.genmab.com/
static-files/72218610-90a6-4fd3-a76a-d4a7c9c6ef01).
Stakeholder Engagement
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Human Capital Management
Employees are Genmab’s most
important resource, and we strive to
attract and retain the most qualified
people to fulfill our core purpose.
Genmab’s goal is to develop and retain
value in our own products which could
one day transform cancer treatment.
At Genmab, we have four culture pillars
that inspire team members in their
everyday work.
Teamwork and respect are central pillars of
Genmab’s culture, and we therefore ensure an
inclusive, open and supportive professional
work environment across our international
locations. We believe that fostering workplace
diversity across social, educational, cultural,
national, age and gender lines is a prerequisite
for the continued success of the company. We
are committed to diversity at all levels of the
company and strive to recruit employees with
the right skills and competencies, regardless of
gender, age, ethnicity and other differences.
Skill, knowledge, experience and employee
motivation are essential to Genmab as a biotech
company. The ability to organize our highly
skilled and very experienced colleagues at
all levels of the organization into interactive
teams is a key factor in achieving our goals and
ensuring Genmab’s success.
Key Employee Information
Male/Female Ratios 2022 2021
Male Female Male Female
Genmab Group 42% 58% 42% 58%
Director level and above 49% 51% 49% 51%
Below director level 37% 63% 38% 62%
Annual promotions
1
40% 60% 39% 61%
Other Employee Information
2022 2021
FTE at the end of the year 1,660 1,212
Research and development FTE 1,193 927
Selling, general and administrative FTE 467 285
FTE in Denmark at the end of the year 385 312
FTE in the Netherlands at the end of the year 575 437
FTE in the US at the end of the year 642 420
FTE in Japan at the end of the year 58 43
Employee turnover
2
7% 6%
Employee absence
3
2% 2%
1. Annual promotions are calculated as FTE promotions occurring during the
respective years.
2. Employee turnover percentage is calculated by the FTE voluntarily leaving since the
beginning of the year divided by the average FTE.
3. The rate of absence is measured as absence due to the employee’s own illness,
pregnancy-related sick leave and occupational injuries and illnesses compared with
a regional standard average of working days in the year, adjusted for holidays.
Genmab’s Culture Pillars
We are
‘One Genmab’
We respect and
celebrate our differences
while working as One Team
Rooted
in Science
We hypothesize and experiment
to seek innovative solutions,
no matter our role
Patients
Come First
We are committed to
making a positive impact
for patients
Act
with Courage
We speak up, empower
each other, and embrace
change and grow
Financial
Statements
Other
Information
Table of
Contents
Management’s
Review
Genmab | 2022 Annual Report | Management’s Review52
Financial Review
Anthony Pagano
Executive Vice President and
Chief Financial Officer
As we look back at 2022, the strength
of Genmab’s financial profile really
stands out. Our strong balance sheet,
growing recurring revenues and
significant underlying profitability have
allowed us, and will continue to allow
us, to strategically invest in our business
and our pipeline.
53
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Management’s
Review
Table of
Contents
The financial statements are prepared on
a consolidated basis for Genmab A/S
company) and its subsidiaries. The Genmab
financial statements are published in Danish
Kroner (DKK). The Genmab consolidated Group is
referenced herein as “Genmab” or the “Company”.
Result for the Year
Guidance and Result for 2022
(DKK million) Latest Guidance Actual
Revenue 13,500–14,500 14,595
Operating expenses (8,000)–(8,400) (8,238)
Operating profit 5,100–6,500 6,357
Actual revenue was favorable to guidance
primarily due to higher than anticipated milestone
revenue and slightly favorable USD/DKK foreign
exchange rate movements. Operating expenses
and operating profit were in line with the latest
guidance published on November 9, 2022.
Revenue
Genmab’s revenue was DKK 14,595 million in
2022 compared to DKK 8,482 million in 2021.
The increase of DKK 6,113 million, or 72%,
was primarily driven by higher DARZALEX and
Kesimpta royalties achieved under our collabora-
tions with Janssen and Novartis, respectively, due
to higher net sales and higher average exchange
rate between the USD and DKK, and milestones
achieved in 2022 under our collaboration
with AbbVie.
Financial Review
Split of 2022 Revenue
(DKK million)
Split of 2021 Revenue
(DKK million)
Royalties
80% (11,672)
Milestone Revenue
12% (1,767)
Reimbursement Revenue
6% (818)
Collaboration Revenue
2% (332)
License Revenue
<1% (6)
Royalties
82% (6,977)
Milestone Revenue
11% (954)
Reimbursement Revenue
6% (531)
Collaboration Revenue
<1% (20)
Royalties
Royalty revenue amounted to DKK 11,672 million
in 2022 compared to DKK 6,977 million in 2021.
The increase of DKK 4,695 million, or 67%, was
primarily driven by higher DARZALEX, Kesimpta
and TEPEZZA royalties achieved under our daratu-
mumab collaboration with Janssen, ofatumumab
collaboration with Novartis, and teprotumumab
collaboration with Roche, respectively. The
following table summarizes Genmab’s royalty
revenue by product.
(DKK million) 2022 2021
DARZALEX 10,056 6,135
TEPEZZA 796 593
Kesimpta 779 235
Other 41 14
Total royalties 11,672 6,977
Net sales of DARZALEX by Janssen were
USD 7,977 million in 2022 compared to USD
6,023 million in 2021. The increase of USD
1,954 million, or 32%, was driven by share gains,
continued strong market growth and uptake of
the DARZALEX SC product. Royalty revenue on
net sales of DARZALEX was DKK 10,056 million
in 2022 compared to DKK 6,135 million in 2021,
an increase of DKK 3,921 million. The percentage
increase in royalties of 64% is higher than the
percentage increase in the underlying net sales
primarily due to the higher average exchange rate
between the USD and DKK, other positive foreign
exchange rate impacts, and a higher effective
royalty rate for 2022, partly offset by the increase
in Genmab’s share of Janssen’s royalty payments
to Halozyme in connection with SC product net
sales. Under our license agreement with Janssen
for DARZALEX, for purposes of calculating
royalties due to Genmab, DARZALEX net sales for
non-U.S. dollar denominated currencies are trans-
lated to U.S. dollars at a specified annual Currency
Hedge Rate. This contractual arrangement is the
driver for the other foreign exchange impacts
discussed above.
14,595
2022 Total Revenue
8,482
2021 Total Revenue
54
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Management’s
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Royalty revenue on net sales of TEPEZZA was DKK
796 million in 2022 compared to DKK 593 million
in 2021, an increase of DKK 203 million, or 34%.
TEPEZZA net sales in the first quarter of 2021 were
negatively impacted by the U.S. government-man-
dated COVID-19 production interruption.
Net sales of Kesimpta by Novartis were USD 1,092
million in 2022 compared to USD 372 million in
2021. The increase of USD 720 million was driven
by strong launch uptake, access and increased
demand. Royalty revenue on net sales of Kesimpta
was DKK 779 million in 2022 compared to
DKK 235 million in 2021, an increase of DKK
544 million.
Janssen was granted U.S. FDA approval for
RYBREVANT during the second quarter of 2021,
and Genmab subsequently started recognizing
royalties on net sales of RYBREVANT. Royalties
were not material for 2022 or 2021.
Janssen was granted approval for TECVAYLI for
the treatment of relapsed or refractory multiple
myeloma during the third quarter of 2022 in
Europe and in the fourth quarter of 2022 in the
U.S. Royalties were not material for 2022.
Royalty revenue fluctuations from period to
period are driven by the level of product net sales,
foreign currency exchange rate movements and
more specifically to DARZALEX, the contractual
arrangement related to annual Currency Hedge
Rate, and Genmab’s share of Janssen’s royalty
payments to Halozyme in connection with SC
product net sales.
Reimbursement Revenue
Reimbursement revenue, mainly comprised
of the reimbursement of certain research and
development costs related to the development
work under Genmab’s collaboration agreements,
amounted to DKK 818 million in 2022 compared
to DKK 531 million in 2021. The increase of DKK
287 million, or 54%, was primarily driven by
higher activities under our collaboration agree-
ments with BioNTech for HexaBody-CD27 and
DuoBody-CD40x4-1BB.
Milestone Revenue
Milestone revenue was DKK 1,767 million in 2022
compared to DKK 954 million in 2021, an increase
of DKK 813 million, or 85%, primarily driven by
the following:
• AbbVie milestone of DKK 577 million (USD
80 million) driven by the acceptance of the BLA
by the U.S. FDA for epcoritamab,
• AbbVie milestone of DKK 444 million (USD
60 million) triggered by the validation of the
MAA by the EMA in the EU for epcoritamab,
• Janssen milestones of DKK 189 million (USD
25 million) and DKK 112 million (USD 15 million)
for the approval of TECVAYLI for the treatment of
relapsed or refractory multiple myeloma in the
U.S. and Europe, respectively, and
• AbbVie milestone of DKK 153 million (USD
20 million) driven by the initiation, or first
patient dosed, of a pivotal trial (Phase 3) in the
second indication for epcoritamab.
The increase in milestone revenue in 2022 was
partly offset by milestones achieved in 2021
under our Janssen and AbbVie collaborations.
Milestone revenue may fluctuate significantly
from period to period due to both the timing of
achievements and the varying amount of each
individual milestone under our license and collab-
oration agreements.
Collaboration Revenue
In September 2021, Genmab and Seagen
announced U.S. FDA accelerated approval for
Tivdak in previously treated recurrent or meta-
static cervical cancer. Collaboration revenue
was DKK 332 million in 2022 compared to
DKK 20 million in 2021. The increase of DKK
312 million was primarily driven by increased
sales of Tivdak and also includes a one-off
payment due from Seagen of DKK 112 million
(approximately USD 15 million) which reflects
Genmab’s share (50%) of payments received by
Seagen in connection with the sublicense of its
rights to develop and commercialize tisotumab
vedotin in China to Zai Lab Hong Kong pursuant
to Genmab’s Joint Commercialization Agreement
with Seagen.
Refer to Note 2.1 for further details
about revenue.
Operating Expenses
Total operating expenses increased by DKK
2,774 million, or 51%, from DKK 5,464 million in
2021 to DKK 8,238 million in 2022.
Research and Development Expenses
Research and development expenses amounted
to DKK 5,562 million in 2022 compared to
DKK 4,181 million in 2021. The increase of
DKK 1,381 million, or 33% was driven by the
continued advancement of our product pipeline
including epcoritamab under our collaboration
with AbbVie, and DuoBody-CD40x4-1BB under
our collaboration with BioNTech, and the increase
in team members to support the expansion of our
product pipeline.
Research and development costs accounted for
68% of the total operating expenses in 2022
compared to 77% in 2021.
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Management’s
Review
Table of
Contents
The following table provides information regarding our research and development expenses for 2022
as compared to 2021.
(DKK million) 2022 2021
Percentage
Change
2022/2021
Research
1
1,222 958 28%
Development and contract manufacturing
2
1,556 1,374 13%
Clinical
3
2,059 1,360 51%
Upfront payments
4
155 61 154%
Other
5
570 428 33%
Total research and development expenses 5,562 4,181 33%
1. Research expenses include, among other things, personnel, occupancy and laboratory expenses, technology access fees
associated with identification of new monoclonal antibodies (mAbs), expenses associated with the development of new
proprietary technologies and research activities associated with our product candidates, such as in vitro and in vivo studies,
translational research, and IND enabling toxicology studies.
2. Development and contract manufacturing expenses include personnel and occupancy expenses, external contract manufac-
turing costs for the scaleup and pre-approval manufacturing of drug product used in research and our clinical trials, costs for
drug product supplied to our collaborators, costs related to preparation for the production of process validation batches to
be used in potential future regulatory submissions, quality control and assurance activities, and storage and shipment of our
product candidates.
3. Clinical expenses include personnel, travel, occupancy costs, and external clinical trial costs including contract research organi-
zations (CROs), investigator fees, clinical site fees, contractors and regulatory activities associated with conducting human
clinical trials.
4. Upfront payments include payments made to third parties upon entering into R&D license and collaboration agreements.
5. Other research and development expenses primarily include share-based compensation, depreciation, amortization and
impairment expenses.
The following table shows third-party costs incurred for research, contract manufacturing of our product
candidates and clinical and regulatory services for 2022 as compared to 2021. The table also presents
unallocated costs and overhead consisting of third-party costs for our pre-clinical stage programs,
personnel, facilities and other indirect costs not directly charged to development programs.
(DKK million) 2022 2021
Percentage
Change
2022/2021
Epcoritamab 1,115 654 70%
Tisotumab vedotin 319 365 (13)%
DuoBody-PD-L1x4-1BB 369 371 (1)%
DuoBody-CD40x4-1BB 242 135 79%
Other clinical stage programs 419 250 68%
Total third-party costs for clinical stage programs 2,464 1,775 39%
Pre-clinical projects 830 779 7%
Upfront payments 155 61 154%
Personnel, unallocated costs and overhead 2,113 1,566 35%
Total research and development expenses 5,562 4,181 33%
Third-party costs for epcoritamab increased by
DKK 461 million, or 70%, in 2022 as compared
to 2021, primarily due to the advancement of
the program to late-stage development under
Genmab’s collaboration with AbbVie.
Third-party costs for tisotumab vedotin decreased
by DKK 46 million, or 13%, in 2022 as compared
to 2021, primarily due to the completion of some
clinical studies in 2022.
Third-party costs for DuoBody-PD-L1x4-1BB
remained flat in 2022 compared to 2021 as
development of this program continues under
Genmab’s collaboration with BioNTech.
Third-party costs for DuoBody-CD40x4-1BB
increased by DKK 107 million, or 79%, in 2022 as
compared to 2021, primarily due to the continued
advancement and expansion of the program
under Genmab’s collaboration with BioNTech.
Third-party costs for Genmab’s other clinical stage
programs increased by DKK 169 million, or 68%,
in 2022 as compared to 2021, primarily related
to HexaBody-CD27, DuoBody-CD3xB7H4 and
GEN1056 entering the clinical stage in 2022.
Financial Review
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Management’s
Review
Research and development expenses related
to our pre-clinical projects increased by DKK
51 million, or 7%, in 2022 as compared to 2021,
driven by the continued investment in and number
of pre-clinical programs.
Upfront payments increased by DKK 94 million, or
154%, driven by an increase in the number of R&D
license payments in 2022 as compared to 2021.
Personnel, unallocated costs and overhead
increased by DKK 547 million, or 35%, in 2022 as
compared to 2021, primarily due to an increase in
staffing levels and the expansion of our facilities
to accommodate our growth. Our research and
development FTEs increased from 927 at the end
of 2021 to 1,193 at the end of 2022.
Selling, General and Administrative
Expenses
Selling, general and administrative expenses
were DKK 2,676 million in 2022 compared to
DKK 1,283 million in 2021. The increase of
DKK 1,393 million, or 109%, was driven by the
increase in team members to support Tivdak
post launch, continued expansion of Genmab’s
commercialization capabilities in support of future
launches including the potential launch of epcor-
itamab, and investment in broader organizational
infrastructure, including our technology portfolio.
DKK 1,065 million, or 40% of selling, general and
administrative expenses in 2022, was related to
compensation of Genmab team members involved
in selling, general and administrative activities, as
compared to DKK 529 million, or 41% in 2021.
Selling, general and administrative expenses
accounted for 32% of the total operating
expenses in 2022 compared to 23% in 2021.
Operating Profit
Operating profit was DKK 6,357 million in 2022
compared to DKK 3,018 million in 2021, an
increase of DKK 3,339 million, or 111%.
Net Financial Items
Net financial items were comprised of the following:
(DKK million) 2022 2021
Financial income:
Interest and other financial income 324 197
Foreign exchange rate gain, net 1,034 1,470
Total financial income 1,358 1,667
Financial expenses:
Interest and other financial expenses (21) (13)
Loss on marketable securities, net (361) (246)
Loss on other investments, net (298) (443)
Total financial expenses (680) (702)
Net financial items 678 965
Net financial items decreased by DKK 287 million,
or 30%, which were primarily driven by:
• Foreign exchange movements impacting
Genmab’s USD denominated marketable
securities and cash and cash equivalents; in
particular, the USD/DKK foreign exchange rate
increased 8% from year-end 2020 to year-end
2021 as compared to only 6% from year-end
2021 to year-end 2022,
• Loss on marketable securities driven by higher
interest rates on Genmab’s Danish mortgage
investments in 2022 as compared to 2021,
partly offset by,
• Lower loss on other investments in 2022 as
compared to 2021 driven primarily by the
decrease in fair value of Genmab’s investment in
common shares of CureVac, and
• Increase in interest income due to higher
effective interest rates in the U.S., Europe and
Denmark in 2022 as compared to 2021.
Refer to Notes 4.2 and 4.5 for further details
regarding foreign currency risk and net financial
items, respectively.
Financial Review
57
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Information
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Management’s
Review
Table of
Contents
Corporate Tax
Corporate tax expense for 2022 was DKK
1,513 million compared to DKK 975 million for
2021. The increase in corporate tax expense is
primarily the result of Genmab’s higher net profit
before tax. The effective tax rate in 2022 was
21.5% compared to 24.5% in 2021. The decrease
in Genmab’s effective tax rate was mainly driven
by the ability to offset current taxable income
through the deduction of capitalized R&D costs
in the Netherlands and utilization of U.S. net
operating loss carryforwards.
Refer to Note 2.4 for additional information
regarding the corporate tax and deferred tax
assets including management’s significant
judgements and estimates.
Net Profit
Net profit for 2022 was DKK 5,522 million
compared to DKK 3,008 million in 2021. The
increase of DKK 2,514 million, or 84%, was driven
by the items described above.
Liquidity and Capital Resources
December 31,
(DKK million) 2022 2021
Marketable securities 12,431 10,381
Cash and cash equivalents 9,893 8,957
Shareholders’ equity 27,4 41 22,196
As of December 31, 2022 and December 31,
2021, cash and cash equivalents and marketable
securities denominated in USD represented 86%
of Genmab’s total cash and cash equivalents and
marketable securities.
Marketable securities are invested in highly
secure and liquid investments with short effective
maturities. As of December 31, 2022, 75% of
Genmab’s marketable securities were long-term
A rated or higher, or short-term rated A-1/P-1 by
S&P, Moody’s or Fitch compared to 68% as of
December 31, 2021.
As of December 31, 2022, DKK 9,893 million,
as compared to DKK 8,957 million as of
December 31, 2021, was held as cash and cash
equivalents, and DKK 12,431 million, as compared
to DKK 10,381 million as of December 31, 2021,
was held as liquid investments in short-term
government and other debt instruments.
Cash and cash equivalents included short-term
marketable securities of DKK 594 million at
the end of December 2022, compared to DKK
296 million at the end of December 2021. In
accordance with Genmab’s accounting policy,
securities purchased with a maturity of less than
90 days at the date of acquisition are classified as
cash and cash equivalents.
Genmab requires cash to meet our operating
expenses and capital expenditures. We have
funded our cash requirements since inception,
including through December 31, 2022, primarily
with royalty and milestone payments from our
partners, upfront payments and equity financing.
Genmab expects to continue to fund a significant
portion of our development costs for proprietary
product candidates as well as commercialization
activities with cash received from royalties and
milestone payments from partners.
Genmab’s expenditures on current and future
pre-clinical and clinical development programs
are subject to numerous uncertainties in timing
and cost to completion. In order to advance our
product candidates toward commercialization,
the product candidates are tested in numerous
pre-clinical safety, toxicology and efficacy
studies. Genmab then conducts clinical trials for
those product candidates that take several years
or more to complete. The length of time varies
substantially based upon the type, complexity,
novelty and intended use of a product candidate.
The cost of clinical trials may vary significantly
over the life of a project as a result of a variety
of factors, including: the number of patients
required in the clinical trials; the length of time
required to enroll trial participants; the number
and location of sites included in the trials; the
costs of producing supplies of the product candi-
dates needed for clinical trials and regulatory
submissions; the safety and efficacy profile of
the product candidate; the use of CROs to assist
with the management of the trials; and the costs
and timing of, and the ability to secure, regulatory
approvals.
Genmab’s expenses also fluctuate from period
to period based on the degree of collaborative
activities, timing of manufacturing campaigns,
numbers of patients enrolled in clinical trials
and the outcome of each clinical trial event. As a
result, the Company is unable to determine with
any degree of certainty the anticipated completion
dates, duration and completion costs of research
and development projects, or when and to what
extent Genmab will receive cash inflows from
the commercialization and sale of any product
candidates. The Company also cannot predict
the actual amount or timing of future royalties
and milestone payments, and these may differ
from estimates. Further, as the global COVID-19
pandemic has continued to evolve, there may be
long-term impacts on the development, regulatory
approval and commercialization of our product
candidates and on net sales of our approved
products by our collaboration partners.
Genmab expects to make additional capital
outlays and to increase operating expenditures
over the next several years as the Company hires
additional employees, supports pre-clinical devel-
opment, manufacturing, clinical trial activities,
product collaborations and commercialization
activities. As spending increases on research,
development and commercialization activities
related to product collaborations, Genmab may be
required to make certain capital outlays against
which Genmab expects to receive reimbursement
to the extent the outlay exceeds Genmab’s share
under the applicable collaboration agreement.
The Company expects that the time-lag between
the expenditure by us, on the one hand, and the
reimbursement by a partner of its relevant share,
on the other hand, will increase Genmab’s working
capital needs. To the extent the Company’s capital
resources are insufficient to meet future capital
requirements, Genmab will need to finance
Financial Review
58
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Review
operating requirements and cash needs through
public or private equity offerings, debt financ-
ings, or additional corporate collaboration and
licensing arrangements.
Refer to Notes 4.2 and 4.4 for additional
information regarding our financial risks and
marketable securities, respectively.
Cash Flows
The following table provides information
regarding Genmab’s cash flow for 2022 and 2021.
Cash Flow
(DKK million) 2022 2021
Cash provided by operating
activities 3,912 2,228
Cash (used in) investing
activities (2,761) (961)
Cash (used in)/provided by
financing activities (789) (420)
Increase in cash and cash
equivalents 362 847
Exchange rate adjustments 574 850
Net cash provided by operating activities is
primarily related to our operating profit, changes
in operating assets and liabilities, reversal of
net financial items, and adjustments related
to non-cash transactions. Cash provided by
operating activities increased compared to 2021
primarily driven by an increase in operating profit
of DKK 3,339 million, partly offset by AbbVie
milestones achieved during the fourth quarter of
2022 that were uncollected at year-end 2022 of
DKK 1.1 billion, and an increase in corporate tax
payments of DKK 841 million due to higher net
profit before tax.
Net cash (used in) investing activities primarily
reflects differences between the proceeds
received from the sale and maturity of our invest-
ments and amounts invested, and the cash paid
for investments in tangible assets. Purchases
of marketable securities exceeded sales and
maturities to a greater extent in 2022 compared
to 2021. In 2021, investing activities also include
the proceeds from the sale of CureVac shares of
DKK 438 million. There were no sales of other
investments in 2022.
Net cash (used in) financing activities is
primarily related to the purchase of treasury
shares, exercise of warrants, lease payments,
and payment of withholding taxes on behalf of
employees on net settled Restricted Stock Units
(RSUs). The increase in cash used in financing
activities for the periods is primarily driven by
cash payments for the purchase of treasury
shares of DKK 908 million in 2022 compared to
DKK 447 million in 2021.
Exchange rate adjustments represent foreign
currency gains or losses on Genmab’s cash and
cash equivalents, primarily driven by our cash and
cash equivalents holdings denominated in USD.
The USD/DKK foreign exchange rate increased 8%
in 2021 as compared to only 6% in 2022.
Balance Sheet
As of December 31, 2022, total assets were DKK
30,278 million, compared to DKK 24,627 million
as of December 31, 2021. As of December 31,
2022, assets are mainly comprised of marketable
securities of DKK 12,431 million, cash and cash
equivalents of DKK 9,893 million, and current
receivables of DKK 5,910 million. The receivables
consist primarily of amounts related to royalties,
milestones, and reimbursement revenue from our
collaboration agreements. The credit risk related
to our receivables is not significant based on the
high-quality nature of Genmab’s collaboration
partners.
Refer to Note 3.5 for additional information
regarding receivables.
As of December 31, 2022, total liabilities were
DKK 2,837 million compared to DKK 2,431 million
as of December 31, 2021. The increase in total
liabilities of DKK 406 million, or 17%, was
driven by an increase in other payables of DKK
234 million primarily related to accrued compen-
sation as a result of team growth from 2021 to
2022, and lease liabilities of DKK 172 million
related to the commencement of leases in the
Netherlands in 2022.
Shareholders’ equity as of December 31, 2022
was DKK 27,441 million compared to DKK
22,196 million as of December 31, 2021. The
increase of DKK 5,245 million, or 24%, was
driven primarily by Genmab’s net profit and
share-based compensation expense related to
the issuance of shares under Genmab’s warrant
and RSU programs, partly offset by the purchase
of treasury shares during the period. Genmab’s
equity ratio was 91% as of December 31, 2022
compared to 90% as of December 31, 2021.
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Financial Review
Legal Matters — Janssen Binding
Arbitrations
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 DARZALEX FASPRO
in the U.S. and as DARZALEX SC in Europe for SC
administration). In April 2022, the arbitral tribunal
issued an award in the binding arbitration of 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’s obligation to pay royalties on
sales of licensed product extends, in each appli-
cable 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’s 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’s
royalty payments to Halozyme for the Halozyme
enzyme technology used in the SC formula-
tion 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’s 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’s 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’s first commercial sale.
See Company Announcement no. 21/2022.
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Risk Management
Genmab has core facilities in four countries and
performs research and development activities
with clinical trials conducted around the globe.
We have also begun to commercialize medicines.
Through our activities, we are exposed to a
variety of risks, some of which are inherent in our
business and/or beyond our control. These risks
may have a significant impact on our business if
not properly assessed and controlled. Maintaining
a strong control environment, with adequate
procedures for identification and assessment
of risks and adhering to operational policies
designed to reduce such risks to an acceptable
level, is essential for the continued evolution of
Genmab. It is our policy to identify and reduce the
risks derived from our operations and to establish
insurance coverage and other risk reduction and
resilience mechanisms to mitigate any residual
risk, wherever considered practicable. The Audit
and Finance Committee of the Board of Directors
performs a yearly review of Genmab’s Enterprise
Risk Program and relevant insurance coverage
to ensure that they are appropriate. For further
information about the risks and uncertainties that
Genmab faces, refer to the current Form 20-F filed
with the SEC.
The use of Data, as defined in the Danish Financial
Statements Act, both personal and non-personal,
is essential to fulfilling Genmab’s core purpose;
and Genmab is committed to handling Data with
integrity and in an ethical and compliant manner
considering the impact our actions may have on
individuals and society.
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Risk related to Risk areas Mitigation Risk trend
Business and
Products
The identification and development of successful products
is expensive and includes time-consuming clinical trials with
uncertain outcomes and the risk of failure to obtain regulatory
approval in one or more jurisdictions.
Genmab has a disciplined approach to investment, focusing on areas with the potential to maximize success, including
new technologies and formats, scaling up to expand from early- to late-stage development and commercialization.
Genmab has established various committees to ensure optimal selection of disease targets and formats of our antibody
candidates, and to monitor progress of pre-clinical and clinical development. We strive to have a well-balanced product
pipeline and continue to identify and search for new product candidates and closely follow the market.
Genmab is dependent on the identification and development
of new proprietary technologies and access to new third-party
technologies. This exposes us to safety issues as well as other
failures and setbacks related to use of such new or existing
technologies.
Genmab continually strives to identify and develop new technologies, such as the DuoBody, HexaBody, DuoHexaBody
and HexElect technology platforms, and gain access to competitive and complementary new third-party technologies
such as ADC technology and messenger ribonucleic acid (mRNA) technology. We closely monitor our pre-clinical
programs and clinical trials to mitigate any unforeseen safety issues or other failures, or setbacks associated with the
use of our proprietary technology platforms, ADC technology or mRNA technology.
Genmab faces ongoing uncertainty about the successful
commercialization of product candidates. This is a result of factors
including immense competition on the basis of cost and efficacy
as well as rapid technological change, which may result in others
discovering, developing or commercializing competing products
before and/or more successfully than us.
From early in the research phase and throughout development, commercial potential and product commercialization,
associated risks are assessed to ensure that final products have the potential to be commercially viable. Genmab
attempts to control commercial risks in part by regularly monitoring and evaluating current market conditions, competing
products and new technologies, to potentially gain access to new technologies and products that may supplement
our pipeline. Genmab also strives to ensure market exclusivity for its own technologies and products by seeking
patent protection.
Genmab’s near- and mid-term prospects are substantially
dependent on continued clinical and commercial success of
DARZALEX.
DARZALEX is subject to intense competition in the multiple
myeloma therapy market.
Genmab focuses on its three-pronged strategy of focusing on our core competence, turning science into medicine and
building a profitable and successful biotech to develop a broad pipeline of unique best-in-class or first-in-class antibody
products with significant commercial potential. In addition, Genmab maintains a strong cash position, disciplined
financial management, and a flexible and capital efficient business model to mitigate potential setbacks related to
DARZALEX.
In 2020, two additional Genmab-created antibody products, Kesimpta and TEPEZZA, were approved by the U.S. FDA. In
2021 and 2022, respectively, the first and second DuoBody-based medicines, RYBREVANT and TECVAYLI, were approved
by the U.S. FDA and the European Commission. All of these provide Genmab with additional recurring royalty revenue.
Tivdak, Genmab’s first medicine, in development with Seagen, was approved by the U.S. FDA and product sales of Tivdak
commenced in 2021.
Genmab has exposure to product liability claims related to the use
or misuse of our products and technologies.
Product liability claims and/or litigation could materially affect our business and financial position, and Genmab
therefore strives to maintain robust internal processes for the review, approval, and compliant use of promotion
materials and also maintains appropriate product liability insurance for our clinical trials and our approved products and
other coverage required under applicable laws.
Our core research and manufacturing activities are carried out at
a limited number of locations. Any event resulting in Genmab’s or
our vendors’/suppliers’ inability to operate these facilities could
materially disrupt our business.
Genmab employs oversight and quality risk management principles. In addition, Genmab follows Good Laboratory
Practices (GLP), Good Manufacturing Practices (GMP) and requires that our vendors operate with the same standards.
Genmab has established a quality assurance (QA) department to set high-quality standards and monitor adherence to
these Practices.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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Business and
Products
(continued)
If we are unable to effectively manage Genmab’s continued
fast-paced growth or build our commercialization and other
capabilities, our business, financial condition and net profits
may be adversely affected. Any business disruption or failure to
properly manage this continued growth and transformation in a
manner that reflects and supports our organizational strategies
and priorities, while assuring ethical business practices, prudent
risk management, and commercial compliance, could have a
material adverse effect on our business, financial condition,
results of operations and cash flows.
We have experienced rapid growth over the last several years, and we anticipate further growth as our pipeline
advances, and we move toward further commercialization of products. Such growth, including enabling new
commercialization, support and other functions, has placed significant demands on our management and infrastructure,
including new operational and financial systems, as well as extending manufacturing and commercial outsource
arrangements. Our success will depend in part upon our ability to manage this growth effectively through leadership,
focused prioritization and talent management, and maintaining our robust, values-based, collaborative culture. As we
continue to grow and evolve, we must continuously improve our operational, commercial, compliance, financial and
management practices and controls.
Genmab is subject to government regulations on pricing/
public reimbursement as well as other healthcare payer cost-
containment initiatives; increased pressures by governmental and
third-party payers to reduce healthcare costs.
Genmab strives to develop differentiated, cost-effective products that are well-positioned to secure reasonable price
reimbursement by government healthcare programs and private health insurers. Genmab has also established a US
Government Affairs & Policy department to interact with federal and state policymakers to advance policies aimed at
improving patient lives through access to quality healthcare. The US Market Access department was established to
educate payers on the value of our products.
Strategic
Collaborations
Genmab is dependent on existing and new partnerships with
major pharmaceutical or biotech companies to support our
business and develop and commercialize our products.
Our business may suffer if our collaboration partners do not devote sufficient resources to our programs and products,
do not successfully maintain, defend and enforce their intellectual property rights or do not otherwise have the ability
to successfully develop or commercialize our products, independently or in collaboration with others. Our business may
also suffer if we are not able to continue our current collaborations or establish new collaborations. Genmab strives to
be an attractive and respected collaboration partner, and to pursue a close and open dialogue with our collaboration
partners to share ideas and align on best practices and decisions within clinical development and commercialization to
increase the likelihood that we reach our goals.
Genmab is primarily dependent on one contract manufacturing
organization to produce and supply our product candidates.
Genmab is also dependent on clinical research organizations to
conduct key aspects of our clinical trials, and on collaboration
partners to conduct some of our clinical trials.
Genmab oversees outsourcing and partnership relationships to ensure consistency with strategic objectives and
service provider compliance with regulatory requirements, resources and performance. This includes assessment
of contingency plans, availability of alternative service providers and costs and resources required to switch service
providers. We continually evaluate financial solvency and require our suppliers to abide by a code of conduct consistent
with Genmab’s Code of Conduct.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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Regulation,
Legislation, and
Compliance
Genmab is subject to extensive legislative, regulatory and
other requirements both during clinical development and
commercialization and post-marketing approval, including
healthcare, marketing/promotion, fraud and abuse, competition/
antitrust laws and regulations, as well as transparency, data
protection and other requirements.
Genmab is subject to strict disclosure obligations under
applicable laws and regulations, including the EU Market Abuse
Regulation. As a consequence of the listing on the Nasdaq Global
Select market, we are subject to additional U.S. regulatory
requirements, including U.S. securities laws and the U.S. Foreign
Corrupt Practices Act, and may become more exposed to U.S.
class actions.
To ensure compliance with applicable healthcare laws and regulations, Genmab has established a robust compliance
program, including a Code of Conduct that is evaluated periodically and sets high ethical standards on which all
colleagues receive regular training. Also, our head of Global Compliance reports directly to the CEO. The data protection
area, including policies and guidance for the processing and protection of personal data, is supported by the Company’s
Data Protection Officer.
To further support compliance with regulatory, legal and other requirements applicable to our business and operations,
including current Good Laboratory Practices (cGLP), current Good Clinical Practices (cGCP) and current Good
Manufacturing Practices (cGMP), Genmab has established a quality assurance department whose function includes
staying abreast of and adhering to regulatory and legislative changes relevant to quality standards.
Genmab has also established relevant procedures and guidelines to ensure transparency with respect to providing
timely, adequate and correct information to the market and otherwise comply with applicable securities laws and other
legal and regulatory requirements.
Genmab has an Internal Audit function that reports to the Audit and Finance Committee of the Board of Directors and
administratively reports to the CFO.
Legislation, regulations, industry codes and practices, and their
application may change from time to time.
To prevent unwarranted consequences of new and amended legislation, regulations, etc., Genmab strives to stay current
with respect to all applicable legislation, regulations, industry codes and practices by means of its internal compliance
function and related governance bodies as well as internal and external legal counsel. Also, internal procedures for
review and refinement of contracts are ongoing to ensure contractual consistency and compliance with applicable
legislation, regulation, and other standards.
Intellectual
Property
Genmab is dependent on protecting our own intellectual property
rights to regain our investments and protect our competitive
positions.
We may become involved in lawsuits to protect or enforce our
patents or other intellectual property which could result in costly
litigation and unfavorable outcomes.
Claims may be asserted against us that we infringe the intellectual
property of third parties, which could result in costly litigation and
unfavorable outcomes.
Genmab files and prosecutes patent applications to optimally protect its products and technologies. To protect trade
secrets and technologies, Genmab maintains strict confidentiality standards and agreements for employees and
collaborating parties.
Genmab actively monitors third-party patent positions within our relevant fields to avoid violating any third-party
patent rights.
Finances Genmab may need additional funding. Because Genmab’s future commercial potential and operating profits are hard to predict, Genmab’s policy is to maintain
a strong capital base so as to maintain investor, creditor and market confidence, and a continuous advancement of
Genmab’s product pipeline and business in general.
Genmab is exposed to different kinds of financial risks, including
currency exposure and changes in interest rates as well as
changes in Danish, U.S. or foreign tax laws or related compliance
requirements.
Genmab has established financial risk management guidelines to identify and analyze relevant risks, to set appropriate
risk limits and controls, and to monitor the risks and adherence to limits. Please refer to Note 4.2 of the financial
statements for additional information regarding financial risks.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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Management
and Workforce
Genmab may have an inability to attract and retain suitably
qualified team members as it continues to grow.
To attract and retain our highly skilled team, including the members of Genmab’s Senior Leadership, Genmab offers
competitive remuneration packages, including share-based remuneration. Genmab strives to create a positive and
energizing working environment with development and training opportunities for its team members. Genmab has strong
core values that nourish high-integrity and ethical behavior, respectful and candid tone and culture, as well as trust
and teamwork. Please refer to Note 4.6 of the financial statements for additional information regarding share-based
compensation.
Cybersecurity Genmab may be subject to malicious cyber-attacks which can lead
to the theft or leakage of intellectual property, sensitive business
data, or personal employee or patient data, with the result of
significant business disruptions, monetary loss or fines from
authorities, or reputational damage.
Genmab has implemented robust security controls and processes to enhance the identification of potential data/
systems security issues and mitigate the risk of security breaches. Genmab makes use of the National Institute of
Standards and Technology (NIST) Cybersecurity Framework and other security standards to define and implement such
security controls. Due to the continually changing threat environment, regular assessments are executed to ensure that
implemented security controls and processes follow the threat profile of the Company and effectively support Genmab’s
ambitious business strategy. The risk of security breaches is regarded as enterprise risk and the Company’s threat
profile, the security program and security incidents are presented and discussed in meetings of the Global Compliance
and Risk Committee and the Audit and Finance Committee of the Board of Directors.
COVID-19
Pandemic
The global outbreak of COVID-19 has continued to evolve, may
be further prolonged, and may have long-term impacts on the
development, regulatory approval and commercialization of our
product candidates and on net sales of our approved products.
The extent, length and consequences of the pandemic are
uncertain and impossible to predict. The factors discussed above,
as well as other factors which are currently unanticipated or
unforeseeable, may result in further and other unforeseen material
adverse impacts on our business and financial performance.
Genmab has a COVID-19 response team, led by the CEO, that monitors the situation and implements precautionary
measures based on local recommendations, as necessary to help limit the impact of COVID-19 at our workplace and on
our communities, and that helps ensure business continuity and mitigate effects on employee well-being. While global
health authorities and global vaccination efforts alleviated some of the adverse impacts of the COVID-19 pandemic,
Genmab assesses the situation on an ongoing basis in close contact with clinical trial sites, physicians and CROs to
evaluate the impact and challenges posed by the COVID-19 situation and manage them accordingly.
Climate Genmab’s inability to manage the carbon footprint from our
business operations; climate-related events may impact
our business operations or that of our third-party partners
or suppliers.
In 2022, we continued the assessment of our carbon footprint and the implementation of the TCFD recommendations.
We calculated our Scope 1 and 2 emissions for 2022 in accordance with the global standard for carbon accounting,
the GHG Protocol. In 2022 we also initiated the process of estimating our Scope 3 footprint in accordance with the
GHG Protocol.
Genmab makes use of scenario analysis to evaluate our risks and opportunities due to the rapid pace of world climate
change. Genmab’s work with climate strategy, carbon reduction targets, climate-related financial risk, relevant
prevention and mitigation measures will be presented to the Board of Directors biannually.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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As an international biotech company
dedicated to improving the lives of cancer
patients around the world, Genmab
operates within a heavily regulated
environment that exposes us to an ever-
evolving set of risks, some of which are
beyond our control. We maintain facilities
in four countries, conduct activities
in additional areas, and perform an
array of essential innovation, research,
development, commercialization and
support functions, all of which pose
risks to our operations and success.
Specifically, these operations and
activities expose us to risks that include
but may not be limited to financial,
research and development, regulatory,
IT/data/technology, staffing, compliance,
legal, and also environmental risks.
In order to assure that we are positioned
to effectively identify and mitigate the
potential impacts of these risks, Genmab
has dedicated significant resources
toward enabling a more robust ERM
framework under the Global Compliance
& Risk function that reports directly to
the CEO. In concert with a refreshed
Code of Conduct, company policies and
procedures, Genmab has chartered a
Global Compliance and Risk Governance
Committee (GCRC) co-chaired by the
CEO and the head of Compliance & Risk.
Genmab has also updated our risk model
and framework to include significantly
enhanced risk oversight, mitigation,
governance and reporting, all of which we
believe positions us to better manage the
risks associated with our business, now
and into the future.
Enterprise Risk Management
Effective ERM starts with strong governance
Board of Directors
and Audit and Finance
Committee
Board of Directors delegates ERM/Risk oversight to the Audit and
Finance Committee but retains visibility of ERM progress. The Audit
and Finance Committee is accountable to ensure management
appropriately manages the risks to the business.
Executive
Management
Maintains ultimate ownership of and accountability for management
of top risks, enabling proper linkage of risk management to strategic
initiatives and business decisions.
GCRC Validation of risk identification, prioritization, strategic and tactical
ownership of risk mitigation plans and reporting.
ERM Framework Routinely gathers risks, evaluates with risk sponsors, prioritizes and
reports to the GCRC, Executive Management and Board of Directors,
driving deep risk discussions, and supporting risk sponsors and
management in facilitating robust enterprise risk management
processes, risk-intelligent decision-making and key risk capabilities.
Risk Sponsors and
Business Champions
Manage risks in normal course of business, executing risk plans/miti-
gation activities, and monitoring and reporting key risk information.
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Corporate Governance
Genmab works diligently to improve its
guidelines and policies for corporate
governance, taking into account
the recent trends in international
and domestic requirements and
recommendations. Genmab’s
commitment to corporate governance
is based on ethics and integrity and
forms the basis of its effort to strengthen
the confidence that existing and future
shareholders, partners, employees and
other stakeholders have in Genmab. The
role of shareholders and their interaction
with Genmab is important. Genmab
believes that open and transparent
communication is necessary to maintain
the confidence of Genmab’s shareholders
and achieves this through company
announcements, investor meetings
and company presentations. Genmab
is committed to providing reliable
and transparent information about its
business, financial results, development
programs and scientific results in a clear
and timely manner.
All Danish companies listed on the Nasdaq
Copenhagen are required to disclose in their
annual reports how they address the Recommen-
dations for Corporate Governance issued by the
Committee on Corporate Governance in December
2020 (the “Recommendations”), applying the
“comply-or-explain” principle.
Genmab follows the Recommendations, except
for one specific sub-area where Genmab’s
corporate governance principles differ from the
Recommendations:
• The Recommendations provide that according to
a company’s takeover contingency procedures,
the board of directors abstains from countering
any takeover bids by taking actions that seek
to prevent the shareholders from deciding
on the takeover bid, without the approval of
the general meeting. Genmab does not have
such a restriction in its takeover contingency
procedures and retains the right in certain
circumstances to reject takeover bids without
consulting the shareholders. Genmab believes
this provides the Board of Directors with the
needed flexibility to best respond to takeover
bids and to negotiate with bidders; retaining
this flexibility helps the Board of Directors meet
its objectives in protecting and creating value
in the interest of the shareholders. Actions
will be determined on a case-by-case basis
with due consideration to the interests of the
shareholders and other stakeholders.
Genmab publishes its statutory report on
Corporate Governance for the financial year 2022
cf. Article 107b of the Danish Financial Statements
Act (“Lovpligtig redegørelse for virksomhed-
sledelse jf. årsregnskabslovens § 107 b”) on the
Company’s website, including a detailed descrip-
tion of the Board of Directors’ consideration in
respect of all the Recommendations. The statutory
report on Corporate Governance can be found
on Genmab’s website https://ir.genmab.com/
corporate-governance#content.
The Board of Directors
The Board of Directors plays an active role within
Genmab in setting the strategies and goals for
Genmab and monitoring its operations and
results. Board duties include establishing policies
for strategy, accounting, organization and finance
and the appointment of Executive Management
members. The Board of Directors also assesses
Genmab’s capital and share structure and is
responsible for approving share issues and the
grant of warrants and RSUs.
The Board of Directors has established an
annual process whereby the Board of Directors’
performance is assessed through self-evaluation
to verify that the Board of Directors is capable
of fulfilling its function and responsibilities.
When performing these evaluations external
assistance is obtained every year. The outcome
of the Board of Directors’ 2022 self-assessment
was positive with only minor areas for improve-
ment identified.
Board Committees
To support the Board of Directors in its duties,
the Board of Directors has established and
appointed a Compensation Committee, an Audit
and Finance Committee, a Nominating and
Corporate Governance Committee and a Scientific
Committee. These committees are charged with
reviewing issues pertaining to their respective
fields that are due to be considered at Board of
Directors’ meetings. Written charters specifying
the tasks and responsibilities for each of the
committees are available on Genmab’s website
www.genmab.com.
For more details on the work, composition and
evaluation of the Board of Directors and its
committees, reference is made to the statutory
report on Corporate Governance.
Remuneration Policy
A Remuneration Policy applying to the compen-
sation of members of the Board of Directors and
the registered Executive Management of Genmab
A/S has been prepared in accordance with
Sections 139 and 139a of the Danish Companies
Act and was most recently considered and
adopted by the 2021 Annual General Meeting
pursuant to the Danish Companies Act (in Danish
“Selskabsloven”).
The Remuneration Policy contains an exhaustive
description of the remuneration components
for members of the Board of Directors and the
registered Executive Management and includes
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the reasons for choosing the individual compo-
nents of the remuneration and a description of
the criteria on which the balance between the
individual components of the remuneration is
based. The latest version, which was adopted by
the General Meeting in 2021, can be downloaded
from Genmab’s website https://ir.genmab.com/
governance/compensation#content.
Compensation Report
In accordance with the Recommendations,
Genmab has prepared a compensation report
for the financial year 2022 that includes infor-
mation on the total remuneration received by
each member of the Board of Directors and the
registered Executive Management from Genmab
A/S and other Group companies for the last
three years, including information on the most
important content of retention and resignation
arrangements and the correlation between the
remuneration and company strategy and relevant
related goals (the “Compensation Report”). The
Compensation Report can be found on Genmab’s
website https://ir.genmab.com/governance/
compensation#content.
Change of Control
The Danish Financial Statements Act (Section
107a) contains rules relating to listed companies
with respect to certain disclosures that may be of
interest to the stock market and potential takeover
bidders, in particular in relation to disclosure of
change of control provisions. In the event of a
change of control, change of control clauses are
included in some of our collaboration, develop-
ment and license agreements as well as in service
agreements for certain employees.
Collaboration, Development and
License Agreements
Genmab has entered into collaboration, devel-
opment and license agreements with external
parties, which may be subject to renegotia-
tion in the case of a change of control event
as specified in the individual agreements.
However, any changes in the agreements are not
expected to have significant influence on our
financial position.
Service Agreements with Executive
Management and Employees
The service agreements with each registered
member of the Executive Management may be
terminated by Genmab with no less than 12
months’ notice and by the registered member of
the Executive Management with no less than six
months’ notice. In the event of a change of control
of Genmab, the termination notice due to the
registered member of the Executive Management
is extended to 24 months. In the event of termi-
nation by Genmab (unless for cause) or by a
registered member of Executive Management as a
result of a change of control of Genmab, Genmab
is obliged to pay a registered member of Executive
Management a compensation equal to his/her
existing total salary (including benefits) for up to
two years in addition to the notice period.
In addition, Genmab has entered into service
agreements with a limited number of employees
according to which Genmab may become obliged
to compensate the employees in connection
with a change of control of Genmab. If Genmab,
as a result of a change of control, terminates the
service agreement without cause or changes
the working conditions to the detriment of
the employee, the employee shall be entitled
to terminate the employment relationship
without further cause with one month’s notice
in which case Genmab shall pay the employee
a compensation equal to one-half, one or two
times the employee’s existing annual salary
(including benefits).
Change of control clauses related to our warrant
and RSU programs are outlined in Note 4.6.
Share capital
Information on share capital is included in
Note 4.7. Unless otherwise provided in the Danish
Companies Act, the adoption of any resolution
to amend Genmab A/S’ articles of association
shall be subject to the affirmative vote of not
less than two thirds of the votes cast, as well as
of the voting share capital represented at the
general meeting. Genmab A/S’ entire articles
of association can be found on our website
www.genmab.com.
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Board of Directors
Pernille Erenbjerg
Danish, 55, Female
Deputy Chair (Independent, elected by the General Meeting); Chair
of the Audit and Finance Committee, Member of the Nominating and
Corporate Governance Committee
First elected 2015, current term expires 2023
Special Competencies
Senior executive management and broad business experience from
the telecoms, media and tech industries. Extensive experience with
operation and strategic transformation of large and complex compa-
nies, including digital transformations and digitally based innovation.
ESG experience from executive and non-executive positions.
Comprehensive all-around background within finance, including
extensive exposure to public and private equity and debt investors.
Certified Public Accountant background (no longer practicing).
Responsible for major transformation processes in complex organi-
zations including M&A. Former CEO and President of TDC Group A/S.
Due to her experience and background within accounting, Pernille
Erenbjerg qualifies as an audit committee financial expert.
Current Board Positions
• Chair: Nordic Entertainment Group (NENT)
• Deputy Chair: Millicom
1
• Member: RTL Group
2
, GlobalConnect
1. Chair of Compensation Committee 2. Chair of Audit Committee
Deirdre P. Connelly
Hispanic/American, 62, Female
Board Chair (Independent, elected by the General Meeting); Chair of
the Nominating and Corporate Governance Committee, Member of
the Compensation Committee and the Audit and Finance Committee
First elected 2017, current term expires 2023
Special Competencies
More than 30 years’ experience as a corporate leader and exten-
sive experience in corporate governance as a board member.
Comprehensive experience with business turnaround, corporate
culture transformation, product launch and talent development.
Successfully directed the launch of more than 20 new pharmaceu-
tical drugs. Former President, North America Pharmaceuticals for
GlaxoSmithKline.
Current Board Positions
• Member: Lincoln Financial Corporation
1
, Macy’s Inc.
2
1. Chair of Corporate Governance Committee, Member of Audit Committee
2. Chair of Nominating and Governance Committee, Member of Compensation and
Management Development Committee
Anders Gersel Pedersen, M.D., Ph.D.
Danish, 71, Male
Board Member (Non-independent, elected by the General Meeting);
Chair of the Compensation Committee, Member of the Nominating
and Corporate Governance Committee and the Scientific Committee
First elected 2003, current term expires 2023
Special Competencies
Business and management experience in the pharmaceutical
industry, including expertise in clinical research, development, regu-
latory affairs and product life cycle management. Former Executive
Vice President of Research & Development of H. Lundbeck A/S.
Current Board Positions
• Chair: Aelis Farma S.A.S.
• Deputy Chair: Bavarian Nordic A/S
1
• Member: Hansa Biopharma AB
2
, Bond 2 Development 2 GP Limited
1. Member of Nomination and Compensation Committee, Member of Science,
Technology & Investment Committee
2. Chair of Scientific Committee, Member of Remuneration Committee
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Elizabeth A. O’Farrell
American, 58, Female
Board Member (Independent, elected by the General Meeting);
Member of the Compensation Committee and the Audit &
Finance Committee
First elected 2022, current term expires 2023
Special Competencies
Solid financial experience including strategic, operational and
reporting across the value chain. Additional expertise in leading
cross-functional teams, championing culture, and driving paradigm
changing contributions within finance and the enterprise through
collaboration and influence. Over 24 years’ experience at Eli Lilly, in
addition to experience at Price Waterhouse and Whipple & Company
Corporation.
Current Board Positions
• Chair: PDL BioPharma
• Member: LENSAR
1
, Geron Corporation
2
, Karius
3
1. Chair of Audit Committee
2. Chair of Audit Committee
3. Chair of Audit Committee
Rolf Hoffmann
German, 63, Male
Board Member (Independent, elected by the General Meeting);
Member of the Audit and Finance Committee and the
Scientific Committee
First elected 2017, current term expires 2023
Special Competencies
Extensive international management experience with expertise in
creating and optimizing commercial opportunities in global markets.
Additional expertise in P&L management, governance and Corporate
Integrity Agreement Management, compliance and organizational
efficiency. Over 20 years’ experience in the international pharmaceu-
tical and biotechnology industries at Eli Lilly and Amgen.
Current Position, Including Managerial Positions
• Adjunct Professor Strategy and Entrepreneurship, University of
North Carolina Business School
Current Board Positions
• Member: Paratek Pharmaceuticals, Inc.
1
, IDT Biologika,
Semdor Pharma
1. Member of Nominating and Corporate Governance Committee
Board of Directors
Paolo Paoletti, M.D.
Italian (U.S. Citizen), 72, Male
Board Member (Independent, elected by the General Meeting); Chair
of the Scientific Committee, Member of the Compensation Committee
First elected 2015, current term expires 2023
Special Competencies
Extensive experience in research, development and commercial-
ization in the pharmaceutical industry. Successfully conducted
submissions and approvals of new cancer drugs and new indications
in the U.S. and in Europe. Responsible for seven new medicines for
cancer patients during his 10 years at GlaxoSmithKline and one new
cancer medicine during his time at Eli Lilly.
Current Position, Including Managerial Positions
• Member of the Investment Committee for Apollo
Therapeutics Limited
• Scientific Advisor for 3B Future Health Fund
Current Board Positions
• Member: Akamis Bio Limited
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Mijke Zachariasse, Ph.D.
Dutch, 49, Female
Board Member (Non-independent, elected by the employees)
First elected 2019, current term expires 2025
Special Competencies
Broad experience in people and business management in the natural
sciences sector. Specific expertise in building strategic partnerships
across sectors, financial and fund management, and setting research
strategies in the academic sector.
Current Position, Including Managerial Positions
• Senior Director, Head of Antibody Research Materials at Genmab
Board of Directors
Martin Schultz
Danish, 47, Male
Board Member (Non-independent, elected by the employees)
First elected 2022, current term expires 2025
Special Competencies
Broad experience within clinical trial management with a substantial
understanding and knowledge of research and development. Specific
expertise in project management, vendor collaboration, contract and
budget management.
Current Position, Including Managerial Positions
• Senior Director, Clinical Operations at Genmab
Takahiro Hamatani
Japanese, 48, Male
Board Member (Non-independent, elected by the employees)
First elected 2022, current term expires 2025
Special Competencies
Over 20 years’ experience in the pharmaceutical industry in various
roles including finance, sales/marketing, and corporate strategy.
Extensive expertise in strategic business planning and finance
business partnering. Experience in successful product launches,
geographical expansions, and business development deals. Certified
Public Accountant in the U.S.
Current Position, Including Managerial Positions
• Senior Director, Finance Japan at Genmab
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Senior Leadership
Anthony Pagano
American, 45, Male
Executive Vice President & Chief Financial Officer
Special Competencies
Significant knowledge and experience in the
life sciences industry particularly as it relates to
corporate finance, corporate development, stra-
tegic planning, general management, treasury,
accounting and corporate governance.
Jan G. J. van de Winkel, Ph.D.
Dutch, 61, Male
President & Chief Executive Officer
Special Competencies
Extensive antibody creation and development
expertise, broad knowledge of the biotechnology
industry and executive management skills.
Current Board Positions
• Chair: Hookipa Pharma
• Member: Leo Pharma
Anthony Mancini
Canadian-Italian (U.S. Citizen), 52, Male
Executive Vice President & Chief Operating Officer
Special Competencies
Significant expertise and experience in the life
sciences industry across strategic and operational
leadership roles; commercialization & launch,
strategic planning, partnerships/alliances, general
management, leading large Biopharma P&Ls and
organizations.
Judith Klimovsky, M.D.
Argentinian (U.S. Citizen), 66, Female
Executive Vice President & Chief
Development Officer
Special Competencies
Extensive expertise in oncology drug devel-
opment from early clinical stages through to
marketing approval, experience in clinical practice
and leading large teams in pharmaceutical
organizations.
Current Board Positions
• Member: Bellicum Pharmaceuticals
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Birgitte Stephensen
Danish, 62, Female
Executive Vice President, Chief Legal Officer
Special Competencies
Intellectual property and legal expertise in the
biotechnology field.
Tahamtan Ahmadi, M.D., Ph.D.
Iranian-German (U.S. Citizen), 50, Male
Executive Vice President & Chief Medical Officer,
Head of Experimental Medicines
Special Competencies
Significant expertise in global regulatory and
clinical drug development across entire spectrum
from pre-IND to life cycle management; drug
discovery and translational research.
Martine J. van Vugt, Ph.D.
Dutch, 52, Female
Senior Vice President, Corporate Strategy
and Planning
Special Competencies
Extensive knowledge of and experience in
Corporate Strategy, Business Development, as well
as Portfolio, Project and Alliance Management.
Christopher Cozic
American, 45, Male
Executive Vice President, Chief People Officer
Special Competencies
Expertise in strategic leadership, organization
design, human resource management, policy
development, employee relations, organizational
development, and a heavy concentration in all
aspects of corporate growth and expansion.
Senior Leadership
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Shareholders and Share Information
Ownership
Genmab is dual listed on the Nasdaq Copenhagen
and the Nasdaq Global Select Market in the U.S.
under the symbol GMAB. Our communication with
the capital markets complies with the disclosure
rules and regulations of these exchanges. As of
December 31, 2022, the number of registered
shareholders totaled 78,928 shareholders holding
a total of 64,166,414 shares, which represented
97% of the total share capital of 65,961,573.
The following shareholders are registered in
Genmab’s register of shareholders as being the
owner of a minimum of 5% of the voting rights or
a minimum of 5% of the share capital (one share
equals one vote) as of December 31, 2022:
• BlackRock, Inc., 55 East 52nd Street,
New York, New York 10055, United States
of America (6.8%)
• Wellington Management Group LLP,
280 Congress Street, Boston, Massachusetts,
United States of America (6.18%)
Shareholders registered in the Company’s
shareholder registry may sign up for electronic
shareholder communications via Genmab’s
investor portal. The investor portal can be
accessed at Genmab’s website www.genmab.
com/investors/. Electronic shareholder commu-
nication enables Genmab to, among other things,
quickly and efficiently call general meetings.
The following table shows share data as of December 31, 2022.
Share Data Denmark U.S.
Number of shares at December 31, 2022 65,961,573 4,661,201 (represented by 46,612,010 American
Depository Shares (ADSs))
Listing Nasdaq Copenhagen Nasdaq Global Select Market, New York
Ticker Symbol GMAB GMAB
Index Membership OMX Nordic Large Cap Index
OMX Copenhagen Benchmark Index
OMX Copenhagen 25 Index (OMXC25)
Nasdaq Biotech Index
The charts included here illustrate the performance of the Genmab share during 2022 and the geographical distribution of our shareholders. As of
December 31, 2022 Genmab’s shares closed at DKK 2,941 and ADSs closed at USD 42.38. Please refer to Note 4.7 of the financial statements for
additional information regarding Genmab’s share capital including authorizations to issue shares and purchase its own shares.
Stock Performance Comparison YTD 2022
(Index 100 = stock price on December 31, 2021)
Geographical Shareholder Distribution*
* Based on Nasdaq Corporate Solutions aggregated data per
June 30, 2021 and June 30, 2022
** “Other” includes shares held in other countries and shares not
held in nominee accounts, including OTC traded shares
70
80
90
100
110
120
130
DecNovOctSepAugJulJunMayAprMarFebJan
Genmab OMXC25 Index
Nasdaq Biotech Index
30%
22%
3%
4%
2021
2022
4%
3%
8%
10%
20%
19 %
35% 42%
USA
Denmark
UK
Netherlands
Luxembourg
Other**
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Shareholders and Share Information
Genmab is a Foreign Private Issuer as defined in
the SEC’s rules and regulations. The determination
of foreign private issuer status is made annually
on June 30. We will next make a determination
with respect to our foreign private issuer status on
June 30, 2023.
American Depositary Receipt (ADR)
Program
Genmab has a sponsored Level 3 ADR program
with Deutsche Bank Trust Company Americas.
An ADS is a share certificate representing
ownership of shares in a non-U.S. corporation.
ADSs issued under Genmab’s ADR Program are
quoted and traded in U.S. dollars on the Nasdaq
Global Select Market in the United States.
Ten Genmab ADSs correspond to one Genmab
ordinary share. Genmab’s ADR ticker symbol
is GMAB. For more information on Genmab’s
ADR Program, visit https://ir.genmab.com/
adr-program#content.
Investor Relations
Genmab’s Investor Relations department aims to
ensure relevant, accurate and timely information
is available to our investors and the financial
community. We maintain an ongoing dialogue
with sell-side equity analysts, as well as major
institutional and retail shareholders. A list of the
current analysts covering Genmab can be found at
our website along with financial reports, company
announcements, current presentations, fact
sheets and other downloads.
Contact:
For Media Relations:
Marisol Peron
Senior Vice President,
Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
For Investor Relations:
Andrew Carlsen
Vice President, Head of Investor Relations
T: +45 33 77 95 58; E: acn@genmab.com
Annual General Meeting
Genmab’s A nnual Ge ner al Mee ting will be held on
will be included in the notice to convene the
Annual General Meeting.
Financial Calendar for 2023
Annual General Meeting 2023 Wednesday, March 29, 2023
Publication of the Interim Report for the first quarter 2023 Wednesday, May 10, 2023
Publication of the Interim Report for the first half 2023 Thursday, August 3, 2023
Publication of the Interim Report for the first nine months 2023 Tuesday, November 7, 2023
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Financial
Statements
In this section
76 Financial Statements for the Genmab Group
116 Financial Statements of the Parent Company
132 Directors’ and Management’s Statement
on the Annual Report
133 Independent Auditor’s Reports
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Table of Contents
Primary Statements
77 Consolidated Statements of
Comprehensive Income
78 Consolidated Balance Sheets
79 Consolidated Statements of Cash Flows
80 Consolidated Statements of Changes
in Equity
Section 1
Basis of Presentation
81 1.1 Nature of the Business and
Accounting Policies
84 1.2 New Accounting Policies and
Disclosures
84 1.3 Management’s Judgements and
Estimates under IFRS
Section 2
Results for the Year
85 2.1 Revenue
87 2.2 Information about Geographical
Areas
87 2.3 Staff Costs
88 2.4 Corporate and Deferred Tax
89 2.5 Profit Per Share
Section 3
Operating Assets and Liabilities
90 3.1 Intangible Assets
91 3.2 Property and Equipment
92 3.3 Leases
93 3.4 Other Investments
93 3.5 Receivables
94 3.6 Deferred Revenue
94 3.7 Other Payables
Section 4
Capital Structure, Financial Risk and
Related Items
95 4.1 Capital Management
95 4.2 Financial Risk
97 4.3 Financial Assets and Liabilities
99 4.4 Marketable Securities
100 4.5 Financial Income and Expenses
101 4.6 Share-Based Instruments
107 4.7 Share Capital
Section 5
Other Disclosures
109 5.1 Remuneration of the Board
of Directors and Executive
Management
112 5.2 Related Party Disclosures
112 5.3 Commitments
112 5.4 Fees to Auditors Appointed at the
Annual General Meeting
112 5.5 Adjustments to Cash Flow
Statements
113 5.6 Collaborations and Technology
Licenses
115 5.7 Subsequent Events
The financial statements in the 2022
Annual Report are grouped into the
following sections: Primary Statements;
Basis of Presentation; Results for the Year;
Operating Assets and Liabilities; Capital
Structure, Financial Risk and Related Items;
and Other Disclosures.
Each note to the financial statements
includes information about the accounting
policies applied and significant manage-
ment judgements and estimates in addition
to the financial numbers.
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Primary Statements
Income Statement
(DKK million) Note 2022 2021 2020
Revenue 2.1, 2.2 14,595 8,482 10,111
Research and development expenses 2.3, 3.1, 3.2 (5,562 ) (4,181 ) (3,137 )
Selling, general and administrative expenses 2.3, 3.2 (2,676 ) (1,283 ) (661 )
Operating expenses (8,238 ) (5,464 ) (3,798 )
Operating profit 6,357 3,018 6,313
Financial income 4.5 1,358 1,667 1,149
Financial expenses 4.5 (680 ) (702 ) (1,558 )
Net profit before tax 7,035 3,983 5,904
Corporate tax 2.4 (1,513 ) (975 ) (1,146 )
Net profit 5,522 3,008 4,758
Basic net profit per share 2.5 84.45 46.00 73.00
Diluted net profit per share 2.5 83.65 45.54 72.21
Statement of Comprehensive Income
Net profit 5,522 3,008 4,758
Other comprehensive income:
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations 17 27 (44 )
Total comprehensive income 5,539 3,035 4,714
Consolidated
Statements of
Comprehensive
Income
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Consolidated
Balance Sheets
(DKK million) Note December 31, 2022 December 31, 2021
Assets
Intangible assets 2.2, 3.1 146 254
Property and equipment 2.2, 3.2 799 621
Right-of-use assets 2.2, 3.3 523 354
Receivables 2.2, 3.5 48 27
Deferred tax assets 2.4 252 264
Other investments 3.4 133 371
Total non-current assets 1,901 1,891
Corporate tax receivable 2.4 143 31
Receivables 3.5 5,910 3,367
Marketable securities 4.2, 4.4 12,431 10,381
Cash and cash equivalents 9,893 8,957
Total current assets 28,377 22,736
Total assets 30,278 24,627
Shareholders’ Equity and Liabilities
Share capital 4.7 66 66
Share premium 4.7 12,309 12,029
Other reserves 98 81
Retained earnings 14,968 10,020
Total shareholders’ equity 27,441 22,196
Lease liabilities 3.3 523 363
Deferred revenue 3.6 480 487
Other payables 3.7 11 13
Total non-current liabilities 1,014 863
Lease liabilities 3.3 74 62
Deferred revenue 3.6 33 26
Other payables 3.7 1,716 1,480
Total current liabilities 1,823 1,568
Total liabilities 2,837 2,431
Total shareholders’ equity and liabilities 30,278 24,627
Primary Statements
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(DKK million) Note 2022 2021 2020
Cash flows from operating activities:
Net profit before tax 7,035 3,983 5,904
Reversal of financial items, net 4.5 (678 ) (965 ) 409
Adjustment for non-cash transactions 5.5 801 526 459
Change in operating assets and liabilities 5.5 (1,930 ) (770 ) 987
Cash flows from operating activities before financial items 5,228 2,774 7,759
Interest received 283 208 170
Interest elements of lease payments 3.3 (15 ) (12 ) (9 )
Interest paid (1 ) – (11 )
Corporate taxes paid (1,583 ) (742 ) (1,476 )
Net cash provided by operating activities 3,912 2,228 6,433
Cash flows from investing activities:
Investment in tangible assets 3.2 (317 ) (252 ) (307 )
Marketable securities bought (9,659 ) (15,514 ) (12,414 )
Marketable securities sold 7,254 14,469 10,370
Other investments bought 3.4 (39 ) (102 ) –
Other investments sold 3.4 – 438 –
Net cash (used in) investing activities (2,761 ) (961 ) (2,351 )
Cash flows from financing activities:
Warrants exercised 280 135 140
Principal elements of lease payments 3.3 (73 ) (58 ) (44 )
Purchase of treasury shares (908 ) (447 ) –
Payment of withholding taxes on behalf of employees on net settled RSUs (88 ) (50 ) (25 )
Net cash provided by (used in) financing activities (789 ) (420 ) 71
Changes in cash and cash equivalents 362 847 4,153
Cash and cash equivalents at the beginning of the period 8,957 7,260 3,552
Exchange rate adjustments 574 850 (445 )
Cash and cash equivalents at the end of the period 9,893 8,957 7,260
Cash and cash equivalents include:
Bank deposits 9,299 8,661 5,054
Short-term marketable securities 594 296 2,206
Cash and cash equivalents at the end of the period 9,893 8,957 7,260
Primary Statements
Consolidated
Statements of
Cash Flows
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(DKK million)
Share
capital
Share
premium
Translation
reserves
Retained
earnings
Shareholders’
equity
Balance at December 31, 2019 65 11,755 98 2,130 14,048
Net profit – – – 4,758 4,758
Other comprehensive income – – (44 ) – (44 )
Total comprehensive income – – (44 ) 4,758 4,714
Transactions with owners:
Exercise of warrants 1 139 – – 140
Share-based compensation expenses – – – 200 200
Net settlement of RSUs – – – (25 ) (25 )
Tax on items recognized directly in equity – – – 44 44
Balance at December 31, 2020 66 11,894 54 7,107 19,121
Net profit – – – 3,008 3,008
Other comprehensive income – – 27 – 27
Total comprehensive income – – 27 3,008 3,035
Transactions with owners:
Exercise of warrants – 135 – – 135
Purchase of treasury shares – – – (447 ) (447 )
Share-based compensation expenses – – – 310 310
Net settlement of RSUs – – – (50 ) (50 )
Tax on items recognized directly in equity – – – 92 92
Balance at December 31, 2021 66 12,029 81 10,020 22,196
Net profit – – – 5,522 5,522
Other comprehensive income – – 17 – 17
Total comprehensive income – – 17 5,522 5,539
Transactions with owners:
Exercise of warrants – 280 – – 280
Purchase of treasury shares – – – (908 ) (908 )
Share-based compensation expenses – – – 439 439
Net settlement of RSUs – – – (88 ) (88 )
Tax on items recognized directly in equity – – – (17 ) (17 )
Balance at December 31, 2022 66 12,309 98 14,968 27,441
Primary Statements
Consolidated
Statements of
Changes in Equity
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• Amendments to IFRS 3 Business Combinations;
• Amendments to IAS 16 Property, Plant and
• Amendments to IAS 37 Provisions, Contingent
• Annual Improvements 2018–2020
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• An estimation of partner net sales amounts in
• An assessment of whether the achievement of
• An estimation of variable consideration
• The nature of performance obligations and
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Section 3 Operating Assets and Liabilities | 3.3 Leases
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• credit risk;
• foreign currency risk; and
• interest rate risk
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which receivables are established for royalties,
milestone revenue and reimbursement revenue.
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Fair Value Measurement
2022 2021
(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Fair Value
Marketable securities 4.4 12,431 – – 12,431 10,381 – – 10,381
Other investments 3.4 67 – 66 133 344 – 27 371
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• those to be measured subsequently at fair value
• those to be measured at amortized cost.
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• The expected stock price volatility, which is
• The risk-free interest rate, which is determined
• The expected life of warrants, which is based
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• Delivery of licenses for the three programs:
• Co-development activities for the product
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Section 5 Other Disclosures | 5.7 Subsequent Events
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Table of Contents
Financial Statements of the
Parent Company
117 Income Statements
118 Balance Sheets
119 Statements of Cash Flows
120 Statements of Changes in Equity
Notes
121 1 Accounting Policies
123 2 Revenue
124 3 Staff Costs
124 4 Corporate and Deferred Tax
125 5 Intangible Assets
126 6 Property and Equipment
127 7 Leases
128 8 Other Investments
128 9 Receivables
128 10 Deferred Revenue
128 11 Other Payables
129 12 Marketable Securities
129 13 Financial Income and Expenses
129 14 Remuneration of the Board of
Directors and Executive Management
130 15 Related Party Disclosures
130 16 Investments in Subsidiaries
130 17 Commitments
131 18 Fees to Auditors Appointed at the
Annual General Meeting
131 19 Adjustments to Cash Flow
Statements
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(DKK million) Note 2022
2021
Restated*
2020
Restated*
Revenue (restated*) 2 14,827 8,606 10,026
Research and development expenses (restated*) 3, 5, 6 (6,277) (3,870) (2,960)
Selling, general and administrative expenses (restated*) 3, 6 (2,728) (1,219) (599)
Operating expenses (restated*) (9,005) (5,089) (3,559)
Operating profit (restated*) 5,822 3,517 6,467
Financial income 13 1,300 1,610 254
Financial expenses 13 (369) (254) (1,519)
Net profit before tax (restated*) 6,753 4,873 5,202
Corporate tax 4 (1,511) (975) (1,077)
Net profit (restated*) 5,242 3,898 4,125
*See Note 1 for details regarding the restatement as a result of errors and change in accounting policies.
Income
Statements
Financial Statements of the Parent Company
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(DKK million) Note December 31, 2022
December 31, 2021
Restated*
January 1, 2021
Restated*
Assets
Intangible assets 5 357 236 304
Property and equipment 6 26 13 10
Right-of-use assets 7 9 12 24
Investments in subsidiaries (restated*) 16 2,806 2,506 1,954
Receivables 9 35 8 6
Deferred tax assets 4 243 252 177
Other investments 8 66 27 14
Total non-current assets (restated*) 3,542 3,054 2,489
Corporate tax receivable 4 150 39 250
Receivables 9 5,756 3,187 2,379
Receivables from subsidiaries (restated*) 9 129 9 73
Marketable securities 12 12,431 10,381 8,819
Cash and cash equivalents 8,830 8,783 7,133
Total current assets (restated*) 27,296 22,399 18,654
Total assets (restated*) 30,838 25,453 21,143
Shareholders’ Equity and Liabilities
Share capital 66 66 66
Share premium 12,309 12,029 11,894
Retained earnings (restated*) 15,900 11,226 7,423
Total shareholders’ equity (restated*) 28,275 23,321 19,383
Lease liabilities 7 – – 11
Deferred revenue 10 480 487 487
Other payables 11 – 6 5
Total non-current liabilities 480 493 503
Payable to subsidiaries 11 1,136 770 358
Lease liabilities 7 5 11 12
Deferred revenue 10 33 26 26
Other payables 11 909 832 861
Total current liabilities 2,083 1,639 1,257
Total liabilities 2,563 2,132 1,760
Total shareholders’ equity and liabilities (restated*) 30,838 25,453 21,143
*See Note 1 for details regarding the restatement as a result of errors and change in accounting policies.
Balance Sheets
Financial Statements of the Parent Company
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(DKK million) Note 2022
2021
Restated*
2020
Restated*
Cash flows from operating activities:
Net profit before tax (restated*) 6,753 4,873 5,202
Reversal of financial items, net 13 (931) (1,356) 1,265
Adjustment for non-cash transactions (restated*) 19 172 139 177
Change in operating assets and liabilities (restated*) 19 (2,186) (954) 1,039
Cash provided by operating activities before financial items (restated*) 3,808 2,702 7,683
Interest received 280 207 170
Interest elements of lease payments 7 – – (1)
Interest paid (1) – (11)
Corporate taxes (paid)/received (1,583) (739) (1,476)
Net cash provided by operating activities (restated*) 2,504 2,170 6,365
Cash flows from investing activities:
Investment in intangible assets 5 (191) – –
Investment in tangible assets 6 (21) (7) (3)
Transactions with subsidiaries (restated*) 374 93 (117)
Marketable securities bought (9,659) (15,514) (12,414)
Marketable securities sold 7,254 14,469 10,370
Other investments bought (39) (18) –
Net cash (used in) investing activities (restated*) (2,282) (977) (2,164)
Cash flows from financing activities:
Warrants exercised 280 135 140
Principal elements of lease payments 7 (13) (13) (12)
Purchase of treasury shares (908) (447) –
Payment of withholding taxes on behalf of employees on net settled RSUs (88) (50) (25)
Net cash provided by (used in) financing activities (729) (375) 103
Changes in cash and cash equivalents (507) 818 4,304
Cash and cash equivalents at the beginning of the period 8,783 7,133 3,274
Exchange rate adjustments 554 832 (445)
Cash and cash equivalents at the end of the period 8,830 8,783 7,133
Cash and cash equivalents include:
Bank deposits 8,236 8,487 4,927
Short-term marketable securities 594 296 2,206
Cash and cash equivalents at the end of the period 8,830 8,783 7,133
*See Note 1 for details regarding the restatement as a result of errors and change in accounting policies.
Statements of
Cash Flows
Financial Statements of the Parent Company
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Statements of
Changes in Equity
Distribution of the Year’s Profit
The Board of Directors proposes that
the parent company’s 2022 net profit of
DKK 5,242 million (2021: restated net profit
of DKK 3,898 million and 2020: restated
net profit of DKK 4,125 million) be carried
forward to next year by transfer to
retained earnings.
Financial Statements of the Parent Company
(DKK million)
Share
capital
Share
premium
Translation
Reserves
Retained
earnings
Shareholders’
equity
Balance at December 31, 2019 65 11,755 98 2,130 14,048
Change in accounting policy – – (98) 949 851
Balance at December 31, 2019 (restated*) 65 11,755 – 3,079 14,899
Net profit (restated*) – – – 4,125 4,125
Exercise of warrants 1 139 – – 140
Share-based compensation expenses – – – 200 200
Net settlement of RSUs – – – (25) (25)
Tax on items recognized directly in equity – – – 44 44
Balance at December 31, 2020 (restated*) 66 11,894 – 7,423 19,383
Net profit (restated*) – – – 3,898 3,898
Exercise of warrants – 135 – – 135
Purchase of treasury shares – – – (447) (447)
Share-based compensation expenses – – – 310 310
Net settlement of RSUs – – – (50) (50)
Tax on items recognized directly in equity – – – 92 92
Balance at December 31, 2021 (restated*) 66 12,029 – 11,226 23,321
Net profit – – – 5,242 5,242
Exercise of warrants – 280 – – 280
Purchase of treasury shares – – – (908) (908)
Share-based compensation expenses – – – 439 439
Net settlement of RSUs – – – (88) (88)
Tax on items recognized directly in equity – – – (11) (11)
Balance at December 31, 2022 66 12,309 – 15,900 28,275
*See Note 1 for details regarding the restatement as a result of errors and change in accounting policies.
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1
Accounting Policies
The financial statements of the parent company
have been prepared in accordance with the
International Financial Reporting Standards
(IFRS) as issued by the International Accounting
Standards Board (IASB) and in accordance with
IFRS as endorsed by the EU and further require-
ments in the Danish Financial Statements Act
(Class D).
A number of new or amended standards
became applicable for the current reporting
period. Genmab A/S did not have to change its
accounting policies as a result of the adoption of
these standards.
Refer to Note 1.2 in the consolidated financial
statements for a description of new accounting
policies and disclosures of the Group.
Changes to Accounting Policies
Investments in Subsidiaries
IFRS standard IAS 27 “Separate Financial
Statements” permits investments in subsidiaries
to be accounted for either at cost, at fair value in
accordance with IFRS 9 “Financial Instruments” or
using the equity method as described in IAS 28
“Investments in Associates and Joint Ventures”.
Effective January 1, 2022, Genmab A/S has
elected to measure investments in subsidiaries
at cost in the financial statements of the parent
company. Previously, investments in subsidiaries
were measured using the equity method. This
election was made as Genmab A/S has deter-
mined that measurement at cost provides more
relevant information about the conditions of the
parent company financial statements.
Under the cost method, investments in subsid-
iaries are measured at historical cost. Equity
interests in foreign currencies are translated to the
reporting currency by use of historical exchange
rates prevailing at the time of investment.
Additions to the carrying value of investment in
subsidiaries include capital contributions made
by the parent and share-based payment trans-
actions related to employees of the respective
subsidiaries based on where the employee has
rendered service.
Distributions from the investment are recognized
as income when declared, if any. If the distri-
bution exceeds the current period income or if
circumstances or changes in Genmab’s operations
indicate that the carrying amount of the subsidiary
may not be recoverable, the carrying amount is
tested for impairment. Where the recoverable
amount of the investments is lower than cost, the
investments are written down to this lower value.
Correction of Prior Period Errors
During the period ending December 31, 2022, the
parent company revised its income statements
and statements of cash flows to correct an error
related to share-based compensation expenses
recorded by the parent company that should have
been reported by its subsidiaries. Under IFRS 2,
share-based payment transactions among group
entities should be recorded as an expense by
the entity that is receiving goods or services. The
error resulted in an overstatement of Genmab
A/S’ share-based compensation expenses and
an understatement of (loss) in subsidiaries, net of
tax in the prior financial years.
In addition, an error was discovered related to
cost sharing reimbursements with subsidiaries
that were incorrectly recorded as a reduction
to revenue. The error resulted in an understate-
ment of revenue and research and development
expenses, resulting in a revision in the parent
company’s income statements.
The impact of the change in accounting policy
and the correction of the prior period errors on
the financial statements are shown below. The
comparative figures for fiscal years 2021 and
2020 have been restated accordingly.
Notes to the
Financial
Statements
of the Parent
Company
Financial Statements of the Parent Company
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Notes to the Financial Statements of the Parent Company | 1 Accounting Policies
2022 2021 2020
(DKK million)
Reported
Balances
Effect of
Change in
Accounting
Policies
Balances
Before Change
in Accounting
Policies
Restated
Balances
Effect of
Change in
Accounting
Policies
Effect of Error
Correction —
Share-Based
Compensation
Expense
Effect of Error
Correction —
Revenue
Previously
Reported
Balances
Restated
Balances
Effect of
Change in
Accounting
Policies
Effect of Error
Correction —
Share-Based
Compensation
Expense
Effect of Error
Correction —
Revenue
Previously
Reported
Balances
Income Statements:
Revenue 14,827 – 14,827 8,606 – – 97 8,509 10,026 – – 41 9,985
Research and development expenses (6,277) – (6,277) (3,870) – 184 (97) (3,957) (2,960) – 122 (41) (3,041)
Selling, general and administrative expenses (2,728) – (2,728) (1,219) – 77 – (1,296) (599) – 38 – (637)
Operating expenses (9,005) – (9,005) (5,089) – 261 (97) (5,253) (3,559) – 160 (41) (3,678)
Operating profit 5,822 – 5,822 3,517 – 261 – 3,256 6,467 – 160 – 6,307
Profit/(Loss) in subsidiaries, net of tax – (566) 566 – 890 (261) – (629) – (633) (160) – 793
Net profit before tax 6,753 (566) 7,319 4,873 890 – – 3,983 5,202 (633) – – 5,835
Net profit 5,242 (566) 5,808 3,898 890 – – 3,008 4,125 (633) – – 4,758
Adjustment of foreign currency fluctuations on
subsidiaries – (41) 41 – (27) – – 27 – 44 – – (44)
Balance Sheets:
Investments in subsidiaries 2,806 891 1,915 2,506 1,195 – – 1,311 1,954 332 – – 1,622
Total non-current assets 3,542 891 2,651 3,054 1,195 – – 1,859 2,489 332 – – 2,157
Receivables from subsidiaries 129 – 129 9 (70) – 79 73 (70) – 143
Total current assets 27,296 – 27,296 22,399 (70) – – 22,469 18,654 (70) – – 18,724
Total assets 30,838 891 29,947 25,453 1,125 – – 24,328 21,143 262 – 20,881
Other reserves – (122) 122 – (81) – – 81 – (54) – – 54
Retained earnings 15,900 1,013 14,887 11,226 1,206 – – 10,020 7,423 316 – – 7,107
Total shareholders’ equity 28,275 891 27,384 23,321 1,125 – – 22,196 19,383 262 – – 19,121
Total shareholders’ equity and liabilities 30,838 891 29,947 25,453 1,125 – – 24,328 21,143 262 – – 20,881
Statements of Cash Flows:
Net profit before tax 6,753 (566) 7,319 4,873 890 – – 3,983 5,202 (633) – – 5,835
Reversal of profit/(loss) in subsidiaries, net of tax – 566 (566) – (890) 261 – 629 – 633 160 – (793)
Adjustment for non-cash transactions 172 – 172 139 – (261) – 400 177 – (160) – 337
Change in operating assets and liabilities (2,186) – (2,186) (954) 70 – – (1,024) 1,039 70 – – 969
Cash provided by operating activities before
financial items 3,808 – 3,808 2,702 70 – – 2,632 7,683 70 – – 7,613
Net cash provided by operating activities 2,504 – 2,504 2,170 70 – – 2,100 6,365 70 – – 6,295
Transactions with subsidiaries 374 – 374 93 (70) – – 163 (117) (70) – – (47)
Net cash (used in) investing activities (2,282) – (2,282) (977) (70) – – (907) (2,164) (70) – – (2,094)
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Notes to the Financial Statements of the Parent Company | 2 Revenue
Supplementary Accounting
Policies for the Parent Company
Investments in Subsidiaries
The cost method is used for measuring the invest-
ments in subsidiaries. Under the cost method,
investments in subsidiaries are measured at
historical cost. Equity interests in foreign curren-
cies are translated to the reporting currency by
use of historical exchange rates prevailing at the
time of investment.
Additions to the carrying value of investment in
subsidiaries include capital contributions made
by the parent and share-based payment trans-
actions related to employees of the respective
subsidiaries based on where the employee has
rendered service.
Distributions from the investment are recognized
as income when declared, if any. If the distri-
bution exceeds the current period income or if
circumstances or changes in Genmab’s operations
indicate that the carrying amount of the subsid-
iary may not be recoverable, the carrying amount
is tested for impairment. Where the recoverable
amount of the investments is lower than cost, the
investments are written down to this lower value.
Refer to Note 1.1 in the consolidated financial
statements for a description of the accounting
policies of the Group.
Refer to Note 1.3 in the consolidated financial
statements for a description of management’s
judgements and estimates under IFRS
2
Revenue
(DKK million) 2022 2021 2020
Revenue by type:
Royalties 11,672 6,977 4,741
Reimbursement revenue 1,050 655 517
Milestone revenue 1,767 954 351
License revenue 6 – 4,417
Collaboration revenue 332 20 –
Total 14,827 8,606 10,026
Revenue by collaboration partner:
Janssen 10,620 6,847 4,693
AbbVie 1,174 245 4,227
Roche 796 603 305
Novartis 815 236 212
BioNTech 708 416 230
Seagen 413 135 201
Other 301 124 158
Total 14,827 8,606 10,026
Royalties by product:
DARZALEX 10,056 6,135 4,419
TEPEZZA 796 593 298
Kesimpta 779 235 10
Other 41 14 14
Total 11,672 6,977 4,741
Refer to Note 2.1 in the consolidated financial statements for additional information regarding
revenue of the Group.
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Notes to the Financial Statements of the Parent Company | 3 Staff Costs
3
Staff Costs
(DKK million) 2022 2021 2020
Wages and salaries 392 277 182
Share-based compensation 68 49 35
Defined contribution plans 29 22 15
Other social security costs 25 15 21
Total 514 363 253
Staff costs are included in the income
statement as follows:
Research and development expenses 393 271 191
Selling, general and administrative expenses 121 92 62
Total 514 363 253
Average number of FTE 348 269 180
Number of FTE at year-end 385 312 210
Refer to Note 2.3 in the consolidated financial statements for additional information regarding staff
costs of the Group.
4
Corporate and Deferred Tax
Taxation — Income Statement & Shareholders’ Equity
(DKK million) 2022 2021 2020
Current tax
Current tax on profit 1,508 959 1,190
Adjustment to deferred tax 3 16 (113)
Total tax for the period in the income statement 1,511 975 1,077
A reconciliation of Genmab’s effective tax rate relative to the Danish statutory tax rate is as follows:
(DKK million) 2022 2021 2020
Net profit before tax 6,753 4,873 5,202
Tax at the Danish statutory corporation tax rate of 22% for
all periods 1,486 1,072 1,144
Tax effect of:
Non-deductible expenses/non-taxable income and other
permanent differences, net 37 (105) (61)
All other (12) 8 (6)
Total tax effect 25 (97) (67)
Total tax for the period in the income statement 1,511 975 1,077
Total tax for the period in shareholders’ equity (22) (31) (44)
Effective Tax Rate 22.4% 20.0% 20.7%
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Notes to the Financial Statements of the Parent Company | 5 Intangible Assets
Taxation — Balance Sheet
Significant components of the deferred tax asset are as follows:
(DKK million) 2022 2021
Share-based instruments 124 130
Deferred revenue 113 113
Other temporary differences 6 9
Total deferred tax assets 243 252
Refer to Note 2.4 in the consolidated financial statements for additional information regarding
corporate and deferred tax of the Group.
5
Intangible Assets
Licenses, Rights, and Patents
(DKK million) 2022 2021
Cost at January 1 820 820
Additions for the year 191 –
Cost at December 31 1,011 820
Accumulated amortization and impairment at January 1 (584) (516)
Amortization for the year (63) (72)
Accumulated amortization (7) 4
Accumulated amortization and impairment at December 31 (654) (584)
Carrying amount at December 31 357 236
(DKK million) 2022 2021 2020
Amortization and impairment included in the income
statement as follows:
Research and development expenses 63 72 119
Total 63 72 119
Parent Company intangible assets include licenses and rights primarily to gain access to targets and
technologies identified by third parties as well as subsidiaries.
Refer to Note 3.1 in the consolidated financial statements for additional information regarding
intangible assets of the Group.
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Notes to the Financial Statements of the Parent Company | 6 Property and Equipment
6
Property and Equipment
(DKK million)
Leasehold
improvements
Equipment,
furniture and
fixtures
Assets under
construction
Total
property and
equipment
2022
Cost at January 1 4 25 6 35
Additions for the year – 6 11 17
Disposals for the year – (7) – (7)
Cost at December 31 4 24 17 45
Accumulated depreciation and impairment at January 1 (3) (19) – (22)
Depreciation for the year (1) (5) – (6)
Disposals for the year – 9 – 9
Accumulated depreciation and impairment at December 31 (4) (15) – (19)
Carrying amount at December 31 – 9 17 26
2021
Cost at January 1 4 23 – 27
Additions for the year – 2 6 8
Cost at December 31 4 25 6 35
Accumulated depreciation and impairment at January 1 (2) (15) – (17)
Depreciation for the year (1) (4) – (5)
Accumulated depreciation and impairment at December 31 (3) (19) – (22)
Carrying amount at December 31 1 6 6 13
(DKK million)
2022 2021 2020
Depreciation and impairment included in the income statement as follows:
Research and development expenses 2 3 3
Selling, general and administrative expenses 4 2 2
Total 6 5 5
Refer to Note 3.2 in the consolidated financial statements for additional information regarding property and equipment of the Group.
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Notes to the Financial Statements of the Parent Company | 7 Leases
7
Leases
The parent company has entered into lease agreements with respect to office space.
The leases are non-cancellable over various periods through 2038.
(DKK million) December 31, 2022 December 31, 2021 December 31, 2020
Right-of-use assets
Balance at January 1 12 24 34
Additions to right-of-use assets
1
10 1 3
Depreciation charge for the year (13) (13) (13)
Balance at December 31 9 12 24
Lease liabilities
Current 5 11 12
Non-current – – 11
Total lease liabilities 5 11 23
Cash outflow for lease payments 13 13 13
1. 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 and lease interest expense are immaterial.
Future minimum payments under leases as of December 31, 2022, December 31, 2021 and
December 31, 2020, are as follows:
(DKK million) 2022 2021 2020
Payment due
Less than 1 year 5 11 12
1 to 3 years – – 12
More than 3 years but less than 5 years – – –
More than 5 years – – –
Total 5 11 24
Future minimum payments under leases with commencement dates after December 31, 2022 are not
included in the table above.
Significant leases not yet commenced
During 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.
Refer to Note 3.3 in the consolidated financial statements for additional information regarding
leases of the Group.
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Notes to the Financial Statements of the Parent Company | 8 Other Investments
8
Other Investments
Refer to Note 3.4 to the consolidated financial statements for additional information on other
investments of the Group.
9
Receivables
(DKK million) 2022 2021
Receivables related to collaboration agreements 5,257 2,979
Receivables from subsidiaries 129 9
Interest receivables 83 37
Other receivables 77 52
Receivables for securities matured 290 –
Prepayments 84 127
Total 5,920 3,204
Non-current receivables 35 8
Current receivables 5,885 3,196
Total 5,920 3,204
Refer to Note 3.5 in the consolidated financial statements for additional information regarding
receivables of the Group.
10
Deferred Revenue
(DKK million) 2022 2021
Deferred revenue at January 1 513 513
Customer payment received – –
Revenue recognized during the year – –
Total at December 31 513 513
Non-current deferred revenue 480 487
Current deferred revenue 33 26
Total at December 31 513 513
Refer to Note 3.6 in the consolidated financial statements for additional information regarding
deferred revenue of the Group.
11
Other Payables
(DKK million) 2022 2021
Liabilities related to collaboration agreements 70 53
Staff cost liabilities 90 67
Other liabilities 653 577
Payable to subsidiaries 1,136 770
Provisions 6 6
Accounts payable 90 135
Total at December 31 2,045 1,608
Non-current other payables – 6
Current other payables 2,045 1,602
Total at December 31 2,045 1,608
Refer to Note 3.7 in the consolidated financial statements for additional information regarding other
payables of the Group.
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Notes to the Financial Statements of the Parent Company | 12 Marketable Securities
12
Marketable Securities
Refer to Note 4.4 to the consolidated financial statements for additional information on marketable
securities of the Group.
13
Financial Income and Expenses
(DKK million) 2022 2021 2020
Financial income:
Interest and other financial income 321 190 184
Interest from subsidiaries – 3 –
Gain on other investments, net 1 – 70
Foreign exchange rate gain, net 978 1,417 –
Total financial income 1,300 1,610 254
Financial expenses:
Interest and other financial expenses (6) (1) (2)
Interest to subsidiaries (2) – (3)
Loss on marketable securities, net (361) (246) (91)
Loss on other investments, net – (7) –
Foreign exchange rate loss, net – – (1,423)
Total financial expenses (369) (254) (1,519)
Net financial items 931 1,356 (1,265)
Refer to Note 4.5 in the consolidated financial statements for additional information regarding
financial income and expenses of the Group.
14
Remuneration of the Board of Directors and Executive
Management
Remuneration of the Board of Directors for the parent is the same as the Group.
Remuneration of Executive Management for the parent company is 10% of total compensation for each
member of Executive Management as reported in Note 5.1 in the consolidated financial statements, per
service agreement with each member of Executive Management.
Refer to Note 5.1 in the consolidated financial statements for additional information regarding the
remuneration of the Board of Directors and Executive Management.
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Notes to the Financial Statements of the Parent Company | 15 Related Party Disclosures
15
Related Party Disclosures
Genmab A/S’ related parties are the parent company’s subsidiaries, Board of Directors, Executive
Management, and close members of the family of these persons.
Transactions With Subsidiaries
Genmab B.V., Genmab Holding B.V., Genmab US, Inc. and Genmab K.K. are 100% (directly or indirectly)
owned subsidiaries of Genmab A/S and are included in the consolidated financial statements. During
2022, various intercompany transactions and services between the aforementioned companies
took place in the field of research and development, selling, general and administration, finance and
management. All intercompany transactions have been eliminated in the consolidated financial state-
ments of the Genmab Group.
(DKK million) 2022 2021 2020
Transactions with subsidiaries:
Income statement:
Service fee income 233 221 127
Service fee costs (4,446) (2,675) (1,693)
Milestone costs (1,090) – –
Financial income – 3 –
Financial expense (2) – (3)
Balance sheet:
Intangible assets 217 33 40
Current receivables 129 9 73
Current payables (1,136) (770) (358)
Genmab A/S has placed at each subsidiary’s disposal a credit facility (denominated in local currency)
that the subsidiary may use to draw from in order to secure the necessary funding of its activities.
Refer to Note 5.2 to the consolidated financial statements for additional information regarding
transactions with related parties of the Group.
16
Investments in Subsidiaries
(DKK million) 2022 2021
Cost at January 1 4,435 3,885
Additions 300 550
Cost at December 31 4,735 4,435
Impairment at January 1 (1,929) (1,929)
Impairment at December 31 (1,929) (1,929)
Carrying amount at December 31 2,806 2,506
Refer to Note 1.1 in the consolidated financial statements for a listing of subsidiaries owned by
Genmab A/S.
Refer to Note 1 in the parent financial statements for details of change in accounting policies
impacting Genmab A/S investment in subsidiaries.
17
Commitments
Purchase Obligations
Genmab A/S has entered into a number of agreements related to research and development activities
that contain various obligations. These short-term contractual obligations amounted to approximately
DKK 1,558 million as of December 31, 2022, all of which is due in less than two years (2021: approxi-
mately DKK 1,207 million).
Genmab A/S also has certain contingent commitments under our license and collaboration agreements
that may become due in the future. As of December 31, 2022, these contingent commitments amounted
to approximately DKK 14,537 million (USD 2,085 million) in potential future development, regulatory
and commercial milestone payments to third parties under license and collaboration agreements for our
pre-clinical and clinical stage development programs as compared to approximately DKK 14,371 million
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Notes to the Financial Statements of the Parent Company | 18 Fees to Auditors Appointed at the Annual General Meeting
(USD 2,190 million) as of December 31, 2021. These milestone payments generally become due and
payable only upon the achievement of certain development, clinical, regulatory or commercial mile-
stones. The events triggering such payments or obligations have not yet occurred.
In addition to the above obligations, Genmab A/S enters into a variety of agreements and financial
commitments in the normal course of business. The terms generally allow us the option to cancel,
reschedule and adjust our requirements 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 agreements due to the conditional nature of our obligations and the unique facts and
circumstances involved in each particular agreement.
Refer to Note 5.3 in the consolidated financial statements for additional information regarding
commitments of the Group.
18
Fees to Auditors Appointed at the Annual General Meeting
(DKK million) 2022 2021 2020
PricewaterhouseCoopers
Audit services 5.8 5.8 4.9
Audit-related services 2.0 1.8 1.0
Tax and VAT services – – 0.3
Total 7.8 7.6 6.2
Fees for other services than statutory audit of the financial statements provided by
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 2.0 million in
2022 (DKK 1.8 million in 2021 and DKK 1.3 million in 2020, respectively). These services primarily
include agreed-upon procedures, other assurance assessments and reports, accounting advice, and tax
and VAT compliance.
Refer to Note 5.4 in the consolidated financial statements for additional information regarding fees
to auditors of the Group.
19
Adjustments to Cash Flow Statements
(DKK million) Note 2022 2021 2020
Adjustments for non-cash transactions:
Depreciation, amortization and impairment 5, 6, 7 110 90 137
Share-based compensation expenses 3 62 49 40
Total adjustments for non-cash transactions 172 139 177
Change in operating assets and liabilities:
Receivables (2,286) (923) 390
Deferred revenue – – 513
Other payables 100 (31) 136
Total change in operating assets and liabilities (2,186) (954) 1,039
Refer to Note 5.5 in the consolidated financial statements for additional information regarding
adjustments to the cash flow statement of the Group.
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Genmab | 2022 Annual Report | Directors’ and Management’s Statement on the Annual Report
The Board of Directors and Executive
Management have today considered and adopted
the Annual Report of Genmab A/S for the financial
year January 1 to December 31, 2022.
The Annual Report has been prepared in accor-
dance with International Financial Reporting
Standards (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 Danish Financial
Statements Act.
In our opinion, the Consolidated Financial
Statements and the Parent Company Financial
Statements give a true and fair view of the
financial position at December 31, 2022 of the
Group and the Parent Company and of the results
of the Group and Parent Company operations and
cash flows for 2022.
In our opinion, Management’s Review includes a
true and fair account of the development in the
operations and financial circumstances of the
Group and the Parent Company, of the results
for the year and of the financial position of the
Group and the Parent Company as well as a
description of the most significant risks and
elements of uncertainty facing the Group and the
Parent Company.
In our opinion, the Annual Report of Genmab
A/S for the financial year January 1 to
December 31, 2022, with the file name
529900MTJPDPE4MHJ122-2022-12-31-en.zip is
prepared, in all material respects, in compliance
with the ESEF Regulation.
We recommend that the Annual Report be
adopted at the Annual General Meeting.
Directors’ and Management’s Statement on the Annual Report
Executive Management
Board of Directors
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Genmab | 2022 Annual Report | Independent Auditor’s Reports
Report on the Audit of the
Financial Statements
Independent Auditor’s Reports
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Genmab | 2022 Annual Report | Independent Auditor’s Reports
• Identify and assess the risks of material
• Obtain an understanding of internal control
• Evaluate the appropriateness of accounting
• Conclude on the appropriateness of
• Evaluate the overall presentation, structure
• Obtain sufficient appropriate audit evidence
Independent Auditor’s Reports | Report on the Audit of the Financial Statements
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• The preparing of the annual report in
• The selection and application of appropriate
• Ensuring consistency between iXBRL tagged
• For such internal control as Management
• Testing whether the annual report is prepared in
• Obtaining an understanding of the company’s
• Evaluating the completeness of the iXBRL
• Evaluating the appropriateness of the company’s
• Evaluating the use of anchoring of extension
• Reconciling the iXBRL tagged data with the
CVR no 33 77 12 31
Independent Auditor’s Reports | Report on Compliance with the ESEF Regulation
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Genmab | 2022 Annual Report | Other Information
Financial
Statements
American Depository Shares (ADSs)
A U.S. dollar-denominated equity share of a
foreign-based company available for purchase on
an American stock exchange.
Antibody-drug conjugate (ADC)
Antibody with potent cytotoxic agents (toxins)
coupled to it.
Antigen
Immunogen. A target molecule that is specifically
bound by an antibody.
Apoptosis
A form of programmed cell death.
Biologics License Application (BLA)
A submission to apply for marketing approval from
the U.S. FDA, which contains specific information
on the manufacturing processes, chemistry, phar-
macology, clinical pharmacology and the medical
effects of a biologic product.
Bispecific antibody
An antibody in which the two binding regions are
not identical, with each region directed against
two different antigens or against two different
sites on the same antigen.
Building Research Establishment
Environmental Assessment
Method (BREEAM)
A sustainability assessment method for infra-
structure and buildings.
Clinical
Term used to refer to drugs that are at the stage
of being investigated in humans to determine the
safety and efficacy of the drug before it can be
submitted for approval by regulatory authorities.
Complement dependent cytotoxicity (CDC)
An antibody effector function that eliminates
target cells.
Corporate Social Responsibility (CSR)
Business model that enables a corporation to be
socially accountable to itself, its stakeholders and
its community.
Cytotoxic
Toxic to living cells.
Dual-listed company
A company whose shares are traded on two
stock markets.
Epitope
The specific surface portion of an antigen to which
an antibody binds. Upon binding of the antibody
to the epitope an immune response is elicited.
Environmental, Social and
Governance (ESG)
Set of standards for a company’s operations.
European Medicines Agency (EMA)
European regulatory agency that facilitates
development and access to medicines, evaluates
applications for marketing authorization and
monitors the safety of medicines.
Hexamerization
The ordered clustering of six antibodies.
Immunomodulatory agent
A type of drug used to treat certain types of
cancers, such as multiple myeloma. Examples
include lenalidomide and pomalidomide.
Leadership in Energy and
Environmental Design (LEED)
Globally recognized green building rating system.
Monoclonal
Derived from a single cell. Monoclonal antibodies
derived from such single cell will be identical.
Monotherapy
Treatment of a medical condition by use of a
single drug.
Pre-clinical
Term used to refer to products that are at the
stage of being investigated in the laboratory or in
animals to determine the safety and efficacy of
the product before it is evaluated in humans.
Priority Review
U.S. FDA designation used for drugs that, if
approved, would be significant improvements
in the safety or effectiveness of the treatment,
diagnosis, or prevention of serious conditions
when compared to standard applications.
Progression free survival (PFS)
Progression free survival. The length of time a
patient lives without his/her disease worsening.
Proteasome inhibitor (PI)
A type of drug used to treat certain types of
cancer, such as multiple myeloma. Examples
include bortezomib and carfilzomib.
Subcutaneous (SC)
Applied under the skin.
Target
A molecule of potential interest against which an
antibody is raised/created.
Transgenic mouse
A mouse carrying a transgene from a foreign
species, typically a human, which transgene has
been introduced into the replicating cells of the
mouse, so the transgene is passed on to future
generations/offspring of the transgenic mouse.
U.S. Food and Drug
Administration (U.S. FDA)
U.S. regulatory agency responsible for ensuring
the safety, efficacy and security of human
and veterinary drugs, biological products and
medical devices.
Glossary
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Statements
Forward-looking Statement
This Annual Report contains forward
looking statements. The words “believe,”
“expect,” “anticipate,” “intend” and “plan”
and similar expressions identify forward
looking statements. Actual results or
performance may differ materially from any
future results or performance expressed or
implied by such statements. The important
factors that could cause our actual
results or performance to differ materially
include, among others, risks associated
with product discovery and development,
uncertainties related to the outcome
and conduct of clinical trials including
unforeseen safety issues, uncertainties
related to product manufacturing, our
inability to manage growth, the competitive
environment in relation to our business
area and markets, our inability to attract
and retain suitably qualified personnel,
the unenforceability or lack of protection
of our patents and proprietary rights,
our relationships with affiliated entities,
changes and developments in technology
which may render our products obsolete,
and other factors. Additional factors
that could cause our actual results or
performance to differ materially could
also include and are not limited to the risk
and uncertainties related to regulatory
action, reimbursement, market adoption
by physicians or lack of market acceptance
of our products, the risk that the company
or our collaborators may be delayed or
unsuccessful in planned clinical trial
initiations, enrollment and planned
regulatory submissions and approvals
in the U.S. and other countries. For a
further discussion of these risks, please
refer to the section “Risk Management”
in this Annual Report and the risk factors
included in Genmab’s 2022 Annual Report
on Form 20-F and other filings with the
U.S. Securities and Exchange Commission
(SEC). Genmab does not undertake any
obligation to update or revise forward
looking statements in this Annual Report
nor to confirm such statements to reflect
subsequent events or circumstances after
the date made or in relation to actual
results, unless required by law.
Genmab A/S and/or its subsidiaries own
the following trademarks: Genmab
®
; the
Y-shaped Genmab logo
®
; Genmab in
combination with the Y-shaped Genmab
logo
®
; HuMax
®
; DuoBody
®
; DuoBody in
combination with the DuoBody logo
®
;
HexaBody
®
; HexaBody in combination
with the HexaBody logo
®
; DuoHexaBody
®
and HexElect
®
. Tivdak
®
is a trademark
of Seagen Inc.; Arzerra
®
is a trademark
of Novartis Pharma AG. Kesimpta
®
and Sensoready
®
are trademarks of
Novartis AG or its affiliates; DARZALEX
®
,
DARZALEX FASPRO
®
, RYBREVANT
®
, and
TECVAYLI
®
are trademarks of Johnson
& Johnson; EPCORE™ is a trademark of
AbbVie Biotechnology Ltd.; TEPEZZA
®
is a
trademark of Horizon Therapeutics Ireland
DAC. ©2023, Genmab A/S. All rights
reserved.
Photograph credits:
Andrei Jackamets
Tuala Hjarnø
3FX, Inc.
About Genmab A/S
Genmab is an international biotechnology
company with a core purpose guiding
its unstoppable team to strive towards
improving the lives of patients through
innovative and differentiated antibody
therapeutics. For more than 20 years, its
passionate, innovative and collaborative
team has invented next-generation
antibody technology platforms and
leveraged translational research and
data sciences, which has resulted in a
proprietary pipeline including bispecific
T-cell engagers, next-generation immune
checkpoint modulators, effector function
enhanced antibodies and antibody-drug
conjugates.
To help develop and deliver novel
antibody therapies to patients, Genmab
has formed 20+ strategic partnerships
with biotechnology and pharmaceutical
companies. By 2030, Genmab’s vision is to
transform the lives of people with cancer
and other serious diseases with Knock-
Your-Socks-Off (KYSO) antibody medicines.
Established in 1999, Genmab is
headquartered in Copenhagen, Denmark
with locations in Utrecht, the Netherlands,
Princeton, New Jersey, U.S. and Tokyo,
Japan. For more information, please
visit Genmab.com and follow us on
Twitter.com/Genmab.
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Genmab | 2022 Annual Report | Other Information
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Statements
Contact Information
Kalvebod Brygge 43
1560 Copenhagen V
T. +45 70 20 27 28
Genmab US, Inc.
777 Scudders Mill Road
Plainsboro, NJ 08536
USA
T. +1 609 430 2481
Genmab B.V. & Genmab Holding B.V.
Uppsalalaan 15
3584 CT Utrecht
The Netherlands
T. +31 30 2 123 123
Genmab K.K.
35F Midtown Tower
9-7-1 Akasaka, Minato-ku
Tokyo 107-6235
Japan
T. +81 3 5403 6330
www.genmab.comLEI Code 52 990 0MT JP DPE4M HJ 12 2