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"s9_notesesefdkgaap__7__90-1": {
"value": "Section 1Basis of PresentationThese consolidated financial statements include Genmab A/S (parent company) and subsidiaries over which the parent company has control. The Genmab consolidated Group is referenced herein as \u201cGenmab\u201d or the \u201cCompany\u201d.This section describes Genmab\u2019s financial accounting policies including management\u2019s judgements and estimates under IFRS Accounting Standards. New or revised EU endorsed accounting standards and interpretations are described, in addition to how these changes are expected to impact the financial performance and reporting of Genmab. Genmab describes the accounting policies in conjunction with each note with the aim to provide a more understandable description of each accounting area.ESEF ReportingGenmab is required to file the Annual Report in the European Single Electronic Format (ESEF) using the XHTML format and to tag the consoli-dated financial statements including notes using Inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. The annual report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named 529900MTJPDPE4MHJ122-2023-12-31-en.zipThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consol-idated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024. Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2022.MaterialityGenmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggre-gated with other items of similar nature in the financial statements or in the notes.The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the financial statements or not applicable.Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiariesOwnership Ownership and votes and votes Name Domicile20232022Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense.Cost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. As of December 31, 2023, the only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs, for which it is intended to compensate, are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Joint Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.",
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"s9_notesesefdkgaap__7__91": {
"value": "1.1Nature of the Business and Accounting PoliciesGenmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commer-cialized by third parties, two approved products that are jointly commercialized with a collabo-ration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consol-idated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024. Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2022.MaterialityGenmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggre-gated with other items of similar nature in the financial statements or in the notes.The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the financial statements or not applicable.Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiariesOwnership Ownership and votes and votes Name Domicile20232022Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense.Cost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. As of December 31, 2023, the only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs, for which it is intended to compensate, are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Joint Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__89": {
"value": "1.1Nature of the Business and Accounting PoliciesGenmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commer-cialized by third parties, two approved products that are jointly commercialized with a collabo-ration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consol-idated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024. Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2022.MaterialityGenmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggre-gated with other items of similar nature in the financial statements or in the notes.The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the financial statements or not applicable.Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiariesOwnership Ownership and votes and votes Name Domicile20232022Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense.Cost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. As of December 31, 2023, the only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs, for which it is intended to compensate, are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Joint Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development, regulatory and commercial mile-stone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approv-als, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obli-gation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the over-all transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone pay-ments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2023, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Accounting PoliciesGeographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, property and equipment, right-of-use assets and receivables.Accounting PoliciesStaff CostsWages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associ-ated work.Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribu-tion plans are included in the income statement in the period in which they are accrued, and outstanding contributions are included in other payables.Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.Accounting PoliciesBasic Net Profit per ShareBasic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.Diluted Net Profit per ShareDiluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Acquired Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intan-gible asset.Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.ImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture and fixtures 3\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review is the recoverable amount of the asset, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (ROU) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the income statement, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classi-fied in financial items.Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement.Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement within financial income or expense.Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inven-tories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impair-ment is identified. Write downs of inventory are included within Cost of product sales in the state-ments of comprehensive income.Included in inventories are materials used in the production of clinical products, which are charged to research and development expense when shipped to the clinical packaging site. Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is capitalized but immediately written down to zero. The cost of this write down is recognized in the statements of comprehensive income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as an offset to research and development expenses in the statements of comprehensive income.Accounting PoliciesReceivables are designated as financial assets measured are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.Accounting PoliciesOther payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assess-ments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.Accounts PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the balance sheet at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corresponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are desig-nated as equity-settled share-based payment transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__93": {
"value": "Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__92": {
"value": "The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consol-idated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024. Except as outlined in Note 1.2, the financial statements have been prepared using the same accounting policies as 2022.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__95": {
"value": "The consol-idated financial statements were approved by the Board of Directors and authorized for issue on February 14, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__97": {
"value": "Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiariesOwnership Ownership and votes and votes Name Domicile20232022Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__96": {
"value": "Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiariesOwnership Ownership and votes and votes Name Domicile20232022Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__98": {
"value": "Ownership Ownership and votes and votes Name Domicile20232022Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__99": {
"value": "Functional and Presentation CurrencyThe financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__100": {
"value": "Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial income or expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__101-1": {
"value": "Classification of Operating Expenses in the Income StatementResearch and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs, for which it is intended to compensate, are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.2.3Staff Costs(DKK million) 2023 2022 2021Wages and salaries 2,631 1,913 1,174Share-based compensation 586 439 310Defined contribution plans 170 112 80Other social security costs 335 263 155Government grants (174) (144) (122)Total 3,548 2,583 1,597Staff costs are included in the income statement as follows:Cost of product sales 3 \u2013 \u2013Research and development expenses 2,178 1,662 1,190Selling, general and administrative expenses 1,541 1,065 529Government grants related to research and development expenses (174) (144) (122)Total 3,548 2,583 1,597Average number of FTE 2,011 1,460 1,022Number of FTE at year-end 2,204 1,660 1,212(DKK million) 2023 2022 2021Depreciation and impairment included in the income statement as follows:Research and development expenses 140 108 93Selling, general and administrative expenses 45 38 17Total 185 146 1103.5Inventories(DKK million) 2023 2022Raw materials 14 \u2013Work in progress \u2013 \u2013Finished goods 59 \u2013Total inventories (gross) at December 31 73 \u2013Allowances at year end (16) \u2013Total inventories (net) at December 31 57 \u20135.4Fees to Auditors Appointed at the Annual General Meeting(DKK million) 2023 2022 2021PricewaterhouseCoopersAudit fees 6.1 5.8 5.8Audit-related fees 3.4 2.0 1.8Tax fees \u2013 \u2013 \u2013All other fees 0.1 \u2013 0.1Total 9.6 7.8 7.7Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 3.5 million in 2023 (DKK 2.0 million and DKK 1.9 million in 2022 and 2021, respectively). These services primarily include agreed-upon procedures, other assurance assessments and reports, accounting advice, and educational training.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__104-1": {
"value": "Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs, for which it is intended to compensate, are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__103-1": {
"value": "Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Research Collaborations, License Agreements and Collaborative AgreementsResearch Collaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Joint Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__107": {
"value": "Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the income statement in the period to which they relate.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs, for which it is intended to compensate, are incurred. Where the grant relates to an asset, the fair value is credited to a deferred income account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__109-1": {
"value": "Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.5.5Adjustments to Cash Flow Statements(DKK million) Note 2023 2022 2021Adjustments for non-cash transactions:Depreciation, amortization and impairment 3.1, 3.2, 3.3 295 362 248Share-based compensation expenses 2.3, 4.6 586 439 310Other \u2013 \u2013 (32)Total adjustments for non-cash transactions 881 801 526Change in operating assets and liabilities:Receivables 797 (2,123) (1,009)Inventories (57) \u2013 \u2013Other payables 622 283 304Total change in operating assets and liabilities 1,362 (1,840) (705)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__108": {
"value": "Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provi-sions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__111-1": {
"value": "Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Treasury SharesProportion of Number of Share capital share capital Cost shares(DKK million)%(DKK million)Shareholding at December 31, 2020 132,106 0.1 0.2 154Purchase of treasury shares 200,000 0.2 0.3 447Shares used for funding RSU program (43,781) \u2013 (0.1) (51)Shareholding at December 31, 2021 288,325 0.3 0.4 550Purchase of treasury shares 370,000 0.4 0.6 908Shares used for funding RSU program (68,377) (0.1) (0.1) (80)Shareholding at December 31, 2022 589,948 0.6 0.9 1,378Purchase of treasury shares 220,000 0.2 0.3 564Shares used for funding RSU program (65,778) (0.1) (0.1) (126)Shareholding at December 31, 2023 744,170 0.7 1.1 1,816Share RepurchasesGenmab intends to purchase its own shares primarily to cover obligations in relation to the share-based remuneration programs.202320212019authorizationauthorizationauthorization1Number of shares authorized for repurchase500,000 500,000 500,000Actual shares repurchased under authorization \u2013 260,000 500,000Shares available for repurchase as of December 31, 2023 500,000 240,000 \u20131. Nominal value of DKK 500,000.As announced on February 22, 2023, Genmab initiated a share buy-back program. During 2023, Genmab acquired 220,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2022. The total amount paid to acquire the shares, including directly attributable costs, was DKK 564 million and was recognized as a deduction to shareholders\u2019 equity. During 2022, Genmab acquired 370,000 of its own shares, representing approximately 0.6% of share capital as of December 31, 2021. The total amount paid to acquire the shares, including directly attributable costs, was DKK 908 million and was recognized as a deduction to shareholders\u2019 equity. These shares are classi-fied as treasury shares and are presented within retained earnings on the balance sheet as of December 31, 2023.As of December 31, 2023, 744,170 treasury shares were held by Genmab.",
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"value": "Joint Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.2.1Revenue(DKK million) 2023 2022 2021Revenue by type:Royalties 13,705 11,582 6,912Reimbursement revenue 864 818 531Milestone revenue 1,177 1,767 954Collaboration revenue 307 332 20License revenue \u2013 6 \u2013Net product sales 421 \u2013 \u2013Total 16,474 14,505 8,417Revenue by collaboration partner:Janssen 11,949 10,530 6,782AbbVie 732 1,174 245Roche 704 796 603Novartis 1,511 815 236BioNTech 784 708 4161Pfizer373 413 135Other \u2013 69 \u20132Total16,053 14,505 8,417Royalties by product:DARZALEX 11,265 9,966 6,070Kesimpta 1,494 779 235TEPEZZA 704 796 5933Other242 41 14Total 13,705 11,582 6,9121. Pfizer acquired Seagen in December 2023.2. Excludes Genmab\u2019s Net product sales.3. Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY. Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development, regulatory and commercial mile-stone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approv-als, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obli-gation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the over-all transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone pay-ments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2023, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements. Management\u2019s Judgements and Estimates \u2014 Revenue RecognitionEvaluating the criteria for revenue recogni-tion requires management\u2019s judgements and estimates to assess and determine the following:\u2022 Judgement in assessing whether a collaboration partner is a customer.\u2022 An estimation of partner net sales amounts in determination of the calculation of royalties.\u2022 An assessment of whether the achievement of milestone payments is highly probable.\u2022 An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.\u2022 The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.3.7Deferred RevenueGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million) 2023 2022Deferred revenue at January 1 513 513Payment received \u2013 \u2013Revenue recognized during the year \u2013 \u2013Total at December 31 513 513Non-current deferred revenue 480 480Current deferred revenue 33 33Total at December 31 513 513Deferred revenue was recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020.The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie.During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts.As of December 31, 2023, all four product concepts have been selected for research and development. As part of the continued evalua-tion of deferred revenue related to the AbbVie collaboration agreement, Genmab\u2019s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2023. None of the deferred revenue was recognized as reim-bursement revenue in 2023, 2022 or 2021.Refer to Note 5.6 for additional information related to the AbbVie collaboration.5.6Collaborations and Technology LicensesCollaborationsGenmab enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercial-ization of Genmab\u2019s product candidates and to supplement its internal pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.Janssen (Daratumumab/DARZALEX)In 2012, Genmab entered into a global license, development and commercialization agreement with Janssen for daratumumab (marketed for the treatment of certain multiple myeloma indica-tions as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, Janssen is fully responsible for devel-oping and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on Janssen\u2019s annual net product sales with Janssen reducing such royalty payments for Genmab\u2019s share of Janssen\u2019s royalty payments made to Halozyme. In addition, the royalties payable by Janssen are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including for lack of Genmab patent coverage or upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country (for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, Janssen\u2019s obligation to pay royalties under this agreement will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of daratu-mumab in such country or upon the expiration or invalidation of the last-to-expire relevant Genmab patent (as defined in the agreement) covering daratumumab in such country. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.In September 2020, Genmab commenced arbitra-tion against Janssen with respect to two different provisions of our license agreement for dara-tumumab, both relating to royalties payable to Genmab 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 that arbi-tration denying both of Genmab\u2019s claims. Genmab did not seek review of the award.Novartis (Ofatumumab/Kesimpta)Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatu-mumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatu-mumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment on net sales for non-cancer treatments. Genmab pays a royalty to Medarex based on Kesimpta net sales. Novartis\u2019s obli-gation to pay royalties to Genmab under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product in a given country. The royalties are on a country by country basis subject to reduction in case of significant competition by competing products (as defined in the agreement) or a joint committee determination that a license of intellectual property owned by a third-party is necessary for commercialization.Roche (Teprotumumab/TEPEZZA)In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche.Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA, for the treatment of TED, was subsequently conducted by Horizon under a license from Roche. In October 2023, Amgen completed its acquisition of Horizon, including all the rights to the commer-cialization and development of teprotumumab. Under the terms of Genmab\u2019s agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined) of TEPEZZA, on a coun-try-by-country basis, for 10 years following the first commercial sale in such country.Pfizer (Tisotumab vedotin/Tivdak)In September 2010, Genmab and Pfizer entered into an ADC collaboration, and a commercial license and collaboration agreement was exe-cuted in October 2011. Under the agreement, Genmab was granted rights to utilize Pfizer\u2019s ADC technology with its human monoclonal TF antibody. Pfizer was granted rights to exercise a co- development and co-commercialization option at the end of Phase 1 clinical development for tisotumab vedotin. In August 2017, Pfizer exercised this option. In October 2020, Genmab and Pfizer entered into a joint commercialization agreement. Genmab is co-promoting tisotumab vedotin in the U.S. and will lead commercial operational activities and book sales in Japan, while Pfizer will lead operational commercial activities in the U.S., Europe and China with a 50:50 profit split in those markets. In any other markets, Pfizer will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a per-centage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.In September 2021, tisotumab vedotin was approved by the U.S. FDA and is marketed under the trade name Tivdak. Pfizer records product sales of Tivdak in the U.S. and Genmab shares 50% of the profits for this product.AbbVie (Epcoritamab/EPKINLY/TEPKINLY)On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize products including epcoritamab, 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 is the principal for net sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining net sales outside of these territories, subject to certain royalty reductions. For any product candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs originally included in the agreement.As a result of two programs being stopped, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs and an aggregate of up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-gener-ation 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.In May 2023, epcoritamab was approved by the U.S. FDA and is marketed under the tradename EPKINLY. In September 2023, epcoritamab was approved by the EC and the Japan MHLW and is marketed under the tradenames TEPKINLY and EPKINLY, respectively. Genmab is entitled to tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs of the discovery research programs up to opt-in.The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:\u2022 Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)\u2022 Co-development activities for the product concepts: USD 78 million (DKK 513 million)For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, devel-opment timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized.The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development and commercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaboration partner, and as such this part of the collaboration is not in scope of IFRS 15.Refer to Note 3.7 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.BioNTechIn May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab\u2019s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodu-latory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on prede-termined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, devel-opment and commercialization of monospecific antibody candidates using Genmab\u2019s HexaBody technology platform.Genmab and BioNTech have four investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), acas-unlimab (GEN1046/BNT311), HexaBody-CD27 (GEN1053/BNT313) and GEN1056 (BNT322). In August and October 2023 respectively, two additional INDs were submitted for GEN1059 (BNT314, DuoBody-EpCAMx4-1BB) and GEN1055 (BNT315, HexaBody-OX40).Janssen (DuoBody)In July 2012, and as amended in December 2013, Genmab entered into a collaboration with Janssen to create and develop bispecific antibodies using our DuoBody technology platform.As of December 31, 2023, three DuoBody-based products created under this collaboration were in active clinical development and had been approved by regulatory authorities: RYBREVANT, TECVAYLI and TALVEY. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT, a mid-single digit royalty on net sales of TECVAYLI, and a mid-single digit royalty on net sales of TALVEY, all of which are subject to a reduction of such royalty payment in countries and territories where there are no relevant patents (as defined in the agreement), among other reductions. Pursuant to the terms of the DuoBody agreement, Janssen\u2019s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant patent (as defined in the agreement) covering the licensed product in such country. Genmab pays a royalty to Medarex based on RYBREVANT net sales.",
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"value": "Joint Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2023, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.2.1Revenue(DKK million) 2023 2022 2021Revenue by type:Royalties 13,705 11,582 6,912Reimbursement revenue 864 818 531Milestone revenue 1,177 1,767 954Collaboration revenue 307 332 20License revenue \u2013 6 \u2013Net product sales 421 \u2013 \u2013Total 16,474 14,505 8,417Revenue by collaboration partner:Janssen 11,949 10,530 6,782AbbVie 732 1,174 245Roche 704 796 603Novartis 1,511 815 236BioNTech 784 708 4161Pfizer373 413 135Other \u2013 69 \u20132Total16,053 14,505 8,417Royalties by product:DARZALEX 11,265 9,966 6,070Kesimpta 1,494 779 235TEPEZZA 704 796 5933Other242 41 14Total 13,705 11,582 6,9121. Pfizer acquired Seagen in December 2023.2. Excludes Genmab\u2019s Net product sales.3. Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY. Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development, regulatory and commercial mile-stone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approv-als, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obli-gation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the over-all transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone pay-ments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2023, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements. Management\u2019s Judgements and Estimates \u2014 Revenue RecognitionEvaluating the criteria for revenue recogni-tion requires management\u2019s judgements and estimates to assess and determine the following:\u2022 Judgement in assessing whether a collaboration partner is a customer.\u2022 An estimation of partner net sales amounts in determination of the calculation of royalties.\u2022 An assessment of whether the achievement of milestone payments is highly probable.\u2022 An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.\u2022 The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.3.7Deferred RevenueGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million) 2023 2022Deferred revenue at January 1 513 513Payment received \u2013 \u2013Revenue recognized during the year \u2013 \u2013Total at December 31 513 513Non-current deferred revenue 480 480Current deferred revenue 33 33Total at December 31 513 513Deferred revenue was recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020.The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie.During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts.As of December 31, 2023, all four product concepts have been selected for research and development. As part of the continued evalua-tion of deferred revenue related to the AbbVie collaboration agreement, Genmab\u2019s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2023. None of the deferred revenue was recognized as reim-bursement revenue in 2023, 2022 or 2021.Refer to Note 5.6 for additional information related to the AbbVie collaboration.5.6Collaborations and Technology LicensesCollaborationsGenmab enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercial-ization of Genmab\u2019s product candidates and to supplement its internal pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.Janssen (Daratumumab/DARZALEX)In 2012, Genmab entered into a global license, development and commercialization agreement with Janssen for daratumumab (marketed for the treatment of certain multiple myeloma indica-tions as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, Janssen is fully responsible for devel-oping and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on Janssen\u2019s annual net product sales with Janssen reducing such royalty payments for Genmab\u2019s share of Janssen\u2019s royalty payments made to Halozyme. In addition, the royalties payable by Janssen are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including for lack of Genmab patent coverage or upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country (for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, Janssen\u2019s obligation to pay royalties under this agreement will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of daratu-mumab in such country or upon the expiration or invalidation of the last-to-expire relevant Genmab patent (as defined in the agreement) covering daratumumab in such country. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.In September 2020, Genmab commenced arbitra-tion against Janssen with respect to two different provisions of our license agreement for dara-tumumab, both relating to royalties payable to Genmab 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 that arbi-tration denying both of Genmab\u2019s claims. Genmab did not seek review of the award.Novartis (Ofatumumab/Kesimpta)Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatu-mumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatu-mumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment on net sales for non-cancer treatments. Genmab pays a royalty to Medarex based on Kesimpta net sales. Novartis\u2019s obli-gation to pay royalties to Genmab under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product in a given country. The royalties are on a country by country basis subject to reduction in case of significant competition by competing products (as defined in the agreement) or a joint committee determination that a license of intellectual property owned by a third-party is necessary for commercialization.Roche (Teprotumumab/TEPEZZA)In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche.Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA, for the treatment of TED, was subsequently conducted by Horizon under a license from Roche. In October 2023, Amgen completed its acquisition of Horizon, including all the rights to the commer-cialization and development of teprotumumab. Under the terms of Genmab\u2019s agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined) of TEPEZZA, on a coun-try-by-country basis, for 10 years following the first commercial sale in such country.Pfizer (Tisotumab vedotin/Tivdak)In September 2010, Genmab and Pfizer entered into an ADC collaboration, and a commercial license and collaboration agreement was exe-cuted in October 2011. Under the agreement, Genmab was granted rights to utilize Pfizer\u2019s ADC technology with its human monoclonal TF antibody. Pfizer was granted rights to exercise a co- development and co-commercialization option at the end of Phase 1 clinical development for tisotumab vedotin. In August 2017, Pfizer exercised this option. In October 2020, Genmab and Pfizer entered into a joint commercialization agreement. Genmab is co-promoting tisotumab vedotin in the U.S. and will lead commercial operational activities and book sales in Japan, while Pfizer will lead operational commercial activities in the U.S., Europe and China with a 50:50 profit split in those markets. In any other markets, Pfizer will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a per-centage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.In September 2021, tisotumab vedotin was approved by the U.S. FDA and is marketed under the trade name Tivdak. Pfizer records product sales of Tivdak in the U.S. and Genmab shares 50% of the profits for this product.AbbVie (Epcoritamab/EPKINLY/TEPKINLY)On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize products including epcoritamab, 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 is the principal for net sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining net sales outside of these territories, subject to certain royalty reductions. For any product candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs originally included in the agreement.As a result of two programs being stopped, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs and an aggregate of up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-gener-ation 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.In May 2023, epcoritamab was approved by the U.S. FDA and is marketed under the tradename EPKINLY. In September 2023, epcoritamab was approved by the EC and the Japan MHLW and is marketed under the tradenames TEPKINLY and EPKINLY, respectively. Genmab is entitled to tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs of the discovery research programs up to opt-in.The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:\u2022 Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)\u2022 Co-development activities for the product concepts: USD 78 million (DKK 513 million)For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, devel-opment timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized.The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development and commercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaboration partner, and as such this part of the collaboration is not in scope of IFRS 15.Refer to Note 3.7 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.BioNTechIn May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab\u2019s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodu-latory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on prede-termined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, devel-opment and commercialization of monospecific antibody candidates using Genmab\u2019s HexaBody technology platform.Genmab and BioNTech have four investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), acas-unlimab (GEN1046/BNT311), HexaBody-CD27 (GEN1053/BNT313) and GEN1056 (BNT322). In August and October 2023 respectively, two additional INDs were submitted for GEN1059 (BNT314, DuoBody-EpCAMx4-1BB) and GEN1055 (BNT315, HexaBody-OX40).Janssen (DuoBody)In July 2012, and as amended in December 2013, Genmab entered into a collaboration with Janssen to create and develop bispecific antibodies using our DuoBody technology platform.As of December 31, 2023, three DuoBody-based products created under this collaboration were in active clinical development and had been approved by regulatory authorities: RYBREVANT, TECVAYLI and TALVEY. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT, a mid-single digit royalty on net sales of TECVAYLI, and a mid-single digit royalty on net sales of TALVEY, all of which are subject to a reduction of such royalty payment in countries and territories where there are no relevant patents (as defined in the agreement), among other reductions. Pursuant to the terms of the DuoBody agreement, Janssen\u2019s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant patent (as defined in the agreement) covering the licensed product in such country. Genmab pays a royalty to Medarex based on RYBREVANT net sales.",
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"value": "1.2New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2023Genmab has, with effect from January 1, 2023, implemented the following standards and amendments:\u2022 IFRS 17 Insurance Contracts;\u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies; and\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2014 Pillar Two Model Rules and Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods.Refer to Note 2.4 for additional information related to the impacts of the IAS 12 amendments.",
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"s9_notesesefdkgaap__7__115-1": {
"value": "1.2New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2023Genmab has, with effect from January 1, 2023, implemented the following standards and amendments:\u2022 IFRS 17 Insurance Contracts;\u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies; and\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2014 Pillar Two Model Rules and Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods.Refer to Note 2.4 for additional information related to the impacts of the IAS 12 amendments.New Accounting Policies and Disclosures Effective in 2024 or LaterThe IASB has issued a number of new standards and updated some existing standards that are effective for accounting periods beginning on January 1, 2024 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Genmab in current or future reporting periods and on foreseeable future transactions.1.4Revision of Prior Period Financial StatementsIn January 2024, Janssen informed Genmab that it had been overpaying royalties on net sales of DARZALEX in countries where relevant patent protection for DARZALEX did not exist. Genmab evaluated the error under IAS 1 \u201cPresentation of Financial Statements\u201d, IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, Staff Accounting Bulletin (SAB) No. 99, \u201cMateriality,\u201d and SAB No. 108, \u201cConsidering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,\u201d and determined that the related impact was not individually material to any of Genmab\u2019s previously issued financial state-ments, however correcting the cumulative impact of this error would be material to Genmab\u2019s consolidated statement of comprehensive income for 2023. Accordingly, Genmab has revised the 2022 and 2021 financial statements and related notes included herein. The comparative figures for fiscal years 2022 and 2021 have been revised\ue614accordingly:2022 2021Effect Previously Effect Previously Revised of error reported Revised of error reported (DKK million)balancescorrectionbalancesbalancescorrectionbalancesIncome Statements:Revenue 14,505 (90) 14,595 8,417 (65) 8,482Operating expenses (8,238) \u2013 (8,238) (5,464) \u2013 (5,464)Operating profit 6,267 (90) 6,357 2,953 (65) 3,018Financial income/expense 678 \u2013 678 965 \u2013 965Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983Corporate tax (1,493) 20 (1,513) (961) 14 (975)Net profit 5,452 (70) 5,522 2,957 (51) 3,008Basic net profit per share 83.38 (1.07) 84.45 45.22 (0.78) 46.00Diluted net profit per share 82.59 (1.06) 83.65 44.77 (0.77) 45.54Exchange differences on translation of foreign operations 17 \u2013 17 27 \u2013 27Total comprehensive income 5,469 (70) 5,539 2,984 (51) 3,035Balance Sheet:Total non-current assets 1,901 \u2013 1,901 1,891 \u2013 1,891Corporate tax receivable 182 39 143 50 19 31Receivables 5,712 (198) 5,910 3,259 (108) 3,367Other assets 22,324 \u2013 22,324 19,338 \u2013 19,338Total current assets 28,218 (159) 28,377 22,647 (89) 22,736Total assets 30,119 (159) 30,278 24,538 (89) 24,627Other equity items 12,473 \u2013 12,473 12,176 \u2013 12,176Retained earnings 14,809 (159) 14,968 9,931 (89) 10,020Total shareholders\u2019 equity 27,282 (159) 27,441 22,107 (89) 22,196Total liabilities 2,837 \u2013 2,837 2,431 \u2013 2,431Total shareholders\u2019 equity and liabilities 30,119 (159) 30,278 24,538 (89) 24,627Cash Flow Statement:Net profit before tax 6,945 (90) 7,035 3,918 (65) 3,983Reversal of financial items, net (678) \u2013 (678) (965) \u2013 (965)Adjustment for non-cash transactions 801 \u2013 801 526 \u2013 526Change in operating assets and liabilities (1,840) 90 (1,930) (705) 65 (770)Cash flows from operating activities before financial items 5,228 \u2013 5,228 2,774 \u2013 2,774Other items (1,316) \u2013 (1,316) (546) \u2013 (546)Net cash provided by operating activities 3,912 \u2013 3,912 2,228 \u2013 2,228",
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"value": "New Accounting Policies and Disclosures Effective in 2024 or LaterThe IASB has issued a number of new standards and updated some existing standards that are effective for accounting periods beginning on January 1, 2024 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Genmab in current or future reporting periods and on foreseeable future transactions.",
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"value": "1.3Management\u2019s Judgements and Estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management\u2019s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the applica-tion of accounting policies, as well as reported amounts within the consolidated financial state-ments and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on informa-tion available at the time.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consol-idated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consol-idated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.Note Accounting policy Key accounting estimates and judgementsreference RiskRevenue recognition Judgement in assessing whether a collaboration Note 2.1 Moderate/partner is a customerHighEstimation of partner net sales amounts in the calculation of royaltiesJudgement in assessing the probability of attainment of milestonesEstimation of variable considerationJudgement in assessing the nature of combined performance obligations within contractsShare-based Judgement in selecting assumptions required for Note 4.6 Moderatecompensationvaluation of warrant grantsCurrent and deferred Judgement and estimation regarding valuation of Note 2.4 Moderateincome taxesdeferred income tax assetsEstimation in developing the provision for any uncertain tax positionsManagement\u2019s Judgements and Estimates \u2014 Revenue RecognitionEvaluating the criteria for revenue recogni-tion requires management\u2019s judgements and estimates to assess and determine the following:\u2022 Judgement in assessing whether a collaboration partner is a customer.\u2022 An estimation of partner net sales amounts in determination of the calculation of royalties.\u2022 An assessment of whether the achievement of milestone payments is highly probable.\u2022 An estimation of variable consideration identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.\u2022 The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets and business plans for the coming years.Realization of deferred tax assets is dependent upon a number of factors, including future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. The recognition of deferred tax assets will result in a decrease to income tax expense in such period.Management\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022 The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;\u2022 The risk-free interest rate, which is determined as the interest rate on Danish government bonds (bullet issues) with an average maturity of four to six years;\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Valuation Assumptions for Warrants Granted in 2023, 2022 and 2021The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:2023 2022 2021Weighted AverageFair value per warrant on grant date 924.10 664.08 701.82Share price 2,632.02 2,244.22 2,282.35Exercise price 2,632.02 2,244.22 2,282.35Expected dividend yield 0% 0% 0%Expected stock price volatility 35.3% 33.5% 36.6%Risk-free interest rate 2.48% 0.15% \u20130.54%Expected life of warrants 5 years 5 years 5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants granted DKK 193 million DKK 172 million DKK 124 million",
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"value": "Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development, regulatory and commercial mile-stone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approv-als, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obli-gation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the over-all transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone pay-ments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the income statement. As of December 31, 2023, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__122": {
"value": "2.2Information about Geographical AreasGenmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geograph-ical markets and no segment information is currently prepared for internal reporting.Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as Genmab\u2019s business activities are not organized on the basis of differences in related product and geographical areas.Non-current Non-current Non-current Revenueassets Revenueassets Revenueassets(DKK million) 2023 2022 2021Denmark 16,053 496 14,505 211 8,417 269Netherlands \u2013 874 \u2013 793 \u2013 422United States 380 378 \u2013 442 \u2013 470Japan 41 56 \u2013 70 \u2013 95Total 16,474 1,804 14,505 1,516 8,417 1,256 Accounting PoliciesGeographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, property and equipment, right-of-use assets and receivables.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__123": {
"value": "Accounting PoliciesGeographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, property and equipment, right-of-use assets and receivables.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__127": {
"value": "2.3Staff Costs(DKK million) 2023 2022 2021Wages and salaries 2,631 1,913 1,174Share-based compensation 586 439 310Defined contribution plans 170 112 80Other social security costs 335 263 155Government grants (174) (144) (122)Total 3,548 2,583 1,597Staff costs are included in the income statement as follows:Cost of product sales 3 \u2013 \u2013Research and development expenses 2,178 1,662 1,190Selling, general and administrative expenses 1,541 1,065 529Government grants related to research and development expenses (174) (144) (122)Total 3,548 2,583 1,597Average number of FTE 2,011 1,460 1,022Number of FTE at year-end 2,204 1,660 1,212Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management.",
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"s9_notesesefdkgaap__7__125-1": {
"value": "2.3Staff Costs(DKK million) 2023 2022 2021Wages and salaries 2,631 1,913 1,174Share-based compensation 586 439 310Defined contribution plans 170 112 80Other social security costs 335 263 155Government grants (174) (144) (122)Total 3,548 2,583 1,597Staff costs are included in the income statement as follows:Cost of product sales 3 \u2013 \u2013Research and development expenses 2,178 1,662 1,190Selling, general and administrative expenses 1,541 1,065 529Government grants related to research and development expenses (174) (144) (122)Total 3,548 2,583 1,597Average number of FTE 2,011 1,460 1,022Number of FTE at year-end 2,204 1,660 1,212Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management. Accounting PoliciesStaff CostsWages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associ-ated work.Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribu-tion plans are included in the income statement in the period in which they are accrued, and outstanding contributions are included in other payables.Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million) 2023 2022 2021Wages and salaries 71 55 51Share-based compensation expenses 100 70 58Defined contribution plans 3 2 2Total 174 127 111The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2023 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase board fee Committee fees Share-based compensation expenses Total(DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.1 0.9 0.7 2.8 2.6 2.4Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 0.8 0.7 0.5 2.1 2.0 1.8Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.4 0.4 0.6 0.5 0.4 1.7 1.5 1.4Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 0.6 0.5 0.4 1.5 1.4 1.3Rolf Hoffmann 0.6 0.6 0.6 0.3 0.3 0.4 0.6 0.5 0.4 1.5 1.4 1.41Elizabeth O\u2019Farrell0.6 0.5 \u2013 0.3 0.2 \u2013 1.0 0.6 \u2013 1.9 1.3 \u20132Jonathan Peacock\u2013 \u2013 0.5 \u2013 \u2013 0.3 \u2013 \u2013 0.6 \u2013 \u2013 1.43Mijke Zachariasse0.6 0.6 0.6 \u2013 \u2013 \u2013 0.5 0.4 0.3 1.1 1.0 0.93Martin Schultz0.6 0.5 \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.8 0.5 \u20133Takahiro Hamatani0.6 0.5 \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.8 0.5 \u20134Peter Storm Kristensen\u2013 0.1 0.6 \u2013 \u2013 \u2013 \u2013 0.1 0.4 \u2013 0.2 1.04Rima Bawarshi Nassar\u2013 0.1 0.6 \u2013 \u2013 \u2013 \u2013 0.1 0.2 \u2013 0.2 0.8Total 6.3 6.2 6.2 2.3 2.1 2.3 5.6 4.3 3.9 14.2 12.6 12.41. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Employee-elected board members were elected at the Annual General Meeting in March 2022.4. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee-elected board members at the Annual General Meeting in March 2022.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Remuneration to the Executive ManagementShare-based Base salary Defined contribution plans Other benefits Annual cash bonuscompensation expenses Total(DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Jan van de Winkel 9.2 8.6 7.9 1.3 1.3 1.1 0.3 0.3 0.6 9.2 8.6 7.9 24.3 22.9 20.6 44.3 41.7 38.1Anthony Pagano 4.4 4.3 3.2 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.6 2.6 1.9 12.5 9.5 7.2 19.6 16.5 12.4Anthony Mancini 4.9 4.7 3.9 0.1 0.1 0.1 \u2013 \u2013 3.1 2.9 2.8 2.3 13.9 11.4 7.2 21.8 19.0 16.6Judith Klimovsky 5.0 4.9 4.0 0.1 0.1 0.1 \u2013 \u2013 \u2013 3.0 2.9 2.5 13.6 14.1 13.2 21.7 22.0 19.81Tahamtan Ahmadi4.7 4.6 3.3 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.9 2.8 2.0 12.1 7.7 5.5 19.8 15.2 10.92Birgitte Stephensen2.6 \u2013 \u2013 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 1.5 \u2013 \u2013 5.7 \u2013 \u2013 10.1 \u2013 \u20132Christopher Cozic3.3 \u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 \u2013 \u2013 7.8 \u2013 \u2013 13.2 \u2013 \u20133Martine van Vugt2.5 \u2013 \u2013 0.6 \u2013 \u2013 0.1 \u2013 \u2013 1.6 \u2013 \u2013 4.1 \u2013 \u2013 8.9 \u2013 \u2013Total 36.6 27.1 22.3 2.7 1.7 1.5 0.4 0.3 3.7 25.7 19.7 16.6 94.0 65.6 53.7 159.4 114.4 97.81. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.2. Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.3. Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally regis-tered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cExecutive Management\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 103 million as of December 31, 2023 (2022: DKK 82 million, 2021: DKK 72 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__124": {
"value": "2.3Staff Costs(DKK million) 2023 2022 2021Wages and salaries 2,631 1,913 1,174Share-based compensation 586 439 310Defined contribution plans 170 112 80Other social security costs 335 263 155Government grants (174) (144) (122)Total 3,548 2,583 1,597Staff costs are included in the income statement as follows:Cost of product sales 3 \u2013 \u2013Research and development expenses 2,178 1,662 1,190Selling, general and administrative expenses 1,541 1,065 529Government grants related to research and development expenses (174) (144) (122)Total 3,548 2,583 1,597Average number of FTE 2,011 1,460 1,022Number of FTE at year-end 2,204 1,660 1,212Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management.",
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notesesefdkgaap__7__128": {
"value": "Accounting PoliciesStaff CostsWages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associ-ated work.Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribu-tion plans are included in the income statement in the period in which they are accrued, and outstanding contributions are included in other payables.Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__130": {
"value": "2.4Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million) 2023 2022 2021Current tax on profit 1,301 1,478 954Adjustment to deferred tax (59) 107 (371)Adjustment to unrecognized deferred tax assets 43 (92) 378Total tax for the period in the income statement 1,285 1,493 961(DKK million)2023 2022 2021Net profit before tax 5,637 6,945 3,918Tax at the Danish corporation tax rate of 22% for all periods 1,240 1,528 862Tax effect of:Adjustment to unrecognized deferred tax assets 43 (92) 137Recognition of previously unrecognized tax losses and deductible temporary differences \u2013 (12) 119Non-deductible expenses/non-taxable income and other permanent differences, net 7 73 (147)All other (5) (4) (10)Total tax effect 45 (35) 99Total tax for the period in the income statement 1,285 1,493 961Total tax for the period in shareholders\u2019 equity 57 (22) (31)Effective Tax Rate 22.8% 21.5% 24.5%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,285 million in 2023, DKK 1,493 million in 2022 and DKK 961 million in 2021. Tax benefits of DKK 57 million in 2023 and tax expenses of DKK 22 million and DKK 31 million in 2022 and 2021, respectively, related to excess tax benefits for share-based compensation were recorded directly in share-holders\u2019 equity.Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global minimum top-up tax, which comes into effect beginning January 1, 2024. Under this legislation, the Company would be liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate (\u201cETR\u201d) per jurisdiction and the minimum rate of 15 percent. Since the newly enacted tax legislation is only effective from January 1, 2024, there is no current tax impact for the year ended December 31, 2023. Genmab applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.The rules are not expected to have a material impact on the tax position of Genmab in 2024 and Genmab continues to assess its exposure to the Pillar Two legislation.Taxation \u2014 Balance SheetSignificant components of the deferred tax asset are as follows:(DKK million) 2023 2022Share-based instruments 41 128Deferred revenue 113 113Other temporary differences 58 11Total at December 31 212 252Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized.As of December 31, 2023, Genmab had estimated gross unrecognized tax loss carryforwards in the U.S. and the Netherlands of DKK 2.1 billion and DKK 0.5 billion, respectively, to reduce future taxable income (and DKK 2.4 billion and DKK 0.8 billion in 2022, respectively). The loss carryfor-wards generally expire in various periods through 2037; however, U.S. tax losses originating after 2017 and tax losses in the Netherlands available as of December 31, 2023, can be carried forward indefinitely. Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized. Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets and business plans for the coming years.Realization of deferred tax assets is dependent upon a number of factors, including future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. The recognition of deferred tax assets will result in a decrease to income tax expense in such period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__129": {
"value": "2.4Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million) 2023 2022 2021Current tax on profit 1,301 1,478 954Adjustment to deferred tax (59) 107 (371)Adjustment to unrecognized deferred tax assets 43 (92) 378Total tax for the period in the income statement 1,285 1,493 961(DKK million)2023 2022 2021Net profit before tax 5,637 6,945 3,918Tax at the Danish corporation tax rate of 22% for all periods 1,240 1,528 862Tax effect of:Adjustment to unrecognized deferred tax assets 43 (92) 137Recognition of previously unrecognized tax losses and deductible temporary differences \u2013 (12) 119Non-deductible expenses/non-taxable income and other permanent differences, net 7 73 (147)All other (5) (4) (10)Total tax effect 45 (35) 99Total tax for the period in the income statement 1,285 1,493 961Total tax for the period in shareholders\u2019 equity 57 (22) (31)Effective Tax Rate 22.8% 21.5% 24.5%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,285 million in 2023, DKK 1,493 million in 2022 and DKK 961 million in 2021. Tax benefits of DKK 57 million in 2023 and tax expenses of DKK 22 million and DKK 31 million in 2022 and 2021, respectively, related to excess tax benefits for share-based compensation were recorded directly in share-holders\u2019 equity.Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global minimum top-up tax, which comes into effect beginning January 1, 2024. Under this legislation, the Company would be liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate (\u201cETR\u201d) per jurisdiction and the minimum rate of 15 percent. Since the newly enacted tax legislation is only effective from January 1, 2024, there is no current tax impact for the year ended December 31, 2023. Genmab applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.The rules are not expected to have a material impact on the tax position of Genmab in 2024 and Genmab continues to assess its exposure to the Pillar Two legislation.Taxation \u2014 Balance SheetSignificant components of the deferred tax asset are as follows:(DKK million) 2023 2022Share-based instruments 41 128Deferred revenue 113 113Other temporary differences 58 11Total at December 31 212 252Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future, against which the temporary differences and unused tax losses can be utilized. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized.As of December 31, 2023, Genmab had estimated gross unrecognized tax loss carryforwards in the U.S. and the Netherlands of DKK 2.1 billion and DKK 0.5 billion, respectively, to reduce future taxable income (and DKK 2.4 billion and DKK 0.8 billion in 2022, respectively). The loss carryfor-wards generally expire in various periods through 2037; however, U.S. tax losses originating after 2017 and tax losses in the Netherlands available as of December 31, 2023, can be carried forward indefinitely. Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized. Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets and business plans for the coming years.Realization of deferred tax assets is dependent upon a number of factors, including future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including commercial growth of DARZALEX, specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. Genmab continues to maintain nonrecognition of a significant portion of deferred tax assets related to its subsidiaries until there is sufficient evidence to support the recognition of deferred tax assets. Genmab may recognize deferred tax assets related to its subsidiaries in the future. The recognition of deferred tax assets will result in a decrease to income tax expense in such period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__131": {
"value": "Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__132": {
"value": "Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__133": {
"value": "2.5Profit Per Share(DKK million) 2023 2022 2021Net profit 4,352 5,452 2,957(Shares)Weighted average number of shares outstanding 66,023,437 65,783,130 65,634,300Weighted average number of treasury shares (713,693) (395,829) (238,663)Weighted average number of shares excl. treasury shares 65,309,744 65,387,301 65,395,637Adjustments for share-based instruments, dilution 604,961 622,303 650,114Weighted average number of shares, diluted 65,914,705 66,009,604 66,045,751Basic net profit per share 66.64 83.38 45.22Diluted net profit per share 66.02 82.59 44.77In the calculation of the diluted net profit per share for 2023, 248,649 warrants (none of which were vested) have been excluded as these share-based instruments are out of the money, compared to 68,728 and 43,654 (none of which were vested) for 2022 and 2021, respectively. Accounting PoliciesBasic Net Profit per ShareBasic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.Diluted Net Profit per ShareDiluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__134": {
"value": "Accounting PoliciesBasic Net Profit per ShareBasic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.Diluted Net Profit per ShareDiluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__138-1": {
"value": "3.1Intangible Assets(DKK million) 2023 2022Cost at January 1 891 891Additions for the year 10 \u2013Cost at December 31 901 891Accumulated amortization and impairment at January 1 (745) (637)Amortization for the year (55) (70)Impairment for the year \u2013 (38)Accumulated amortization and impairment at December 31 (800) (745)Carrying amount at December 31 101 146(DKK million)2023 2022 2021Amortization and impairment included in the income statement as follows:Research and development expenses 55 108 84Total 55 108 84(DKK million) 2023 2022 2021Depreciation and impairment included in the income statement as follows:Research and development expenses 140 108 93Selling, general and administrative expenses 45 38 17Total 185 146 110Capital expenditures in 2023 were primarily related to the expansion of our facilities in the Netherlands and our new headquarters in Denmark. Capital expenditures in 2022 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__137-1": {
"value": "3.1Intangible Assets(DKK million) 2023 2022Cost at January 1 891 891Additions for the year 10 \u2013Cost at December 31 901 891Accumulated amortization and impairment at January 1 (745) (637)Amortization for the year (55) (70)Impairment for the year \u2013 (38)Accumulated amortization and impairment at December 31 (800) (745)Carrying amount at December 31 101 146(DKK million)2023 2022 2021Amortization and impairment included in the income statement as follows:Research and development expenses 55 108 84Total 55 108 84(DKK million) 2023 2022 2021Depreciation and impairment included in the income statement as follows:Research and development expenses 140 108 93Selling, general and administrative expenses 45 38 17Total 185 146 110Capital expenditures in 2023 were primarily related to the expansion of our facilities in the Netherlands and our new headquarters in Denmark. Capital expenditures in 2022 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__136-1": {
"value": "3.1Intangible Assets(DKK million) 2023 2022Cost at January 1 891 891Additions for the year 10 \u2013Cost at December 31 901 891Accumulated amortization and impairment at January 1 (745) (637)Amortization for the year (55) (70)Impairment for the year \u2013 (38)Accumulated amortization and impairment at December 31 (800) (745)Carrying amount at December 31 101 146(DKK million)2023 2022 2021Amortization and impairment included in the income statement as follows:Research and development expenses 55 108 84Total 55 108 84Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Acquired Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intan-gible asset.Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.ImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__135": {
"value": "3.1Intangible Assets(DKK million) 2023 2022Cost at January 1 891 891Additions for the year 10 \u2013Cost at December 31 901 891Accumulated amortization and impairment at January 1 (745) (637)Amortization for the year (55) (70)Impairment for the year \u2013 (38)Accumulated amortization and impairment at December 31 (800) (745)Carrying amount at December 31 101 146(DKK million)2023 2022 2021Amortization and impairment included in the income statement as follows:Research and development expenses 55 108 84Total 55 108 84 Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Acquired Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intan-gible asset.Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.ImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__142": {
"value": "Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Acquired Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intan-gible asset.Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.ImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__141": {
"value": "Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Acquired Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intan-gible asset.Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.ImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__139": {
"value": "Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to the income statement in the period in which they are incurred. Consistent with industry practice, development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Acquired Licenses and RightsGenmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intan-gible asset.Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.AmortizationAmortization is based on the straight-line method over the estimated useful life. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights commences after regulatory approval has been obtained or when assets are put in use.ImpairmentIf circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of intangible assets may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets are reviewed at each reporting date for possible reversal.Amortization, impairment losses, and gains or losses on the disposal of intangible assets related to licenses and rights are recognized in the income statement as research and develop-ment expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__143": {
"value": "3.2Property and EquipmentEquipment, Total Leasehold furniture and Assets under property and (DKK million)improvementsfixturesconstructionequipment2023Cost at January 1 412 649 233 1,294Additions for the year 6 129 222 357Transfers between the classes 276 134 (410) \u2013Disposals for the year \u2013 \u2013 (6) (6)Exchange rate adjustment (10) (4) \u2013 (14)Cost at December 31 684 908 39 1,631Accumulated depreciation and impairment at January 1 (132) (363) \u2013 (495)Depreciation for the year (64) (121) \u2013 (185)Exchange rate adjustment 2 2 \u2013 4Accumulated depreciation on disposals \u2013 \u2013 \u2013 \u2013Accumulated depreciation and impairment at December 31 (194) (482) \u2013 (676)Carrying amount at December 31 490 426 39 9552022Cost at January 1 400 537 52 989Additions for the year 5 118 181 304Disposals for the year (8) (13) \u2013 (21)Exchange rate adjustment 15 7 \u2013 22Cost at December 31 412 649 233 1,294Accumulated depreciation and impairment at January 1 (90) (278) \u2013 (368)Depreciation for the year (52) (94) \u2013 (146)Exchange rate adjustment (1) (2) \u2013 (3)Accumulated depreciation on disposals 11 11 \u2013 22Accumulated depreciation and impairment at December 31 (132) (363) \u2013 (495)Carrying amount at December 31 280 286 233 799(DKK million) 2023 2022 2021Depreciation and impairment included in the income statement as follows:Research and development expenses 140 108 93Selling, general and administrative expenses 45 38 17Total 185 146 110Capital expenditures in 2023 were primarily related to the expansion of our facilities in the Netherlands and our new headquarters in Denmark. Capital expenditures in 2022 were primarily related to the expansion of our facilities in the Netherlands and the U.S. to support the growth in our product pipeline. Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture and fixtures 3\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review is the recoverable amount of the asset, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__148": {
"value": "Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture and fixtures 3\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__147": {
"value": "Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture and fixtures, which are measured at cost less accumulated deprecia-tion and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture and fixtures 3\u20135 yearsComputer equipment 3 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management reviews the asset for impairment.The basis for the review is the recoverable amount of the asset, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__149": {
"value": "3.3LeasesGenmab has entered into lease agreements with respect to office and laboratory space, vehicles, and IT equipment. The expense, lease liability, and right-of-use assets balances related to vehicles and IT equipment are immaterial. The leases are non-cancellable over various periods through 2038.(DKK million) 2023 2022 2021Right-of-use assetsBalance at January 1 523 354 2831Additions to right-of-use assets250 243 127Depreciation charge for the year (87) (74) (56)Balance at December 31 686 523 354Lease liabilitiesCurrent 90 74 62Non-current 680 523 363Total at December 31 770 597 425Cash outflow for lease payments 115 88 701. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.Variable lease payments, short-term lease expense, lease interest expense, low-value assets, and sublease income are immaterial.Future minimum payments under leases are as follows:(DKK million) 2023 2022 2021Payment dueLess than 1 year 106 89 741 to 3 years 199 167 109More than 3 years but less than 5 years 183 136 97More than 5 years 412 271 207Total at December 31 900 663 487 Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (ROU) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the income statement, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classi-fied in financial items.Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__150": {
"value": "Accounting PoliciesAll leases are recognized in the balance sheet as a right-of-use (ROU) asset with a corre-sponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the income statement, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classi-fied in financial items.Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__152-1": {
"value": "3.4Other InvestmentsDecember 31, December 31, (DKK million)20232022Publicly traded equity securities 47 67Fund investments 87 66Total at December 31 134 133Other investments include investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrange-ments, as well as investments in certain strategic investment funds. Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement within financial income or expense.4.3Financial Assets and LiabilitiesCategories of Financial Assets and LiabilitiesDecember 31,(DKK million) Note 2023 2022Financial assets measured at fair value through profit or lossMarketable securities 4.4 13,268 12,4313.4 134 133Other investments Financial assets measured at amortized cost3.6 4,768 5,616Receivables excluding prepayments Cash and cash equivalents 14,867 9,893Financial liabilities measured at amortized cost:3.3 (770) (597)Lease liabilities 3.8 Other payables excluding provisions (1,715)(2,316)Fair Value MeasurementDecember 31,2023 2022(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Measured at Fair ValueMarketable securities 4.4 13,268 \u2013 \u2013 13,268 12,431 \u2013 \u2013 12,431Other investments 3.4 47 \u2013 87 134 67 \u2013 66 133Marketable SecuritiesSubstantially all fair market values are deter-mined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsThe fair value of Genmab\u2019s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1).There were no transfers into or out of Level 3 during 2023 or 2022. Acquisitions (capital calls) and fair value changes on Level 3 investments in 2023 and 2022 were as follows:Other (DKK million)investmentsFair value at December 31, 2021 27Acquisitions 39Fair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.4.4Marketable SecuritiesMarket Market value Share value Share (DKK million)2023%2022%USD portfolioCorporate bonds 6,039 46% 5,091 41%U.S. government bonds and treasury bills 3,247 24% 3,067 25%Commercial paper 451 3% 807 6%Other 1,003 8% 1,023 8%Total USD portfolio 10,740 81% 9,988 80%DKK portfolioKingdom of Denmark bonds and treasury bills 419 3% 442 3%Danish mortgage-backed securities 1,170 9% 1,093 9%Total DKK portfolio 1,589 12% 1,535 12%EUR portfolioEuropean government bonds and treasury bills 858 6% 832 7%GBP portfolioUK government bonds and treasury bills 81 1% 76 1%Total portfolio at December 31 13,268 100% 12,431 100%Marketable securities at December 31 13,268 12,431Refer to Note 4.2 for additional information regarding the risks related to our marketable securities. Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__151-1": {
"value": "3.4Other InvestmentsDecember 31, December 31, (DKK million)20232022Publicly traded equity securities 47 67Fund investments 87 66Total at December 31 134 133Other investments include investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrange-ments, as well as investments in certain strategic investment funds. Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement within financial income or expense.4.3Financial Assets and LiabilitiesCategories of Financial Assets and LiabilitiesDecember 31,(DKK million) Note 2023 2022Financial assets measured at fair value through profit or lossMarketable securities 4.4 13,268 12,4313.4 134 133Other investments Financial assets measured at amortized cost3.6 4,768 5,616Receivables excluding prepayments Cash and cash equivalents 14,867 9,893Financial liabilities measured at amortized cost:3.3 (770) (597)Lease liabilities 3.8 Other payables excluding provisions (1,715)(2,316)Fair Value MeasurementDecember 31,2023 2022(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Measured at Fair ValueMarketable securities 4.4 13,268 \u2013 \u2013 13,268 12,431 \u2013 \u2013 12,431Other investments 3.4 47 \u2013 87 134 67 \u2013 66 133Marketable SecuritiesSubstantially all fair market values are deter-mined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsThe fair value of Genmab\u2019s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1).There were no transfers into or out of Level 3 during 2023 or 2022. Acquisitions (capital calls) and fair value changes on Level 3 investments in 2023 and 2022 were as follows:Other (DKK million)investmentsFair value at December 31, 2021 27Acquisitions 39Fair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87 Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.4.4Marketable SecuritiesMarket Market value Share value Share (DKK million)2023%2022%USD portfolioCorporate bonds 6,039 46% 5,091 41%U.S. government bonds and treasury bills 3,247 24% 3,067 25%Commercial paper 451 3% 807 6%Other 1,003 8% 1,023 8%Total USD portfolio 10,740 81% 9,988 80%DKK portfolioKingdom of Denmark bonds and treasury bills 419 3% 442 3%Danish mortgage-backed securities 1,170 9% 1,093 9%Total DKK portfolio 1,589 12% 1,535 12%EUR portfolioEuropean government bonds and treasury bills 858 6% 832 7%GBP portfolioUK government bonds and treasury bills 81 1% 76 1%Total portfolio at December 31 13,268 100% 12,431 100%Marketable securities at December 31 13,268 12,431Refer to Note 4.2 for additional information regarding the risks related to our marketable securities. Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__154-1": {
"value": "Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement within financial income or expense.Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__153-1": {
"value": "Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement within financial income or expense.Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__157": {
"value": "3.5Inventories(DKK million) 2023 2022Raw materials 14 \u2013Work in progress \u2013 \u2013Finished goods 59 \u2013Total inventories (gross) at December 31 73 \u2013Allowances at year end (16) \u2013Total inventories (net) at December 31 57 \u2013In 2023, all allowances relate to write downs of excess and obsolete inventories and are recognized as expense included in cost of product sales.Inventory write down in 2023 pertaining to pre-launch inventories of EPKINLY was also immaterial. The write down was recorded as R&D expense in Genmab\u2019s statements of comprehen-sive income and was subsequently reversed upon receiving FDA approval during the second quarter of 2023. Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inven-tories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impair-ment is identified. Write downs of inventory are included within Cost of product sales in the state-ments of comprehensive income.Included in inventories are materials used in the production of clinical products, which are charged to research and development expense when shipped to the clinical packaging site. Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is capitalized but immediately written down to zero. The cost of this write down is recognized in the statements of comprehensive income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as an offset to research and development expenses in the statements of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__155": {
"value": "3.5Inventories(DKK million) 2023 2022Raw materials 14 \u2013Work in progress \u2013 \u2013Finished goods 59 \u2013Total inventories (gross) at December 31 73 \u2013Allowances at year end (16) \u2013Total inventories (net) at December 31 57 \u2013In 2023, all allowances relate to write downs of excess and obsolete inventories and are recognized as expense included in cost of product sales.Inventory write down in 2023 pertaining to pre-launch inventories of EPKINLY was also immaterial. The write down was recorded as R&D expense in Genmab\u2019s statements of comprehen-sive income and was subsequently reversed upon receiving FDA approval during the second quarter of 2023. Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inven-tories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impair-ment is identified. Write downs of inventory are included within Cost of product sales in the state-ments of comprehensive income.Included in inventories are materials used in the production of clinical products, which are charged to research and development expense when shipped to the clinical packaging site. Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is capitalized but immediately written down to zero. The cost of this write down is recognized in the statements of comprehensive income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as an offset to research and development expenses in the statements of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__158": {
"value": "Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inven-tories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impair-ment is identified. Write downs of inventory are included within Cost of product sales in the state-ments of comprehensive income.Included in inventories are materials used in the production of clinical products, which are charged to research and development expense when shipped to the clinical packaging site. Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is capitalized but immediately written down to zero. The cost of this write down is recognized in the statements of comprehensive income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as an offset to research and development expenses in the statements of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__160": {
"value": "3.6Receivables(DKK million) 2023 2022Receivables related to collaboration agreements 4,148 5,068Prepayments 241 144Trade receivables related to product sales 184 \u2013Interest receivables 150 82Receivables for securities matured \u2013 290Other receivables 286 176Total at December 31 5,009 5,760 Non-current receivables 62 48Current receivables 4,947 5,712Total at December 31 5,009 5,760 During 2023 and 2022, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies and major distrib-utors) of Genmab\u2019s customers are not likely to result in future default risk.The receivables are mainly comprised of royalties, milestones and amounts due under collaboration agreements and are non-interest bearing receiv-ables which are due less than one year from the balance sheet date.Refer to Note 4.2 for additional informa-tion about interest receivables and related credit risk. Accounting PoliciesReceivables are designated as financial assets measured are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__159-1": {
"value": "3.6Receivables(DKK million) 2023 2022Receivables related to collaboration agreements 4,148 5,068Prepayments 241 144Trade receivables related to product sales 184 \u2013Interest receivables 150 82Receivables for securities matured \u2013 290Other receivables 286 176Total at December 31 5,009 5,760 Non-current receivables 62 48Current receivables 4,947 5,712Total at December 31 5,009 5,760 During 2023 and 2022, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies and major distrib-utors) of Genmab\u2019s customers are not likely to result in future default risk.The receivables are mainly comprised of royalties, milestones and amounts due under collaboration agreements and are non-interest bearing receiv-ables which are due less than one year from the balance sheet date.Refer to Note 4.2 for additional informa-tion about interest receivables and related credit risk. Accounting PoliciesReceivables are designated as financial assets measured are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.1, Janssen, Novartis, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__161": {
"value": "During 2023 and 2022, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies and major distrib-utors) of Genmab\u2019s customers are not likely to result in future default risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__162": {
"value": "Accounting PoliciesReceivables are designated as financial assets measured are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__165": {
"value": "3.7Deferred RevenueGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million) 2023 2022Deferred revenue at January 1 513 513Payment received \u2013 \u2013Revenue recognized during the year \u2013 \u2013Total at December 31 513 513Non-current deferred revenue 480 480Current deferred revenue 33 33Total at December 31 513 513Deferred revenue was recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020.The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie.During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts.As of December 31, 2023, all four product concepts have been selected for research and development. As part of the continued evalua-tion of deferred revenue related to the AbbVie collaboration agreement, Genmab\u2019s classification of deferred revenue reflects the current estimate of co-development activities related to these product concepts as of December 31, 2023. None of the deferred revenue was recognized as reim-bursement revenue in 2023, 2022 or 2021.Refer to Note 5.6 for additional information related to the AbbVie collaboration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__166": {
"value": "3.8Other Payables(DKK million) 2023 2022Liabilities related to collaboration agreements 145 70Staff cost liabilities 637 481Accounts payable 330 245Other liabilities 1,230 931Total at December 31 2,342 1,727 Non-current other payables 35 11Current other payables 2,307 1,716Total at December 31 2,342 1,727 Accounting PoliciesOther payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assess-ments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.Accounts PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the balance sheet at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__167": {
"value": "Accounting PoliciesOther payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assess-ments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.Accounts PayableAccounts payable are measured in the balance sheet at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the balance sheet at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__168": {
"value": "4.1Capital ManagementGenmab\u2019s goal is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a continuous advance-ment of Genmab\u2019s product pipeline and business in general.Genmab is primarily financed through revenues under various collaboration agreements and had, as of December 31, 2023, cash and cash equivalents of DKK 14,867 million and market-able securities of DKK 13,268 million compared to DKK 9,893 million and DKK 12,431 million, respectively, as of December 31, 2022. Genmab\u2019s cash and cash equivalents and marketable secu-rities support the advancement of our product pipeline and operations.The adequacy of our available funds will depend on many factors, including the level of DARZALEX and other royalty streams, progress in our research and development programs, the magnitude of those programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future acquisitions. Accordingly, Genmab may require additional funds and may attempt to raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources.The Board of Directors monitors the share and capital structure to ensure that Genmab\u2019s capital resources support its strategic goals.Neither Genmab A/S nor any of its subsid-iaries are subject to externally imposed capital requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__169": {
"value": "4.2Financial RiskThe financial risks of Genmab are managed centrally.The overall risk management guidelines have been approved by the Board of Directors and include the Group\u2019s investment policy related to our marketable securities. The Group\u2019s risk management guidelines are established to identify and analyze the risks faced by the Genmab Group, to set the appropriate risk limits and controls and to monitor the risks and adherence to limits. It is Genmab\u2019s policy not to actively speculate in financial risks. The Group\u2019s financial risk management is directed solely towards monitoring and reducing financial risks which are directly related to Genmab\u2019s operations.The primary objective of Genmab\u2019s invest-ment activities is to preserve capital and ensure liquidity with a secondary objective of maximizing the return derived from security investments without significantly increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for which investments (which are primarily shorter-term in nature) are considered to be eligible investments for Genmab and which investment parameters are to be applied, including maturity limitations and credit ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the risk of loss resulting from over-concentration of assets in a specific class, issuer, currency, country, or economic sector.Genmab\u2019s marketable securities are admin-istrated by external investment managers. The investment guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab\u2019s activities and financial position. Genmab\u2019s investment policy allows investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody\u2019s. The policy also includes addi-tional allowable investment types such as corporate debt, commercial paper, certificates of deposit, and certain types of AAA rated asset-backed securities.In addition to the capital management and financing risk mentioned in Note 4.1, Genmab has identified the following key financial risk areas, which are mainly related to our marketable securities portfolio:\u2022 credit risk;\u2022 foreign currency risk; and\u2022 interest rate riskAll of Genmab\u2019s marketable securities are traded in established markets. Given the current market conditions, all future cash inflows including re-investments of proceeds from the disposal of marketable securities are invested in highly liquid, investment grade securities. Refer to Note 4.4 for additional information regarding marketable securities.Credit RiskGenmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable secu-rities was DKK 28,135 million as of December 31, 2023 compared to DKK 22,324 million as of December 31, 2022. The maximum credit exposure to Genmab\u2019s receivables was DKK 5,009 million as of December 31, 2023 compared to DKK 5,760 million as of December 31, 2022.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer.Category S&P Moody\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2023, 71% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1 / P-1 rated by S&P, Moody\u2019s or Fitch compared to 75% as of December 31, 2022. The total value of marketable securities amounted to DKK 13,268 million at the end of 2023 compared to DKK 12,431 million at the end of 2022.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F1 and A1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equiv-alents amounted to DKK 14,867 million as of December 31, 2023 compared to DKK 9,893 million at the end of 2022. The increase was primarily driven by Genmab\u2019s profitability and shortened duration on the portfolio over the course of 2023.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.1, Janssen, Novartis, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue.Foreign Currency RiskGenmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently, there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 86% of total revenue in 2023 as compared to 89% in 2022 and 92% in 2021.Under our license agreement with Janssen for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against the annual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.There is also exposure that exchange rate fluctu-ations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:December 31, December 31, Percent20232022USD 81% 80%DKK 12% 12%EUR 6% 7%GBP 1% 1%Total at December 31 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, market-able securities, and receivables related to our collaborations with Janssen, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recog-nized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2023 and 2022, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.7 billion and DKK 2.2 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equivalents, marketable securities, receivables and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2023 and 2022, Genmab\u2019s EUR exposure is not material.Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31, 2023 and 2022, Genmab\u2019s GBP exposure is not material.Interest Rate RiskGenmab\u2019s exposure to interest rate risk is primarily related to marketable securities, as Genmab currently does not have significant interest- bearing debts.Marketable SecuritiesThe securities in which the Group has invested bear interest rate risk, as a change in market- derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis.To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates.A sensitivity analysis was performed on Genmab\u2019s marketable securities, and based on exposures in 2022 and 2023, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instruments. Due to the short-term nature of the current investments and to the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair value due to interest rate changes is considered to be insignificant compared to the fair value of the portfolio.(DKK million) 2023 2022Year of Maturity2023 \u2013 6,2542024 6,742 3,6602025 3,717 1,8012026 2,175 2192027 232 452028+ 402 452Total at December 31 13,268 12,431",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__170": {
"value": "Credit RiskGenmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable secu-rities was DKK 28,135 million as of December 31, 2023 compared to DKK 22,324 million as of December 31, 2022. The maximum credit exposure to Genmab\u2019s receivables was DKK 5,009 million as of December 31, 2023 compared to DKK 5,760 million as of December 31, 2022.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer.Category S&P Moody\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2023, 71% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1 / P-1 rated by S&P, Moody\u2019s or Fitch compared to 75% as of December 31, 2022. The total value of marketable securities amounted to DKK 13,268 million at the end of 2023 compared to DKK 12,431 million at the end of 2022.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F1 and A1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equiv-alents amounted to DKK 14,867 million as of December 31, 2023 compared to DKK 9,893 million at the end of 2022. The increase was primarily driven by Genmab\u2019s profitability and shortened duration on the portfolio over the course of 2023.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.1, Janssen, Novartis, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__171-1": {
"value": "Genmab is exposed to credit risk and losses on marketable securities and bank deposits. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable secu-rities was DKK 28,135 million as of December 31, 2023 compared to DKK 22,324 million as of December 31, 2022. The maximum credit exposure to Genmab\u2019s receivables was DKK 5,009 million as of December 31, 2023 compared to DKK 5,760 million as of December 31, 2022.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F1 and A1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equiv-alents amounted to DKK 14,867 million as of December 31, 2023 compared to DKK 9,893 million at the end of 2022. The increase was primarily driven by Genmab\u2019s profitability and shortened duration on the portfolio over the course of 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__175-1": {
"value": "Foreign Currency RiskGenmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently, there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 86% of total revenue in 2023 as compared to 89% in 2022 and 92% in 2021.Under our license agreement with Janssen for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against the annual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.There is also exposure that exchange rate fluctu-ations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:December 31, December 31, Percent20232022USD 81% 80%DKK 12% 12%EUR 6% 7%GBP 1% 1%Total at December 31 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, market-able securities, and receivables related to our collaborations with Janssen, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recog-nized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2023 and 2022, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.7 billion and DKK 2.2 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equivalents, marketable securities, receivables and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2023 and 2022, Genmab\u2019s EUR exposure is not material.Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31, 2023 and 2022, Genmab\u2019s GBP exposure is not material.4.5Financial Income and Expenses(DKK million) 2023 2022 2021Financial income:Interest and other financial income 939 324 197Gain on marketable securities, net 319 \u2013 \u2013Foreign exchange rate gain, net \u2013 1,034 1,470Total financial income 1,258 1,358 1,667Financial expenses:Interest and other financial expenses (27) (21) (13)Loss on marketable securities, net \u2013 (361) (246)Loss on other investments, net (26) (298) (443)Foreign exchange rate loss, net (889) \u2013 \u2013Total financial expenses (942) (680) (702)Net financial items 316 678 965Interest IncomeInterest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of DKK 615 million, or 190%, was driven by higher effective interest rates in the U.S., Europe and Denmark.Foreign Exchange Rate Gains and LossesForeign exchange rate losses, net of DKK 889 million in 2023 compared to foreign exchange rate gains, net of DKK 1,034 million in 2022 and DKK 1,470 million in 2021 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, December 31, December 31, 202320222021USD/DKK Foreign Exchange Rates 6.7447 6.9722 6.5612% Increase/(Decrease) (3)% 6% 8%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesGain on marketable securities, net was DKK 319 million in 2023 compared to loss on market-able securities, net of DKK 361 million in 2022. The increase of DKK 680 million, or 188%, was primarily driven by interest rate outlooks for the U.S. and Europe.Other InvestmentsLoss on other investments, net was DKK 26 million in 2023, DKK 298 million in 2022 and DKK 443 million in 2021. The losses in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__174-1": {
"value": "Foreign Currency RiskGenmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently, there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 86% of total revenue in 2023 as compared to 89% in 2022 and 92% in 2021.Under our license agreement with Janssen for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against the annual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.There is also exposure that exchange rate fluctu-ations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total marketable securities were as follows:December 31, December 31, Percent20232022USD 81% 80%DKK 12% 12%EUR 6% 7%GBP 1% 1%Total at December 31 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, market-able securities, and receivables related to our collaborations with Janssen, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recog-nized in the income statement. Based on the amount of assets and liabilities denominated in USD as of December 31, 2023 and 2022, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 2.7 billion and DKK 2.2 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equivalents, marketable securities, receivables and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2023 and 2022, Genmab\u2019s EUR exposure is not material.Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securi-ties denominated in GBP. As of December 31, 2023 and 2022, Genmab\u2019s GBP exposure is not material.Interest Rate RiskGenmab\u2019s exposure to interest rate risk is primarily related to marketable securities, as Genmab currently does not have significant interest- bearing debts.Marketable SecuritiesThe securities in which the Group has invested bear interest rate risk, as a change in market- derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis.To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates.A sensitivity analysis was performed on Genmab\u2019s marketable securities, and based on exposures in 2022 and 2023, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instruments. Due to the short-term nature of the current investments and to the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair value due to interest rate changes is considered to be insignificant compared to the fair value of the portfolio.(DKK million) 2023 2022Year of Maturity2023 \u2013 6,2542024 6,742 3,6602025 3,717 1,8012026 2,175 2192027 232 452028+ 402 452Total at December 31 13,268 12,431",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__179-1": {
"value": "Categories of Financial Assets and LiabilitiesDecember 31,(DKK million) Note 2023 2022Financial assets measured at fair value through profit or lossMarketable securities 4.4 13,268 12,4313.4 134 133Other investments Financial assets measured at amortized cost3.6 4,768 5,616Receivables excluding prepayments Cash and cash equivalents 14,867 9,893Financial liabilities measured at amortized cost:3.3 (770) (597)Lease liabilities 3.8 Other payables excluding provisions (1,715)(2,316)Fair Value MeasurementDecember 31,2023 2022(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Measured at Fair ValueMarketable securities 4.4 13,268 \u2013 \u2013 13,268 12,431 \u2013 \u2013 12,431Other investments 3.4 47 \u2013 87 134 67 \u2013 66 133Marketable SecuritiesSubstantially all fair market values are deter-mined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsThe fair value of Genmab\u2019s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1).There were no transfers into or out of Level 3 during 2023 or 2022. Acquisitions (capital calls) and fair value changes on Level 3 investments in 2023 and 2022 were as follows:Other (DKK million)investmentsFair value at December 31, 2021 27Acquisitions 39Fair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.4.4Marketable SecuritiesMarket Market value Share value Share (DKK million)2023%2022%USD portfolioCorporate bonds 6,039 46% 5,091 41%U.S. government bonds and treasury bills 3,247 24% 3,067 25%Commercial paper 451 3% 807 6%Other 1,003 8% 1,023 8%Total USD portfolio 10,740 81% 9,988 80%DKK portfolioKingdom of Denmark bonds and treasury bills 419 3% 442 3%Danish mortgage-backed securities 1,170 9% 1,093 9%Total DKK portfolio 1,589 12% 1,535 12%EUR portfolioEuropean government bonds and treasury bills 858 6% 832 7%GBP portfolioUK government bonds and treasury bills 81 1% 76 1%Total portfolio at December 31 13,268 100% 12,431 100%Marketable securities at December 31 13,268 12,431Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__181-1": {
"value": "Fair Value MeasurementDecember 31,2023 2022(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Measured at Fair ValueMarketable securities 4.4 13,268 \u2013 \u2013 13,268 12,431 \u2013 \u2013 12,431Other investments 3.4 47 \u2013 87 134 67 \u2013 66 133Marketable securities 4.4 13,268 12,4313.4 134 133Other investments Financial assets measured at amortized cost3.6 4,768 5,616Receivables excluding prepayments Cash and cash equivalents 14,867 9,893Financial liabilities measured at amortized cost:3.3 (770) (597)Lease liabilities 3.8 Other payables excluding provisions (1,715)(2,316)Marketable SecuritiesSubstantially all fair market values are deter-mined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsThe fair value of Genmab\u2019s investment in CureVac is determined using unadjusted quoted prices in established markets (Level 1).There were no transfers into or out of Level 3 during 2023 or 2022. Acquisitions (capital calls) and fair value changes on Level 3 investments in 2023 and 2022 were as follows:Other (DKK million)investmentsFair value at December 31, 2021 27Acquisitions 39Fair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__193": {
"value": "Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__188": {
"value": "Accounting PoliciesClassification of Categories of Financial Assets and LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__198": {
"value": "4.4Marketable SecuritiesMarket Market value Share value Share (DKK million)2023%2022%USD portfolioCorporate bonds 6,039 46% 5,091 41%U.S. government bonds and treasury bills 3,247 24% 3,067 25%Commercial paper 451 3% 807 6%Other 1,003 8% 1,023 8%Total USD portfolio 10,740 81% 9,988 80%DKK portfolioKingdom of Denmark bonds and treasury bills 419 3% 442 3%Danish mortgage-backed securities 1,170 9% 1,093 9%Total DKK portfolio 1,589 12% 1,535 12%EUR portfolioEuropean government bonds and treasury bills 858 6% 832 7%GBP portfolioUK government bonds and treasury bills 81 1% 76 1%Total portfolio at December 31 13,268 100% 12,431 100%Marketable securities at December 31 13,268 12,431Refer to Note 4.2 for additional information regarding the risks related to our marketable securities. Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__194": {
"value": "4.4Marketable SecuritiesMarket Market value Share value Share (DKK million)2023%2022%USD portfolioCorporate bonds 6,039 46% 5,091 41%U.S. government bonds and treasury bills 3,247 24% 3,067 25%Commercial paper 451 3% 807 6%Other 1,003 8% 1,023 8%Total USD portfolio 10,740 81% 9,988 80%DKK portfolioKingdom of Denmark bonds and treasury bills 419 3% 442 3%Danish mortgage-backed securities 1,170 9% 1,093 9%Total DKK portfolio 1,589 12% 1,535 12%EUR portfolioEuropean government bonds and treasury bills 858 6% 832 7%GBP portfolioUK government bonds and treasury bills 81 1% 76 1%Total portfolio at December 31 13,268 100% 12,431 100%Marketable securities at December 31 13,268 12,431Refer to Note 4.2 for additional information regarding the risks related to our marketable securities. Accounting PoliciesMarketable securities consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of market-able securities depends on the business model for managing the asset and the cash flow charac-teristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in profit and loss and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__204-1": {
"value": "4.5Financial Income and Expenses(DKK million) 2023 2022 2021Financial income:Interest and other financial income 939 324 197Gain on marketable securities, net 319 \u2013 \u2013Foreign exchange rate gain, net \u2013 1,034 1,470Total financial income 1,258 1,358 1,667Financial expenses:Interest and other financial expenses (27) (21) (13)Loss on marketable securities, net \u2013 (361) (246)Loss on other investments, net (26) (298) (443)Foreign exchange rate loss, net (889) \u2013 \u2013Total financial expenses (942) (680) (702)Net financial items 316 678 965Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__203": {
"value": "4.5Financial Income and Expenses(DKK million) 2023 2022 2021Financial income:Interest and other financial income 939 324 197Gain on marketable securities, net 319 \u2013 \u2013Foreign exchange rate gain, net \u2013 1,034 1,470Total financial income 1,258 1,358 1,667Financial expenses:Interest and other financial expenses (27) (21) (13)Loss on marketable securities, net \u2013 (361) (246)Loss on other investments, net (26) (298) (443)Foreign exchange rate loss, net (889) \u2013 \u2013Total financial expenses (942) (680) (702)Net financial items 316 678 965Interest IncomeInterest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of DKK 615 million, or 190%, was driven by higher effective interest rates in the U.S., Europe and Denmark.Foreign Exchange Rate Gains and LossesForeign exchange rate losses, net of DKK 889 million in 2023 compared to foreign exchange rate gains, net of DKK 1,034 million in 2022 and DKK 1,470 million in 2021 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, December 31, December 31, 202320222021USD/DKK Foreign Exchange Rates 6.7447 6.9722 6.5612% Increase/(Decrease) (3)% 6% 8%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesGain on marketable securities, net was DKK 319 million in 2023 compared to loss on market-able securities, net of DKK 361 million in 2022. The increase of DKK 680 million, or 188%, was primarily driven by interest rate outlooks for the U.S. and Europe.Other InvestmentsLoss on other investments, net was DKK 26 million in 2023, DKK 298 million in 2022 and DKK 443 million in 2021. The losses in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__202": {
"value": "4.5Financial Income and Expenses(DKK million) 2023 2022 2021Financial income:Interest and other financial income 939 324 197Gain on marketable securities, net 319 \u2013 \u2013Foreign exchange rate gain, net \u2013 1,034 1,470Total financial income 1,258 1,358 1,667Financial expenses:Interest and other financial expenses (27) (21) (13)Loss on marketable securities, net \u2013 (361) (246)Loss on other investments, net (26) (298) (443)Foreign exchange rate loss, net (889) \u2013 \u2013Total financial expenses (942) (680) (702)Net financial items 316 678 965Interest IncomeInterest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of DKK 615 million, or 190%, was driven by higher effective interest rates in the U.S., Europe and Denmark.Foreign Exchange Rate Gains and LossesForeign exchange rate losses, net of DKK 889 million in 2023 compared to foreign exchange rate gains, net of DKK 1,034 million in 2022 and DKK 1,470 million in 2021 were primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, December 31, December 31, 202320222021USD/DKK Foreign Exchange Rates 6.7447 6.9722 6.5612% Increase/(Decrease) (3)% 6% 8%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesGain on marketable securities, net was DKK 319 million in 2023 compared to loss on market-able securities, net of DKK 361 million in 2022. The increase of DKK 680 million, or 188%, was primarily driven by interest rate outlooks for the U.S. and Europe.Other InvestmentsLoss on other investments, net was DKK 26 million in 2023, DKK 298 million in 2022 and DKK 443 million in 2021. The losses in the respective periods are primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__206": {
"value": "Interest IncomeInterest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of DKK 615 million, or 190%, was driven by higher effective interest rates in the U.S., Europe and Denmark",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__205": {
"value": "Interest IncomeInterest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of DKK 615 million, or 190%, was driven by higher effective interest rates in the U.S., Europe and Denmark",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__210": {
"value": "Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__209": {
"value": "Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__208": {
"value": "Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notesesefdkgaap__7__212": {
"value": "4.6Share-Based InstrumentsRestricted Stock Unit ProgramGenmab A/S has established an RSU program (equity-settled share-based payment transac-tions) as an incentive for Genmab\u2019s employees, members of the Executive Management, and members of the Board of Directors. RSUs granted to Executive Management are performance-based.RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the registered Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting.See the table below for a summary of key terms of Genmab\u2019s RSU programs:RSUs granted in periodsKey terms December 2019\u2013February 2021 From February 2021Grants Granted at closing share price on the grant date.Vesting Cliff vesting \u2014 RSUs become fully vested on the first banking day of the month following a (settlement)period of three years from the grant date.After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares.1Leaver Leavers \u2014 Forfeit all unvested RSUs except Good-Leavers \u2014 May maintain a pro-rata when due to retirement, death, serious portion of unvested RSUs.sickness or serious injury, in which case 2Bad-Leavers \u2014 Forfeit all unvested RSUs.granted but not yet vested RSUs shall remain outstanding and will be settled in Death \u2014 Forfeit all unvested RSUs.accordance with their terms.Notwithstanding the above, the December 2020 RSU grant to members of the Board of Directors was made subject to pro-rata vesting upon termination of board services.Employees and Executive Management \u2014 RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.1. \u201cGood-Leaver\u201d \u2014 Dismissal without cause or termination of employment due to Genmab\u2019s material breach of the RSU or Warrant holder\u2019s employment terms, or if the participant is a member of the Board of Directors, if the membership of the Board of Directors ceases for any other reason than as a result of the participant\u2019s death.2. \u201cBad-leaver\u201d \u2014 Dismissed for cause or during the employment probationary period.The RSU program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program.RSU Activity in 2023, 2022 and 2021Number of RSUs held by former members of Number of the Executive Number of RSUs RSUs held by Management, Weighted average Total fair value of held by the Board the Executive Number of RSUs Board of Directors fair value \u2014 RSUs RSUs granted \u2014 of DirectorsManagementheld by employeesand employees Total RSUsgranted \u2014 DKKDKK millionOutstanding at January 1, 2021 12,565 66,182 197,374 17,807 293,928Granted* 3,297 31,417 146,684 4,817 186,215 2,236.44 416Settled (3,556) (14,089) (35,962) (9,967) (63,574)Transferred (688) 5,533 (14,810) 9,965 \u2013Cancelled (653) \u2013 (255) (9,670) (10,578)Outstanding at December 31, 2021 10,965 89,043 293,031 12,952 405,991Outstanding at January 1, 2022 10,965 89,043 293,031 12,952 405,991Granted* 4,295 40,453 221,000 6,383 272,131 2,250.18 612Settled (3,420) (17,165) (67,945) (12,847) (101,377)Transferred (2,368) \u2013 (13,749) 16,117 \u2013Cancelled (653) \u2013 (9,195) (18,759) (28,607)Outstanding at December 31, 2022 8,819 112,331 423,142 3,846 548,138Outstanding at January 1, 2023 8,819 112,331 423,142 3,846 548,138Granted* 3,361 75,854 208,353 11,643 299,211 2,619.35 784Settled (1,880) (35,773) (54,871) (9,805) (102,329)Transferred \u2013 12,918 (55,103) 42,185 \u2013Cancelled \u2013 (4,357) (35) (37,984) (42,376)Outstanding at December 31, 2023 10,300 160,973 521,486 9,885 702,644*RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.Warrant ProgramGenmab A/S has established a warrant program (equity-settled share-based payment trans-actions) as an incentive for all the Genmab Group\u2019s employees.Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S\u2019 shareholders.Following Genmab\u2019s Annual General Meeting on March 29, 2023, members of the registered Executive Management and members of the Board of Directors may only be granted RSUs.See the table below for a summary of key terms of Genmab\u2019s warrant programs:Warrants granted in periodsKey terms April 2012\u2013March 2017 March 2017\u2013February 2021 From February 2021Grants Granted at an exercise price equal to the closing share price on the grant date.Vesting Annually over 4-year period Cliff vesting over 3-year period (100% after 3 years)(exercisable)(25% per year)Leaver Leavers \u2014 Forfeit all unvested warrants; however, may Good-Leavers \u2014 May be able to exercise warrants on a regular schedule in maintain a pro-rata portion instances where the employment relationship is terminated of unvested warrants.by Genmab without cause.Bad-Leavers \u2014 Forfeit all unvested warrants.Death \u2014 Forfeit all unvested warrants.Lapse 7th anniversary of grant dateThe warrant program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program.Warrant Activity in 2023, 2022 and 2021Number of warrants held by former members Number of Number of of the Executive Weighted Outstanding warrants held warrants held Number of Management, Weighted average share warrants \u2014 by the Board of by the Executive warrants held by Board of Directors average exercise price at exercise % of DirectorsManagementemployeesand employees Total warrantsprice \u2014 DKKdate \u2014 DKKshare capitalOutstanding at January 1, 2021 11,941 140,815 732,577 103,135 988,468 1,247.22Granted* 1,217 1,287 167,080 6,400 175,984 2,282.35Exercised (2,500) (7,250) (105,726) (57,232) (172,708) 780.48 2,439.80Expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Cancelled \u2013 \u2013 (477) (22,816) (23,293) 1,956.91Transfers \u2013 24,782 (54,454) 29,672 \u2013 \u2013Outstanding at December 31, 2021 10,658 159,634 739,000 59,159 968,451 1,501.49 1%Exercisable at year end 6,594 135,723 219,386 50,021 411,724 1,058.41Exercisable warrants in the money at year end 6,594 135,723 219,386 50,021 411,724 1,058.41Outstanding at January 1, 2022 10,658 159,634 739,000 59,159 968,451 1,501.49Granted* 1,541 \u2013 250,005 7,412 258,958 2,244.22Exercised (1,558) (29,836) (176,948) (34,775) (243,117) 1,154.95 2,815.33Expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Cancelled \u2013 \u2013 (13,670) (32,654) (46,324) 2,029.00Transfers (8,721) \u2013 (25,373) 34,094 \u2013 \u2013Outstanding at December 31, 2022 1,920 129,798 773,014 33,236 937,968 1,770.31 1%Exercisable at year end 617 118,571 282,296 32,695 434,179 1,265.68Exercisable warrants in the money at year end 617 118,571 282,296 32,695 434,179 1,265.68Outstanding at January 1, 2023 1,920 129,798 773,014 33,236 937,968 1,770.31Granted* 403 \u2013 198,001 10,973 209,377 2,632.02Exercised \u2013 (11,900) (74,672) (26,390) (112,962) 1,341.40 2,657.76Expired \u2013 \u2013 (1,200) (117) (1,317) 1,225.18Cancelled \u2013 \u2013 (32) (43,143) (43,175) 2,274.50Transfers \u2013 21,295 (103,396) 82,101 \u2013 \u2013Outstanding at December 31, 2023 2,323 139,193 791,715 56,660 989,891 1,980.25 1%Exercisable at year end 875 123,345 246,635 45,686 416,541 1,416.25Exercisable warrants in the money at year end 617 123,345 192,945 43,632 360,539 1,272.37*Warrants held by the Board of Directors include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.Weighted Average Outstanding Warrants at December 31, 2023Exercise Number of Weighted average Number of price warrants remaining contractual warrants DKK Grant dateoutstandinglife (in years)exercisable962.00 June 7, 2018 3,520 1.44 3,5201,025.00 December 10, 2018 99,733 1.94 99,7331,032.00 December 15, 2017 60,799 0.96 60,7991,050.00 September 21, 2018 12,792 1.73 12,7921,147.50 June 6, 2019 2,775 2.43 2,7751,155.00 March 29, 2019 506 2.25 5061,161.00 March 1, 2019 8,373 2.17 8,3731,210.00 April 10, 2018 3,678 1.28 3,6781,334.50 October 11, 2019 22,392 2.78 22,3921,362.50 March 26, 2020 26,264 3.24 26,2641,402.00 March 28, 2017 6,660 0.24 6,6601,408.00 June 8, 2017 678 0.44 6781,432.00 October 5, 2017 1,994 0.76 1,9941,615.00 December 5, 2019 104,549 2.93 104,5491,948.00 June 3, 2020 5,826 3.43 5,8262,070.00 February 26, 2021 82,853 4.16 \u20132,103.00 June 9, 2022 20,263 5.44 \u20132,129.00 January 25, 2022 15,695 5.07 \u20132,144.00 November 21, 2023 7,626 6.89 \u20132,148.00 April 13, 2021 14,564 4.29 \u20132,175.00 February 25, 2022 152,619 5.15 \u20132,317.00 October 7, 2020 33,629 3.77 33,6292,381.00 December 15, 2020 22,373 3.96 22,3732,408.00 March 29, 2022 13,162 5.25 \u20132,491.00 September 28, 2023 7,866 6.74 \u20132,492.00 January 28, 2021 10,053 4.08 \u20132,585.00 September 20, 2022 18,632 5.72 \u20132,594.00 March 29, 2023 15,811 6.25 \u20132,641.00 November 22, 2021 6,297 4.89 \u20132,661.00 February 24, 2023 154,746 6.15 \u20132,680.00 January 24, 2023 5,030 6.07 \u20132,688.00 June 8, 2023 7,958 6.44 \u20132,698.00 June 22, 2021 13,163 4.48 \u20132,806.00 October 7, 2021 18,583 4.77 \u20133,172.00 November 21, 2022 8,429 5.89 \u20131,980.25 989,891 4.11 416,541Weighted Average Outstanding Warrants at December 31, 2022Exercise Number of Weighted average Number of price warrants remaining contractual warrants DKK Grant dateoutstandinglife (in years)exercisable815.50 March 17, 2016 2,725 0.21 2,725962.00 June 7, 2018 4,646 2.44 4,6461,025.00 December 10, 2018 109,918 2.94 109,9181,032.00 December 15, 2017 63,230 1.96 63,2301,050.00 September 21, 2018 14,024 2.73 14,0241,136.00 October 6, 2016 2,695 0.77 2,6951,145.00 December 15, 2016 14,963 0.96 14,9631,147.50 June 6, 2019 9,386 3.43 9,3861,155.00 March 29, 2019 5,509 3.25 5,5091,161.00 March 1, 2019 10,128 3.17 10,1281,210.00 April 10, 2018 7,090 2.28 7,0901,233.00 June 9, 2016 3,681 0.44 3,6811,334.50 October 11, 2019 32,150 3.78 32,1501,362.50 March 26, 2020 30,938 4.24 \u20131,402.00 March 28, 2017 6,837 1.24 6,8371,408.00 June 8, 2017 954 1.44 9541,424.00 February 10, 2017 408 1.11 4081,427.00 March 29, 2017 8,400 1.25 8,4001,432.00 October 5, 2017 1,994 1.76 1,9941,615.00 December 5, 2019 135,441 3.93 135,4411,948.00 June 3, 2020 12,961 4.43 \u20132,070.00 February 26, 2021 90,968 5.16 \u20132,103.00 June 9, 2022 22,221 6.44 \u20132,129.00 January 25, 2022 15,986 6.07 \u20132,148.00 April 13, 2021 15,097 5.29 \u20132,175.00 February 25, 2022 166,286 6.15 \u20132,317.00 October 7, 2020 34,109 4.77 \u20132,381.00 December 15, 2020 22,983 4.96 \u20132,408.00 March 29, 2022 13,459 6.25 \u20132,492.00 January 28, 2021 10,053 5.08 \u20132,585.00 September 20, 2022 19,644 6.72 \u20132,641.00 November 22, 2021 6,456 5.89 \u20132,698.00 June 22, 2021 14,216 5.48 \u20132,806.00 October 7, 2021 19,476 5.77 \u20133,172.00 November 21, 2022 8,936 6.89 \u20131,770.31 937,968 4.40 434,179 Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corresponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are desig-nated as equity-settled share-based payment transactions. Management\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022 The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;\u2022 The risk-free interest rate, which is determined as the interest rate on Danish government bonds (bullet issues) with an average maturity of four to six years;\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Valuation Assumptions for Warrants Granted in 2023, 2022 and 2021The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:2023 2022 2021Weighted AverageFair value per warrant on grant date 924.10 664.08 701.82Share price 2,632.02 2,244.22 2,282.35Exercise price 2,632.02 2,244.22 2,282.35Expected dividend yield 0% 0% 0%Expected stock price volatility 35.3% 33.5% 36.6%Risk-free interest rate 2.48% 0.15% \u20130.54%Expected life of warrants 5 years 5 years 5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants granted DKK 193 million DKK 172 million DKK 124 million",
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"s9_notesesefdkgaap__7__214": {
"value": "Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corresponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are desig-nated as equity-settled share-based payment transactions.",
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"s9_notesesefdkgaap__7__213": {
"value": "Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recog-nized in the income statement based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants is assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corresponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are desig-nated as equity-settled share-based payment transactions.",
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"s9_notesesefdkgaap__7__216": {
"value": "4.7Share CapitalShare CapitalThe share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.As of December 31, 2023, the share capital of Genmab A/S comprised 66,074,535 shares of DKK 1 each with one vote. There are no restric-tions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obli-gation to allow his/her shares to be redeemed.Genmab\u2019s Board of Directors is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instruments of Genmab A/S as set out in articles 4A-5B of Genmab A/S\u2019 articles of association. Further, Genmab\u2019s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2023:April 13, 2021 March 29, 2019 authorizationauthorizationWarrants issued 242,123 500,000Warrants reissued 17,283 79,266Warrants available for issue 507,877 \u2013Warrants available for reissue 2,136 2,418Share PremiumThe share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s offerings, reduced by any external expenses directly attributable to the offerings. The share premium reserve can be distributed.Changes in Share Capital During 2021 to 2023The share capital of DKK 66 million at December 31, 2023, is divided into 66,074,535 shares at a nominal value of DKK 1 each.Share capital 1Number of shares(DKK million) Share price rangesDecember 31, 2020 65,545,748 65.5Exercise of warrants 172,708 0.2 DKK 31.75 to DKK 1,432.00December 31, 2021 65,718,456 65.7Exercise of warrants 243,117 0.3 DKK 466.20 to DKK 1,615.00December 31, 2022 65,961,573 66.0Exercise of warrants 112,962 0.1 DKK 815.50 to DKK 1,948.00December 31, 2023 66,074,535 66.11. New shares were subscribed at share prices in connection with the exercise of warrants under Genmab\u2019s warrant program.Treasury SharesProportion of Number of Share capital share capital Cost shares(DKK million)%(DKK million)Shareholding at December 31, 2020 132,106 0.1 0.2 154Purchase of treasury shares 200,000 0.2 0.3 447Shares used for funding RSU program (43,781) \u2013 (0.1) (51)Shareholding at December 31, 2021 288,325 0.3 0.4 550Purchase of treasury shares 370,000 0.4 0.6 908Shares used for funding RSU program (68,377) (0.1) (0.1) (80)Shareholding at December 31, 2022 589,948 0.6 0.9 1,378Purchase of treasury shares 220,000 0.2 0.3 564Shares used for funding RSU program (65,778) (0.1) (0.1) (126)Shareholding at December 31, 2023 744,170 0.7 1.1 1,816Share RepurchasesGenmab intends to purchase its own shares primarily to cover obligations in relation to the share-based remuneration programs.202320212019authorizationauthorizationauthorization1Number of shares authorized for repurchase500,000 500,000 500,000Actual shares repurchased under authorization \u2013 260,000 500,000Shares available for repurchase as of December 31, 2023 500,000 240,000 \u20131. Nominal value of DKK 500,000.As announced on February 22, 2023, Genmab initiated a share buy-back program. During 2023, Genmab acquired 220,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2022. The total amount paid to acquire the shares, including directly attributable costs, was DKK 564 million and was recognized as a deduction to shareholders\u2019 equity. During 2022, Genmab acquired 370,000 of its own shares, representing approximately 0.6% of share capital as of December 31, 2021. The total amount paid to acquire the shares, including directly attributable costs, was DKK 908 million and was recognized as a deduction to shareholders\u2019 equity. These shares are classi-fied as treasury shares and are presented within retained earnings on the balance sheet as of December 31, 2023.As of December 31, 2023, 744,170 treasury shares were held by Genmab.",
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"s9_notesesefdkgaap__7__215": {
"value": "4.7Share CapitalShare CapitalThe share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.As of December 31, 2023, the share capital of Genmab A/S comprised 66,074,535 shares of DKK 1 each with one vote. There are no restric-tions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obli-gation to allow his/her shares to be redeemed.Genmab\u2019s Board of Directors is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instruments of Genmab A/S as set out in articles 4A-5B of Genmab A/S\u2019 articles of association. Further, Genmab\u2019s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2023:April 13, 2021 March 29, 2019 authorizationauthorizationWarrants issued 242,123 500,000Warrants reissued 17,283 79,266Warrants available for issue 507,877 \u2013Warrants available for reissue 2,136 2,418",
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"s9_notesesefdkgaap__7__219-1": {
"value": "5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million) 2023 2022 2021Wages and salaries 71 55 51Share-based compensation expenses 100 70 58Defined contribution plans 3 2 2Total 174 127 111The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2023 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase board fee Committee fees Share-based compensation expenses Total(DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.1 0.9 0.7 2.8 2.6 2.4Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 0.8 0.7 0.5 2.1 2.0 1.8Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.4 0.4 0.6 0.5 0.4 1.7 1.5 1.4Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 0.6 0.5 0.4 1.5 1.4 1.3Rolf Hoffmann 0.6 0.6 0.6 0.3 0.3 0.4 0.6 0.5 0.4 1.5 1.4 1.41Elizabeth O\u2019Farrell0.6 0.5 \u2013 0.3 0.2 \u2013 1.0 0.6 \u2013 1.9 1.3 \u20132Jonathan Peacock\u2013 \u2013 0.5 \u2013 \u2013 0.3 \u2013 \u2013 0.6 \u2013 \u2013 1.43Mijke Zachariasse0.6 0.6 0.6 \u2013 \u2013 \u2013 0.5 0.4 0.3 1.1 1.0 0.93Martin Schultz0.6 0.5 \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.8 0.5 \u20133Takahiro Hamatani0.6 0.5 \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.8 0.5 \u20134Peter Storm Kristensen\u2013 0.1 0.6 \u2013 \u2013 \u2013 \u2013 0.1 0.4 \u2013 0.2 1.04Rima Bawarshi Nassar\u2013 0.1 0.6 \u2013 \u2013 \u2013 \u2013 0.1 0.2 \u2013 0.2 0.8Total 6.3 6.2 6.2 2.3 2.1 2.3 5.6 4.3 3.9 14.2 12.6 12.41. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Employee-elected board members were elected at the Annual General Meeting in March 2022.4. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee-elected board members at the Annual General Meeting in March 2022.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Remuneration to the Executive ManagementShare-based Base salary Defined contribution plans Other benefits Annual cash bonuscompensation expenses Total(DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Jan van de Winkel 9.2 8.6 7.9 1.3 1.3 1.1 0.3 0.3 0.6 9.2 8.6 7.9 24.3 22.9 20.6 44.3 41.7 38.1Anthony Pagano 4.4 4.3 3.2 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.6 2.6 1.9 12.5 9.5 7.2 19.6 16.5 12.4Anthony Mancini 4.9 4.7 3.9 0.1 0.1 0.1 \u2013 \u2013 3.1 2.9 2.8 2.3 13.9 11.4 7.2 21.8 19.0 16.6Judith Klimovsky 5.0 4.9 4.0 0.1 0.1 0.1 \u2013 \u2013 \u2013 3.0 2.9 2.5 13.6 14.1 13.2 21.7 22.0 19.81Tahamtan Ahmadi4.7 4.6 3.3 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.9 2.8 2.0 12.1 7.7 5.5 19.8 15.2 10.92Birgitte Stephensen2.6 \u2013 \u2013 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 1.5 \u2013 \u2013 5.7 \u2013 \u2013 10.1 \u2013 \u20132Christopher Cozic3.3 \u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 \u2013 \u2013 7.8 \u2013 \u2013 13.2 \u2013 \u20133Martine van Vugt2.5 \u2013 \u2013 0.6 \u2013 \u2013 0.1 \u2013 \u2013 1.6 \u2013 \u2013 4.1 \u2013 \u2013 8.9 \u2013 \u2013Total 36.6 27.1 22.3 2.7 1.7 1.5 0.4 0.3 3.7 25.7 19.7 16.6 94.0 65.6 53.7 159.4 114.4 97.81. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.2. Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.3. Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally regis-tered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cExecutive Management\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 103 million as of December 31, 2023 (2022: DKK 82 million, 2021: DKK 72 million).5.2Related Party DisclosuresGenmab\u2019s related parties are its Board of Directors, Executive Management, and close members of the family of these persons.Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the members of the Board of Directors or members of the Executive Management.Other than the remuneration and other transac-tions relating to the Board of Directors and the Executive Management described in Note 5.1, there were no material related party transactions during 2023, 2022 and 2021.",
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"s9_notesesefdkgaap__7__218": {
"value": "5.1Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board of Directors and Executive Management is as follows:(DKK million) 2023 2022 2021Wages and salaries 71 55 51Share-based compensation expenses 100 70 58Defined contribution plans 3 2 2Total 174 127 111The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab\u2019s 2023 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remu-neration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the income statement and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase board fee Committee fees Share-based compensation expenses Total(DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.1 0.9 0.7 2.8 2.6 2.4Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 0.8 0.7 0.5 2.1 2.0 1.8Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.4 0.4 0.6 0.5 0.4 1.7 1.5 1.4Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 0.6 0.5 0.4 1.5 1.4 1.3Rolf Hoffmann 0.6 0.6 0.6 0.3 0.3 0.4 0.6 0.5 0.4 1.5 1.4 1.41Elizabeth O\u2019Farrell0.6 0.5 \u2013 0.3 0.2 \u2013 1.0 0.6 \u2013 1.9 1.3 \u20132Jonathan Peacock\u2013 \u2013 0.5 \u2013 \u2013 0.3 \u2013 \u2013 0.6 \u2013 \u2013 1.43Mijke Zachariasse0.6 0.6 0.6 \u2013 \u2013 \u2013 0.5 0.4 0.3 1.1 1.0 0.93Martin Schultz0.6 0.5 \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.8 0.5 \u20133Takahiro Hamatani0.6 0.5 \u2013 \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.8 0.5 \u20134Peter Storm Kristensen\u2013 0.1 0.6 \u2013 \u2013 \u2013 \u2013 0.1 0.4 \u2013 0.2 1.04Rima Bawarshi Nassar\u2013 0.1 0.6 \u2013 \u2013 \u2013 \u2013 0.1 0.2 \u2013 0.2 0.8Total 6.3 6.2 6.2 2.3 2.1 2.3 5.6 4.3 3.9 14.2 12.6 12.41. Elizabeth O\u2019Farrell was newly elected to the Board of Directors at the Annual General Meeting in March 2022.2. Jonathan Peacock stepped down from the Board of Directors effective November 15, 2021, due to increased responsibilities in connection with his other board commitments.3. Employee-elected board members were elected at the Annual General Meeting in March 2022.4. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors as employee-elected board members at the Annual General Meeting in March 2022.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.Remuneration to the Executive ManagementShare-based Base salary Defined contribution plans Other benefits Annual cash bonuscompensation expenses Total(DKK million) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021Jan van de Winkel 9.2 8.6 7.9 1.3 1.3 1.1 0.3 0.3 0.6 9.2 8.6 7.9 24.3 22.9 20.6 44.3 41.7 38.1Anthony Pagano 4.4 4.3 3.2 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.6 2.6 1.9 12.5 9.5 7.2 19.6 16.5 12.4Anthony Mancini 4.9 4.7 3.9 0.1 0.1 0.1 \u2013 \u2013 3.1 2.9 2.8 2.3 13.9 11.4 7.2 21.8 19.0 16.6Judith Klimovsky 5.0 4.9 4.0 0.1 0.1 0.1 \u2013 \u2013 \u2013 3.0 2.9 2.5 13.6 14.1 13.2 21.7 22.0 19.81Tahamtan Ahmadi4.7 4.6 3.3 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.9 2.8 2.0 12.1 7.7 5.5 19.8 15.2 10.92Birgitte Stephensen2.6 \u2013 \u2013 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 1.5 \u2013 \u2013 5.7 \u2013 \u2013 10.1 \u2013 \u20132Christopher Cozic3.3 \u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 2.0 \u2013 \u2013 7.8 \u2013 \u2013 13.2 \u2013 \u20133Martine van Vugt2.5 \u2013 \u2013 0.6 \u2013 \u2013 0.1 \u2013 \u2013 1.6 \u2013 \u2013 4.1 \u2013 \u2013 8.9 \u2013 \u2013Total 36.6 27.1 22.3 2.7 1.7 1.5 0.4 0.3 3.7 25.7 19.7 16.6 94.0 65.6 53.7 159.4 114.4 97.81. Tahamtan Ahmadi was appointed Chief Medical Officer, Head of Experimental Medicines and member of the Executive Management in March 2021.2. Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.3. Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.Genmab has decided to implement an adminis-trative organizational change whereby effective January 1, 2023, only Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, will be formally regis-tered as executive managers with the Danish Business Authority. Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer, will cease to be registered as executive managers with the Danish Business Authority; however, apart from the formal registration amendments there will be no changes to the Executive Management Team, including titles, areas of responsibility or otherwise.Refer to the section \u201cExecutive Management\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In 2021, the Remuneration Policy was amended at the Annual General Meeting to specify that the total value of the remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 103 million as of December 31, 2023 (2022: DKK 82 million, 2021: DKK 72 million).",
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"s9_notesesefdkgaap__7__224": {
"value": "5.3CommitmentsPurchase ObligationsGenmab has entered into a number of agree-ments related to research and development activities that contain various obligations. These short-term contractual obligations amounted to approximately DKK 3,212 million as of December 31, 2023, all of which is due in less than two years (2022: approximately DKK 1,687 million).Genmab also has certain contingent commit-ments under license and collaboration agreements that may become due in the future. As of December 31, 2023, these contingent commitments amounted to approximately DKK 15,393 million (USD 2,282 million) in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 20,077 million (USD 2,880 million) as of December 31, 2022. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events trig-gering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.",
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"s9_notesesefdkgaap__7__223": {
"value": "5.3CommitmentsPurchase ObligationsGenmab has entered into a number of agree-ments related to research and development activities that contain various obligations. These short-term contractual obligations amounted to approximately DKK 3,212 million as of December 31, 2023, all of which is due in less than two years (2022: approximately DKK 1,687 million).Genmab also has certain contingent commit-ments under license and collaboration agreements that may become due in the future. As of December 31, 2023, these contingent commitments amounted to approximately DKK 15,393 million (USD 2,282 million) in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 20,077 million (USD 2,880 million) as of December 31, 2022. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events trig-gering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.",
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"value": "5.3CommitmentsPurchase ObligationsGenmab has entered into a number of agree-ments related to research and development activities that contain various obligations. These short-term contractual obligations amounted to approximately DKK 3,212 million as of December 31, 2023, all of which is due in less than two years (2022: approximately DKK 1,687 million).Genmab also has certain contingent commit-ments under license and collaboration agreements that may become due in the future. As of December 31, 2023, these contingent commitments amounted to approximately DKK 15,393 million (USD 2,282 million) in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 20,077 million (USD 2,880 million) as of December 31, 2022. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events trig-gering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.",
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"value": "5.4Fees to Auditors Appointed at the Annual General Meeting(DKK million) 2023 2022 2021PricewaterhouseCoopersAudit fees 6.1 5.8 5.8Audit-related fees 3.4 2.0 1.8Tax fees \u2013 \u2013 \u2013All other fees 0.1 \u2013 0.1Total 9.6 7.8 7.7Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 3.5 million in 2023 (DKK 2.0 million and DKK 1.9 million in 2022 and 2021, respectively). These services primarily include agreed-upon procedures, other assurance assessments and reports, accounting advice, and educational training.",
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"value": "5.7Subsequent EventsNo events have occurred subsequent to the balance sheet date that could signifi-cantly affect the financial statements as of December 31, 2023.",
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