Annual Report
CVR No. 2 1 02 38 84
Rooted in
Science
Inspired by
Patients
2
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Management’s Review
4 Our 2030 Vision
5 Chair’s Statement
7 Letter from the CEO
9 2023 at a Glance
10 Consolidated Key Figures
11 2024 Outlook
12 Our Strategy
13 Who We Are
14 Business Model
15 Research and Development Capabilities
16 Bringing Our Own Innovative Medicines to Patients
17 Antibody Discovery and Development
18 Products and Technologies
44 Corporate Social Responsibility and Sustainability
Commitments
46 Genmab’s Task Force on Climate-related Financial
Disclosures
49 Stakeholder Engagement
50 Human Capital Management
51 Financial Review
59 Risk Management
64 Enterprise Risk Management
65 Corporate Governance
67 Board of Directors
70 Executive Management
72 Shareholders and Share Information
Financial Statements
75 Financial Statements for the Genmab Group
116 Financial Statements of the Parent Company
131 Directors’ and Management’s Statement on the
Annual Report
132 Independent Auditor’s Reports
Other Information
136 Glossary
137 Forward Looking Statement
138 Contact Information
Table of Contents
Our Reporting Suite
2023 Corporate Responsibility
Report (https://ir.genmab.com/static-
files/c0341966-2b12-4013-ad8b-
e21aeb167f1c)
2023 Corporate Governance Report
2023 Compensation Report
Our Corporate Responsibility, Corporate
Governance and Compensation
Reports for 2023 can be found on
our website, Genmab.com.
4
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Our unstoppable team will improve the lives of
patients through innovative and differentiated
antibody therapeutics.
Our Core Purpose,
Supporting Our 2030 Vision
By 2030, our KYSO
®
(knock-your-socks-off) antibody
medicines are fundamentally
transforming the lives of
people with cancer and other
serious diseases.
Our 2030
Vision
5
Financial Statements Other Information
Management’s Review
Table of ContentsGenmab 2023 Annual Report
Dear Shareholder,
At Genmab, we strive to be our best for patients
with cancer and other serious diseases and
the stakeholders we serve. Our innovators and
forward-thinkers work collaboratively to pioneer
new antibody-based medicines and technol-
ogies, to inspire great ideas, and to support a
shared vision of making a difference in the lives
of patients. Genmab has grown our unstoppable
team at all levels to create life-altering medicines,
and to benefit our patients, employees, and the
communities where we live and work.
Evolution at Genmab
Genmab hit a major milestone in 2023, reaching
2,000 team members internationally. This
exciting landmark is evidence of our hard work
and laser focus to power antibody medicines.
Throughout our growth, we ensured that our
teams act on our values: innovating, bringing
great minds, cultures, and perspectives into the
conversation, remaining patient-centric, and
supporting our communities.
In our efforts to have a positive impact for
patients with cancer and other serious diseases,
our team has deepened our focus on patient
advocacy this year. The patient perspective is
paramount to innovation in research and devel-
opment (R&D) and scientific advancement.
Genmab’s commitment to creating a meaningful
difference is exemplified through our unwavering
focus on understanding the unique experiences
and stories that shape the patient journey.
In 2023, Genmab colleagues participated in
events that demonstrate our commitment
and put our words into action. The Light the
Night walk, a fundraising event supporting The
Leukemia & Lymphoma Society that rallies U.S.
local communities to honor and support those
touched by cancer, is one shining example. With
our increasing footprint, we had engagement in
16 communities in 12 states across the U.S. By
placing the patient at the forefront, Genmab not
only aims to bring patient-centered treatments to
market, but also seeks to address the practical
and emotional aspects vital to the well-being of
the patient communities we serve.
Genmab is preparing for upcoming global
reporting requirements and other local reporting
legislation that will guide our sustainability
strategy in 2024 and beyond, including the EU’s
Corporate Sustainability Reporting Directive
(CSRD) and the U.S. Securities and Exchange
Commission’s Climate-Related Disclosures.
Experienced Leadership
We operate from a core set of values that
underpins every decision we make. Our commit-
ment to operating with integrity requires us to
keep our minds focused on the future while
remaining rooted in science and inspired by
Chair’s Statement
Deirdre P. Connelly
Board Chair
6
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
patients. Genmab strengthened our Executive
Management in 2023 appointing Martine J. van
Vugt, Ph.D. as our first Chief Strategy Officer.
Beginning her professional career at Genmab in
2001, Dr. van Vugt has been active in business
development since 2011.
In 2023, our Board of Directors continued to
provide governance, guidance and dedicated
leadership. Comprised of experts in their fields,
the Board of Directors has supported organiza-
tional growth initiatives, driven global change,
and contributed value across Genmab.
On behalf of the Board of Directors, I would like to
thank Genmab’s dedicated team members, CEO
Jan van de Winkel and the entire global leader-
ship team for their inspiration and extraordinary
leadership as well as our shareholders for your
continued support.
Sincerely,
D P. C
Board Chair
Genmab has grown our
unstoppable team at
all levels to create life-
altering medicines, and
to benefit our patients,
employees, and the
communities where we
live and work.
Chair’s Statement
7
Financial Statements Other Information
Management’s Review
Genmab 2023 Annual Report Table of Contents
Dear Shareholder,
New Horizons Inspired by Our
Accomplishments
2023 was a standout year for Genmab. For
many years our team was a small one, but it was
dedicated — dedicated to the idea that Genmab’s
innovations could someday make a difference in
the lives of people with cancer.
That someday is today.
There are now eight approved medicines based
on Genmab’s innovation and antibody expertise.
Epcoritamab became our second product on the
market, approved as EPKINLY
®
in the U.S. and
Japan and TEPKINLY
®
in Europe. With EPKINLY we
are, for the first time in our history, the commer-
cial lead in both the U.S. and Japan. Looking
to the future, in 2024 we anticipate additional
approvals in a new indication and the start of
multiple Phase 3 trials with the goal of moving
into earlier lines of therapy. This expansion
reflects the robust clinical development program
across B-cell malignancies that we’re continu-
ally developing with our partners at AbbVie Inc.
(AbbVie). However, epcoritamab is only one of our
exciting programs.
We also saw very good progress with Tivdak
®
(tisotumab vedotin-tftv) this year. With the
positive results from both the confirmatory
innovaTV 301 study in cervical cancer and data
in head and neck cancer from the innovaTV 207
study, tisotumab vedotin has cleared our very
high bar for continued investment in development.
We are very pleased with our plans to actively
engage with health authorities on the next steps
for tisotumab vedotin in both of these indications,
along with our partner, Pfizer Inc. (Pfizer).
Acasunlimab (GEN1046 (BNT311, DuoBody
®
-
PD-L1x4-1BB), developed with BioNTech SE
(BioNTech), has also shown promise in second
line non-small cell lung cancer (NSCLC). Based on
preliminary data, we and our partner, BioNTech,
are working with health authorities on next
steps for the program and we look forward to
presenting the data at a medical conference
in 2024. Beyond acasunlimab, our successful
partnership with BioNTech has also provided us
with multiple other promising programs including
the clinical-stage programs GEN1042 (BNT312,
DuoBody-CD40x4-1BB), which generated
encouraging data in multiple solid tumors in
2023, GEN1053 (BNT313, HexaBody
®
-CD27)
and next in the clinic, GEN1059 (BNT314,
DuoBody-EpCAMx4-1BB) and GEN1055 (BNT315,
HexaBody-OX40).
Two other pipeline programs that advanced in
2023 are GEN1047 or DuoBody-CD3xB7H4 and
GEN3017 or DuoBody-CD3xCD30. The Phase 1/2
trial of GEN1047 is currently in the dose expan-
sion phase, an important step in progressing our
Letter from the CEO
Jan van de Winkel, Ph.D.
President &
Chief Executive Officer
8
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Letter from the CEO
CD3-based bispecific platform in solid tumors.
GEN3017 started recruitment for a first-in-human
clinical trial in hematological malignancies.
Our DuoBody partnership with Janssen Biotech,
Inc. (Janssen) has continued to be fruitful.
Three approved medicines have now come
from this collaboration: RYBREVANT
®
(amivan-
tamab), TECVAYLI
®
(teclistamab) and TALVEY™
(talquetamab), the latter of which was approved
in both the U.S. and Europe in 2023. We believe
the success of these bispecific programs high-
lights the potential of our innovative DuoBody
technology and we look forward to seeing their
continued development.
When Genmab made a strategic commitment
to focus on our core competencies in the devel-
opment of antibody therapies, we were focused
specifically on medicines for cancer. However,
our knowledge of specific immunological
pathways and access to unique next-generation
antibody formats that we harnessed to fight
cancer can also be applied to create therapies for
immune-mediated and inflammatory diseases
(I&I). As such, this year we updated our vision
that by 2030, our KYSO antibody medicines are
fundamentally transforming the lives of people
with cancer and other serious diseases.
Including indications beyond oncology made
perfect sense as Genmab-created antibodies
now marketed by our partners are approved in
areas such as multiple sclerosis and thyroid eye
disease. To this end in 2023 we partnered with
argenx SE (argenx), giving us the opportunity to
explore patients’ needs in oncology as well as I&I.
We have focused our attention
to the present, and our eyes to
the future; a future in which our
KYSO antibody medicines can
fundamentally transform the lives
of patients for the better.
A Proven Way Forward
The approval of our first two Genmab co-owned
therapies established a way forward; a roadmap
to explore and bring to patients novel treatments
for cancer and other diseases. We have focused
our attention to the present, and our eyes to
the future; a future in which our KYSO antibody
medicines can fundamentally transform the
lives of patients for the better. We believe we
will continue to bring hope with our proprietary
technologies and antibody-based products. As
such, our philosophy of strategic and disciplined
development and growth has served us well and
we plan to continue doing just that.
As we successfully grew our promising portfolio
and built our teams, the time came in 2023
to build a new, larger headquarters site in
Copenhagen. This state-of-the-art building marks
how far we’ve come as a company and houses
500 team members, all pulling together towards
a common goal under the same roof. Our Global
R&D Center also expanded with the opening of
the Accelerator, an iconic multi-tenant building
nestled in the heart of the Utrecht Science Park,
now home to the efforts of many more of our
antibody experts and scientists.
I am confident that in 2024, we will continue
this momentum on our journey to become a
biotech innovation powerhouse. Our success
is only possible because of our talented and
unstoppable team, the patients who participate
in our clinical trials and their care partners, the
investigators who run these trials, our partners
who believe in the power of our cutting-edge
technologies and antibody therapies, our
supportive Board of Directors, and our share-
holders who believe in our vision. Together we
are creating a KYSO future. I thank you for your
continued support.
Sincerely yours,
J W, P.D.
President & Chief Executive Officer
9
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Financial
DKK
142B
2023 year-end market cap
DKK
16,474M
2023 revenue
DKK
10,927M
2023 operating expenses,
70% invested in R&D
Liquidity and Capital Resources
DKK
13,268M
Marketable securities
DKK
14,867M
Cash and cash equivalents
DKK
31,610M
Shareholders’ equity
2023 at a Glance
Operational
• Multiple regulatory approvals granted to
Genmab and AbbVie for EPKINLY/TEPKINLY
• Successful launch of EPKINLY (epcoritamab-
bysp) in the U.S. and Japan, a first in
Genmab’s history
• Regulatory submissions based on positive
topline results from the follicular lymphoma
(FL) cohort of the pivotal EPCORE™ NHL-1
epcoritamab study
• Genmab and Pfizer
1
initiate discussions with
regulatory authorities based on positive topline
results from the innovaTV 301 and innovaTV
207 tisotumab vedotin studies
• Decision on moving to late-stage development
for acasunlimab (GEN1046/BNT311)
• Multiple Investigational New Drug
(IND) submissions
• Entered into collaboration with argenx to
jointly discover, develop and commercialize
therapeutic antibodies with applications in
immunology and oncology
• Continued development of Genmab’s broader
organizational infrastructure with the addition
of over 500 new colleagues
• Grand opening of new headquarters in
Copenhagen, Denmark, and expansion of
Genmab Research and Development Center
(GRDC) in Utrecht, the Netherlands
• Janssen’s TALVEY becomes 8th approved
medicine applying Genmab innovation
Operating Profit*
(DKK million)
*See Note 1.4 in the consolidated financial statements for details regarding the revision of prior period financial statements.
**2020 Operating Profit impacted by one-time AbbVie upfront payment.
2019 2020** 2021 2022 2023
2,623
2,953
6,267
5,321
6,290
1. In March 2023, Genmab’s partner Seagen Inc. (Seagen) announced that it would
be acquired by Pfizer. Pfizer closed the acquisition of Seagen on December 14,
2023. All references to Seagen in this document have been changed to Pfizer.
10
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
(DKK million) 2019* 2020* 2021* 2022* 2023
Income Statement
Revenue 5,351 10,088 8,417 14,505 16,474
Cost of product sales – – – – (226)
Research and development expenses (2,386) (3,137) (4,181) (5,562) (7,630)
Selling, general and administrative expenses (342) (661) (1,283) (2,676) (3,297)
Operating expenses (2,728) (3,798) (5,464) (8,238) (10,927)
Operating profit 2,623 6,290 2,953 6,267 5,321
Net financial items 221 (409) 965 678 316
Net profit 2,151 4,740 2,957 5,452 4,352
Balance Sheet
Marketable securities 7,419 8,819 10,381 12,431 13,268
Cash and cash equivalents 3,552 7,260 8,957 9,893 14,867
Total non-current assets 1,183 2,352 1,891 1,901 2,150
Total assets 15,124 21,105 24,538 30,119 35,289
Shareholders’ equity 14,028 19,083 22,107 27,282 31,610
Share capital 65 66 66 66 66
Cash Flow Statement
Cash flow from operating activities 1,326 6,433 2,228 3,912 7,380
Cash flow from investing activities (1,983) (2,351) (961) (2,761) (1,282)
Cash flow from financing activities 3,660 71 (420) (789) (606)
Investments in intangible assets (32) – – – (10)
Investments in tangible assets (79) (307) (252) (317) (366)
Financial Ratios and Other Information
Basic net profit per share 34.16 72.72 45.22 83.38 66.64
Diluted net profit per share 33.80 71.94 44.77 82.59 66.02
Year-end share market price 1,481.50 2,463.00 2,630.00 2,941.00 2,155.00
Price / book value 6.86 8.52 7.85 7.11 4.50
Shareholders’ equity per share 215.82 289.14 334.95 413.36 478.94
Equity ratio 93% 90% 90% 91% 90%
Shares outstanding 65,074,502 65,545,748 65,718,456 65,961,573 66,074,535
Average number of employees (FTE)** 471 656 1,022 1,460 2,011
Number of employees (FTE) at year-end 548 781 1,212 1,660 2,204
*See Note 1.4 in the consolidated financial statements for details regarding the revision of prior period financial statements.
**Full-time equivalent (FTE) or team member.
Consolidated Key Figures
Revenue*
(DKK million)
2019 2020 2021 2022 2023
5,351
8,417
14,505
16,474
10,088
FTE at Year End
FTE
2019 2020 2021 2022 2023
548
1,212
1,6 60
2,204
781
Operating Expenses
(DKK million)
2019 2020 2021 2022 2023
2,386
4,181
5,562
7,63 0
3,137
342
1,283
2,676
3,297
661
2,728
5,464
8,238
10,927
3,798
Research and development expenses Selling, general and administrative expenses
* See Note 1.4 in the consolidated financial statements for details regarding the revision of prior
period financial statements.
Table of ContentsGenmab 2023 Annual Report
Management’s Review
11
Other InformationFinancial Statements
(DKK millions)
2023
Actual
Result
2024
Guidance
2024
Guidance
Mid-Point
2023
Growth %
2024
Growth %*
Revenue 16,474 18,700–20,500 19,600 14% 19%
Royalties 13,705 15,600–16,700 16,150 18% 18%
Net product sales/
Collaboration revenue** 728 1,700–2,200 1,950 231% 168%
Milestones/Reimbursement
revenue 2,041 1,400–1,600 1,500 -24% -27%
Gross profit 16,248 18,000–19,500 18,750 12% 15%
Operating expenses (10,927) (12,400)–(13,400) (12,900) 33% 18%
Operating profit 5,321 4,600–7,100 5,850 -15% 10%
*Mid-point of guidance range
** Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak
(Genmab’s share of gross profits) in the U.S. Collaboration revenue excludes one-off payment in 2022 from Pfizer
of approximately USD 15 million (DKK 112 million) related to the sublicense of rights to develop and commercialize
tisotumab vedotin in China to Zai Lab Hong Kong. This amount is included in Milestone/Reimbursement revenue for this
presentation.
Revenue
Genmab expects its 2024 revenue to be in the
range of DKK 18.7–20.5 billion, compared to DKK
16.5 billion in 2023. Our revenue in 2023 was
driven primarily by DARZALEX
®
(daratumumab)
royalties due to the continued strong growth
of DARZALEX net sales partially offset by neg-
ative exchange rate movements between the
USD and DKK and negative impact of applying
the DARZALEX contractual annual Currency
Hedge Rate.
Genmab’s projected revenue growth for 2024 is
driven by higher royalties, net product sales and
collaboration revenue. Royalty growth relates
mainly to DARZALEX and Kesimpta
®
(ofatu-
mumab) net sales growth. Net product sales and
collaboration revenue growth driven by strong
performance for both Tivdak and EPKINLY. Net
product sales and collaboration revenue consists
of EPKINLY net product sales in the U.S. and Japan,
and Tivdak (50% gross profit share) in the U.S.
Genmab’s projected revenue for 2024 primarily
consists of DARZALEX royalties of DKK 12.6–13.3
billion. Such royalties are based on estimated
DARZALEX 2024 net sales of USD 10.9–11.5
billion compared to actual net sales in 2023
of approximately USD 9.7 billion. DARZALEX
royalties are partly offset by Genmab’s share
of Janssen’s royalty payments to Halozyme
Therapeutics, Inc. (Halozyme) in connection with
subcutaneous (SC) net sales as well as royalty
reduction in countries and territories where there
are no Genmab patents.
The remainder of Genmab’s revenue consists of
royalties from Kesimpta, TEPEZZA, RYBREVANT,
TECVAYLI, TALVEY and TEPKINLY, net product
sales and collaboration revenue from EPKINLY and
Tivdak, reimbursement revenue and milestones.
2024 Outlook
Operating Expenses
Genmab anticipates its 2024 operating expenses
to be in the range of DKK 12.4–13.4 billion,
compared to DKK 10.9 billion in 2023. The
growth in operating expenses is to support
Genmab’s continued portfolio advancement and
investing for future product launches, including
epcoritamab.
Operating Profit
Genmab expects its operating profit to be in the
range of DKK 4.6–7.1 billion in 2024, compared to
DKK 5.3 billion in 2023.
Outlook: Risks and Assumptions
In addition to factors already mentioned, the
estimates above are subject to change due to
numerous reasons, including but not limited to,
the achievement of certain milestones associated
with Genmab’s collaboration agreements; the
timing and variation of development activities
(including activities carried out by Genmab’s
collaboration partners) and related income and
costs; DARZALEX, DARZALEX FASPRO
®
(dara-
tumumab and hyaluronidase-fihj), Kesimpta,
TEPEZZA, RYBREVANT, TECVAYLI, TALVEY
and TEPKINLY net sales and royalties paid to
Genmab; changing rates of inflation; and currency
exchange rates (the 2024 guidance assumes
a USD/DKK exchange rate of 6.8). The financial
guidance assumes that no significant new agree-
ments are entered into during 2024 that could
materially affect the results.
The factors discussed above, as well as other
factors that are currently unforeseeable, may
result in further and other unforeseen material
adverse impacts on Genmab’s business and
financial performance, including on the sales
of Tivdak and EPKINLY, and on the net sales of
DARZALEX, Kesimpta, TEPEZZA, RYBREVANT,
TECVAYLI, TALVEY and TEPKINLY by Genmab’s
collaboration partners and on Genmab’s
royalties, collaboration revenue and milestone
revenue therefrom.
12
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Business Strategy Priorities in 2023 Priorities for 2024 Link to Risk
Build a profitable and successful biotech
― Maintain a flexible and capital-
efficient model
― Maximize relationships with partners
― Retain ownership of select products
Invest in our people and culture
― Further scale organization aligned with differentiated antibody
product portfolio growth and future launches
Become a leading integrated biotech innovation powerhouse
― Use solid financial base to grow and broaden antibody product
and technology portfolio
Invest in our people and culture
― Further scale organization aligned with differentiated antibody product
portfolio growth and future launches
Become a leading integrated biotech innovation powerhouse
― Use solid financial base to grow and broaden antibody product and
technology portfolio
Please refer to the risks
included in this Annual
Report.
Focus on core competence
― Identify the best disease targets
― Develop unique first-in-class or best-
in-class antibodies
― Develop next- generation technologies
Build a world-class differentiated pipeline
― Acasunlimab (GEN1046/BNT311, DuoBody-PD-L1x4-1BB)
1
― Establish proof of concept data in solid tumor indication
― GEN1042 (BNT312, DuoBody-CD40x4-1BB)
1
― Establish efficacy and safety data in solid tumor indication
― Progress towards late-stage clinical development
― Expand and advance proprietary clinical product portfolio
Build world-class differentiated pipeline
― Acasunlimab (GEN1046/BNT311, DuoBody-PD-L1x4-1BB)
1
― Initiate Phase 3 study (2L NSCLC)
― GEN1042 (DuoBody-CD40x4-1BB)
1
― Phase 2 data and determine next steps
― Expand and advance proprietary
product portfolio
Please refer to the risks
included in this Annual
Report.
Turn science into medicine
― Create differentiated antibody
therapeutics with significant
commercial potential
Bring our own medicines to patients
― Epcoritamab
2
― Launch in relapsed/refractory diffuse large B-cell lymphoma
(DLBCL)
― Submit a supplemental Biologics License Application (sBLA)
― Broaden clinical development program
― Tivdak
3
― Progress successful uptake in second line (2L)+ recurrent or
metastatic (r/m) cervical cancer patients
― Progress clinical development program
Bring our own medicines to patients & expand our markets
― EPKINLY
― Initiate three Phase 3 trials
― Expand label to include relapsed/refractory FL
― Tivdak
― Initiate Phase 3 study in head and neck
― Execute successful launches and growth in key markets
Please refer to the risks
included in this Annual
Report.
CSR Strategy Priorities in 2023 Priorities for 2024 Link to Risk
Commitment to our business- driven
Corporate Social Responsibility (CSR)
strategy, which focuses on four pillars:
― Science-driven health innovations for
patients
― Employee well-being and vitality
― Ethics and transparency
― Environmental and community
sustainability
― Continue strong commitment to being a sustainable and
responsible company
― Further integrate environmental, social, and governance (ESG)
into our strategic planning, operations and risk management
processes
― Further formalize total CO
2
emissions mapping
― Further define and communicate Genmab’s commitment to
successfully attract, motivate, retain and reward top talent
― Enhance diversity, equity and inclusion (DE&I) processes and
efforts
― Monitor regulatory landscape and prepare for new ESG-related
reporting requirements
― Continue to grow our commitment to being a sustainable and responsible
company
― Ensure that policies and procedures are implemented in alignment with
ESG-related reporting requirements, while continuing to monitor the
regulatory landscape
― Collaborate internally to integrate ESG into our strategic planning,
business operations and risk management processes
― Continue to develop and deliver treatments to improve lives of patients
― Minimize our carbon footprint and map our Greenhouse Gas (GHG) emissions
― Promote the Company’s efforts to attract, retain, motivate and recognize
diverse, world-class talent
― Invest in DE&I processes and efforts which is critical to our future growth
Please refer to the risks
included in Genmab’s
2023 Corporate
Responsibility report,
1. Co-development with BioNTech; 2. Co-development with AbbVie; 3. Co-development with Pfizer.
Our Strategy
13
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Our Core Values
In our quest to turn science into medicine, we
use these guideposts to transform the future of
cancer treatment:
• Passion for innovation
• Determination — being the best at what we do
• Integrity — we do the right thing
• We work as one team and respect each other
Our Key Accomplishments
Each of our achievements stands as evidence of
our unyielding determination, including:
• Two Genmab co-owned medicines on the
market: Tivdak with Pfizer and EPKINLY/
TEPKINLY with AbbVie
• Six medicines that were created by Genmab, or
that leverage Genmab’s DuoBody technology,
are being developed and marketed by global
pharmaceutical and biotechnology companies
• Inventors of four proprietary antibody
technologies
• Growing proprietary clinical programs
• Pioneers of a complex preclinical pipeline
• Over 44 Investigational New Drugs (IND)
filed by Genmab and/or partners, based
on Genmab’s innovations and technology,
since 1999
• World-class team with antibody know-how, and
expertise in R&D and commercial fields
• Partnerships with industry leaders and
innovators across the innovation ecosystem
of pharma, biotech and academia
• Solid financial foundation
• Building and expanding our capabilities with
more than 2,200 team members across our
international locations
Who We Are
Genmab’s Growing Organization
and Presence
Princeton, U.S.
– Translational and
Quantitative Sciences
– Clinical Development
– Development Operations
– U.S. Market Operations
– Corporate Functions
Utrecht, The Netherlands
– Discovery & Antibody Research
– Translational and Quantitative Sciences
– Development Operations
– Corporate Functions
Copenhagen, Denmark
– Headquarters
– Translational and Quantitative Sciences
– Chemistry, Manufacturing and
Controls (CMC) Operations
– Development Operations
– Quality Control (QC) Laboratory
– Corporate Functions
Tokyo, Japan
– Development Operations
– Japan Market Operations
– Corporate Functions
14
Table of Contents Financial Statements Other Information
Management’s Review
Genmab 2023 Annual Report
Our Strengths and
Differentiators
Building a Fully Integrated Biotech
Innovation Powerhouse
World-class antibody biology
knowledge and insight into disease targets
Discovery and development engine with
proprietary technologies that allow us to
build a world-class pipeline
In-house expertise with a solid track
record of building successful strategic
partnerships
Pipeline of potential best-in-class and first-
in-class therapies
Experienced, diverse leadership team
Business
Model
Team
Creates flexible
and adaptive infrastructure
Strong financials
Growing recurring
revenues and focused
investments
Collaboration
Reaches across the innovation
ecosystem of pharma, biotech
and academia, and drives our
business forward
Precision medicine,
data science and
artificial intelligence
Key to accelerating development
and ensuring the right
therapies get to the
right patients
Research
Track record of
success and investing
for tomorrow
Development
Scaling up capabilities to
expand from early- to late-
stage development
Commercialization
Building the
next step in our
evolution
At Genmab, we have built
a profitable and successful
biotech that creates value
for our stakeholders.
Enabling functions: Supporting growth and managing risk
15
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Research and Development Capabilities
Inspired by Nature
At Genmab, we are inspired by nature and
understand how antibodies work. We are deeply
knowledgeable about antibody biology and our
scientists harness this expertise to create and
develop differentiated investigational antibody
medicines. We utilize a sophisticated and highly
automated process to efficiently generate, select,
produce, and evaluate human antibody-based
products. Our teams have established a fully inte-
grated R&D enterprise and streamlined process
to coordinate the activities of antibody product
discovery, preclinical testing, manufacturing,
clinical trial design and execution, and regulatory
submissions across Genmab’s international oper-
ations. We have expanded our scientific focus to
use data science and artificial intelligence to aid
in the discovery of new targets and biomarkers
and bolster our in-depth precision medicine and
translational laboratory capabilities. Through
our expertise in antibody drug development,
we pioneer technologies that allow us to create
differentiated and potentially first-in-class or
best-in-class investigational medicines with the
potential to improve patients’ lives. Our antibody
expertise has enabled us to create our cutting-
edge technology platforms: DuoBody, HexaBody,
DuoHexaBody
®
and HexElect
®
.
Sustainable and State-of-
the-Art Facilities
The Netherlands
Genmab’s presence in the Netherlands is com-
posed of three buildings in the Utrecht area: The
GRDC and the Accelerator at the Utrecht Science
Park and a Genmab office in nearby Zeist. All
discovery and preclinical research is conducted
at our GRDC and Accelerator facilities, which
house state-of-the-art laboratories. The GRDC was
one of the first Building Research Establishment
Environmental Assessment Method (BREEAM)
Excellent laboratory buildings in the Netherlands.
The Accelerator, a multi-tenant ultra-modern
R&D facility, was opened in 2023, enabling our
continued growth trajectory. These three spaces
are located in close proximity to other life science
companies and a world-class research university.
They accommodate modern auditoriums, and
innovative brainstorming and meeting rooms. They
provide a bright, open, and collaborative atmo-
sphere and enable the Genmab team to continue
to innovate and find new ways to help patients.
Denmark
Genmab introduced our own Good Manufacturing
Practice (GMP) QC laboratory in 2023. The new
space, leased in January, insources certain busi-
ness-critical processes and capabilities for our
early clinical development. With our growing
pipeline and commercial ambitions, we are taking
control of processes, prioritization, people,
and timing and taking another tremendous
step toward becoming an end-to-end biotech
innovation powerhouse. In addition, Genmab’s
new headquarters, now relocated in Valby,
Copenhagen, opened its doors in summer 2023,
a building designed specifically for Genmab.
United States
Genmab opened its United States (U.S.) facility
in 2020. This space, modeled on the open and
collaborative spirit of the R&D labs and offices in
Utrecht and Zeist, includes both offices and labo-
ratories. The U.S. precision medicine laboratories
allow Genmab to expand our clinical and preclin-
ical drug development expertise and are part of
the strategic growth of the Company. As with the
construction and design of our Utrecht facilities,
our U.S. office and laboratories were designed
and built with sustainability in mind and meet
the requirements for Leadership in Energy and
Environmental Design (LEED) Gold certification
for sustainable design features. Additionally, 75%
of the construction waste created when building
out the facility was recycled, rather than being
sent to a landfill.
Japan
Genmab’s Japan office is located in Roppongi,
an international business district in the center
of Tokyo. As a commercial hub and the newest
of Genmab’s locations, it offers an open and
collaborative environment that fosters Genmab’s
culture of innovation and teamwork. The office is
designed to be environmentally friendly and uses
renewable energy.
As Genmab continues to grow our geographical
footprint, we will endeavor to do so with minimal
impact to the environment and with sustainability
as a key area of focus.
Genmab 2023 Annual Report
16
Other InformationFinancial Statements
Management’s Review
Table of Contents
As we become a fully integrated, end-to-end
biotech, our teams are closely connected from
discovery through commercialization and take a
thoughtful approach to advancing our pipeline,
optimizing our development programs, and ulti-
mately bringing our antibody-based medicines
to patients.
We have a clear focus on discovering, developing,
and delivering medicines that are first or best-in-
class and address areas of high unmet need. We
are delivering on this focus as we bring our own
innovative medicines to patients, first in the U.S.
and Japan, and by working with our partners to
bring our medicines to patients in other parts of
the world.
As we bring a new medicine to market, our goal
is to take a holistic approach that considers the
whole patient journey, ensures the best possible
experience for patients and their care teams, and
ultimately positively impacts the broader health-
care system and society.
Delivering Innovative Options in
Advanced Cervical Cancer
Despite advances in early intervention, advanced
cervical cancer remains a disease with high
medical need. Up to 16% of cervical cancer cases
are diagnosed in the metastatic stage while up
to 61% of earlier stage diagnoses will progress to
metastatic disease.
Genmab and Pfizer created CeMe™
to bring a much-needed spotlight
to the often hidden experience of
living with advanced cervical cancer
in the U.S. Today, the campaign has
grown into a grassroots effort that
is actively building a community
and sense of belonging among
those impacted by the disease.
Patient impact happens when our
medicines reach the people who
need them and help them live better.
MyNavCare™ Patient Support by
Genmab was created to provide
comprehensive services to patients
prescribed Genmab medicines to
help them navigate each step of
their treatment journey.
Bringing
Our Own
Innovative
Medicines
to Patients
We’re applying our legacy of
innovation and patient-first
purpose to how we deliver our
own medicines to patients.
In September 2021, with our partner, Pfizer,
we launched Tivdak in the U.S., and it remains
the first and only antibody drug conjugate
(ADC) approved for the treatment of relapsed
or refractory advanced cervical cancer. Tivdak
is becoming a clear choice treatment in the 2L
setting with more than 1,900 women estimated
to have been treated as of December 2023.
Bringing the Potential of Bispecifics
to Lymphoma
Large B-cell lymphomas (LBCL) are fast-growing,
aggressive forms of non-Hodgkin’s lymphoma
(NHL) that can be difficult to treat. DLBCL is the
most common type. Despite advances in the
treatment landscape, patients with advanced
stage disease have been in need of options that
can provide remission, are tolerable, and can be
administered upon relapse.
In May 2023, EPKINLY was approved in the U.S.
as the first bispecific antibody for the treatment
of relapsed or refractory DLBCL after two or
more lines of systemic therapy. It remains the
only subcutaneously administered option
today. EPKINLY was approved under accelerated
approval based on response rate and durability
of response. It is commercialized in the U.S. in
partnership with AbbVie.
In Japan, NHL accounts for more than 90% of
malignant lymphoma cases, but there has been
no standard of care for patients with LBCL after
two or more lines of systemic therapy. With its
approval in September 2023 as the first and only
bispecific antibody in Japan for the treatment
of this indication as well as follicular lymphoma
grade 3B (FL3B), EPKINLY is well positioned to
address a significant unmet need for patients.
In 2023, epcoritamab was also approved in
Canada as EPKINLY and in the EU and the UK
under the brand name TEPKINLY.
17
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Antibody
Discovery and
Development
T
1/2
Antibody-Drug Conjugate/
Immunocytokine
Designer Polyclonals/
Bispecifics
Half-Life Extended/Inert/
Fc-Enhanced/Isotypes
We are experts in antibody discovery and development.
Our appreciation for, and understanding of, the power of the
human immune system gives us a unique perspective on how to
respond to the constant challenges of oncology drug development.
We entered a new chapter with the commercialization and launch
of our first medicine, co-owned with Pfizer, in 2021, and we
successfully launched our second medicine in 2023 under our
collaboration with AbbVie.
Target
Format Indication
Antibody
18
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Pipeline
At the end of 2023, Genmab’s proprietary
pipeline of investigational medicines, of which
we are responsible for at least 50% of devel-
opment, consisted of nine antibodies in clinical
development. These include Genmab’s approved
medicines, Tivdak, which Genmab is co- devel-
oping globally and co-promoting in the U.S. in
collaboration with Pfizer and EPKINLY/TEPKINLY,
which Genmab is co- developing and co- commer-
cializing in the U.S. and Japan in collaboration
with AbbVie. In addition to our own pipeline,
there are multiple investigational medicines
in development by global pharmaceutical and
biotechnology companies, including six approved
medicines powered by Genmab’s technology
and innovations. Beyond the investigational
medicines in clinical development, our pipeline
also includes multiple preclinical programs.
An overview of the development status of our
approved medicines and of each of our investi-
gational medicines is provided in the following
sections. Detailed descriptions of dosing and
efficacy and safety data from certain clinical trials
have been disclosed in company announcements
and media releases published via the Nasdaq
Copenhagen A/S (Nasdaq Copenhagen) stock
exchange and may also be found in Genmab’s
filings with the U.S. Securities and Exchange
Commission (SEC). Additional information is
available on Genmab’s website, www.genmab.
com. The information accessible through our
website is not part of and is not incorporated by
reference herein.
Products and Technologies
19
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Products and Technologies
Genmab’s Proprietary
1
Products
Approved Medicines
Approved Product Target Developed By Disease Indication
EPKINLY (epcoritamab-bysp, epcoritamab)
TEPKINLY (epcoritamab)
CD3xCD20 Co-development
Genmab/AbbVie
Approved in the U.S. and Europe for adult patients with relapsed or refractory DLBCL after two or more lines of
systemic therapy and in Japan for adult patients with certain types of relapsed or refractory LBCL after two or
more lines of systemic therapy
2
Tivdak (tisotumab vedotin-tftv) Tissue factor (TF) Co-development Genmab/Pfizer Approved in the U.S. for adult patients with recurrent/metastatic cervical cancer with disease progression on
or after chemotherapy
2
1. Approved and investigational medicines where Genmab has ≥50% ownership, in co- development with partners as indicated.
2. Refer to local country prescribing information for precise indication and safety information.
Pipeline, Including Further Development for Approved Medicines
Product Developed By Disease Indications Most Advanced Development Phase
Preclinical 1 2 3
Epcoritamab
Co-development Genmab/AbbVie
Relapsed/refractory DLBCL
Relapsed/refractory FL
First line DLBCL
B-cell NHL
Relapsed/refractory chronic lymphocytic leukemia (CLL) & Richter’s Syndrome
Indolent NHL pediatric patients
Tisotumab vedotin Co-development Genmab/Seagen Cervical cancer
Solid tumors
Acasunlimab (GEN1046/BNT311,
DuoBody-PD-L1x4-1BB)
Co-development Genmab/BioNTech Non-small cell lung cancer (NSCLC)
Advanced endometrial cancer
Solid tumors
DuoBody-CD40x4-1BB (GEN1042/BNT312) Co-development Genmab/BioNTech Solid tumors
HexaBody-CD38 (GEN3014) Genmab
1
Hematologic malignancies
DuoBody-CD3xB7H4 (GEN1047) Genmab Solid tumors
HexaBody-CD27 (GEN1053/BNT313) Co-development Genmab/BioNTech Solid tumors
GEN1056 (BNT322) Co-development Genmab/BioNTech Solid tumors
DuoBody-CD3xCD30 (GEN3017) Genmab Relapsed/refractory Hodgkin lymphoma & NHL
1. Genmab is developing HexaBody-CD38 in an exclusive worldwide license and option agreement with Janssen.
In September 2023, Genmab discontinued the GEN3009 (DuoHexaBody-CD37) program, including the Phase 1/2 trial in B-cell NHLs (NCT04358458) due to a strategic
evaluation of GEN3009 within the context of Genmab’s portfolio. The decision was not based on safety or regulatory concerns.
20
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Programs Incorporating Genmab’s Innovation and Technology
1
Approved Medicines
Approved Product Discovered and/or Developed & Marketed By Disease Indication(s)
DARZALEX
(daratumumab)/DARZALEX FASPRO
(daratumumab and hyaluronidase-fihj)
Janssen (Royalties to Genmab on net global sales) Multiple myeloma (MM)
2
Light-chain (AL) Amyloidosis
Kesimpta (ofatumumab) Novartis AG (Novartis) (Royalties to Genmab on net global sales) Relapsing multiple sclerosis (RMS)
2
TEPEZZA (teprotumumab-trbw) Amgen Inc. (Amgen)
3
(under sublicense from Roche, royalties to Genmab on net global sales) Thyroid eye disease (TED)
2
RYBREVANT (amivantamab/amivantamab-vmjw) Janssen (Royalties to Genmab on net global sales) NSCLC
2
TECVAYLI (teclistamab/teclistamab-cqyv) Janssen (Royalties to Genmab on net global sales) Relapsed and refractory multiple myeloma
2
TALVEY (talquetamab/talquetamab-tgvs) Janssen (Royalties to Genmab on net global sales) Relapsed and refractory multiple myeloma
2
1. Approved and investigational medicines created by Genmab or created by collaboration partners leveraging Genmab’s DuoBody technology platform, under development,
and where relevant, commercialized by a third party.
2. See local prescribing information for precise indication and safety information.
3. Previously Horizon Therapeutics plc (Horizon), acquired by Amgen in October 2023.
Pipeline, Including Further Development for Approved Medicines, ≥Phase 2 Development
Product Technology Discovered and/or Developed By Disease Indications Most Advanced Development Phase
Preclinical 1 2 3
Daratumumab UltiMAb* Janssen MM
AL Amyloidosis
Teprotumumab UltiMAb Amgen TED
Amivantamab DuoBody Janssen NSCLC
Advanced or metastatic gastric or esophageal cancer
Hepatocellular carcinoma
Advanced or metastatic colorectal cancer
Teclistamab DuoBody Janssen MM
Talquetamab DuoBody Janssen Relapsed/refractory MM
MM
Inclacumab UltiMAb Pfizer Vaso-occlusive crises in sickle cell disease
Mim8 DuoBody Novo Nordisk Hemophilia A
Ordesekimab (PRV-015, AMG 714) UltiMAb Sanofi S.A. Celiac disease
Lu AF82422 UltiMAb Lundbeck Multiple system atrophy
*UltiMab transgenic mouse technology licensed from Medarex, Inc. (Medarex), a wholly owned subsidiary of Bristol-Myers Squibb.
Products and Technologies
22
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
EPKINLY/TEPKINLY
(epcoritamab)
Approved in the U.S., Europe
and Japan
• SC bispecific antibody created using
Genmab’s DuoBody technology
platform
• Epcoritamab (approved as EPKINLY
and TEPKINLY) has received regulatory
approval in various indications and
conditions in multiple territories
• These approvals were based on data
from the relapsed/refractory LBCL
cohort of the pivotal EPCORE NHL-1
trial (NCT03625037). The approval in
Japan was also based on the EPCORE
NHL-3 trial (NCT04542824)
• In November 2023, the European
Medicines Agency (EMA) validated for
review a Type II variation application
for epcoritamab as monotherapy for
the treatment of adult patients with
relapsed or refractory FL after two or
more lines of systemic therapy. The
application was supported by data
from the FL cohort of the EPCORE
NHL-1 trial
• Multiple ongoing clinical trials across
different settings and histologies, such
as Phase 3 trials in DLBCL, including a
confirmatory trial in relapsed/refractory
DLBCL as well as an ongoing trial in
newly diagnosed DLBCL (EPCORE
DLBCL-1, NCT04628494 and EPCORE
DLBCL-2, NCT05578976) and a
confirmatory trial in relapsed/refractory
FL (EPCORE FL-1, NCT05409066) with
more trials in planning
• Co-developed and co-commercialized
in collaboration with AbbVie
Genmab’s Proprietary Pipeline
Epcoritamab is a proprietary bispecific antibody
created using Genmab’s DuoBody technology
platform. Epcoritamab targets CD3, which is
expressed on T-cells, and CD20, a clinically
validated target on malignant B-cells. Genmab
used technology licensed from Medarex to
generate the CD20 antibody forming part of
epcoritamab. Epcoritamab is marketed as
EPKINLY in the U.S. and Japan and other regions,
and as TEPKINLY in Europe. See local prescribing
information for precise indications. In 2020,
Genmab entered into a collaboration agreement
with AbbVie to jointly develop and commercialize
epcoritamab. The companies share commercial-
ization responsibilities in the U.S. and Japan, with
AbbVie responsible for further global commer-
cialization. Genmab records sales in the U.S.
and Japan and receives tiered royalties between
22% and 26% on remaining global sales outside
of these territories, subject to certain royalty
reductions. The companies have a broad clinical
development program for epcoritamab including
three ongoing Phase 3 trials and additional trials
in planning.
Please consult the U.S. Prescribing Information
for EPKINLY and the European Summary of
Product Characteristics for TEPKINLY for the
labeled indication and safety information.
23
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Fourth Quarter Updates
• December: Regulatory approval in Brazil.
• December: Multiple presentations at the 65th
American Society of Hematology (ASH) Annual
Meeting, with four first clinical data disclosures,
including the pivotal data in relapsed/
refractory FL.
• November: The EMA validated for review a
Type II variation application for epcoritamab as
monotherapy for the treatment of adult patients
with relapsed or refractory FL after two or more
lines of systemic therapy. The application was
supported by data from the FL cohort of the
EPCORE NHL-1 trial.
• November: The U.S. Food and Drug
Administration (U.S. FDA) granted Breakthrough
Therapy Designation (BTD) for epcoritamab for
the same FL indication as noted above.
• October: Additional regulatory approvals in
Canada and the UK.
Updates from First Quarter to
Third Quarter
• September: The European Commission (EC)
granted conditional marketing authorization for
TEPKINLY as a monotherapy for the treatment of
adult patients with relapsed or refractory DLBCL
after two or more lines of systemic therapy.
• September: The Japan Ministry of Health,
Labour and Welfare (MHLW) approved EPKINLY
(epcoritamab) for the treatment of adult
patients with certain types of relapsed or
refractory LBCL, including DLBCL, high-grade
B-cell lymphoma (HBCL), primary mediastinal
large B-cell lymphoma (PMBCL) and FL3B, after
two or more lines of systemic therapy.
Genmab’s Proprietary Pipeline
• June: Genmab and AbbVie announced
topline results from the FL cohort of the
Phase 1/2 EPCORE NHL-1 clinical trial
evaluating epcoritamab in patients with
relapsed/refractory FL who received at least
two prior lines of systemic therapy.
• June: Epcoritamab was added to the National
Comprehensive Cancer Network
®
(NCCN
®
)
Clinical Practice Guidelines in Oncology (NCCN
Guidelines
®
) for “B-cell Lymphomas” (Version
4.2023) for third-line and subsequent therapy
for patients with DLBCL, including patients
with disease progression after transplant or
chimeric antigen receptor (CAR-T) cell therapy
and as a Category 2A, preferred regimen for
patients with histologic transformation of
indolent lymphomas to DLBCL and no intention
to proceed to transplant, including patients with
disease progression after transplant or CAR-T
cell therapy.
• June: Multiple data presentations were featured
at the 2023 American Society of Clinical
Oncology (ASCO) Annual Meeting and the
2023 European Hematology Association (EHA)
Congress. These included an oral presentation
at both congresses on data from the
Phase 1/2 EPCORE NHL-2 (NCT04663347) trial
of epcoritamab in combination with rituximab
and lenalidomide for patients with high-risk FL.
• May: The U.S. FDA granted accelerated
approval for EPKINLY for the treatment of adult
patients with relapsed or refractory DLBCL, not
otherwise specified (NOS), including DLBCL
arising from indolent lymphoma, and HBCL,
after two or more lines of systemic therapy.
• March: The first patient was dosed in the
Phase 2 EPCORE DLBCL-3 (NCT05660967) trial
of epcoritamab as first-line treatment with or
without lenalidomide in elderly patients with
newly diagnosed DLBCL who cannot tolerate
anthracycline therapy.
• February: The first patient was dosed in the
Phase 3 EPCORE DLBCL-2 trial evaluating
SC epcoritamab combined with rituximab,
cyclophosphamide, doxorubicin hydrochloride,
vincristine and prednisone (R-CHOP) in adult
patients with newly diagnosed DLBCL.
• February: Expanded Access Program launched
in collaboration with AbbVie, available for U.S.
patients (NCT05733650).
About Diffuse Large B-cell Lymphoma
DLBCL is the most common type of B-cell NHL
worldwide, accounting for approximately 30%
of all NHL cases and comprising an estimated
30,400 U.S. cases in 2022. DLBCL can arise in
lymph nodes as well as in organs outside of the
lymphatic system, occurs more commonly in the
elderly and is slightly more prevalent in men.
1,2
DLBCL is a fast- growing type of NHL, a cancer
that develops in the lymphatic system and affects
B-cell lymphocytes, a type of white blood cell.
For many people living with DLBCL, their cancer
either relapses, which means it may return after
treatment, or becomes refractory, meaning it
does not respond to treatment. Although new
therapies have become available, treatment
management can remain a challenge.
3,4
1. Sehn LH, Salles G. N Engl J Med. 2021;384:842-858.
2. Kanas G, Ge W, Quek RGW, et al. Leukemia & Lymphoma.
2022;63(1):54-63.
3. Sehn LH, Salles G. N Engl J Med. 2021;384:842-858.
4. Crump M, Neelapu SS, Farooq U, et al. Blood.
2017;130(16):1800-1808.
DLBCL accounts for
~30%
of all NHL cases,
comprising an estimated
30,400
U.S. cases in 2022
24
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Ongoing Clinical Trials
Disease Stage Development Phase
Preclinical 1 2 3
DLBCL Relapsed/Refractory EPCORE DLBCL-1
Front-line + R-CHOP EPCORE DLBCL-2
Front-line +/- lenalidomide EPCORE DLBCL-3
FL Relapsed/Refractory (Combo) EPCORE FL-1
DLBCL & FL Outpatient EPCORE NHL-6
B-NHL Relapsed/Progressive/Refractory EPCORE NHL-1
Relapsed/Progressive/Refractory (Japan) EPCORE NHL-3
Relapsed/Refractory Pediatric EPCORE Peds-1
Previously Untreated/Relapsed/Refractory (Combo) EPCORE NHL-2
Previously Untreated/Relapsed/Refractory (China) EPCORE NHL-4
Previously Untreated/Relapsed/Refractory (Combo) EPCORE NHL-5
CLL/Richter’s Syndrome Relapsed/Refractory EPCORE CLL-1
About Follicular Lymphoma
FL is typically an indolent, or slow-growing, form of NHL that arises from B-cell lymphocytes.
1
FL is the
second most common form of NHL overall, accounting for 20% to 30% of all NHL cases, and repre-
senting 10% to 20% of all lymphomas in the Western world.
2,3
Although FL is an indolent lymphoma,
it is considered incurable with conventional therapy
4,5
and patients who achieve remission also often
experience relapse.
6
1. What is Lymphoma? Lymphoma Research Foundation. https://lymiphoma.org/aboutlymphoma/nhl/fl/. Accessed
September 11, 2023.
2. Ma S. Risk factors of follicular lymphoma. Expert Opin Med Diagn. 2012;6:323-333.
DOI: 10.1517/17530059.2012.686996.
3. Luminari S, Bellei M, Biasoli I, et al. Follicular lymphoma — treatment and prognostic factors. Rev Bras Hematol Hemoter.
2012;34:54-59. DOI: 10.5581/1516-8484.20120015.
4. Link BK, Day BM, Zhou X, et al. Second-Line and Subsequent Therapy and Outcomes for Follicular Lymphoma in the
U.S.: Data From the Observational National LymphoCare Study. Br J Haematol. 2019;184(4):660-663. DOI: 10.1111/
bjh.15149.
5. Ren J, Asche CV, Shou Y, Galaznik A. Economic Burden and Treatment Patterns for Patients With Diffuse Large B-Cell
Lymphoma and Follicular Lymphoma in the USA. J Comp Eff Res. 2019;8(6):393-402. DOI: 10.2217/cer-2018-0094.
6. Lymphoma Research Foundation official website. https://lymphoma.org/understanding-lymphoma/
aboutlymphoma/nhl/follicular-lymphoma/relapsedfl/. Accessed November 2023.
Genmab’s Proprietary Pipeline
FL accounts for
20%–30%
of all NHL cases,
representing
10%–20%
of all lymphomas
in the Western world
25
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Genmab’s Proprietary Pipeline
Tivdak
(tisotumab vedotin-tftv)
First and Only U.S. FDA
Approved ADC for Recurrent or
Metastatic Cervical Cancer
• An ADC directed to TF, a protein highly
prevalent on solid tumors, including
cervical cancer, which is associated
with poor prognosis
• Accelerated approval granted by the
U.S. FDA for tisotumab vedotin-tftv,
marketed as Tivdak, as the first and
only approved ADC for the treatment
of adult patients with recurrent or
metastatic cervical cancer with disease
progression on or after chemotherapy
• U.S. FDA approval was based
on data from the innovaTV 204
(NCT03438396) trial
• In addition to a confirmatory Phase 3
trial in recurrent or metastatic cervical
cancer (innovaTV 301, NCT04697628),
clinical trials in other solid tumors
are ongoing
• Co-developed globally and co-
promoted in the U.S. in collaboration
with Pfizer
Tisotumab vedotin is an ADC composed of
Genmab’s human monoclonal antibody directed
to TF and Pfizer’s ADC technology that utilizes
a protease-cleavable linker that covalently
attaches the microtubule-disrupting agent
monomethyl auristatin E to the antibody. Genmab
used technology licensed from Medarex to
generate the TF antibody forming part of tiso-
tumab vedotin. Tisotumab vedotin-tftv, marketed
as Tivdak, is the first and only U.S. FDA approved
ADC for the treatment of adult patients with
recurrent or metastatic cervical cancer with
disease progression on or after chemotherapy.
Tisotumab vedotin is being co-developed by
Genmab and Pfizer. Under a joint commercializa-
tion agreement, Genmab is co-promoting Tivdak
in the U.S. and will lead commercial operational
activities in Japan. Pfizer is leading commercial
operational activities in the U.S. and will lead
commercial operational activities in Europe and
China. In these four markets there will be a 50:50
profit split. In other markets, Pfizer will commer-
cialize Tivdak and Genmab will receive royalties
based on a percentage of aggregate net sales
ranging from the mid-teens to the mid-twenties.
The companies have joint decision-making power
on the worldwide development and commercial-
ization strategy for Tivdak. The companies have
a number of additional ongoing clinical trials for
Tivdak, including a confirmatory Phase 3 trial in
recurrent or metastatic cervical cancer, which
met its primary endpoint of improved overall
survival (OS) at predetermined, independent
interim analysis in September 2023. Subject
to discussions with regulatory authorities, the
results from innovaTV 301 are intended to serve
as the pivotal confirmatory trial for the U.S. accel-
erated approval and support global regulatory
applications. The innovaTV 301 China extension
trial (ZL-1309-002, NCT05866354) is ongoing,
in collaboration with Zai Lab Limited under their
agreement with Pfizer. In addition, we will actively
engage with health authorities on next steps for
tisotumab vedotin in squamous cell carcinoma
of the head and neck based on data from the
ongoing, open- label, multicenter innovaTV 207
(NCT03485209) Phase 2 trial.
Please consult the U.S. Prescribing Information
for Tivdak for the labeled indication and safety
information, including the boxed warning.
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Management’s Review
Genmab’s Proprietary Pipeline
Fourth Quarter Update
• October: Data from the innovaTV 301
(ENGOT cx-12/GOG 3057) trial was presented
during the Presidential Symposium at the
European Society of Medical Oncology (ESMO)
Congress 2023.
Updates from First Quarter to
Third Quarter
• September: The innovaTV 301 trial met its
primary endpoint of OS at predetermined,
independent interim analysis.
• April: Data from the innovaTV 207 trial
was presented as a poster at the American
Association for Cancer Research (AACR) Annual
Meeting, “Tisotumab vedotin in squamous cell
carcinoma of head and neck: interim analysis
from innovaTV 207.”
• January: The NCCN updated their Clinical
Practice Guidelines in Oncology for Cervical
Cancer, moving tisotumab vedotin-tftv
from “Other Recommended Regimens”
to “Preferred Regimens” for second line or
subsequent therapy in recurrent or metastatic
cervical cancer.
About Cervical Cancer
Cervical cancer remains a disease with high unmet need despite
advances in effective vaccination and screening practices to
prevent and diagnose pre-/early-stage cancers for curative
treatment. Recurrent and/or metastatic cervical cancer is a
particularly devastating and mostly incurable disease; up to 16%
of adults are diagnosed with metastatic disease at diagnosis,
1,2
and, for adults diagnosed at earlier stages who receive treatment,
up to 61% will experience disease recurrence and progress to
metastatic cervical cancer.
3
It is estimated that in 2023, more
than 13,960 new cases of invasive cervical cancer will be
diagnosed in the U.S. and 4,310 adults will die from the disease.
4
1. National Cancer Institute. SEER Cancer Stat Facts: Cervical Cancer.
2020. https://seer.cancer.gov/statfacts/html/cervix.html. Accessed
November 22, 2023.
2. McLachlan J, Boussios S, Okines A, et al. The impact of systemic therapy
beyond first-line treatment for advanced cervical cancer. Clin Oncol (R Coll
Radiol). 2017;29(3):153-60.
3. Pfaendler KS, Tewari KS. Changing paradigms in the systemic treatment of
advanced cervical cancer. Am J Obstet Gynecol. 2016;214(1):22-30.
4. Key Statistics for Cervical Cancer. American Cancer Society. Atlanta, GA.
2023. https://www.cancer.org/cancer/types/cervical-cancer/about/
key-statistics.html. Accessed November 22, 2023.
In 2023
>13,960
new cases of invasive
cervical cancer will be
diagnosed in the U.S.
4,310
adults will die from
the disease
Key Ongoing Clinical Trials
Disease Stage Development Phase
Preclinical 1 2 3
Cervical cancer Recurrent or metastatic innovaTV 301
Recurrent or Stage IVB (Combo & Mono) innovaTV 205
Solid tumors Locally advanced or metastatic innovaT V 207
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Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Genmab’s Proprietary Pipeline
Acasunlimab
(GEN1046/BNT311)
Bispecific Next-Generation
Immunotherapy
• Bispecific antibody targeting PD-L1
and 4-1BB, created using Genmab’s
DuoBody technology platform
• Clinical trials in solid tumors ongoing,
including Phase 2 trials in NSCLC
(NCT05117242) and endometrial
cancer (NCT06046274)
• Co-developed in collaboration
with BioNTech
Acasunlimab (GEN1046/BNT311, DuoBody-PD-
L1x4-1BB) is a proprietary bispecific antibody,
jointly owned by Genmab and BioNTech,
created using Genmab’s DuoBody technology
platform. It is being co- developed by Genmab
and BioNTech under an agreement in which the
companies share all costs and future potential
profits for acasunlimab on a 50:50 basis.
Acasunlimab is designed to induce an antitumor
immune response by simultaneous and comple-
mentary PD-L1 blockade and conditional 4-1BB
stimulation using an inert DuoBody format.
Four clinical trials in solid tumors are ongoing,
including Phase 2 trials in recurrent metastatic
NSCLC and advanced endometrial cancer. Based
on encouraging data from the Phase 2 trial in
NSCLC, we are engaging with health authorities
to determine next steps for the program.
Update from First Quarter to
Third Quarter
• September: A Phase 2 open-label trial
was initiated to determine the safety and
preliminary activity of acasunlimab in
combination with pembrolizumab in patients
with advanced endometrial cancer.
GEN1042
(BNT312)
Potential First-in-Class
Bispecific Agonistic Antibody
• Bispecific antibody targeting CD40
and 4-1BB, created using Genmab’s
DuoBody technology platform
• Multiple clinical trials in solid
tumors ongoing
• Co- developed in collaboration
with BioNTech
GEN1042 (BNT312, DuoBody-CD40x4-1BB) is a
proprietary bispecific antibody, jointly owned by
Genmab and BioNTech, created using Genmab’s
DuoBody technology platform. It is being
co- developed by Genmab and BioNTech under
an agreement in which the companies share all
costs and future potential profits for GEN1042
on a 50:50 basis. CD40 and 4-1BB were selected
as targets to enhance both dendritic cells and
antigen- dependent T-cell activation, using an
inert DuoBody format. Multiple clinical trials of
GEN1042 in solid tumors are ongoing.
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Management’s Review
Genmab’s Proprietary Pipeline
GEN3014
HexaBody-based Investigational
Medicine with Potential in
Hematological Malignancies
• Antibody targeting CD38, created
using Genmab’s HexaBody technology
platform
• Phase 1/2 clinical trial
(NCT04824794) in relapsed/
refractory multiple myeloma and other
hematological malignancies ongoing
• Developed in an exclusive worldwide
license and option agreement
with Janssen
GEN3014 (HexaBody-CD38) is a human CD38
monoclonal antibody-based investigational
medicine created using Genmab’s HexaBody
technology platform. GEN3014 is a second
generation CD38 targeting IgG1 antibody with
a hexamerization-enhancing modification.
GEN3014 is designed to induce antitumor activ-
ity through highly potent complement- dependent
cytotoxicity (CDC) and antitumor activity, which is
enhanced compared to daratumumab as demon-
strated in previously presented preclinical data,
and is effective at a wider range of target expres-
sion levels. In June 2019, Genmab entered into
an exclusive worldwide license and option agree-
ment with Janssen to develop and commercialize
GEN3014. A Phase 1/2 clinical trial in hemato-
logic malignancies is ongoing and includes a
cohort comparing GEN3014 to daratumumab in
CD38 monoclonal antibody-naïve relapsed or
refractory multiple myeloma patients.
Fourth Quarter Update
• December: Poster presentation of first clinical
data disclosure from the CD38 antibody-
naïve relapsed/refractory multiple myeloma
dose-expansion cohort in the Phase 1/2 trial
presented at the 65th ASH Annual Meeting.
Update from First Quarter to
Third Quarter
• June: Data was presented as a poster at the
2023 EHA Congress, “Pharmacodynamic
activity of GEN3014 in patients with multiple
myeloma supports superior complement
dependent cytotoxicity of GEN3014 compared
to daratumumab.”
GEN1047
Bispecific with Potential in
Solid Tumors
• Bispecific antibody targeting CD3
and B7H4, created using Genmab’s
DuoBody technology platform
• Phase 1/2 clinical trial (NCT05180474)
in malignant solid tumors ongoing
GEN1047 (DuoBody-CD3xB7H4) is a bispe-
cific antibody-based investigational medicine
created using Genmab’s DuoBody technology
platform. B7H4 is an immune checkpoint protein
expressed on malignant cells in various solid
cancers including breast, ovarian and lung
cancer. In preclinical studies, GEN1047 induced
T-cell mediated cytotoxicity of B7H4-positive
tumor cells. GEN1047 is being developed for
the potential treatment of solid cancer indi-
cations known to express B7H4. A Phase 1/2
clinical trial of GEN1047 in malignant solid
tumors is ongoing and currently in the dose-
expansion phase.
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Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Genmab’s Proprietary Pipeline
GEN1053
(BNT313)
HexaBody-based
Investigational Medicine with
Potential in Solid Tumors
• Antibody targeting CD27, created
using Genmab’s HexaBody technology
platform
• Phase 1/2 clinical trial (NCT05435339)
in solid tumors ongoing
• Co-developed in collaboration
with BioNTech
GEN1053 (HexaBody-CD27, BNT313) is a CD27
antibody that utilizes Genmab’s HexaBody
technology, specifically engineered to induce
on T cells CD27 clustering and thus to enhance
T cell activation. It is being co-developed by
Genmab and BioNTech under an agreement in
which the companies share all costs and future
potential profits for GEN1053 on a 50:50 basis.
A Phase 1/2 clinical trial of GEN1053 in solid
tumors is ongoing.
GEN1056
(BNT322)
First-in-Human Study Recruiting
• Phase 1 clinical trial (NCT05586321)
in solid tumors ongoing
• Co- developed in collaboration
with BioNTech
GEN1056 (BNT322) is an antibody product being
co- developed by Genmab and BioNTech for the
treatment of solid tumors and for use in combi-
nation with other products. A first-in-human
Phase 1 clinical study of GEN1056 in patients
with advanced solid tumors is ongoing.
30
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
GEN3017
DuoBody-based Investigational
Medicine in the Clinic
• Bispecific antibody targeting CD3
and CD30, created using Genmab’s
DuoBody technology platform
• Phase 1 clinical trial (NCT06018129)
in relapsed or refractory classical
Hodgkin lymphoma and NHL ongoing
GEN3017 (DuoBody-CD3xCD30) is a bispecific
antibody-based investigational medicine created
using Genmab’s DuoBody technology platform.
CD30 is highly expressed in multiple hemato-
logic malignancies, including classical Hodgkin
lymphoma and anaplastic large cell lymphoma.
In preclinical studies, GEN3017 induced potent
T-cell mediated cytotoxicity of CD30- expressing
tumor cells in vitro, which was associated with
induction of CD4+ and CD8+ T-cell activation,
proliferation and cytokine production. GEN3017
is being developed for the potential treatment of
certain hematological malignancies. A Phase 1/2
clinical trial of GEN3017 in relapsed or refrac-
tory classical Hodgkin lymphoma and NHL
is ongoing.
Updates from First Quarter to
Third Quarter
• September: The first patient was dosed in
the first-in-human Phase 1/2 trial of GEN3017
in relapsed or refractory classical Hodgkin
lymphoma and NHL.
• May: IND application was submitted
for GEN3017.
Genmab’s Proprietary Pipeline
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Management’s Review
• Broad preclinical pipeline that includes
both partnered products and in-house
programs based on our proprietary
technologies and/or antibodies
• Multiple new IND applications expected
to be submitted over the coming years
• Genmab has entered multiple
strategic collaborations to support the
expansion of our innovative pipeline
Our preclinical pipeline includes immune effector
function enhanced antibodies developed with
our HexaBody technology platform and bispe-
cific antibodies created with our DuoBody
technology platform. We are also collaborating
with our partners to generate additional new
antibody- based product concepts. A number of
the preclinical programs are conducted in cooper-
ation with our collaboration partners.
Fourth Quarter Update
• November: An IND was approved for GEN1055/
BNT315 (HexaBody-OX40), which is being
co-developed by Genmab and BioNTech. The
first preclinical disclosure of GEN1055 occurred
during the ESMO Immuno-Oncology Congress
in December.
Preclinical Programs
Updates from First Quarter to
Third Quarter
• August: An IND was submitted for GEN1059/
BNT314 (DuoBody-EpCAMx4-1BB), which is
being co-developed by Genmab and BioNTech.
The first preclinical disclosure of GEN1059
occurred during the ESMO Congress in October.
• April: Genmab and argenx entered into a
collaboration agreement to jointly discover,
develop and commercialize novel therapeutic
antibodies with applications in immunology,
as well as in oncology therapeutic areas. As
per the agreement, argenx and Genmab will
each have access to the suites of proprietary
antibody technologies of both companies to
advance the identification of lead antibody
candidates against differentiated disease
targets. Under the terms of the agreement,
argenx and Genmab will jointly discover,
develop and commercialize products emerging
from the collaboration while equally sharing
costs as well as any potential future profits.
The collaboration will initially focus on targets
within immunology and cancer with the
potential to expand.
32
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Approved Medicines Incorporating Genmab’s
Innovations and Technology
In addition to Genmab’s own pipeline of
investigational medicines, our innovations
and proprietary technology platforms
are applied in the pipelines of global
pharmaceutical and biotechnology
companies. These companies are
running clinical development programs
with antibodies created by Genmab or
created using Genmab’s proprietary
DuoBody bispecific antibody technology
platform. The programs run from Phase 1
development to approved medicines.
The information in this section includes
those therapies that have been approved
by regulatory agencies in certain
territories. Under the agreements for these
medicines Genmab is entitled to certain
potential milestones and royalties.
33
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Management’s Review
Redefining the Treatment of
Multiple Myeloma
• First-in-class human CD38
monoclonal antibody
• Developed and commercialized by
Janssen under an exclusive worldwide
license from Genmab
• Intravenous (IV) formulation approved
in combination with other therapies
and as monotherapy for certain
multiple myeloma indications
• First and only SC CD38-directed
antibody approved for the treatment of
certain multiple myeloma indications,
known as DARZALEX FASPRO in the
U.S., and as DARZALEX SC in Europe
• SC daratumumab is the first and only
approved therapy for AL amyloidosis in
the U.S., Europe and Japan
• 2023 net sales of DARZALEX by
Janssen were USD 9,744 million
Daratumumab is a human monoclonal antibody
that binds with high affinity to the CD38
molecule, which is highly expressed on the
surface of multiple myeloma cells and is also
expressed by AL amyloidosis plasma cells.
Genmab used technology licensed from Medarex
to generate the CD38 antibody. Daratumumab
is being developed and commercialized by
Janssen under an exclusive worldwide license
from Genmab. Under the terms of the agreement,
Genmab receives royalties between 12%
and 20% with Janssen reducing such royalty
payments for Genmab’s share of Janssen’s
royalty payments made to Halozyme as well as
in countries and territories where there are no
Genmab patents. Please refer to Note 5.6 of the
financial statements for further details regarding
the daratumumab collaboration with Janssen.
Daratumumab (marketed as DARZALEX for IV
administration and as DARZALEX FASPRO in
the U.S. and as DARZALEX SC in Europe for SC
administration) is approved in a large number of
territories for the treatment of adult patients with
certain multiple myeloma indications and is the
only approved therapy in the U.S., Europe and
Japan for the treatment of adult patients with AL
amyloidosis.
Please consult the European Summary
of Product Characteristics for DARZALEX
and DARZALEX SC and the U.S. Prescribing
Information for DARZALEX and DARZALEX
FASPRO for the labeled indication and safety
information.
Approved Medicines Incorporating Genmab’s Innovations and Technology
34
Other InformationFinancial Statements
Management’s Review
Table of ContentsGenmab 2023 Annual Report
Approved in the Treatment
of RMS
• Human CD20 monoclonal antibody
developed and commercialized by
Novartis under a license agreement
with Genmab
• Approved in territories including the
U.S., EU and Japan for treatment of RMS
in adults
• First B-cell therapy that can be self-
administered by patients at home using
the Sensoready
®
autoinjector pen
Ofatumumab is a human monoclonal antibody
that targets an epitope on the CD20 molecule
encompassing parts of the small and large extra-
cellular loops. Genmab used technology licensed
from Medarex to generate the CD20 antibody.
Ofatumumab, marketed as Kesimpta, is approved
in territories including the U.S., Europe and Japan
for the treatment of certain adult patients with
RMS. Kesimpta is the first B-cell therapy that can
be self- administered by patients at home using
the Sensoready autoinjector pen, once monthly
after starting therapy. Ofatumumab is being
developed and marketed worldwide by Novartis
under a license agreement between Genmab
and Novartis. Under the terms of the agreement,
Genmab receives a 10% royalty on net sales of
Kesimpta, and Genmab pays a royalty to Medarex
based on Kesimpta net sales. Please refer to
Note 5.6 of the financial statements for further
details regarding the ofatumumab collaboration
with Novartis.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for the labeled indication and
safety information for Kesimpta.
Approved Medicines Incorporating Genmab’s Innovations and Technology
35
Other InformationFinancial Statements
Management’s Review
Table of ContentsGenmab 2023 Annual Report
First U.S. FDA Approved
Medicine for the Treatment
of TED
• Developed and commercialized by
Amgen for the treatment of TED
• First and only U.S. FDA approved
medicine for the treatment of TED
• Also being explored in a clinical trial
for the treatment of diffuse cutaneous
systemic sclerosis (dcSSC)
Teprotumumab-trbw, approved by the U.S. FDA
under the trade name TEPEZZA, is a human
monoclonal antibody that targets the Insulin-like
Growth Factor 1 Receptor (IGF-1R), a validated
target. Genmab used technology licensed
from Medarex to generate the IGF-1R antibody.
The antibody was created by Genmab under
a collaboration with Roche. Development and
commercialization of the product was subse-
quently conducted by Horizon under a sublicense
from Roche. In October 2023, Amgen completed
its acquisition of Horizon, including all commer-
cialization and development of teprotumumab.
Under the terms of Genmab’s agreement with
Roche, Genmab receives a mid-single digit royalty
on net sales (as defined) of TEPEZZA. Please
refer to Note 5.6 of the financial statements
for further details regarding the teprotumumab
collaboration.
Please consult the U.S. Prescribing Information
for the labeled indication and safety information
for TEPEZZA.
Approved Medicines Incorporating Genmab’s Innovations and Technology
36
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Approved Medicines Incorporating Genmab’s Innovations and Technology
First Regulatory Approvals for a
DuoBody-based Medicine
• Part of Genmab and Janssen DuoBody
research and license agreement
• First approved medicine created
using Genmab’s proprietary DuoBody
technology
• Under the agreement with Janssen,
Genmab is eligible to receive
milestones and receives royalties on
net sales of RYBREVANT
In July 2012, and as amended in December 2013,
Genmab entered into a collaboration with Janssen
to create and develop bispecific antibodies using
Genmab’s DuoBody technology platform. One of
these, Janssen’s amivantamab, is a fully human
bispecific antibody that targets epidermal growth
factor receptor (EGFR) and cMet, two validated
cancer targets. The two antibody libraries used
to produce amivantamab were both generated
by Genmab. In collaboration with Janssen, the
antibody pair used to create amivantamab
was co-discovered. Janssen is responsible for
the development and commercialization of
amivantamab.
In 2021, Janssen received approvals in the U.S.,
Europe and other markets for amivantamab,
marketed as RYBREVANT, for the treatment of
certain adult patients with NSCLC with EGFR exon
20 insertion mutations. These were the first regu-
latory approvals for a therapy that was created
using Genmab’s proprietary DuoBody bispecific
technology platform. Under our agreement with
Janssen, Genmab is eligible to receive milestones
and receives royalties between 8% and 10% on
net sales of RYBREVANT subject to a reduction of
such royalty payments in countries and territories
where there are no relevant patents, among other
reductions. Genmab pays a royalty to Medarex
based on RYBREVANT net sales. Please refer to
Note 5.6 of the financial statements for further
details regarding the DuoBody collaboration
with Jansen.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for RYBREVANT for the labeled
indication and safety information.
37
Other InformationFinancial Statements
Management’s Review
Table of ContentsGenmab 2023 Annual Report
Approved Medicines Incorporating Genmab’s Innovations and Technology
Bispecific Antibody Approved for
the Treatment of Relapsed and
Refractory Multiple Myeloma
• Part of Genmab and Janssen DuoBody
research and license agreement
• Second approved medicine created
using Genmab’s proprietary DuoBody
technology
• Under the agreement with Janssen,
Genmab is eligible to receive
milestones and receives royalties on
net sales of TECVAYLI
In July 2012, Genmab entered into a collaboration
with Janssen to create and develop bispecific
antibodies using Genmab’s DuoBody technology
platform. One of the products subsequently
discovered and developed by Janssen is teclis-
tamab, a bispecific antibody that targets CD3,
which is expressed on T-cells and B-cell matu-
ration antigen (BCMA), which is expressed in
mature B lymphocytes.
In August 2022, Janssen received conditional
marketing authorization from the EC for subcu-
taneously administered teclistamab, marketed
as TECVAYLI, as monotherapy for the treatment
of adult patients with relapsed and refractory
multiple myeloma. Patients must have received at
least three prior therapies, including an immuno-
modulatory agent, a proteasome inhibitor, and a
CD38 antibody and have demonstrated disease
progression on the last therapy. In October 2022,
Janssen received U.S. FDA approval of TECVAYLI
( teclistamab- cqyv) for the treatment of adult
patients with relapsed or refractory multiple
myeloma, who previously received four or more
prior lines of therapy, including a proteasome
inhibitor, immunomodulatory drug and CD38
monoclonal antibody.
TECVAYLI is the second therapy created using
Genmab’s proprietary DuoBody bispecific tech-
nology platform to receive regulatory approval.
Under our agreement with Janssen, Genmab is
eligible to receive milestones and receives a
mid-single digit royalty on net sales of TECVAYLI
subject to a reduction of such royalty payments
in countries and territories where there are no
relevant patents, among other reductions. Please
refer to Note 5.6 of the financial statements for
further details regarding the DuoBody collabora-
tion with Jansen.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for TECVAYLI for the labeled indi-
cation and safety information.
(teclistamab)
TECVAYLI
T
M
38
Other InformationFinancial Statements
Management’s Review
Table of ContentsGenmab 2023 Annual Report
Approved Medicines Incorporating Genmab’s Innovations and Technology
Bispecific Antibody Approved for
the Treatment of Relapsed and
Refractory Multiple Myeloma
• Part of Genmab and Janssen DuoBody
research and license agreement
• Fourth approved medicine created
using Genmab’s proprietary DuoBody
technology
• Under the agreement with Janssen,
Genmab is eligible to receive
milestones and receives royalties on
net sales of TALVEY
In July 2012, Genmab entered into a collab-
oration with Janssen to create and develop
bispecific antibodies using Genmab’s DuoBody
technology platform. One of the products
subsequently discovered and developed by
Janssen is talquetamab, a bispecific antibody
that targets CD3, which is expressed on T-cells
and G protein-coupled receptor, family C,
group 5, member D (GPRC5D), an orphan receptor
expressed in malignant plasma cells.
In August 2023, Janssen received accelerated
approval from the U.S. FDA for subcutaneously
administered talquetamab- tgvs, marketed
as TALVEY, for the treatment of adult patients
with relapsed or refractory multiple myeloma
who have received at least four prior lines of
therapy, including a proteasome inhibitor, an
immunomodulatory agent, and a CD38 antibody.
Subsequently Janssen received conditional
marketing authorization from the EC for TALVEY
for the treatment of adult patients with relapsed
and refractory multiple myeloma who have
received at least three prior therapies, including
an immunomodulatory agent, a proteasome
inhibitor, and a CD38 antibody, and have demon-
strated disease progression on the last therapy.
TALVEY is the fourth therapy created using
Genmab’s proprietary DuoBody bispecific tech-
nology platform to receive regulatory approval.
Under our agreement with Janssen, Genmab is
eligible to receive milestones and receives a
mid-single digit royalty on net sales of TALVEY
subject to a reduction of such royalty payments
in countries and territories where there are no
relevant patents, among other reductions. Please
refer to Note 5.6 of the financial statements for
further details regarding the DuoBody collabora-
tion with Jansen.
Please consult the U.S. Prescribing Information
and the European Summary of Product
Characteristics for TALVEY for the labeled indica-
tion and safety information.
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Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Antibodies are Y-shaped proteins that play a
central role in immunity against bacteria and
viruses (also known as pathogens). As we
develop immunity, our bodies generate anti-
bodies that bind to pathogen structures (known
as antigens), which are specific to the pathogen.
Once bound, the antibodies attract other parts of
the immune system to eliminate the pathogen. In
modern medicine, we have learned how to create
and develop specific antibodies against antigens
associated with diseased human cells for use
in the treatment of diseases such as cancer and
autoimmune disease. Genmab uses several types
of technologies to create antibodies to treat
disease and has developed proprietary antibody
technologies including the DuoBody, HexaBody,
DuoHexaBody and HexElect technology
platforms. Information about these technolo-
gies can be found in the following sections and
at www.genmab.com/research-innovation/
antibody-technology-platforms/.
We also use or license several other technolo-
gies to generate diverse libraries of high-quality,
functional antibodies. In addition, we use or
license technologies to increase the potency of
some of our antibody therapeutics on a prod-
uct-by-product basis, including ADCs. ADCs are
antibodies with potent cytotoxic agents coupled
to them. By using antibodies that recognize
specific targets on tumor cells, these cytotoxic
agents are preferentially delivered to the
tumor cells.
Antibody Technologies
Our Proprietary Technology Platform Suite
Platform Principle Applications
DuoBody Bispecific antibodies Dual-targeting:
• Recruitment (e.g., T cells)
• Tumor heterogeneity
HexaBody Target-mediated enhanced
hexamerization
Enhanced potency:
• CDC
• Target clustering, outside-in signaling,
apoptosis
DuoHexaBody Bispecific antibodies with
target-mediated enhanced
hexamerization
Dual-targeting + enhanced potency:
• CDC
• Target clustering, outside-in signaling,
apoptosis
HexElect Two co-dependent antibodies
with target-mediated enhanced
hexamerization
Dual-targeting + enhanced potency and
selectivity:
• Co-dependent unlocking of potency
• New target space, previously inaccessible
Table of Contents Financial StatementsGenmab 2023 Annual Report
Management’s Review
Other Information
40
Innovative Technology
for Bispecific Antibody
Therapeutics
• Bispecific antibody technology
platform
• Potential in cancer, autoimmune,
infectious, cardiovascular, central
nervous system diseases and
hemophilia
• Commercial collaborations with
AbbVie, Janssen and BioNTech
among others, plus multiple research
collaborations
• Multiple regulatory approvals for
medicines created using the DuoBody
technology platform
The DuoBody technology platform is Genmab’s
innovative platform for the discovery and devel-
opment of bispecific antibodies. Bispecific
antibodies bind to two different epitopes
(or “docking” sites) either on the same or on
different targets (also known as dual- targeting).
Dual-targeting may improve binding specificity
and enhance therapeutic efficacy or bring two
different cells together (for example, engaging
a T cell to kill a tumor cell). Bispecific antibodies
generated with the DuoBody technology platform
can be used for the development of therapeutics
for diseases such as cancer, autoimmune, infec-
tious, cardiovascular, central nervous system
diseases and hemophilia. DuoBody molecules
combine the benefits of bispecificity with the
strengths of conventional antibodies, which
allows DuoBody molecules to be administered
and dosed the same way as other antibody thera-
peutics. Genmab’s DuoBody technology platform
generates bispecific antibodies via a versatile
and broadly applicable process that is easily
performed at high throughput, standard bench,
as well as at commercial manufacturing scale.
Genmab uses the DuoBody technology platform
to create its own bispecific antibody programs
and the technology is also available for licensing.
Genmab has numerous alliances for the DuoBody
technology platform including commercial collab-
orations with AbbVie, Janssen, Novo Nordisk,
BioNTech and Immatics.
Antibody Technologies
The innovative DuoBody technology
platform generates bispecific antibodies
via a fast, versatile and broadly appli-
cable process called controlled Fab-arm
exchange. With only minimal protein
engineering, the technology allows the
binding arms of two distinct monoclonal
antibodies to exchange, combining into
one stable bispecific antibody, thereby
retaining regular immunoglobulin structure
and function. The DuoBody technology
platform is also highly suitable for high
throughput generation, screening and
discovery of bispecific antibodies in final
therapeutic format.
Genmab’s proprietary DuoBody technology
platform has been applied to a variety of bispe-
cific antibody products in development, both
in our own pipeline and in programs being
developed by collaboration partners. The tech-
nology has been validated by the continued
advancement of these investigational medicines
through clinical development, including four
approved medicines.
DuoBody Technology Platform
41
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
DuoBody Collaborations
Advancing Our Pipeline
AbbVie
On June 10, 2020, Genmab entered into a broad
oncology collaboration agreement with AbbVie
to jointly develop and commercialize products
including epcoritamab (DuoBody-CD3xCD20),
and subsequently into a discovery research
collaboration for up to four future differentiated
antibody therapeutics for cancer. The companies
will share commercial responsibilities for
epcoritamab in the U.S. and Japan, with AbbVie
responsible for further global commercialization.
Genmab is the principal for net sales in the U.S.
and Japan and will receive tiered royalties on
remaining global sales outside of these territo-
ries. For any product candidates developed as
a result of the companies’ discovery research
collaboration, Genmab and AbbVie will share
responsibilities for global development and
commercialization in the U.S. and Japan. Genmab
retains the right to co-commercialize these
products, along with AbbVie, outside of the U.S.
and Japan.
Under the terms of the agreement, Genmab has
the potential to receive regulatory and sales
milestone payments, as well as tiered royalties
between 22% and 26% on net sales for epcor-
itamab outside the U.S. and Japan. Except for
these royalty-bearing sales, the parties will
share in profit from the sale of epcoritamab on a
50:50 basis. If all four next-generation antibody
product candidates developed as a result of the
discovery research collaboration are successful,
Genmab is eligible to receive up to USD 2.0 billion
in option exercise and success-based milestones.
Genmab and AbbVie split 50:50 the development
costs related to epcoritamab, while Genmab
will be responsible for 100% of the costs for the
discovery research programs up to opt-in. Please
refer to Note 5.6 of the financial statements
for further details regarding the collaboration
with AbbVie.
BioNTech
In May 2015, Genmab entered an agreement
with BioNTech to jointly research, develop and
commercialize bispecific antibody-based inves-
tigational medicines using Genmab’s DuoBody
technology platform. Under the terms of the
agreement, BioNTech will provide proprietary
antibodies against key immunomodulatory
targets, while Genmab provides proprietary
antibodies and access to its DuoBody tech-
nology platform. Genmab paid an upfront fee
of USD 10 million to BioNTech. If the companies
jointly select any antibody-based product
candidates for clinical development, devel-
opment costs and product ownership will be
shared equally going forward. If one of the
companies does not wish to move an antibody
product forward, the other company is entitled
to continue developing it on predetermined
licensing terms. The agreement also includes
provisions which will allow the parties to opt out
of joint development at key points. Genmab and
BioNTech currently have two bispecific antibody
products in clinical development, acasunlimab
(GEN1046/BNT311, DuoBody-PD-L1x41BB) and
GEN1042 (BNT312, DuoBody-CD40x41BB). In
August 2023 an IND was submitted for an addi-
tional bispecific program, GEN1059 (BNT314,
DuoBody-EpCAMx4-1BB).
Our Innovative Technology
in Action
Janssen
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.
Three of the DuoBody-based investigational
medicines created under this collaboration,
RYBREVANT (amivantamab), TECVAYLI (teclis-
tamab) and TALVEY (talquetamab) have received
regulatory approval in territories including the
U.S. and Europe. Genmab is eligible to receive
milestone payments and receives royalties on net
sales of each commercialized DuoBody medicine.
Please refer to Note 5.6 of the financial state-
ments for further details regarding the DuoBody
collaboration with Janssen.
Novo Nordisk
In August 2015, Genmab entered an agreement
to grant Novo Nordisk commercial licenses to use
the DuoBody technology platform to create and
develop bispecific antibody candidates for two
therapeutic programs that would target a disease
area outside of cancer therapeutics. After an
initial period of exclusivity for both target combi-
nations, Novo Nordisk extended exclusivity of the
commercial license for one target combination
in 2018, now in clinical development as Mim8.
Under the exclusive license agreement, Genmab
is entitled to potential milestones and will be
entitled to mid-single digit royalties on sales of
Mim8, should it receive regulatory approval.
Antibody Technologies
42
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Collaborations Across
the Pharma and Biotech
Ecosystem
Immatics
In July 2018, Genmab entered into a research
collaboration and exclusive license agreement
with Immatics to discover and develop
next- generation bispecific immunotherapies
to target multiple cancer indications. Genmab
received an exclusive license to three proprietary
targets from Immatics, with an option to license
up to two additional targets at predetermined
economics. Under the terms of the agreement,
Genmab paid Immatics an upfront fee of USD
54 million and Immatics is eligible to receive up
to USD 550 million in development, regulatory
and commercial milestone payments for each
antibody product, as well as tiered royalties on
net sales.
Antibody Technologies
HexaBody
Technology Platform
Creating Differentiated
Therapeutics
• Enhanced potency antibody
technology platform
• Broadly applicable technology that
builds on natural antibody biology
• HexaBody-based investigational
medicines in clinical development;
HexaBody-CD38 (GEN3014) and
HexaBody-CD27 (GEN1053/BNT313)
The HexaBody technology platform is a propri-
etary Genmab technology that is designed
to increase the potency of antibodies. The
HexaBody technology platform builds on natural
biology and strengthens the natural killing ability
of antibodies while retaining regular structure
and specificity. The technology allows for the
creation of potent therapeutics by inducing
antibody hexamer formation (clusters of six
antibodies) after binding to their target antigen
on the cell surface. We have used the HexaBody
technology platform to generate antibodies
with enhanced complement- mediated killing,
allowing antibodies with limited or absent killing
capacity to be transformed into potent, cytotoxic
antibodies. In addition to complement- mediated
killing, the clustering of membrane receptors
by the HexaBody technology platform can lead
to subsequent outside-in signaling leading
to cell death. The HexaBody technology
platform creates opportunities to explore
new antibody- based product candidates and
repurpose drug candidates unsuccessful in
previous clinical trials due to insufficient potency.
The HexaBody technology platform is broadly
applicable and can be combined with Genmab’s
DuoBody technology platform (DuoHexaBody
technology platform) as well as other antibody
technologies. The technology has the potential to
enhance antibody therapeutics for a broad range
of applications including cancer and infectious
diseases. Genmab is using the HexaBody tech-
nology platform for its own antibody programs
and the technology is also available for licensing.
Two HexaBody-based investigational medicines
are currently in clinical development. Genmab
entered into an exclusive worldwide license and
option agreement with Janssen to develop and
commercialize GEN3014 (HexaBody-CD38), a
next- generation CD38 monoclonal antibody-
based investigational medicine. In 2022, Genmab
and BioNTech expanded their global strategic
collaboration to include co- development of
monospecific antibody candidates leveraging
the HexaBody technology. The first antibody in
the clinic under this collaboration is GEN1053
(BNT313, HexaBody-CD27). In October 2023 an
IND was submitted and approved on November
3, 2023 for an additional HexaBody-based
program, GEN1055 (BNT315, HexaBody-OX40).
43
Other InformationFinancial Statements
Management’s Review
Table of ContentsGenmab 2023 Annual Report
Antibody Technologies
Combining Dual-Targeting and
Enhanced Potency
• Antibody technology that combines
DuoBody and HexaBody technology
platforms
• Creates bispecific antibodies with
target-mediated enhanced potency
The DuoHexaBody technology platform is a
proprietary technology that combines the dual
targeting of our DuoBody technology platform
with the enhanced potency of our HexaBody
technology platform, creating bispecific
antibodies with target-mediated enhanced
hexamerization. We previously had one investi-
gational medicine created with the DuoHexaBody
technology platform in the clinic, GEN3009
(DuoHexaBody-CD37). This program was
discontinued in the third quarter of 2023 due
to a strategic evaluation of GEN3009 within the
context of Genmab’s portfolio. The decision was
not based on safety or regulatory concerns.
Enhancing Selectivity
and Potency
• Antibody technology platform inspired
by the HexaBody technology platform
• Combines dual-targeting with
enhanced selectivity and potency
The HexElect antibody technology platform is
Genmab’s newest proprietary antibody tech-
nology. This technology combines two HexaBody
molecules designed to effectively and selectively
hit only those cells that express both targets by
making the activity of complexes of HexaBody
molecules dependent on their binding to two
different targets on the same cell. The HexElect
technology platform maximizes efficacy while
minimizing possible toxicity, potentially leading to
more potent and safer investigational medicines.
DuoHexaBody
Technology Platform
HexElect
Technology Platform
44
Financial Statements Other Information
Management’s Review
Table of ContentsGenmab 2023 Annual Report
We are committed to being
a sustainable, socially
responsible biotech company.
This commitment is anchored
in our vision, core purpose
and values, focused for impact
through our CSR strategy, and
lived every day by our team. It
is fundamental to the way we
do business.
How We Carry Out Our
CSR Initiatives
We are committed to complying with all laws,
codes, and standards applicable to our business
and operations. We also prioritize the well-being
and vitality of our teams and actively seek to
minimize our impact on the environment. We
have high ethical standards and aim to conduct
business with companies and within countries
that share our ethical commitment including
our support for the protection of internationally
proclaimed human rights.
We track trends, benchmark and examine our
ESG activities, policies and disclosures on our
journey to building a sustainable, socially respon-
sible biotech company.
We are committed to transparency and
continued improvement of our climate disclo-
sures. To this end, we support the Task Force
on Climate-related Financial Disclosures (TCFD)
recommendations as we believe they provide a
useful framework to increase transparency on
climate-related risksand opportunities. We want
to reduce our environmental footprint and aim to
provide additional disclosures on climate-related
topics in the future as we incorporate the TCFD
recommendations into our business. Please refer
to “Genmab’s Task Force on Climate-related
Financial Disclosures” in this report for more
information.
We follow the Sustainability Accounting
Standards Board (SASB) framework to disclose
critical measurements on ESG activities relevant
to our business.
CSR Governance
Our CSR governance is led by the Board of
Directors. Our Board of Directors’ Nominating
and Corporate Governance Committee oversees
our CSR efforts and provides recommendations
to the Board on corporate responsibility and
sustainability matters. Additionally, the Board of
Directors’ Audit and Finance Committee oversees
our ESG reporting requirements.
Our CSR Committee, which is co-chaired by our
CEO and the Senior Vice President of Global
Communications and Corporate Affairs, provides
direction on CSR strategy and associated policies
and ensures we carry out our CSR activities effec-
tively and communicate them clearly and openly.
Our CSR Global Council and Global Sustainability
Working Group help us implement and enhance
our CSR strategy, while our newly established
Sustainability Task Force supports the collec-
tion, assurance and disclosures on ESG-related
reporting requirements.
Corporate Social Responsibility and Sustainability Commitments
45
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Corporate Social Responsibility and
Sustainability Commitments
We are committed to ensuring our actions benefit our direct
stakeholders (patients, customers, team members, collaboration
partners and shareholders) and society as a whole.
To this end, our CSR strategy focuses on four key pillars:
Science-Driven
Health Innovations
for Patients
Employee Well-Being
and Vitality
Ethics and
Transparency
Environmental and
Community
Sustainability
1
We use our world-class knowledge in antibody
biology and expertise in innovative antibody
technology to develop cancer treatments to have
a positive impact on society.
2
We care for our employees’ health, well-being,
safety and development and promote a collabo-
rative culture that fosters passion for innovation,
integrity, determination, and respect.
3
We believe that DE&I are fundamental to
achieving our vision and are committed to cham-
pioning a corporate culture that accepts and
promotes uniqueness and empowers each team
member to bring their authentic self to work in a
safe, open and respectful environment.
4
We operate our business with the utmost
integrity, seeking to do the right thing in all
aspects of our business and integrate compli-
ance, ethics and transparency into our business
practices, policies and procedures.
5
We maintain a highly ethical organization,
promote our Code of Conduct to employees and
engaging with partners and suppliers committed
to the same level of ethics in their operations.
6
We aim to reduce our impact on the environment
by refining our processes and incorporating
best practices into our operations as we strive
to reduce our environmental footprint, minimize
waste and decrease use of hazardous material.
7
We monitor and evaluate targets for ESG activ-
ities, measure our impact and communicate
our progress.
8
We engage with and support the communities in
which we operate.
We have implemented CSR-related policies, procedures and programs to ensure
that the value we provide to our stakeholders is long-lasting. We are guided by the
following tenets, which support our CSR pillars.
46
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Topic Recommended Disclosures Genmab’s Disclosures
Governance
Describe the board’s oversight of climate-related risks
and opportunities.
Our Board of Directors’ Nominating and Corporate Governance Committee oversees our CSR efforts and provides
recommendations to the Board on corporate responsibility and sustainability matters. Additionally, the Board Audit and Finance
Committee oversees our ESG reporting requirements.
Describe management’s role in assessing and managing
climate-related risks and opportunities.
Our CSR Committee, which is co-chaired by our CEO and the senior vice president of global communications and corporate affairs,
provides direction on CSR strategy and associated policies. Our CSR Global Council and Global Sustainability Working Group
help us implement and enhance our CSR strategy, while our newly established Sustainability Task Force supports the collection,
assurance and disclosures on ESG-related reporting requirements.
Strategy
Describe the climate-related risks and opportunities the
organization has identified over the short, medium and
long term.
Describe the impact of climate-related risks and
opportunities on the organization’s businesses, strategy
and financial planning.
Genmab has conducted scenario analysis on the potential transition and physical risks and opportunities related to climate
change, at 1.5 — 2°C and 4°C of warming, across our value chain, in the short term (2030), and medium/long term (2040/2050).
Below is a brief summary of the key potential risks identified:
Description of potential risks identified 1.5 — 2°C, short term:
― Transition risk resulting from emerging certification, regulation and carbon taxation, pricing, and tariffs and related costs of
compliance and the switch to low carbon materials and technologies
― Transition risk resulting from increased focus of investors and regulators on ESG performance in investment decision-making,
increasingly connecting access to capital and investment to ESG and climate performance
― Transition risk resulting from shift in consumer preferences and talent attraction criteria toward climate and responsibility
― Physical risk of disruption of supply chains due to changes in weather patterns and extreme weather events
― Physical risk resulting from more frequent and severe heat waves, leading to increased cooling costs
Description of potential risks identified 1.5 — 2°C, medium/long term:
― Physical risk of disruption of supply chains and operations due to changes in weather patterns and increase in frequency of
extreme weather events
― Physical risk resulting from more frequent and severe heat waves, leading to increased cooling costs
― Physical risk resulting from coastal flooding, potentially disrupting operations and the supply chain
Description of potential risks identified 4°C, short term:
― Physical risk of disruption of supply chains, acute limited supply, and increased cost of raw materials due to changes in
weather patterns and extreme weather events
― Physical risk resulting from frequent and severe heat waves, leading to increased cooling costs
― Physical risk of disruption of supply chain, operations and distribution, resulting from increased acute flooding
Genmab’s Task Force on Climate-related Financial Disclosures
47
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Topic Recommended Disclosures Genmab’s Disclosures
Strategy
(continued)
Description of potential risks identified 4°C, medium/long term:
― Transition risk resulting from fragmented regulatory efforts to curb runaway climate change through cost of compliance with
carbon taxation, pricing, etc.
― Physical risk resulting from acute, severe and frequent extreme weather events, leading to disruption of operations, supply
chain and distribution, damage to physical assets and inventory, as well as increase in raw materials cost and insurance costs
― Physical risk resulting from acute and severe heat waves, leading to instability of supply chains, increased energy costs for
cooling and loss of inventory
― Physical risk resulting from sea level rise and coastal flooding, leading to disruption of operations and supply chains, damage
to physical assets, inventory
Describe the climate-related risks and opportunities the
organization has identified over the short, medium and
long term.
Describe the impact of climate-related risks and
opportunities on the organization’s businesses, strategy
and financial planning.
Brief summary of the key potential climate related opportunities:
Description of potential opportunities identified 1.5–2°C and 4°C:
― Cost savings from the use of new technologies, more energy efficient/low carbon production and distribution
― Cost savings and reduced exposure to resource and water scarcity through, for instance, the use of recycling
― Increase resilience, adaptation and cost savings from efficient and green buildings
― Cost savings and lowered exposure to carbon pricing and other regulations
― Reputational gains with stakeholders and potential employees from focus on climate-related topics
Describe the impact of climate-related risks and
opportunities on the organization’s businesses, strategy
and financial planning.
Climate-related risks and opportunities identified will be considered and integrated as part of Genmab’s Enterprise Risk
Management (ERM) program, financial planning and strategy. To play our part in mitigating the physical impacts of climate change
and curbing warming, Genmab will commit to a climate target, to reduce our GHG emissions in line with the Paris Agreement.
Describe the resilience of the organization’s strategy,
taking into consideration different climate-related
scenarios, including a 2°C or lower scenario.
Genmab has conducted qualitative climate-related scenario analysis. Four scenarios spanning 1.5–2°C and 4°C of warming were
developed based on Intergovernmental Panel on Climate Change, International Energy Agency and other sources, and Genmab’s
risks and opportunities across the value chain in the short, medium/long term were assessed.
In 2024, Genmab will further assess the resilience of our corporate strategy in these climate-related scenarios.
Risk
Management
Describe the organization’s processes for identifying and
assessing climate-related risks.
In 2023, Genmab continued its assessment of climate-related risk and scenario analysis to identify key risks and opportunities.
The risks have been assessed through internal and external stakeholder workshops and interviews as part of the double
materiality assessment conducted in preparation for the upcoming CSRD requirements.
Describe the organization’s processes for managing
climate-related risks.
Climate-related risks identified will be considered as part of our ERM program, and responsibility for monitoring, prevention and
mitigation will be cascaded to relevant functions within Genmab.
Describe how processes for identifying, assessing and
managing climate-related risks are integrated into the
organization’s overall risk management.
Genmab’s Task Force on Climate-related Financial Disclosures
48
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Topic Recommended Disclosures Genmab’s Disclosures
Metrics and
Targets
Disclose the metrics used by the organization to assess
climate-related risks and opportunities in line with its
strategy and risk management process.
Genmab reports on Scope 1, 2 and 3 GHG emissions in line with the GHG Protocol.
Genmab will develop metrics related to business continuity and natural disaster recovery. These may include, for instance,
suppliers assessed/engaged on climate and climate risk topics, etc.
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3
GHG emissions and the related risks.
Genmab’s Scope 1, 2 and 3 emissions totaled 147,721 tons CO
2
e in 2022. Emissions reductions will contribute to the mitigation of
the transition risk of carbon taxes, pricing and tariffs.
2023 was the first year a full carbon footprint was estimated for Genmab (for the full year 2022). This will serve as a baseline
for our climate target. We will continue to improve the quality of our data and we will strive to engage with our suppliers
and partners in order to obtain as accurate a carbon footprint as possible, acknowledging that carbon footprint mapping is
inherentlyuncertain.
Describe the targets used by the organization to manage
climate-related risks and opportunities and performance
against targets.
Genmab intends to achieve a 42% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2030 compared to a 2021
baseline year, and to reduce Scope 3 emissions by 2030 through supplier engagement and responsible sourcing practices by
committing to having at least two thirds of our suppliers by spend covered by Paris Agreement aligned climate targets.
We calculated our Scope 1, 2 and 3 emissions (for the full year 2022). In accordance
with the global standard for carbon accounting, the GHG Protocol.
We will continue to improve the quality of our data and we will strive to engage
with our suppliers and partners in order to obtain as accurate a carbon footprint as
possible, acknowledging that carbon footprint mapping is inherently uncertain.
GHG Emissions 2023 2022 2021
Total Scope 1 emissions (tCO
2
e) 317 283 341
Total Scope 2 emissions (tCO
2
e) 238 111 298
Total Scope 3 emissions (tCO
2
e) * 147,327
Total Scope 1, 2 & 3 emissions (tCO
2
e) 147,721
Electricity Consumption and Renewables 2023 2022 2021
Electricity consumption (MWh) 3,293 3,127 2,925
Share renewables 76.8% 94.0% 83.0%
*Defined Scope 3 emissions for 2023 not yet available.
Genmab’s Task Force on Climate-related Financial Disclosures
49
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
As an international company,
Genmab has many stake-
holders with an interest in
how we conduct our business.
Continuous engagement
with these groups drives our
success. Some of Genmab’s
key stakeholder groups and
the ways we interact with them
are highlighted here.
Stakeholder Engagement
Our Research Collaborators
Collaborations across the innovation ecosystem
of pharma, biotech and academia help us create
innovative next-generation antibody therapeutics
and potentially bring them to patients faster. Our
methods of engagement vary from co-develop-
ment of programs, licensing of our technology
platforms, involvement in clinical trials and indi-
rectly, through our work with industry groups.
Our People
The health, well-being, safety, and development
of Genmab’s team members is a top priority
for the Company. Our talented teams are the
cornerstone of our success and fundamental to
achieving our 2030 Vision.
Genmab aims to foster individual empowerment
and development and allows people to transform
their skills into real value for patients.
Patient Advocacy
Organizations
With our first medicines on the market, we have
an obligation to engage with patient advocates
to ensure we are providing as much support as
possible to patients in need. We actively engage
patient advocacy groups, both to provide our
financial support for their efforts and programs
and also to collaborate on educational events
with the Genmab team.
Our Communities
As part of Genmab’s ongoing commitment to CSR,
we aim to contribute to and ensure the vibrancy
and sustainability of the communities where our
team members live and work.
Our Shareholders and
Investors
Genmab has a diverse shareholder base with
investors from across a spectrum of size and
location. The support of Genmab’s investors
is essential to the success of the Company as
we grow into a fully integrated biotech innova-
tion powerhouse.
More information on Genmab’s stakeholder
engagement may be found in our 2023 Corporate
Responsibility Report on the Company’s
website (https://ir.genmab.com/static-files/
c0341966-2b12-4013-ad8b-e21aeb167f1c).
50
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Genmab’s Values
We are ‘One Genmab’
We respect and celebrate
our differences while
working as One Team
Rooted in Science
We hypothesize and
experiment to seek innovative
solutions, no matter our role
Patients Come First
We are committed
to making a positive
impact for patients
Act with Courage
We speak up, empower
each other, and embrace
change and growth
51
Other InformationFinancial Statements
Management’s Review
Table of ContentsGenmab 2023 Annual Report
Financial Review
“In 2023, we delivered on our
priorities: successfully launching in
the U.S. and Japan, advancing our
mid/late stage pipeline, and scaling
our discovery engine, accelerating
our path towards our long-term
strategic goals.”
Anthony Pagano
Executive Vice President and
Chief Financial Officer
52
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
The financial statements are
prepared on a consolidated
basis for Genmab A/S (parent
company) and its subsidiaries.
The Genmab financial statements
are published in Danish Kroner
(DKK). The Genmab consolidated
Group is referenced herein as
“Genmab” or the “Company”.
Result for the Year
Guidance and Result for 2023
(DKK million) Latest Guidance Actual
Revenue 15,900–16,500 16,474
Operating expenses (10,600)–(10,900) (10,927)
Operating profit 4,800–5,750 5,321
Actual revenue, operating expenses and operating profit were in line with the latest guidance
published on November 7, 2023.
Revenue
Genmab’s revenue was DKK 16,474 million in 2023 compared to DKK 14,505 million in 2022. The
increase of DKK 1,969 million, or 14%, was primarily driven by higher DARZALEX and Kesimpta
royalties achieved under our collaborations with Janssen and Novartis, respectively, partly offset by
milestones achieved in 2022 under our collaboration with AbbVie. EPKINLY net product sales, driven
by a strong product launch, also contributed to increased revenue in 2023.
Genmab’s revenue was DKK 14,505 million in 2022 compared to DKK 8,417 million in 2021. The
increase of DKK 6,088 million, or 72%, was primarily driven by higher DARZALEX and Kesimpta
royalties achieved under our collaborations with Janssen and Novartis, respectively, due to higher net
sales and higher average exchange rate between the USD and DKK, and milestones achieved in 2022
under our collaboration with AbbVie.
(DKK million) 2023 2022 2021
Royalties 13,705 83% 11,582 80% 6,912 82%
Reimbursement Revenue 864 5% 818 6% 531 6%
Milestone Revenue 1,177 7% 1,767 12% 954 12%
License Revenue – – 6 0% – –
Collaboration Revenue 307 2% 332 2% 20 0%
Net Product Sales 421 3% – – – –
Total revenue 16,474 100% 14,505 100% 8,417 100%
Royalties
Royalty revenue amounted to DKK 13,705 million
in 2023 compared to DKK 11,582 million in
2022. The increase of DKK 2,123 million, or
18%, was primarily driven by higher DARZALEX
and Kesimpta royalties achieved under our
daratumumab collaboration with Janssen and
ofatumumab collaboration with Novartis, respec-
tively, partly offset by negative foreign exchange
rate impacts due to a lower average exchange
rate between the USD and DKK. The table
below summarizes Genmab’s royalty revenue
by product.
Royalty revenue amounted to DKK 11,582 million
in 2022 compared to DKK 6,912 million in
2021. The increase of DKK 4,670 million, or
68%, was primarily driven by higher DARZALEX,
Kesimpta and TEPEZZA royalties achieved under
our daratumumab collaboration with Janssen,
ofatumumab collaboration with Novartis, and
teprotumumab collaboration with Roche, respec-
tively. The following table summarizes Genmab’s
royalty revenue by product.
(DKK million) 2023 2022 2021
DARZALEX 11,265 9,966 6,070
Kesimpta 1,494 779 235
TEPEZZA 704 796 593
Other 242 41 14
Total royalties 13,705 11,582 6,912
Net sales of DARZALEX by Janssen were
USD 9,744 million in 2023 compared to USD
7,977 million in 2022 and USD 6,023 million
in 2021. The increase from 2022 to 2023 of
USD 1,767 million, or 22%, was driven by share
gains in all regions. The increase from 2021
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Management’s Review
to 2022 of USD 1,954 million, or 32%, was
driven by share gains, continued strong market
growth and uptake of the DARZALEX SC product.
Royalty revenue on net sales of DARZALEX
was
DKK 11,265 million in 2023 compared to DKK
9,966 million in 2022 and DKK 6,070 million
in 2021, an increase of DKK 1,299 million from
2022 to 2023, and DKK 3,896 million from 2021
to 2022. The percentage increase in royalties
of 13% from 2022 to 2023 is lower than the
percentage increase in the underlying net sales
primarily due to a lower average exchange rate
between the USD and DKK in 2023, other foreign
exchange impacts, the increase in Genmab’s
Halozyme royalty reductions in connection
with the increase in SC product net sales and
an increase in royalty reductions on net sales
in countries and territories where there are no
Genmab patents. Under our license agreement
with Janssen for DARZALEX, for purposes of
calculating royalties due to Genmab, net sales
for non-U.S. denominated currencies are trans-
lated to U.S. dollars at a specific annual Currency
Hedge Rate. This contractual agreement is the
driver for the other foreign exchange rate impacts
discussed above, which were significantly
more favorable in 2022 compared to 2023. The
percentage increase in royalties of 64% from
2021 to 2022 is higher than the percentage
increase in the underlying net sales primarily due
to the higher average exchange rate between the
USD and DKK, other positive foreign exchange
rate impacts, and a higher effective royalty
rate for 2022, partly offset by the increase in
Genmab’s share of Janssen’s royalty payments to
Halozyme in connection with SC product net sales
as well as an increase in royalty reductions on net
sales in countries and territories where there are
no Genmab patents. 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 curren-
cies are translated to U.S. dollars at a specified
annual Currency Hedge Rate. This contractual
arrangement is the driver for the other foreign
exchange impacts discussed above.
Net sales of Kesimpta by Novartis were
USD2,171 million in 2023 compared to USD
1,092 million in 2022 and USD 372 million in
2021. The increase of USD 1,079 million from
2022 to 2023, or 99%, was primarily driven
by increased demand, strong access, and a
one-time positive revenue adjustment in Europe.
The increase of USD 720 million from 2021
to 2022 was driven by strong launch uptake,
access and increased demand. Royalty revenue
on net sales of Kesimpta was DKK 1,494 million
in 2023 compared to DKK 779 million in 2022,
an increase of DKK 715 million, or 92%. Royalty
revenue on net sales of Kesimpta was DKK
779 million in 2022 compared to DKK 235 million
in 2021, an increase of DKK 544 million.
Royalty revenue on net sales of TEPEZZA was DKK
704 million in 2023 compared to DKK 796 million
in 2022 and DKK 593 million in 2021, a decrease
of DKK 92 million, or 12% from 2022 to 2023
and an increase of DKK 203 million, or 34% from
2021 to 2022. TEPEZZA net sales in the first
quarter of 2021 were negatively impacted by a
U.S. government-mandated COVID-19 production
interruption.
Other royalties consist of royalties from net sales
of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
Janssen was granted U.S. FDA approval for
RYBREVANT during the second quarter of 2021,
and Genmab subsequently started recognizing
royalties on net sales of RYBREVANT. Royalties
were not material for 2023, 2022 or 2021.
Janssen was granted approval for TECVAYLI for
the treatment of relapsed or refractory multiple
myeloma during the third quarter of 2022 in
Europe and in the fourth quarter of 2022 in the
U.S. Royalties were not material for 2023 or 2022.
During the third quarter of 2023, Janssen was
granted approval in the U.S. and in Europe for
TALVEY for the treatment of relapsed or refractory
multiple myeloma. Royalties were not material
for 2023.
The EC granted conditional marketing autho-
rization for TEPKINLY as a monotherapy for
the treatment of adult patients with relapsed
or refractory DLBCL after two or more lines of
systemic therapy during the third quarter of 2023.
Royalties from AbbVie, related to European net
sales, were not material for 2023.
Royalty revenue fluctuations from period to
period are driven by the level of product net
sales, foreign currency exchange rate movements
and more specifically to DARZALEX, the contrac-
tual arrangement related to annual Currency
Hedge Rate, Genmab’s share of Janssen’s royalty
payments to Halozyme in connection with SC
product net sales and royalty deductions on net
sales in countries and territories where there is
no patent protection.
Reimbursement Revenue
Reimbursement revenue, mainly comprised
of the reimbursement of certain research and
development costs related to the development
work under Genmab’s collaboration agreements,
amounted to DKK 864 million in 2023 compared
to DKK 818 million in 2022 and DKK 531 million
in 2021. The increase of DKK 46 million, or 6%,
from 2022 to 2023 was primarily driven by higher
activities under our collaboration agreements
with BioNTech for DuoBody-CD40x4-1BB and
acasunlimab. The increase of DKK 287 million, or
54%, from 2021 to 2022 was primarily driven by
higher activities under our collaboration agree-
ments with BioNTech for HexaBody-CD27 and
DuoBody-CD40x4-1BB.
Milestone Revenue
Milestone revenue was DKK 1,177 million in
2023 compared to DKK 1,767 million in 2022
and DKK 954 million in 2021, a decrease of DKK
590 million, or 33%, from 2022 to 2023, and an
increase of DKK 813 million, or 85%, from 2021
to 2022, primarily driven by the following:
2023 milestones:
• AbbVie milestone of DKK 348 million (USD
50 million) driven by the first commercial sale of
EPKINLY in the U.S.,
• AbbVie milestone of DKK 205 million (USD
30 million) due to the acceptance of the
marketing authorization application (MAA) filing
by the EMA of the type II variation for marketing
authorization of TEPKINLY,
• AbbVie milestone of DKK 176 million (USD
25 million) due to the first commercial sale of
TEPKINLY in Europe, and
• Janssen milestone of DKK 169 million (USD
25 million) related to the BLA approval in the
U.S. for talquetamab.
2022 milestones:
• AbbVie milestone of DKK 577 million (USD
80 million) driven by the acceptance of the BLA
by the U.S. FDA for epcoritamab,
• AbbVie milestone of DKK 444 million (USD
60 million) triggered by the validation of the
MAA by the EMA in the EU for epcoritamab,
• Janssen milestones of DKK 189 million (USD
25 million) and DKK 112 million (USD 15 million)
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Management’s Review
for the approval of TECVAYLI for the treatment of
relapsed or refractory multiple myeloma in the
U.S. and Europe, respectively, and
• AbbVie milestone of DKK 153 million (USD
20 million) driven by the initiation, or first patient
dosed, of a pivotal trial (Phase 3) in the second
indication for epcoritamab.
2021 milestones:
• AbbVie milestone of DKK 245 million (USD
40 million) triggered by the first patient dosed in
the Phase 3 study of epcoritamab,
• DARZALEX FASPRO milestone of DKK 184 million
(USD 30 million) driven by the first commercial
sale in the U.S. for patients with newly diagnosed
AL amyloidosis,
• Janssen DuoBody milestone of DKK 152 million
(USD 25 million) driven by U.S. FDA approval for
RYBREVANT, and
• DARZALEX SC milestone of DKK 125 million (USD
20 million) driven by the first commercial sale
in the EU for patients with newly diagnosed AL
amyloidosis.
Milestone revenue may fluctuate significantly
from period to period due to both the timing of
achievements and the varying amount of each
individual milestone under our license and collab-
oration agreements.
Collaboration Revenue
Collaboration revenue, which reflects 50% of
gross profit from net sales of Tivdak in the U.S.
by Pfizer, was DKK 307 million in 2023 compared
to DKK 332 million in 2022 and DKK 20 million
in 2021. The decrease of DKK 25 million, or 8%,
from 2022 to 2023 was primarily driven by a
one-off payment in 2022 from Pfizer of approx-
imately USD 15 million (DKK 112 million) which
reflects Genmab’s share (50%) of payments
received by Pfizer in connection with the
sublicense of its rights to develop and commer-
cialize tisotumab vedotin in China to Zai Lab Hong
Kong, partly offset by an increase in net sales of
Tivdak in 2023. The increase of DKK 312 million
from 2021 to 2022 was primarily driven by
increased sales of Tivdak and also includes the
one-off payment described above.
Net Product Sales
Following the approval of EPKINLY on May 19,
2023 in the U.S. and September 25, 2023 in
Japan, Genmab recognized net product sales
of DKK 421 million (USD 61 million) through
December 31, 2023. As EPKINLY is Genmab’s
first commercialized product for which Genmab
is recording net product sales, there were no net
product sales recognized during 2022.
Refer to Note 2.1 for further details
about revenue.
Cost of Product Sales
Following the approval of EPKINLY in the U.S.
and Japan in 2023, Genmab recognized cost
of product sales of DKK 226 million through
December 31, 2023. Cost of product sales related
to EPKINLY sales is primarily comprised of prof-
it-sharing amounts payable to AbbVie of DKK
195 million as well as product costs. There were
no cost of product sales recognized during 2022.
Operating Expenses
Genmab’s operating expenses increased by DKK
2,689 million, or 33%, from DKK 8,238 million
in 2022 to DKK 10,927 million in 2023, and
increased by DKK 2,774 million, or 51%, from DKK
5,464 million in 2021 to DKK 8,238 million in 2022.
Research and Development Expenses
Research and development expenses amounted to DKK 7,630 million in 2023 compared to DKK
5,562 million in 2022 and DKK 4,181 million in 2021. The increase from 2022 to 2023 of DKK
2,068 million, or 37%, was driven by the increased and accelerated advancement of epcoritamab under
our collaboration with AbbVie, advancement of acasunlimab and DuoBody-CD40x4-1BB under our
collaboration with BioNTech, further progression of pipeline products, and the increase in team members
to support the continued expansion of our product portfolio. The increase from 2021 to 2022 of DKK
1,381 million, or 33% was driven by the continued advancement of our product pipeline including epcor-
itamab under our collaboration with AbbVie, and DuoBody-CD40x4-1BB under our collaboration with
BioNTech, and the increase in team members to support the expansion of our product pipeline.
Research and development costs accounted for 70% of the total operating expenses in 2023
compared to 68% in 2022 and 77% in 2021.
The following table provides information regarding our research and development expenses for 2023
as compared to 2022 and 2021.
(DKK million) 2023 2022 2021
Percentage
Change
2023/2022
Percentage
Change
2022/2021
Research
1
1,507 1,222 958 23% 28%
Development and contract
manufacturing
2
2,324 1,556 1,374 49% 13%
Clinical
3
3,282 2,059 1,360 59% 51%
Upfront payments
4
3 155 61 (98)% 154%
Other
5
514 570 428 (10)% 33%
Total research and
development expenses 7,630 5,562 4,181 37% 33%
1. Research expenses include, among other things, personnel, occupancy and laboratory expenses, technology access
fees associated with identification of new monoclonal antibodies (mAbs), expenses associated with the development
of new proprietary technologies and research activities associated with our product candidates, such as in vitro and in
vivo studies, translational research, and IND enabling toxicology studies.
2. Development and contract manufacturing expenses include personnel and occupancy expenses, external contract
manufacturing costs for the scaleup and pre-approval manufacturing of drug product used in research and our clinical
trials, costs for drug product supplied to our collaborators, costs related to preparation for the production of process
validation batches to be used in potential future regulatory submissions, quality control and assurance activities, and
storage and shipment of our product candidates.
3. Clinical expenses include personnel, travel, occupancy costs, and external clinical trial costs including contract
research organizations (CROs), investigator fees, clinical site fees, contractors and regulatory activities associated with
conducting human clinical trials.
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Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
4. Upfront payments include payments made to third parties upon entering into R&D license and collabo-
ration agreements.
5. Other research and development expenses primarily include share-based compensation, depreciation, amortization
and impairment expenses.
The following table shows third-party costs incurred for research, contract manufacturing of our
product candidates and clinical and regulatory services for 2023 as compared to 2022 and 2021.
The table also presents unallocated costs and overhead consisting of third-party costs for our
preclinical stage programs, personnel, facilities and other indirect costs not directly charged to
development programs.
(DKK million) 2023 2022 2021
Percentage
Change
2023/2022
Percentage
Change
2022/2021
Epcoritamab 1,323 801 499 65% 61%
Tisotumab vedotin 285 319 365 (11)% (13)%
Acasunlimab 553 369 371 50% (1)%
DuoBody-CD40x4-1BB 409 242 135 69% 79%
Other clinical stage programs 743 393 207 89% 90%
Total third-party costs for
clinical stage programs 3,313 2,124 1,577 56% 35%
Preclinical projects 1,132 830 779 36% 7%
Upfront payments 3 155 61 (98)% 154%
Personnel, unallocated costs
and overhead 3,182 2,453 1,764 30% 39%
Total research and
development expenses 7,630 5,562 4,181 37% 33%
Third-party costs for epcoritamab increased by
DKK 522 million, or 65%, in 2023 as compared
to 2022, primarily due to the advancement
and acceleration of the epcoritamab program
under Genmab’s collaboration with AbbVie.
Third-party costs for epcoritamab increased by
DKK 302 million, or 61%, in 2022 as compared
to 2021, primarily due to the advancement of
the program to late-stage development under
Genmab’s collaboration with AbbVie.
Third-party costs for tisotumab vedotin
decreased by DKK 34 million, or 11%, in 2023
as compared to 2022, primarily due to the
completion of certain clinical study activities in
2023. Third-party costs for tisotumab vedotin
decreased by DKK 46 million, or 13%, in 2022 as
compared to 2021, primarily due to the comple-
tion of some clinical studies in 2022.
Third-party costs for acasunlimab increased by
DKK 184 million, or 50%, in 2023 as compared
to 2022, primarily due to the continued advance-
ment and expansion of the program under
Genmab’s collaboration with BioNTech. Third-
party costs for acasunlimab remained flat in
2022 compared to 2021 as development of this
program progressed.
Third-party costs for DuoBody-CD40x4-1BB
increased by DKK 167 million, or 69%, in 2023 as
compared to 2022, primarily due to the continued
advancement and expansion of the program
under Genmab’s collaboration with BioNTech.
Third-party costs for DuoBody-CD40x4-1BB
increased by DKK 107 million, or 79%, in 2022 as
compared to 2021, primarily due to the continued
advancement and expansion of the program
under Genmab’s collaboration with BioNTech.
Third-party costs for Genmab’s other clinical
stage programs increased by DKK 350 million,
or 89%, in 2023 as compared to 2022, primarily
related to advancements of DuoBody-CD3xB7H4
and DuoBody-CD3xCD30 in 2023. Third-party
costs for Genmab’s other clinical stage programs
increased by DKK 186 million, or 90%, in
2022 as compared to 2021, primarily related
to HexaBody-CD27, DuoBody-CD3xB7H4 and
GEN1056 entering the clinical stage in 2022.
Research and development expenses related to
our preclinical projects increased by DKK 302 mil-
lion, or 36%, in 2023 as compared to 2022, driven
by the continued investment in new and existing
preclinical programs. INDs were submitted for
HexaBody-OX40 and DuoBody-EpCAMx4-1BB
in 2023, which are being co-developed by
Genmab and BioNTech. Research and develop-
ment expenses related to our preclinical projects
increased by DKK 51 million, or 7%, in 2022
as compared to 2021, driven by the continued
investment in and number of preclinical programs.
Upfront payments decreased by DKK 152 million,
or 98%, in 2023 as compared to 2022, driven
by a decrease in the number of R&D license
payments in 2023 as compared to 2022. Upfront
payments increased by DKK 94 million, or 154%,
driven by an increase in the number of R&D
license payments in 2022 as compared to 2021.
Personnel, unallocated costs and overhead
increased by DKK 729 million, or 30%, in 2023 as
compared to 2022, primarily due to an increase
in staffing levels and the expansion of our facil-
ities to accommodate our growth. Our research
and development FTEs increased from 1,193
at the end of 2022 to 1,541 at the end of 2023.
Personnel, unallocated costs and overhead
increased by DKK 689 million, or 39%, in 2022 as
compared to 2021, primarily due to an increase in
staffing levels and the expansion of our facilities
to accommodate our growth. Our research and
development FTEs increased from 927 at the end
of 2021 to 1,193 at the end of 2022.
Selling, General and
Administrative Expenses
Selling, general and administrative expenses
were DKK 3,297 million in 2023 compared to DKK
2,676 million in 2022 and DKK 1,283 million in
2021. The increase from 2022 to 2023 of DKK
621 million, or 23%, was driven by the continued
expansion of Genmab’s commercialization capa-
bilities through the increase in team members
to support the launch of EPKINLY in the U.S. and
Japan in 2023, and the investment in Genmab’s
broader organizational capabilities. The increase
from 2021 to 2022 of DKK 1,393 million, or
109%, was driven by the increase in team
members to support Tivdak post launch,
continued expansion of Genmab’s commercial-
ization capabilities in support of future launches
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Management’s Review
including the potential launch of epcoritamab,
and investment in broader organizational infra-
structure, including our technology portfolio.
DKK 1,541 million, or 47% of selling, general and
administrative expenses in 2023, was related
to compensation of Genmab team members
involved in selling, general and administrative
activities, as compared to DKK 1,065 million,
or 40% in 2022 and DKK 529 million, or 41%
in 2021.
Selling, general and administrative expenses
accounted for 30% of the total operating
expenses in 2023 compared to 32% in 2022 and
23% in 2021.
Operating Profit
Operating profit was DKK 5,321 million in 2023
compared to DKK 6,267 million in 2022, a
decrease of DKK 946 million, or 15%. Operating
profit was DKK 6,267 million in 2022 compared
to DKK 2,953 million in 2021, an increase of DKK
3,314 million, or 112%.
Net Financial Items
Net financial items were comprised of the following:
(DKK million) 2023 2022 2021
Financial income:
Interest and other financial income 939 324 197
Gain on marketable securities, net 319 – –
Foreign exchange rate gain, net – 1,034 1,470
Total financial income 1,258 1,358 1,667
Financial expenses:
Interest and other financial expenses (27) (21) (13)
Loss on marketable securities, net – (361) (246)
Loss on other investments, net (26) (298) (443)
Foreign exchange rate loss, net (889) – –
Total financial expenses (942) (680) (702)
Net financial items 316 678 965
Interest Income
Interest income was DKK 939 million in 2023 compared to DKK 324 million in 2022. The increase of
DKK 615 million, or 190%, was primarily driven by higher effective interest rates in the U.S., Europe
and Denmark.
Foreign Exchange Rate Gains and Losses
Foreign 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’s 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,
2023
December 31,
2022
December 31,
2021
USD/DKK Foreign Exchange Rates 6.7447 6.9722 6.5612
% Increase/(Decrease) (3)% 6% 8%
Marketable Securities Gains
and Losses
Gain 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 Investments
Loss 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’s investment in
common shares of CureVac.
Refer to Notes 4.2 and 4.5 for further details
regarding foreign currency risk and net financial
items, respectively.
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Management’s Review
Corporate Tax
Corporate tax expense was DKK 1,285 million
in 2023 compared to DKK 1,493 million in 2022
and DKK 961 million in 2021. The changes in
corporate tax expenses for the periods was
primarily the result of Genmab’s level of net profit
before tax in each period. Genmab’s estimated
annual effective tax rate was 22.8% in 2023
compared to 21.5% in 2022 and 24.5% in 2021.
The increase from 2022 to 2023 in Genmab’s
effective tax rate was mainly driven by the
increase of unrecognized deferred tax assets.
The decrease from 2021 to 2022 in Genmab’s
effective tax rate was mainly driven by the
ability to offset current taxable income through
the deduction of capitalized R&D costs in the
Netherlands and utilization of U.S. net operating
loss carryforwards.
Refer to Note 2.4 for additional information
regarding the corporate tax and deferred tax
assets including management’s significant
judgements and estimates.
Net Profit
Net profit for 2023 was DKK 4,352 million
compared to DKK 5,452 million in 2022 and
DKK 2,957 million in 2021. The changes in net
profit for the periods were driven by the items
described above.
Liquidity and Capital
Resources
December 31,
(DKK million) 2023 2022
Marketable securities 13,268 12,431
Cash and cash equivalents 14,867 9,893
Shareholders’ equity 31,610 27,282
As of December 31, 2023, cash and cash equiv-
alents and marketable securities denominated
in USD represented 90% of Genmab’s total cash
and cash equivalents and marketable securities
compared to 86% as of December 31, 2022.
Marketable securities are invested in highly
secure and liquid investments with short effective
maturities. As of December 31, 2023, 71% of
Genmab’s marketable securities were long-term
A rated or higher, or short-term rated A-1 / P-1
by S&P, Moody’s or Fitch compared to 75% as of
December 31, 2022.
As of December 31, 2023, DKK 14,867 million, as
compared to DKK 9,893 million as of December 31,
2022, was held as cash and cash equivalents,
and DKK 13,268 million, as compared to DKK
12,431 million as of December 31, 2022, was held
as liquid investments in short-term government
and other debt instruments.
Cash and cash equivalents included short-term
marketable securities of DKK 1,353 million at
the end of December 2023, compared to DKK
594 million at the end of December 2022. In
accordance with Genmab’s accounting policy,
securities purchased with a maturity of less than
90 days at the date of acquisition are classified
as cash and cash equivalents.
Genmab requires cash to meet our operating
expenses and capital expenditures. We have
funded our cash requirements since inception,
including through December 31, 2023, primarily
with royalty and milestone payments from our
partners, upfront payments and equity financing.
Genmab expects to continue to fund a significant
portion of our development costs for proprietary
product candidates as well as commercialization
activities with cash received from royalties and
milestone payments from partners, and net sales
of Genmab products.
Genmab’s expenditures on current and future
preclinical and clinical development programs
are subject to numerous uncertainties in timing
and cost to completion. In order to advance our
product candidates toward commercialization,
the product candidates are tested in numerous
preclinical safety, toxicology and efficacy studies.
Genmab then conducts clinical trials for those
product candidates that take several years or more
to complete. The length of time varies substantially
based upon the type, complexity, novelty and
intended use of a product candidate. The cost
of clinical trials may vary significantly over the
life of a project as a result of a variety of factors,
including: the number of patients required in the
clinical trials; the length of time required to enroll
trial participants; the number and location of
sites included in the trials; the costs of producing
supplies of the product candidates needed
for clinical trials and regulatory submissions;
the safety and efficacy profile of the product
candidate; the use of CROs to assist with the
management of the trials; and the costs and timing
of, and the ability to secure, regulatory approvals.
Genmab’s expenses also fluctuate from period
to period based on the degree of activities with
collaborative partners, timing of manufacturing
campaigns, numbers of patients enrolled in
clinical trials and the outcome of each clinical
trial event. As a result, Genmab is unable to
determine with any degree of certainty the antici-
pated completion dates, duration and completion
costs of research and development projects, or
when and to what extent Genmab will receive
cash inflows from the commercialization and sale
of any product candidates. Genmab also cannot
predict the actual amount or timing of future
royalties and milestone payments, and these may
differ from estimates.
Genmab expects to increase operating expendi-
tures and make additional capital outlays over
the next several years as Genmab hires additional
employees, supports preclinical development,
manufacturing, clinical trial activities, product
collaborations and commercialization activities.
As spending increases on research, develop-
ment and commercialization activities related to
product collaborations, Genmab may be required
to make certain capital outlays against which
Genmab expects to receive reimbursement to
the extent the outlay exceeds Genmab’s share
under the applicable collaboration agreement.
Genmab expects that the time-lag between the
expenditure by Genmab, and the reimbursement
by a partner of its relevant share, may increase
Genmab’s working capital needs. To the extent
Genmab’s capital resources are insufficient to
meet future capital requirements, Genmab will
need to finance operating requirements and
other cash needs through public or private equity
offerings, debt financings, or additional corporate
collaboration and licensing arrangements.
Refer to Notes 4.2 and 4.4 for additional
information regarding our financial risks and
marketable securities, respectively.
Financial Review
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Management’s Review
Cash Flows
The following table provides information regarding Genmab’s cash flow for 2023, 2022 and 2021.
Cash Flow (DKK million) 2023 2022 2021
Cash provided by operating activities 7,380 3,912 2,228
Cash (used in) investing activities (1,282) (2,761) (961)
Cash (used in) financing activities (606) (789) (420)
Increase in cash and cash equivalents 5,492 362 847
Exchange rate adjustments (518) 574 850
Net cash provided by operating activities is
primarily related to our operating profit, changes
in operating assets and liabilities, reversal of
net financial items, and adjustments related
to non-cash transactions. Cash provided by
operating activities increased in 2023 compared
to 2022 primarily driven by significant AbbVie
milestones achieved during the fourth quarter
of 2022 with related cash received during 2023,
cash received for DARZALEX royalties in 2023,
and estimated corporate tax payments made
in 2023 compared to 2022. Cash provided by
operating activities increased in 2022 compared
to 2021 primarily driven by an increase in
operating profit of DKK 3,314 million, partly
offset by AbbVie milestones achieved during the
fourth quarter of 2022 that were uncollected at
year-end 2022 of DKK 1.1 billion, and an increase
in corporate tax payments of DKK 841 million due
to higher net profit before tax.
Net cash (used in) investing activities primarily
reflects differences between the proceeds
received from the sale and maturity of our invest-
ments and amounts invested, and the cash paid
for investments in tangible assets. The decrease
from 2022 to 2023 in net cash (used in) investing
activities is primarily driven by purchases of
marketable securities exceeding sales and matur-
ities to a greater extent during 2022 compared
to 2023. The increase from 2021 to 2022 in net
cash (used in) investing activities is primarily
driven by purchases of marketable securities
exceeding sales and maturities to a greater extent
during 2022 compared to 2021.
Net cash (used in) financing activities is
primarily related to the purchase of treasury
shares, exercise of warrants, lease payments,
and payment of withholding taxes on behalf of
employees on net settled Restricted Stock Units
(RSUs). The decrease from 2022 to 2023 in net
cash (used in) financing activities is primarily
driven by cash payments for the purchase of
treasury shares of DKK 564 million in 2023
compared to DKK 908 million in 2022. The
increase from 2021 to 2022 in cash used in
financing activities for the periods is primarily
driven by cash payments for the purchase of
treasury shares of DKK 908 million in 2022
compared to DKK 447 million in 2021.
Exchange rate adjustments represent foreign
currency gains or losses on Genmab’s cash and
cash equivalents, primarily driven by our cash
and cash equivalents holdings denominated
in USD. The USD/DKK foreign exchange rate
decreased 3% in 2023, increased 6% in 2022
and increased 8% in 2021.
Balance Sheet
As of December 31, 2023, total assets were DKK
35,289 million, compared to DKK 30,119 million
as of December 31, 2022. As of December 31,
2023, assets are mainly comprised of marketable
securities of DKK 13,268 million, cash and cash
equivalents of DKK 14,867 million, and current
receivables of DKK 4,947 million. The receivables
consist primarily of amounts related to royalties,
milestones, and reimbursement revenue from our
collaboration agreements. The credit risk related
to our receivables is not significant based on
the high-quality nature of Genmab’s collabora-
tion partners.
Refer to Note 3.6 for additional information
regarding receivables.
As of December 31, 2023, total liabilities were
DKK 3,679 million compared to DKK 2,837
million as of December 31, 2022. The increase in
total liabilities of DKK 842 million, or 30%, was
primarily driven by an increase in other payables
due to accruals related to the expansion of our
product pipeline and accrued compensation
as a result of team member growth from 2022
to 2023.
Shareholders’ equity as of December 31, 2023
was DKK 31,610 million compared to DKK
27,282 million as of December 31, 2022. The
increase of DKK 4,328 million, or 16%, was
driven primarily by Genmab’s net profit and
share-based compensation expense related to
the issuance of shares under Genmab’s warrant
and RSU programs, partly offset by the purchase
of treasury shares during the period. Genmab’s
equity ratio was 90% as of December 31, 2023
compared to 91% as of December 31, 2022.
Legal Matters — Janssen
Binding Arbitrations
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’s claims. Genmab
did not seek review of the award. On June 9,
2022, Genmab commenced a second arbitration
against Janssen under the license agreement, in
which Genmab sought additional compensation
from Janssen with respect to SC daratumumab
based on Genmab’s position that the award
in favor of Janssen in the first arbitration was
premised on that tribunal’s determination that
IV daratumumab and SC daratumumab were
separate “Licensed Products” as that term is
defined in the license agreement. Genmab’s claim
in that second arbitration was denied by the
tribunal on April 21, 2023 on the ground that it
should have been brought in the first arbitration,
and the dismissal was affirmed by an appellate
arbitrator on January 23, 2024.
Financial Review
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Management’s Review
59
Other InformationFinancial Statements
Genmab has core facilities in four countries that
perform research and development activities with
clinical trials conducted around the globe. We
also have commercial and sales organizations in
the U.S. and Japan with manufacturing support
activities in Europe. Through our activities, we
are exposed to a variety of risks, some of which
are inherent in our business and/or beyond
our control. These risks may have a significant
impact on our business if not properly assessed
and controlled. Maintaining a strong control
environment, with adequate procedures for iden-
tification and assessment of risks and adhering
to operational policies designed to reduce such
risks to an acceptable level, is essential for the
continued evolution of Genmab. It is our policy
to identify and reduce the risks derived from our
operations and to establish insurance coverage
and other enterprise risk reduction and resil-
ience mechanisms to mitigate any residual risk,
wherever considered practicable. The Audit and
Finance Committee of the Board of Directors
performs a yearly review of Genmab’s Enterprise
Risk Program and relevant insurance coverage to
ensure that they are appropriate for Genmab. For
further information about the risks and uncertain-
ties that Genmab faces, refer to the current Form
20-F filed with the SEC.
The use of data, as defined in the Danish
Financial Statements Act, both personal and
non-personal, is essential to fulfilling Genmab’s
core purpose; and Genmab is committed to
handling data with integrity and in an ethical and
compliant manner considering the impact our
actions may have on individuals and society.
Genmab has a policy for Data Ethics in compli-
ance with Section 99d of the Danish Financial
Statements Act in which Genmab adopted
the Data Ethics principles of the International
Federation of Pharmaceutical Manufacturers &
Associations (IFPMA).
These principles complement and strengthen
already existing Genmab policies and procedures,
and they focus on the following areas:
1. Autonomy: Respect individuals’ privacy,
protect their rights, and honor confidentiality
2. Transparency: Individuals should be able to
understand how their personal data is used
3. Data Quality: The best quality data available
should be used to make decisions
4. Fairness and Non-discrimination: Data
acquisition should be inclusive, equitable,
and seek to support the industry’s mission of
responding to the needs of all patients
5. Ethics by Design: Controls to prevent harm
and risks to individuals should be built
into the design of data architecture and
data processing
6. Responsible Data Sharing: Data sharing
should be based on processes that actively
and consistently consider, prioritize, and
protect individual rights
7. Responsibility and Accountability: Data
Ethics Principles should be operationalized
through effective governance, clear
standards, training, monitoring activities, and
disciplinary sanctions
Genmab will continue to focus on these princi-
ples, particularly in the areas of data privacy,
DE&I, clinical trials, and the application of new
technologies (e.g., Artificial Intelligence and
Machine Learning), where policies, processes,
and training materials will be aligned with the
above-mentioned principles. The Genmab Data
Ethics policy and its principles are anchored
in the Genmab Code of Conduct as part of the
overall Genmab Compliance program.
Risk Management
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Management’s Review
The following is a summary of Genmab’s key risk areas and how we address and mitigate
such risks. Environmental and ethical risks are also covered in Genmab’s statutory report on
Corporate Responsibility.
Risk related to Risk areas Mitigation Risk trend
Business and Products The identification and development of successful products
is expensive and includes time-consuming clinical trials with
uncertain outcomes and the risk of failure to obtain regulatory
approval in one or more jurisdictions.
Genmab has a disciplined approach to investment, focusing on areas with the potential to maximize success,
including new technologies and formats, scaling up to expand from early- to late-stage development and
commercialization. Genmab has established various committees to ensure optimal selection of disease targets
and formats of our antibody candidates, and to monitor progress of preclinical and clinical development. We
strive to have a well-balanced product pipeline, continuing to search for and identify new product candidates,
and closely monitoring the market landscape.
Genmab is dependent on the identification and development
of new proprietary technologies and access to new third-party
technologies. This exposes us to safety issues as well as other
failures and setbacks related to use of such new or existing
technologies.
Genmab continually strives to identify and develop new antibody-based products that harness new antibody
technologies, such as the DuoBody, HexaBody, DuoHexaBody and HexElect technology platforms, and gain
access to competitive and complementary new third-party technologies such as ADC technology and messenger
ribonucleic acid (mRNA) technology. We closely monitor our preclinical programs and clinical trials to mitigate
any unforeseen safety issues or other failures, or setbacks was associated with the use of our proprietary
technology platforms, ADC technology or mRNA technology.
Genmab faces ongoing uncertainty about the successful
commercialization of product candidates. This is a result of
factors including immense competition on the basis of cost
and efficacy as well as rapid technological change, which may
result in others discovering, developing or commercializing
competing products before and/or more successfully than us.
From early in the research phase and throughout development, commercial potential and product
commercialization, associated risks are assessed to ensure that final products have the potential to be
commercially viable. Genmab attempts to control commercial risks in part by regularly monitoring and
evaluating current market conditions, competing products and new technologies, to potentially gain access
to new technologies and products that may supplement our pipeline. Genmab also strives to ensure market
exclusivity for its own technologies and products by seeking patent protection.
Genmab’s near- and mid-term prospects are substantially
dependent on continued clinical and commercial success of
DARZALEX.
DARZALEX is subject to intense competition in the multiple
myeloma therapy market.
Genmab focuses on its three-pronged strategy of focusing on our core competence, turning science into
medicine and building a profitable and successful biotech to develop a broad pipeline of unique best-in-class or
first-in-class antibody products with significant commercial potential. In addition, Genmab maintains a strong
cash position, disciplined financial management, and a flexible and capital efficient business model to mitigate
potential setbacks related to DARZALEX.
In 2020, two additional Genmab-created antibody products, Kesimpta and TEPEZZA, were approved by the
U.S. FDA. In 2021, 2022, and 2023, respectively, Genmab’s bispecific DuoBody technology was the basis for
the DuoBody-based medicines RYBREVANT, TECVAYLI and TALVEY, which were approved by the U.S. FDA and
the EC. All of these provide Genmab with additional recurring royalty revenue. Tivdak, Genmab’s first medicine,
in development with Pfizer, was approved by the U.S. FDA and product sales of Tivdak commenced in 2021.
EPKINLY/TEPKINLY, Genmab’s second medicine, in development with AbbVie, was approved by the U.S. FDA, the
Japan MHLW and the EC and product sales of EPKINLY/TEPKINLY commenced in 2023.
Genmab has exposure to product liability claims related to the
use or misuse of our products and technologies.
Product liability claims and/or litigation could materially affect our business and financial position, and Genmab
therefore strives to maintain internal processes for the review, approval, and compliant use of promotion
materials and also maintains appropriate product liability insurance for our clinical trials and our approved
products and other coverage required under applicable laws.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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Risk related to Risk areas Mitigation Risk trend
Business and Products
(continued)
Our core research and manufacturing activities are carried
out at a limited number of locations. Any event resulting in
Genmab’s or our vendors’/suppliers’ inability to operate these
facilities could materially disrupt our business.
Genmab employs oversight and quality risk management principles. In addition, Genmab follows current Good
Laboratory Practices (cGLP) and current Good Manufacturing Practices (cGMP) and requires that our vendors
operate with the same standards. Genmab’s quality assurance (QA) department ensures that high-quality
standards are set and monitors adherence to these practices.
If we are unable to effectively manage Genmab’s fast-
paced growth, or maintain our commercialization and other
capabilities at adequate levels, our business, financial
condition and net profits may be adversely affected. Any
business disruption or failure to properly manage growth,
maintain capabilities and transformation in a manner that
reflects and supports our organizational strategies and
priorities, while assuring ethical business practices, prudent
risk management, and commercial compliance, could have a
material adverse effect on our business, financial condition,
results of operations and cash flows.
We have experienced rapid growth over the last several years. We anticipate additional growth as our pipeline
advances and we continue product commercialization activities. Such growth, including maintaining and
enabling R&D, commercialization, and support functions, has placed significant demands on our management
and infrastructure, including new operational and financial systems, as well as extending manufacturing and
commercial outsource arrangements. Our success will depend in part upon our ability to manage and maintain
this growth effectively through leadership, focused prioritization and talent management, to maintain our
values-based, collaborative culture. As we continue to grow and evolve, we must continuously improve our
operational, commercial, compliance, financial and management practices and controls.
Genmab is subject to government regulations on pricing/
public reimbursement as well as other healthcare payer cost-
containment initiatives; increased pressures by governmental
and third-party payers to reduce healthcare costs.
Genmab strives to develop differentiated antibody medicines that bring meaningful impact to patients and
health systems and are well-positioned to secure reasonable price reimbursement by government healthcare
programs and private health insurers. The impact our science has on patients today and in the future,
particularly those with few treatment options, drives the value of our medicines. Genmab’s U.S. Government
Affairs & Policy department interacts with U.S. federal and state policymakers to advance policies aimed at
improving patients’ lives through access to quality healthcare and innovative science. Genmab’s U.S. Market
Access department educates payers on the value of our products and works across the healthcare system to
help ensure all appropriate patients gain access to our innovative medicines.
Strategic Collaborations Genmab is dependent on existing partnerships with major
pharmaceutical or biotech companies to support our
business and develop and extend the commercialization of
our products.
Our business may suffer if our collaboration partners do not devote sufficient resources to our programs and
products, do not successfully maintain, defend and enforce their intellectual property rights or do not otherwise
have the ability to successfully develop or commercialize our products, independently or in collaboration with
others. Our business may also suffer if we are not able to continue our current collaborations or establish new
collaborations. Genmab strives to be an attractive and respected collaboration partner, and to pursue a close
and open dialogue with our collaboration partners to share ideas and align on best practices and decisions
within clinical development and commercial operations to increase the likelihood that we reach our goals.
Genmab is primarily dependent on one contract manufacturing
organization (CMO) and individual sites at the CMO to produce
and supply our product candidates. Genmab is also dependent
on clinical research organizations to conduct key aspects of
our clinical trials, and on collaboration partners to conduct
some of our clinical trials.
Genmab oversees outsourcing and partnership relationships to ensure consistency with strategic objectives
and service provider compliance with regulatory requirements, resources and performance. This includes
assessment of contingency plans, availability of alternative service providers and costs and resources required
to switch service providers. We continually evaluate financial solvency and require our suppliers to abide by a
code of conduct consistent with Genmab’s Code of Conduct.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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Management’s Review
Risk related to Risk areas Mitigation Risk trend
Regulation, Legislation,
and Compliance
Genmab is subject to extensive legislative, regulatory and
other requirements both during clinical development and
commercialization and post-marketing approval, including
healthcare, marketing/promotion, fraud and abuse,
competition/antitrust laws and regulations, as well as
transparency, data protection and other requirements.
Genmab is subject to strict disclosure obligations under
applicable laws and regulations, including the EU Market
Abuse Regulation and the U.S. Inflation Reduction Act (IRA).
Being listed on the Nasdaq Global Select Market, we are
subject to additional U.S. regulatory requirements, including
U.S. securities laws and the U.S. Foreign Corrupt Practices Act,
and may become more exposed to U.S. class actions.
To ensure compliance with applicable healthcare laws and regulations, Genmab has established a compliance
program, including a Code of Conduct that is evaluated periodically and sets high ethical standards on which
all colleagues receive regular training. Also, our head of Global Compliance reports directly to the CEO. The
data protection area, including policies and guidance for the processing and protection of personal data, is
supported by the Company’s Data Protection Officer.
To further support compliance with regulatory, legal and other requirements applicable to our business and
operations, including current Good Laboratory Practices (cGLP), current Good Clinical Practices (cGCP) and
current Good Manufacturing Practices (cGMP), Genmab’s QA department is staying abreast of and adhering to
regulatory and legislative changes relevant to quality standards.
Genmab has also established relevant procedures and guidelines to ensure transparency with respect to
providing timely, adequate and correct information to the market and otherwise complying with applicable
securities laws and other legal and regulatory requirements.
Genmab has an Internal Audit function that reports to the Audit and Finance Committee of the Board of Directors
and administratively reports to the CFO.
Legislation, regulations, industry codes and practices, and
their application may change from time to time.
To prevent unwarranted consequences of new and amended legislation, regulations, etc., Genmab strives to
stay current with respect to all applicable legislation, regulations, industry codes and practices by means of its
internal compliance function and related governance bodies as well as internal and external legal counsel. Also,
internal procedures for review and refinement of contracts are ongoing to ensure contractual consistency and
compliance with applicable legislation, regulation, and other standards.
Intellectual Property Genmab is dependent on protecting our own intellectual
property rights to regain our investments and protect our
competitive positions.
We may become involved in lawsuits to protect or enforce our
patents or other intellectual property which could result in
costly litigation and unfavorable outcomes.
Claims may be asserted against us that we infringe the
intellectual property of third parties, which could result in
costly litigation and unfavorable outcomes.
Genmab files and prosecutes patent applications to optimally protect its products and technologies. To
protect trade secrets and technologies, Genmab maintains strict confidentiality standards and agreements for
employees and collaborating parties.
Genmab actively monitors third-party patent positions within our relevant fields to avoid violating any third-
party patent rights.
Finances Genmab may need additional funding. Because Genmab’s future commercial potential and operating profits are hard to predict, Genmab’s policy is
to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a continuous
advancement of Genmab’s product pipeline and business in general.
Genmab is exposed to different kinds of financial risks,
including currency exposure and changes in interest rates as
well as changes in Danish, U.S. or foreign tax laws or related
compliance requirements.
Genmab has established financial risk management guidelines to identify and analyze relevant risks, to set
appropriate risk limits and controls, and to monitor the risks and adherence to limits. Please refer to Note 4.2 of
the financial statements for additional information regarding financial risks.
Risk Management
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Management’s Review
Risk related to Risk areas Mitigation Risk trend
Management and
Workforce
Genmab may have an inability to attract and retain suitably
qualified team members as it continues to grow.
To attract and retain our highly skilled team, including the members of Genmab’s Executive Management,
Genmab offers competitive remuneration packages, including share-based remuneration. Genmab strives to
create a positive and energizing working environment with development and training opportunities for its team
members. Genmab has strong core values that nourish high-integrity and ethical behavior, respectful and
candid tone and culture, as well as trust and teamwork. Please refer to Note 4.6 of the financial statements for
additional information regarding share-based compensation.
Cybersecurity Genmab may be subject to malicious cyber attacks, and
with the increased use of artificial intelligence within the
biopharmaceutical industry, can lead to the theft or leakage
of intellectual property, sensitive business data, or personal
employee or patient data, with the result of significant
business disruptions, monetary loss or fines from authorities,
or reputational damage.
Genmab has implemented security controls and processes to enhance the identification of potential data/
systems security issues and mitigate the risk of security breaches. Genmab makes use of the National Institute
of Standards and Technology (NIST) Cybersecurity Framework and other security standards to define and
implement such security controls. Due to the continually changing threat environment, regular assessments are
executed to ensure that implemented security controls and processes follow the threat profile of the Company
and effectively support Genmab’s ambitious business strategy. The risk of security breaches is regarded as
enterprise risk and the Company’s threat profile, the security program and security incidents are presented and
discussed in meetings of the Global Compliance and Risk Committee and the Audit and Finance Committee of
the Board of Directors.
Epidemics, pandemics, or
other public health crises
Genmab is subject to risks associated with global health
crises, epidemics, pandemics and other outbreaks (such
incident(s), a health crisis or health crises), including the
global outbreak of coronavirus and its variants (COVID-19).
Genmab has business continuity plans in place across our global supply chain network to help mitigate the
impact of health crises.
Climate Genmab’s inability to manage the carbon footprint from our
business operations or climate-related events may impact
our business operations or that of our third-party partners or
suppliers.
Genmab has oversight and may manage its carbon footprint Scope 1 and 2 from its business operations.
Genmab is committed to tracking the Scope 3 carbon footprint.
In 2023, Genmab continued the assessment of its carbon footprint and the implementation of the TCFD
recommendations. The Company calculated its Scope 1 and 2 emissions for 2022 in accordance with the global
standard for carbon accounting, the GHG Protocol. In 2023 Genmab also completed its 2022 Scope 3 footprint in
accordance with the GHG Protocol.
Genmab makes use of scenario analysis to evaluate risks and opportunities due to the rapid pace of
world climate change. Genmab’s work with climate strategy, carbon reduction targets, climate-related
financial risk, relevant prevention and mitigation measures are presented to and reviewed by the Board of
Directorsbiannually.
Risk Management
Risk Level in Relation to Last Year: Unchanged Decreased Increased
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Management’s Review
As an international biotech company
dedicated to improving the lives of cancer
patients around the world, Genmab
operates within a heavily regulated
environment that exposes us to an ever-
evolving set of risks, some of which are
beyond our control. We maintain facilities
in four countries, conduct activities
in additional areas, and perform an
array of essential innovation, research,
development, manufacturing activities,
commercial operations and support
functions, all of which pose risks to our
operations and success. Specifically, these
operations and activities expose us to
risks that include but may not be limited
to financial, research and development,
regulatory, IT/data/technology,
staffing, compliance, legal, and also
environmental risks.
Enterprise Risk Management
Effective ERM starts with strong governance
Board of Directors
and Audit and
Finance Committee
Board of Directors delegates ERM/Risk oversight to
the Audit and Finance Committee but retains visibility
of ERM progress. The Audit and Finance Committee
is accountable to ensure management appropriately
manages the risks to the business.
Executive
Management
Maintains ultimate ownership of and accountability
for management of top risks, enabling proper linkage
of risk management to strategic initiatives and
business decisions.
GCRC Validation of risk identification, prioritization,
strategic and tactical ownership of risk mitigation
plans and reporting.
ERM Framework Routinely gathers risks, evaluates with risk sponsors,
prioritizes and reports to the GCRC, Executive
Management and Board of Directors, driving risk
discussions, and supporting risk sponsors and
management in facilitating ERM processes, risk-intel-
ligent decision-making and key risk capabilities.
Risk Sponsors and
Business Champions
Manage risks in the normal course of business,
executing risk plans/ mitigation activities, and moni-
toring and reporting key risk information.
In order to assure that we are positioned
to effectively identify and mitigate the
potential impacts of these risks, Genmab
has dedicated resources toward enabling
its ERM framework under the Global
Compliance & Risk function that reports
directly to the CEO. In concert with a
refreshed Code of Conduct, company
policies and procedures, Genmab has
chartered a Global Compliance and Risk
Governance Committee (GCRC) co-chaired
by the CEO and the head of Compliance
& Risk. Genmab has also updated its risk
model and framework to include enhanced
risk oversight, mitigation, governance and
reporting, all of which we believe positions
us to better manage the risks associated
with our business, now and into the future.
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Management’s Review
Genmab works diligently to improve its
guidelines and policies for corporate
governance, taking into account the recent
trends in international and domestic
requirements and recommendations.
Genmab’s commitment to corporate
governance is based on ethics and
integrity and forms the basis of its effort
to strengthen the confidence that existing
and future shareholders, partners,
employees and other stakeholders have
in Genmab. The role of shareholders
and their interaction with Genmab is
important. Genmab believes that open and
transparent communication is necessary
to maintain the confidence of Genmab’s
shareholders and achieves this through
company announcements, investor
meetings and company presentations.
Genmab is committed to providing reliable
and transparent information about its
business, financial results, development
programs and scientific results in a clear
and timely manner.
All Danish companies listed on the Nasdaq
Copenhagen are required to disclose in their
annual reports how they address the Recom-
mendations for Corporate Governance issued
by the Committee on Corporate Governance
in December 2020 (the “Recommendations”),
applying the “comply-or-explain” principle.
Genmab follows the Recommendations, except
for one specific sub-area where Genmab’s
corporate governance principles differ from the
Recommendations:
• The Recommendations provide that according
to a company’s takeover contingency
procedures, the Board of Directors abstains
from countering any takeover bids by taking
actions that seek to prevent the shareholders
from deciding on the takeover bid, without
the approval of the general meeting. Genmab
does not have such a restriction in its takeover
contingency procedures and retains the right
in certain circumstances to reject takeover
bids without consulting the shareholders.
Genmab believes this provides the Board of
Directors with the needed flexibility to best
respond to takeover bids and to negotiate
with bidders; retaining this flexibility helps
the Board of Directors meet its objectives in
protecting and creating value in the interest of
the shareholders. Actions will be determined
on a case-by-case basis with due consideration
to the interests of the shareholders and other
stakeholders.
Genmab publishes its statutory report on
Corporate Governance for the financial year
2023 cf. Article 107b of the Danish Financial
Statements Act (“Lovpligtig redegørelse for virk-
somhedsledelse jf. årsregnskabslovens § 107 b”)
on the Company’s website, including a detailed
description of the Board of Directors’ consider-
ation in respect of all the Recommendations. The
statutory report on Corporate Governance can be
found on Genmab’s website https://ir.genmab.
The Board of Directors
The Board of Directors plays an active role within
Genmab in setting the strategies and goals for
Genmab and monitoring its operations and
results. Board duties include establishing policies
for strategy, accounting, organization and finance
and the appointment of Executive Management
members. The Board of Directors also assesses
Genmab’s capital and share structure and is
responsible for approving share issues and the
grant of warrants and RSUs.
The Board of Directors has established an annual
process whereby the Board of Directors’ perfor-
mance is assessed through self-evaluation to
verify that the Board of Directors is capable of
fulfilling its function and responsibilities. When
performing these evaluations external assistance
is obtained every year. The outcome of the Board
of Directors’ 2023 self-assessment was positive
with only minor areas for improvement identified.
Board Committees
To support the Board of Directors in its duties,
the Board of Directors has established and
appointed a Compensation Committee, an Audit
and Finance Committee, a Nominating and
Corporate Governance Committee and a Scientific
Committee. These committees are charged with
reviewing issues pertaining to their respective
fields that are due to be considered at Board of
Directors’ meetings. Written charters specifying
the tasks and responsibilities for each of the
committees are available on Genmab’s website
www.genmab.com.
For more details on the work, composition and
evaluation of the Board of Directors and its
committees, reference is made to the statutory
report on Corporate Governance.
Remuneration policy
A Remuneration Policy applying to the compen-
sation of members of the Board of Directors
and the registered Executive Management of
Genmab A/S has been prepared in accordance
with Sections 139 and 139a of the Danish
Companies Act and was most recently consid-
ered and adopted by the 2023 Annual General
Meeting pursuant to the Danish Companies Act
(in Danish “Selskabsloven”). It was subsequently
amended by the Board of Directors on August 3,
2023, as a consequence of the amendment of the
Nasdaq Stock Market LLC Listing Rules regarding
clawback standards.
The Remuneration Policy contains an exhaustive
description of the remuneration components for
members of the Board of Directors and the regis-
tered Executive Management and includes the
reasons for choosing the individual components
Corporate Governance
66
Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s ReviewManagement’s Review
Financial Statements Other Information
66
of the remuneration and a description of the
criteria on which the balance between the
individual components of the remuneration is
based. The latest version, which was amended
by the Board of Directors on August 3, 2023,
can be downloaded from Genmab’s website
https://ir.genmab.com/governance/
compensation#content.
Compensation Report
In accordance with the Recommendations,
Genmab has prepared a compensation report
for the financial year 2023 that includes informa-
tion on the total remuneration received by each
member of the Board of Directors and the regis-
tered Executive Management of Genmab A/S for
the last three years, including information on the
most important content of retention and resigna-
tion arrangements and the correlation between the
remuneration and company strategy and relevant
related goals (the “Compensation Report”).
The Compensation Report can be found on
Genmab’s website https://ir.genmab.com/static-
files/19e270c3-5d7c-434b-a266-c3315e9fb4d6.
Change of Control
The Danish Financial Statements Act (Section
107a) contains rules relating to listed companies
with respect to certain disclosures that may be
of interest to the stock market and potential
takeover bidders, in particular in relation to
disclosure of change of control provisions. In the
event of a change of control, change of control
clauses are included in some of our collaboration,
development and license agreements as well as
in service agreements for certain employees.
Collaboration, Development and
License Agreements
Genmab has entered into collaboration, devel-
opment and license agreements with external
parties, which may be subject to renegotiation in
the case of a change of control event as specified
in the individual agreements. However, any
changes in the agreements are not expected to
have significant impact on our financial position.
Service Agreements with Executive
Management and Employees
The service agreements with each registered
member of the Executive Management may be
terminated by Genmab with no less than 12
months’ notice and by the registered member of
the Executive Management with no less than six
months’ notice. In the event of a change of control
of Genmab, the termination notice due to the
registered member of the Executive Management
is extended to 24 months. In the event of termi-
nation by Genmab (unless for cause) or by a
registered member of Executive Management as a
result of a change of control of Genmab, Genmab
is obliged to pay a registered member of Executive
Management a compensation equal to his/her
existing total salary (including benefits) for up to
two years in addition to the notice period.
In addition, Genmab has entered into service
agreements with a limited number of employees
according to which Genmab may become obliged
to compensate the employees in connection
with a change of control of Genmab. If Genmab,
as a result of a change of control, terminates the
service agreement without cause or changes
the working conditions to the detriment of
the employee, the employee shall be entitled
to terminate the employment relationship
without further cause with one month’s notice
in which case Genmab shall pay the employee
a compensation equal to one-half, one or two
times the employee’s existing annual salary
(including benefits).
Change of control clauses related to our warrant
and RSU programs are outlined in Note 4.6.
Share Capital
Information on share capital is included in
Note 4.7. Unless otherwise provided in the Danish
Companies Act, the adoption of any resolution
to amend Genmab A/S’ articles of association
shall be subject to the affirmative vote of not
less than two thirds of the votes cast, as well as
of the voting share capital represented at the
general meeting. Genmab A/S’ entire articles
of association can be found on our website
www.genmab.com.
Corporate Governance
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Management’s Review
Deirdre P. Connelly
Female, Hispanic/American, 63
Board Chair (Independent, elected by the General Meeting); Chair of
the Nominating and Corporate Governance Committee, Member of
the Audit and Finance Committee and the Compensation Committee
First elected 2017, current term expires 2024
Special Competencies
Deirdre P. Connelly has more than 30 years’ experience as a
corporate leader and board member in publicly traded companies
with global operations. She has comprehensive knowledge and
experience with business turnaround and product development
and has successfully directed the launch of more than 20 new
pharmaceutical drugs. As a former HR executive, Deirdre P. Connelly
also has valuable insight in corporate culture transformation, talent
development and managing large organizations. She furthermore
has significant experience with the development of governance and
ESG responsibilities from various leadership roles and as a board
member. Deirdre P. Connelly is former President of U.S. Operations
of Eli Lilly and Company and former President, North America
Pharmaceuticals for GlaxoSmithKline.
Current Board Positions
• Member: Lincoln Financial Corporation
1
, Macy’s Inc.
2
1. Chair of Corporate Governance Committee, Member of Audit Committee
2. Chair of Nominating and Governance Committee, Member of Compensation
and Management Development Committee
Pernille Erenbjerg
Female, Danish, 56
Deputy Board Chair (Independent, elected by the General
Meeting); Chair of the Audit and Finance Committee, Member of the
Nominating and Corporate Governance Committee
First elected 2015, current term expires 2024
Special Competencies
Pernille Erenbjerg has broad executive management and business
experience from the telecoms, media and tech industries. She has
extensive expertise in operation and strategic transformation of
large and complex companies, including digital transformations
and digitally based innovation, and has been responsible for major
transformation processes in complex organizations including M&A.
Pernille Erenbjerg furthermore has significant IT and cybersecurity
expertise and ESG experience from various executive and non-ex-
ecutive positions. She has a Certified Public Accountant background
(no longer practicing) and has a comprehensive all-around back-
ground within finance, including extensive exposure to public and
private equity and debt investors. Pernille Erenbjerg is former CEO
and President of TDC Group A/S. Pernille Erenbjerg is an audit
committee financial expert based on her professional experience,
including her background within accounting, her service in senior
finance leadership at TDC Group A/S and as an audit committee chair
or member at other public companies.
Current Board Positions
• Chair: KK Wind Solutions
• Deputy Chair: Millicom
1
• Member: RTL Group
2
, GlobalConnect
1. Chair of Compensation Committee 2. Chair of Audit Committee
Anders Gersel Pedersen, M.D., Ph.D.
Male, Danish, 72
Board Member (Non-independent, elected by the General
Meeting); Chair of the Compensation Committee and Member
of the Scientific Committee and the Nominating and Corporate
Governance Committee
First elected 2003, current term expires 2024
Special Competencies
Anders Gersel Pedersen has more than 30 years’ board and manage-
ment experience in publicly traded, international pharmaceutical and
biotech companies. He has significant knowledge and expertise in
discovery and development of the product pipeline from preclinical
activities to post-launch marketing studies as well as solid business
experience. Anders Gersel Pedersen furthermore has extensive
experience with the global pharmaceutical market and has built
comprehensive knowledge and insight in governance and the devel-
opment of ESG responsibilities from various leadership roles and as
a board member. Anders Gersel Pedersen is former Executive Vice
President of Research & Development of H. Lundbeck.
Current Board Positions
• Chair: Aelis Farma S.A.S.
• Deputy Chair: Bavarian Nordic A/S
1
• Member: Hansa Biopharma AB
2
, Bond 2 Development GP Limited
1. Member of Finance, Risk and Audit Committee, Member of Science,
Technology & Investment Committee
2. Chair of Scientific Committee, Member of Remuneration Committee
Board of Directors
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Management’s Review
Paolo Paoletti, M.D.
Male, Italian/American, 73
Board Member (Independent, elected by the General
Meeting); Chair of the Scientific Committee and Member of the
Compensation Committee
First elected 2015, current term expires 2024
Special Competencies
Paolo Paoletti has extensive experience in research, development
and commercialization in the pharmaceutical industry, where he
has been responsible for the development of several medicines
approved globally and the related global commercial strategies.
As an executive, he has led cross-functional teams on the develop-
ment and registration of medicines and has been responsible for
all compliance aspects for the R&D organization. Paolo Paoletti has
successfully conducted submissions and approvals of new cancer
drugs and new indications in the U.S., in Europe and in Japan. He
furthermore has significant experience with governance from various
leadership roles and as a board member. Paolo Paoletti is former
Vice President of Oncology Clinical Development with Eli Lilly and
Company, former President of GSK Oncology with GlaxoSmithKline
and former CEO of GAMMADELTA Therapeutics.
Current Position, including Managerial Positions
• Member of the Investment Committee for Apollo
Therapeutics Limited
• Scientific Advisor for 3B Future Health Fund
Current Board Positions
• None
Rolf Hoffmann
Male, German, 64
Board Member (Independent, elected by the General Meeting);
Member of the Audit and Finance Committee and the
Scientific Committee
First elected 2017, current term expires 2024
Special Competencies
Rolf Hoffmann has more than 30 years’ experience in senior manage-
ment and as a board member in the life science industry worldwide.
He has significant expertise in creating and optimizing commercial
opportunities in global markets and has managed companies
across multiple continents with multibillion P&L and cross-func-
tional accountability. Rolf Hoffmann furthermore has knowledge
and experience with governance, compliance and ensuring organi-
zational efficiency from various management positions as well as
from being a board member. Rolf Hoffmann has held a variety of
sales and marketing and executive management positions with Eli
Lilly and Company, and is former Senior Vice President, International
Commercial Operations and former Senior Vice President, U.S.
Commercial Operations with Amgen.
Current Position, including Managerial Positions
• Adjunct Professor of Strategy and Entrepreneurship at University of
North Carolina Business School
Current Board Positions
• Member: IDT Biologika, Semdor Pharma, Sun Pharmaceutical
Industries Ltd.
Elizabeth A. O’Farrell
Female, American, 59
Board Member (Independent, elected by the General Meeting);
Member of the Audit and Finance Committee and the
Compensation Committee
First elected 2022, current term expires 2024
Special Competencies
Elizabeth O’Farrell has solid financial experience from her 25-year
career in finance leadership roles and as a board member. During
her career, she has led multiple strategy, planning and resource
allocation processes in multiple roles and in cross-functional teams.
Elizabeth O’Farrell has significant knowledge and expertise with
driving paradigm changing contributions within finance and the
enterprise through collaboration and influence. In addition to expe-
rience at Price Waterhouse and Whipple & Company Corporation,
Elizabeth O’Farrell held various executive management positions at
Eli Lilly and Company, including as former Chief Procurement Officer.
Elizabeth O’Farrell is an audit committee financial expert based on
her professional experience, including her service in senior finance
leadership positions at Eli Lilly and as an audit committee chair or
member at other public companies.
Current Board Positions
• Chair: PDL BioPharma
• Member: LENSAR
1
, Geron Corporation
1
, Karius
1
1. Chair of Audit Committee
Board of Directors
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Management’s Review
Takahiro Hamatani
Male, Japanese, 49
Board Member (Non-independent, elected by the employees)
First elected 2022, current term expires 2025
Special Competencies
Takahiro Hamatani has over 20 years’ experience in the pharma-
ceutical industry in various roles including finance, sales, marketing
and corporate strategy. He has extensive expertise in strategic
business planning and finance business partnering as well as expe-
rience in successful product launches, geographical expansions,
and business development deals. Takahiro Hamatani has previously
worked in International Operations at Takeda supporting commer-
cial operations in North and South America and is a Certified Public
Accountant in the U.S.
Current Position, including Managerial Positions
• Senior Director, Head of Finance Japan at Genmab
Martin Schultz
Male, Danish, 48
Board Member (Non-independent, elected by the employees)
First elected 2022, current term expires 2025
Special Competencies
Martin Schultz has broad experience within clinical project manage-
ment with a substantial understanding and knowledge of research
and development. He furthermore has specific expertise in project
management, strategic sourcing, vendor collaboration, contract and
budget governance.
Current Position, including Managerial Positions
• Senior Director, Head of Development Business Partnership &
Strategy at Genmab
Mijke Zachariasse, Ph.D.
Female, Dutch, 50
Board Member (Non-independent, elected by the employees)
First elected 2019, current term expires 2025
Special Competencies
Mijke Zachariasse has broad experience in people and business
management and expertise in building partnerships across sectors,
research funding landscape, operational excellence and organiza-
tional strategy and change.
Current Position, including Managerial Positions
• Vice President, Head of Antibody Research Materials at Genmab
Board of Directors
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Management’s Review
Jan G. J. van de Winkel, Ph.D.
Dutch, 62, Male
President & Chief Executive Officer
Special Competencies
Extensive antibody creation and development
expertise, broad knowledge of the biotechnology
industry and executive management skills.
Current Board Positions
• Chair: Hookipa Pharma
• Member: Leo Pharma
Anthony Pagano
American, 46, Male
Executive Vice President & Chief Financial Officer
Special Competencies
Significant knowledge and experience in the
life sciences industry particularly as it relates to
corporate finance, corporate development, stra-
tegic planning, general management, treasury,
accounting and corporate governance.
Judith Klimovsky, M.D.
Argentinian (U.S. Citizen), 67, Female
Executive Vice President & Chief
Development Officer
Special Competencies
Extensive expertise in oncology drug development
from early clinical stages through to marketing
approval, experience in clinical practice
and leading large teams in pharmaceutical
organizations.
Anthony Mancini
Canadian-Italian (U.S. Citizen), 53, Male
Executive Vice President & Chief Operating Officer
Special Competencies
Significant expertise and experience in the life
sciences industry across strategic and operational
leadership roles; commercialization & launch,
strategic planning, partnerships/alliances, general
management, leading large Biopharma P&Ls and
organizations.
Executive Management
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Management’s Review
Tahamtan Ahmadi, M.D., Ph.D.
Iranian-German (U.S. Citizen), 51, Male
Executive Vice President & Chief Medical Officer,
Head of Experimental Medicines
Special Competencies
Significant expertise in global regulatory and
clinical drug development across entire spectrum
from pre-IND to life cycle management; drug
discovery and translational research.
Birgitte Stephensen
Danish, 63, Female
Executive Vice President, Chief Legal Officer
Special Competencies
Intellectual property and legal expertise in the
pharmaceutical and biotechnology fields.
Christopher Cozic
American, 46, Male
Executive Vice President, Chief People Officer
Special Competencies
Expertise in strategic leadership, organization
design, human resource management, policy
development, employee relations, organizational
development, and a heavy concentration in all
aspects of corporate growth and expansion.
Martine J. van Vugt, Ph.D.
Dutch, 53, Female
Senior Vice President, Corporate Strategy
and Planning
Special Competencies
Extensive knowledge of and experience in
Corporate Strategy, Corporate and Business
Development, as well as Portfolio, Project and
Alliance Management.
Current Board Positions
Member: Scandion Oncology
Executive Management
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Management’s Review
Ownership
Genmab is dual listed on the Nasdaq Copenhagen
and the Nasdaq Global Select Market in the U.S.
under the symbol GMAB. Our communication
with the capital markets complies with the disclo-
sure rules and regulations of these exchanges.
As of December 31, 2023, the number of regis-
tered shareholders totaled 85,685 shareholders
holding a total of 64,924,489 shares, which
represented 98% of the total share capital
of 66,074,535.
The following shareholder is registered in
Genmab’s register of shareholders as being the
owner of a minimum of 5% of the voting rights or
a minimum of 5% of the share capital (one share
equals one vote) as of December 31, 2023:
• BlackRock, Inc., 50 Hudson Yards, New York, New
York 10001, United States of America (6.8%)
Shareholders registered in the Company’s
shareholder registry may sign up for electronic
shareholder communications via Genmab’s
investor portal. The investor portal can be
accessed at Genmab’s website www.genmab.
com/investors. Electronic shareholder communi-
cation enables Genmab to, among other things,
quickly and efficiently call general meetings.
The charts included here illustrate the perfor-
mance of the Genmab share during 2023, the
performance of the Genmab share over the last
five years, from 2019 through the end of 2023,
and the geographical distribution of our share-
holders. As of December 31, 2023, Genmab’s
shares closed at DKK 2,155.00 and ADSs closed
at USD 31.84.
Please refer to Note 4.7 of the financial state-
ments for additional information regarding
Genmab’s share capital including authorizations
to issue shares and purchase its own shares.
Shareholders and Share Information
The following table shows share data as of December 31, 2023.
Share Data Denmark U.S.
Number of shares at December 31, 2023 66,074,535 4,771,439 (represented by 47,714,390 American
Depository Shares (ADSs))
Listing Nasdaq Copenhagen Nasdaq Global Select Market, New York
Ticker Symbol GMAB GMAB
Index Membership OMX Nordic Large Cap Index
OMX Copenhagen Benchmark Index
OMX Copenhagen 25 Index (OMXC25)
Nasdaq Biotech Index
Stock Performance Comparison 2023
(Index 100 = stock price on December 31, 2022)
Stock Performance Comparison 5 Years
(Index 100 = stock price on December 31, 2018)
Geographical Shareholder Distribution*
* Based on Nasdaq Corporate Solutions aggregated data
per June 30, 2022 and July 31, 2023.
** “Other” includes shares held in other countries and
shares not held in nominee accounts, including OTC
traded shares.
60
70
80
90
100
110
120
DecNovOctSepAugJulJunMayAprMarFebJan
Genmab OMXC25 Index
Nasdaq Biotech Index
50
100
150
200
250
300
350
Oct
2023
Jul
2023
Jan
2023
Apr
2023
Jul
2022
Oct
2022
Jan
2022
Apr
2022
Jul
2021
Oct
2021
Jan
2021
Apr
2021
Jul
2019
Oct
2019
Jan
2019
Apr
2019
Jul
2020
Oct
2020
Jan
2020
Apr
2020
Genmab OMXC25 Index
Nasdaq Biotech Index
24%
2 1%
3%
3%
2022
July 31, 2023
2%
4%
10%
6%
19 %
20%
42%
46%
USA
Denmark
UK
Canada
Norway
Other**
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Table of Contents Financial Statements Other InformationGenmab 2023 Annual Report
Management’s Review
Shareholders and Share Information
Genmab is a Foreign Private Issuer as defined
in the SEC’s rules and regulations. The determi-
nation of foreign private issuer status is made
annually. We plan to make our next determination
with respect to our foreign private issuer status
on June 30, 2024.
American Depositary
Receipt (ADR) Program
Genmab has a sponsored Level 3 ADR program
with Deutsche Bank Trust Company Americas. An
ADS is a share certificate representing ownership
of shares in a non-U.S. corporation. ADSs issued
under Genmab’s ADR Program are quoted and
traded in U.S. dollars on the Nasdaq Global
Select Market in the United States. Ten Genmab
ADSs correspond to one Genmab ordinary share.
Genmab’s ADR ticker symbol is GMAB. For more
information on Genmab’s ADR Program, visit
https://ir.genmab.com/adr-program#content.
Investor Relations
Genmab’s Investor Relations department aims to
ensure relevant, accurate and timely information
is available to our investors and the financial
community. We maintain an ongoing dialogue
with sell-side equity analysts, as well as major
institutional and retail shareholders. A list of
the current analysts covering Genmab can be
found at our website along with financial reports,
company announcements, current presentations,
fact sheets and other downloads.
Contact
For Media Relations:
Marisol Peron
Senior Vice President
Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
For Investor Relations:
Andrew Carlsen
Vice President
Head of Investor Relations
T: +45 33 77 95 58; E: acn@genmab.com
Annual General Meeting
Genmab’s Annual General Meeting will be held on March 13, 2024 at 2:00 PM CEST. Further details will
be included in the notice to convene the Annual General Meeting.
Financial Calendar for 2024
Annual General Meeting 2024 Wednesday, March 13, 2024
Publication of the Interim Report for the first quarter 2024 Thursday, May 2, 2024
Publication of the Interim Report for the first half 2024 Thursday, August 1, 2024
Publication of the Interim Report for the first nine months 2024 Wednesday, November 6, 2024
74
Table of Contents Management’s Review Other InformationGenmab 2023 Annual Report
Financial Statements
In this section
75 Financial Statements for the Genmab Group
116 Financial Statements of the Parent Company
131 Directors’ and Management’s Statement on the Annual Report
132 Independent Auditor’s Reports
Financial
Statements
75
Table of Contents Management’s Review Other Information
Financial Statements
Genmab 2023 Annual Report
Table of
Contents
The financial statements in the 2023
Annual Report are grouped into the
following sections: Primary Statements;
Basis of Presentation; Results for the
Year; Operating Assets and Liabilities;
Capital Structure, Financial Risk and
Related Items; and Other Disclosures.
Each note to the financial statements
includes information about the
accounting policies applied and
significant management judgements
and estimates in addition to the
financial numbers.
Primary Statements
76 Consolidated Statements of
Comprehensive Income
77 Consolidated Balance Sheets
78 Consolidated Statements of Cash Flows
79 Consolidated Statements of Changes
in Equity
Section 1
Basis of Presentation
80 1.1 Nature of the Business and
Accounting Policies
83 1.2 New Accounting Policies and
Disclosures
83 1.3 Management’s Judgements and
Estimates under IFRS
84 1.4 Revision of Prior Period Financial
Statements
Section 2
Results for the Year
85 2.1 Revenue
87 2.2 Information about Geographical
Areas
87 2.3 Staff Costs
88 2.4 Corporate and Deferred Tax
89 2.5 Profit Per Share
Section 3
Operating Assets and Liabilities
90 3.1 Intangible Assets
91 3.2 Property and Equipment
92 3.3 Leases
93 3.4 Other Investments
93 3.5 Inventories
93 3.6 Receivables
94 3.7 Deferred Revenue
94 3.8 Other Payables
Section 4
Capital Structure, Financial Risk and
Related Items
95 4.1 Capital Management
95 4.2 Financial Risk
97 4.3 Financial Assets and Liabilities
99 4.4 Marketable Securities
10 0 4.5 Financial Income and Expenses
101 4.6 Share-Based Instruments
107 4.7 Share Capital
Section 5
Other Disclosures
109 5.1 Remuneration of the Board
of Directors and Executive
Management
112 5.2 Related Party Disclosures
112 5.3 Commitments
112 5.4 Fees to Auditors Appointed at the
Annual General Meeting
112 5.5 Adjustments to Cash Flow
Statements
113 5.6 Collaborations and Technology
Licenses
115 5.7 Subsequent Events
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Table of Contents Management’s Review Other Information
Financial Statements
Genmab 2023 Annual Report
Primary
Statements
Consolidated Statements
of Comprehensive Income
Income Statement
(DKK million) Note 2023 2022 2021
Revenue 2.1, 2.2 16,474 14,505 8,417
Cost of product sales (226 ) – –
Research and development expenses 2.3, 3.1, 3.2 (7,630 ) (5,562 ) (4,181 )
Selling, general and administrative expenses 2.3, 3.2 (3,297 ) (2,676 ) (1,283 )
Operating expenses (10,927 ) (8,238 ) (5,464 )
Operating profit 5,321 6,267 2,953
Financial income 4.5 1,258 1,358 1,667
Financial expenses 4.5 (942 ) (680 ) (702 )
Net profit before tax 5,637 6,945 3,918
Corporate tax 2.4 (1,285 ) (1,493 ) (961 )
Net profit 4,352 5,452 2,957
Basic net profit per share 2.5 66.64 83.38 45.22
Diluted net profit per share 2.5 66.02 82.59 44.77
Statement of Comprehensive Income
Net profit 4,352 5,452 2,957
Other comprehensive income:
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations (38 ) 17 27
Total comprehensive income 4,314 5,469 2,984
77
Table of Contents Management’s Review Other Information
Financial Statements
Genmab 2023 Annual Report
(DKK million) Note December 31, 2023 December 31, 2022
Assets
Intangible assets 2.2, 3.1
Property and equipment 2.2, 3.2
Right-of-use assets 2.2, 3.3
Receivables 2.2, 3.6
Deferred tax assets 2.4
Other investments 3.4
Total non-current assets
Corporate tax receivable
Inventories
Receivables
Marketable securities
Cash and cash equivalents
Total current assets
Total assets
Shareholders’ Equity and Liabilities
Share capital 4.7
Share premium 4.7
Other reserves
Retained earnings
Total shareholders’ equity
Lease liabilities 3.3
Deferred revenue 3.7
Other payables 3.8
Total non-current liabilities
Corporate tax payable 2.4
Lease liabilities 3.3
Deferred revenue 3.7
Other payables 3.8
Total current liabilities
Total liabilities
Total shareholders’ equity and liabilities
Primary
Statements
Consolidated Balance
Sheets
2.4
3.5
3.6
4.2, 4.4
78
Table of Contents Management’s Review Other Information
Financial Statements
Genmab 2023 Annual Report
(DKK million) Note 2023 2022 2021
Cash flows from operating activities:
Net profit before tax 5,637 6,945 3,918
Reversal of financial items, net 4.5 (316 ) (678 ) (965 )
Adjustment for non-cash transactions 5.5 881 801 526
Change in operating assets and liabilities 5.5 1,362 (1,840 ) (705 )
Cash flows from operating activities before financial items 7,564 5,228 2,774
Interest received 908 283 208
Interest elements of lease payments 3.3 (24 ) (15 ) (12 )
Interest paid (1 ) (1 ) –
Corporate taxes paid (1,067 ) (1,583 ) (742 )
Net cash provided by operating activities 7,380 3,912 2,228
Cash flows from investing activities:
Investment in intangible assets 3.1 (10 ) – –
Investment in tangible assets 3.2 (366 ) (317 ) (252 )
Marketable securities bought (10,876 ) (9,659 ) (15,514 )
Marketable securities sold 10,001 7,254 14,469
Other investments bought 3.4 (31 ) (39 ) (102 )
Other investments sold 3.4 – – 438
Net cash (used in) investing activities (1,282 ) (2,761 ) (961 )
Cash flows from financing activities:
Warrants exercised 152 280 135
Principal elements of lease payments 3.3 (91 ) (73 ) (58 )
Purchase of treasury shares (564 ) (908 ) (447 )
Payment of withholding taxes on behalf of employees on net settled RSUs (103 ) (88 ) (50 )
Net cash (used in) financing activities (606 ) (789 ) (420 )
Changes in cash and cash equivalents 5,492 362 847
Cash and cash equivalents at the beginning of the period 9,893 8,957 7,260
Exchange rate adjustments (518 ) 574 850
Cash and cash equivalents at the end of the period 14,867 9,893 8,957
Cash and cash equivalents include:
Bank deposits 13,514 9,299 8,661
Short-term marketable securities 1,353 594 296
Cash and cash equivalents at the end of the period 14,867 9,893 8,957
Primary
Statements
Consolidated Statements
of Cash Flows
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(DKK million)
Balance at December 31, 2020
Effect of prior period revision
Balance at December 31, 2020 (revised)
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
Purchase of treasury shares
Share-based compensation expenses
Net settlement of RSUs
Tax on items recognized directly in equity
Balance at December 31, 2021
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
Purchase of treasury shares
Share-based compensation expenses
Net settlement of RSUs
Tax on items recognized directly in equity
Balance at December 31, 2022
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
Purchase of treasury shares
Share-based compensation expenses
Net settlement of RSUs
Tax on items recognized directly in equity
Balance at December 31, 2023
Primary
Statements
Consolidated Statements
of Changes in Equity
Share
capital
Share
premium
Translation
reserves
Retained
earnings
Shareholders’
equity
(50 )
(88 )
(17 ) (17 )
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Please refer to the overview below to see in which
note/section the detailed accounting policy
is included.
Section 2
Results for the Year
2.1 Revenue
2.2 Information about Geographical Areas
2.3 Staff Costs
2.4 Corporate and Deferred Tax
2.5 Profit per Share
Section 3
Operating Assets and Liabilities
3.1 Intangible Assets
3.2 Property and Equipment
3.3 Leases
3.4 Other Investments
3.5 Inventories
3.6 Receivables
3.8 Other Payables
Section 4
Capital Structure, Financial Risk and
Related Items
4.3 Financial Assets and Liabilities
4.4 Marketable Securities
4.5 Financial Income and Expenses
4.6 Share-Based Instruments
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Financial Statements
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Section 2
Results for the Year
This section includes disclosures
related to revenue, information about
geographical areas, staff costs,
corporate and deferred tax and profit
per share.
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Financial Statements
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Financial Statements
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Section 3
Operating Assets and
Liabilities
This section covers the operating assets
and related liabilities that form the basis
for Genmab’s activities. Deferred tax
assets and liabilities are included in
Note 2.4. Assets related to Genmab’s
financing activities are shown in
section 4.
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Section 4
Capital Structure,
Financial Risk and
Related Items
This section includes disclosures related
to how Genmab manages its capital
structure, cash position and related risks
and items. Genmab is primarily financed
through partnership collaborations.
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Section 5
Other Disclosures
This section is comprised of various
statutory disclosures or notes that
are of secondary importance for the
understanding of Genmab’s financials.
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Table of
Contents
Financial Statements of the Parent
Company
117 Income Statements
118 Balance Sheets
119 Statements of Cash Flows
120 Statements of Changes in Equity
Notes to the Financial Statements of
the Parent Company
121 1 Accounting Policies
122 2 Revenue
123 3 Staff Costs
123 4 Corporate and Deferred Tax
124 5 Intangible Assets
125 6 Property and Equipment
126 7 Leases
126 8 Other Investments
126 9 Inventories
127 10 Receivables
127 11 Deferred Revenue
127 12 Other Payables
127 13 Marketable Securities
128 14 Financial Income and Expenses
128 15 Remuneration of the Board
of Directors and Executive
Management
128 16 Related Party Disclosures
129 17 Investments in Subsidiaries
129 18 Commitments
130 19 Fees to Auditors Appointed at the
Annual General Meeting
130 20 Adjustments to Cash Flow
Statements
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Genmab 2023 Annual Report
(DKK million) Note 2023 2022
Revenue 2 17,126 14,737
Cost of product sales (86) –
Research and development expenses 3, 5, 6 (8,826) (6,277)
Selling, general and administrative expenses 3, 6 (2,521) (2,728)
Operating expenses (11,347) (9,005)
Operating profit 5,693 5,732
Financial income 14 1,239 1,300
Financial expenses 14 (911) (369)
Net profit before tax 6,021 6,663
Corporate tax 4 (1,277) (1,491)
Net profit 4,744 5,172
Financial
Statements
of the Parent
Company
Income Statements
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Genmab 2023 Annual Report
(DKK million) Note December 31, 2023 December 31, 2022
Assets
Intangible assets 5 378 357
Property and equipment 6 129 26
Right-of-use assets 7 232 9
Investments in subsidiaries 17 3,308 2,806
Receivables 10 49 35
Deferred tax assets 4 198 243
Other investments 8 87 66
Total non-current assets 4,381 3,542
Corporate tax receivable 4 – 189
Inventories 9 31 –
Receivables 10 4,528 5,558
Receivables from subsidiaries 10 650 129
Marketable securities 13 13,268 12,431
Cash and cash equivalents 14,467 8,830
Total current assets 32,944 27,137
Total assets 37,325 30,679
Shareholders’ Equity and Liabilities
Share capital 66 66
Share premium 12,461 12,309
Retained earnings 20,347 15,741
Total shareholders’ equity 32,874 28,116
Lease liabilities 7 227 –
Deferred revenue 11 480 480
Other payables 12 20 –
Total non-current liabilities 727 480
Corporate tax payable 45 –
Payable to subsidiaries 12 2,525 1,136
Lease liabilities 7 19 5
Deferred revenue 11 33 33
Other payables 12 1,102 909
Total current liabilities 3,724 2,083
Total liabilities 4,451 2,563
Total shareholders’ equity and liabilities 37,325 30,679
Financial
Statements
of the Parent
Company
Balance Sheets
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Genmab 2023 Annual Report
(DKK million) Note 2023 2022
Cash flows from operating activities:
Net profit before tax 6,021 6,663
Reversal of financial items, net 14 (328) (931)
Adjustment for non-cash transactions 20 145 172
Change in operating assets and liabilities 20 1,238 (2,096)
Cash provided by operating activities before financial items 7,076 3,808
Interest received 888 280
Interest elements of lease payments 7 (9) –
Interest paid (1) (1)
Corporate taxes (paid)/received (1,056) (1,583)
Net cash provided by operating activities 6,898 2,504
Cash flows from investing activities:
Investment in intangible assets 5 (82) (191)
Investment in tangible assets 6 (117) (21)
Transactions with subsidiaries 868 374
Marketable securities bought (10,876) (9,659)
Marketable securities sold 10,001 7,254
Other investments bought (30) (39)
Net cash (used in) investing activities (236) (2,282)
Cash flows from financing activities:
Warrants exercised 152 280
Principal elements of lease payments 7 (15) (13)
Purchase of treasury shares (564) (908)
Payment of withholding taxes on behalf of employees on net settled RSUs (103) (88)
Net cash (used in) financing activities (530) (729)
Changes in cash and cash equivalents 6,132 (507)
Cash and cash equivalents at the beginning of the period 8,830 8,783
Exchange rate adjustments (495) 554
Cash and cash equivalents at the end of the period 14,467 8,830
Cash and cash equivalents include:
Bank deposits 13,114 8,236
Short-term marketable securities 1,353 594
Cash and cash equivalents at the end of the period 14,467 8,830
Financial
Statements
of the Parent
Company
Statements of Cash Flows
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Financial Statements
Genmab 2023 Annual Report
(DKK million)
Share
capital
Share
premium
Retained
earnings
Shareholders’
equity
Balance at December 31, 2021 66 12,029 11,226 23,321
Effect of prior period revision – – (89) (89)
Balance at December 31, 2021 (revised) 66 12,029 11,137 23,232
Net profit – – 5,172 5,172
Exercise of warrants – 280 – 280
Purchase of treasury shares – – (908) (908)
Share-based compensation expenses – – 439 439
Net settlement of RSUs – – (88) (88)
Tax on items recognized directly in equity – – (11) (11)
Balance at December 31, 2022 66 12,309 15,741 28,116
Net profit – – 4,744 4,744
Exercise of warrants – 152 – 152
Purchase of treasury shares – – (564) (564)
Share-based compensation expenses – – 586 586
Net settlement of RSUs – – (103) (103)
Tax on items recognized directly in equity – – (57) (57)
Balance at December 31, 2023 66 12,461 20,347 32,874
Distribution of the Year’s Profit
The Board of Directors proposes that the parent company’s 2023 net profit of DKK 4,744 million (2022:
net profit of DKK 5,172 million) be carried forward to next year by transfer to retained earnings.
Financial
Statements
of the Parent
Company
Statements of Changes
in Equity
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Genmab 2023 Annual Report
1
Accounting Policies
The financial statements of the parent company
have been prepared in accordance with the
IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB)
and in accordance with IFRS as endorsed by
the EU and further requirements in the Danish
Financial Statements Act (Class D).
A number of new or amended standards
became applicable for the current reporting
period. Genmab A/S did not have to change its
accounting policies as a result of the adoption of
these standards.
Refer to Note 1.2 in the consolidated financial
statements for a description of new accounting
policies and disclosures of the Group.
Refer to Note 1.3 in the consolidated financial
statements for a description of management’s
judgements and estimates under IFRS.
Supplementary Accounting
Policies for the Parent Company
Investments in Subsidiaries
The cost method is used for measuring the
investments in subsidiaries. Under the cost
method, investments in subsidiaries are
measured at historical cost. Equity interests in
foreign currencies are translated to the reporting
currency by use of historical exchange rates
prevailing at the time of investment.
Additions to the carrying value of investment in
subsidiaries include capital contributions made
by the parent and share-based payment trans-
actions related to employees of the respective
subsidiaries based on where the employee has
rendered service.
Distributions from the investment are recog-
nized as income when declared, if any. If the
distribution exceeds the current period income
or if circumstances or changes in Genmab’s oper-
ations indicate that the carrying amount of the
subsidiary may not be recoverable, the carrying
amount is tested for impairment. Where the
recoverable amount of the investments is lower
than cost, the investments are written down to
this lower value.
Refer to Note 1.1 in the consolidated financial
statements for a description of the accounting
policies of the Group.
Notes to the
Financial
Statements
of the Parent
Company
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Financial Statements
Revision of Prior Period Financial Statements
2022
(DKK million)
Revised
balances
Effect of error
correction
Previously
reported
balances
Income Statements:
Revenue 14,737 (90) 14,827
Operating expenses (9,005) – (9,005)
Operating profit 5,732 (90) 5,822
Financial income/expense 931 – 931
Net profit before tax 6,663 (90) 6,753
Corporate tax (1,491) 20 (1,511)
Net profit 5,172 (70) 5,242
Balance Sheet:
Total non-current assets 3,542 – 3,542
Corporate tax receivable 189 39 150
Receivables 5,558 (198) 5,756
Other assets 21,390 – 21,390
Total current assets 27,137 (159) 27,296
Total assets 30,679 (159) 30,838
Other equity items 12,375 – 12,375
Retained earnings 15,741 (159) 15,900
Total shareholders’ equity 28,116 (159) 28,275
Total liabilities 2,563 – 2,563
Total shareholders’ equity and liabilities 30,679 (159) 30,838
Cash Flow Statement:
Net profit before tax 6,663 (90) 6,753
Reversal of financial items, net (931) – (931)
Adjustment for non-cash transactions 172 – 172
Change in operating assets and liabilities (2,096) 90 (2,186)
Cash flows from operating activities before
financial items 3,808 – 3,808
Other items (1,304) – (1,304)
Net cash provided by operating activities 2,504 – 2,504
Refer to Note 1.4 in the consolidated financial statements for additional information regarding the
revision of the Group financial statements.
2
Revenue
(DKK million) 2023 2022
Revenue by type:
Royalties 13,705 11,582
Reimbursement revenue — External 864 818
Reimbursement revenue — Intercompany 937 232
Milestone revenue 1,177 1,767
Collaboration revenue 307 332
License revenue – 6
Net product sales — Intercompany 136 –
Total 17,126 14,737
Revenue by collaboration partner:
Janssen 11,949 10,530
AbbVie 732 1,174
Roche 704 796
Novartis 1,511 815
BioNTech 784 708
Pfizer
1
373 413
Other – 69
Total
2
16,053 14,505
Royalties by product:
DARZALEX 11,265 9,966
Kesimpta 1,494 779
TEPEZZA 704 796
Other
3
242 41
Total 13,705 11,582
1. Pfizer acquired Seagen in December 2023.
2. Excludes Genmab’s intercompany revenue.
3. Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
Refer to Note 2.1 in the consolidated financial statements for additional information regarding
revenue of the Group.
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Financial Statements
3
Staff Costs
(DKK million) 2023 2022
Wages and salaries 500 392
Share-based compensation 84 68
Defined contribution plans 39 29
Other social security costs 9 25
Total 632 514
Staff costs are included in the income statement as follows:
Research and development expenses 501 393
Selling, general and administrative expenses 131 121
Total 632 514
Average number of FTE 440 348
Number of FTE at year-end 465 385
Refer to Note 2.3 in the consolidated financial statements for additional information regarding staff
costs of the Group.
4
Corporate and Deferred Tax
Taxation — Income Statement & Shareholders’ Equity
(DKK million) 2023 2022
Current tax
Current tax on profit 1,288 1,488
Adjustment to deferred tax (11) 3
Total tax for the period in the income statement 1,277 1,491
A reconciliation of Genmab’s effective tax rate relative to the Danish statutory tax rate is as follows:
(DKK million) 2023 2022
Net profit before tax 6,021 6,663
Tax at the Danish statutory corporation tax rate of 22% for
all periods 1,325 1,466
Tax effect of:
Non-deductible expenses/non-taxable income and other
permanent differences, net (52) 37
All other 4 (12)
Total tax effect (48) 25
Total tax for the period in the income statement 1,277 1,491
Total tax for the period in shareholders’ equity 57 (22)
Effective Tax Rate 21.2% 22.4%
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Financial Statements
Taxation — Balance Sheet
Significant components of the deferred tax asset are as follows:
(DKK million) 2023 2022
Share-based instruments 37 124
Deferred revenue 113 113
Other temporary differences 48 6
Total deferred tax assets 198 243
Refer to Note 2.4 in the consolidated financial statements for additional information regarding
corporate and deferred tax of the Group.
5
Intangible Assets
Licenses, rights, and patents
(DKK million) 2023 2022
Cost at January 1 1,011 820
Additions for the year 82 191
Cost at December 31 1,093 1,011
Accumulated amortization and impairment at January 1 (654) (584)
Amortization for the year (61) (70)
Accumulated amortization and impairment at December 31 (715) (654)
Carrying amount at December 31 378 357
(DKK million) 2023 2022
Amortization and impairment included in the income
statement as follows:
Research and development expenses 61 70
Total 61 70
Parent Company intangible assets include licenses and rights primarily to gain access to targets and
technologies identified by third parties as well as subsidiaries.
Refer to Note 3.1 in the consolidated financial statements for additional information regarding
intangible assets of the Group.
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Financial Statements
6
Property and Equipment
(DKK million)
Leasehold
improvements
Equipment,
furniture and
fixtures
Assets under
construction
Total
property and
equipment
2023
Cost at January 1 4 24 17 45
Additions for the year 5 10 100 115
Transfers between the classes 69 48 (117) –
Disposals for the year – – – –
Cost at December 31 78 82 – 160
Accumulated depreciation and impairment at January 1 (4) (15) – (19)
Depreciation for the year (3) (9) – (12)
Disposals for the year – – – –
Accumulated depreciation and impairment at December 31 (7) (24) – (31)
Carrying amount at December 31 71 58 – 129
2022
Cost at January 1 4 25 6 35
Additions for the year – 6 11 17
Disposals for the year – (7) – (7)
Cost at December 31 4 24 17 45
Accumulated depreciation and impairment at January 1 (3) (19) – (22)
Depreciation for the year (1) (5) – (6)
Disposals for the year – 9 – 9
Accumulated depreciation and impairment at December 31 (4) (15) – (19)
Carrying amount at December 31 – 9 17 26
(DKK million)
2023 2022
Depreciation and impairment included in the income statement as follows:
Research and development expenses 6 2
Selling, general and administrative expenses 6 4
Total 12 6
Refer to Note 3.2 in the consolidated financial statements for additional information regarding property and equipment of the Group.
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Financial Statements
7
Leases
The parent company has entered into lease agreements with respect to office space.
The leases are non-cancellable over various periods through 2038.
(DKK million) 2023 2022
Right-of-use assets
Balance at January 1 9 12
Additions to right-of-use assets
1
242 10
Depreciation charge for the year (19) (13)
Balance at December 31 232 9
Lease liabilities
Current 19 5
Non-current 227 –
Total at December 31 246 5
Cash outflow for lease payments 24 13
1. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for
contractual restoration obligations related to leases of Genmab offices.
Variable lease payments, lease interest expense, and low-value assets are immaterial.
Future minimum payments under leases are as follows:
(DKK million) 2023 2022
Payment due
Less than 1 year 23 5
1 to 3 years 45 –
More than 3 years but less than 5 years 45 –
More than 5 years 202 –
Total at December 31 315 5
Refer to Note 3.3 in the consolidated financial statements for additional information regarding
leases of the Group.
8
Other Investments
(DKK million) 2023 2022
Fund Investments 87 66
Total at December 31 87 66
Refer to Note 3.4 to the consolidated financial statements for additional information on other
investments of the Group.
9
Inventories
(DKK million) 2023 2022
Raw materials 14 –
Work in progress – –
Finished goods 19 –
Total inventories (gross) at December 31 33 –
Allowances at year end (2) –
Total inventories (net) at December 31 31 –
Refer to Note 3.5 in the consolidated financial statements for additional information regarding
inventories of the Group.
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Financial Statements
10
Receivables
(DKK million) 2023 2022
Receivables related to collaboration agreements 4,148 5,059
Prepayments 121 84
Receivables from subsidiaries 650 129
Interest receivables 149 83
Receivables for securities matured – 290
Other receivables 159 77
Total at December 31 5,227 5,722
Non-current receivables 49 35
Current receivables 5,178 5,687
Total at December 31 5,227 5,722
Refer to Note 3.6 in the consolidated financial statements for additional information regarding
receivables of the Group.
11
Deferred Revenue
(DKK million) 2023 2022
Deferred revenue at January 1 513 513
Customer payment received – –
Revenue recognized during the year – –
Total at December 31 513 513
Non-current deferred revenue 480 480
Current deferred revenue 33 33
Total at December 31 513 513
Refer to Note 3.7 in the consolidated financial statements for additional information regarding
deferred revenue of the Group.
12
Other Payables
(DKK million) 2023 2022
Liabilities related to collaboration agreements 47 70
Staff cost liabilities 106 90
Accounts payable 107 90
Payable to subsidiaries 2,525 1,136
Other liabilities 862 659
Total at December 31 3,647 2,045
Non-current other payables 20 –
Current other payables 3,627 2,045
Total at December 31 3,647 2,045
Refer to Note 3.8 in the consolidated financial statements for additional information regarding
other payables of the Group.
13
Marketable Securities
Refer to Note 4.4 in the consolidated financial statements for additional information on marketable
securities of the Group.
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Financial Statements
14
Financial Income and Expenses
(DKK million) 2023 2022
Financial income:
Interest and other financial income 919 321
Gain on marketable securities, net 320 –
Gain on other investments, net – 1
Foreign exchange rate gain, net – 978
Total financial income 1,239 1,300
Financial expenses:
Interest and other financial expenses (12) (6)
Interest to subsidiaries (9) (2)
Loss on marketable securities, net – (361)
Loss on other investments, net (8) –
Foreign exchange rate loss, net (882) –
Total financial expenses (911) (369)
Net financial items 328 931
Refer to Note 4.5 in the consolidated financial statements for additional information regarding
financial income and expenses of the Group.
15
Remuneration of the Board of Directors and Executive Management
Remuneration of the Board of Directors for the parent is the same as the Group.
Remuneration of Executive Management for the parent company is 10% of total compensation for each
member of Executive Management as reported in Note 5.1 in the consolidated financial statements,
per service agreement with each member of Executive Management.
Refer to Note 5.1 in the consolidated financial statements for additional information regarding the
remuneration of the Board of Directors and Executive Management.
16
Related Party Disclosures
Genmab A/S’ related parties are the parent company’s subsidiaries, Board of Directors, Executive
Management, and close members of the family of these persons.
Transactions With Subsidiaries
Genmab B.V., Genmab Holding B.V., Genmab US, Inc. and Genmab K.K. are 100% (directly or indirectly)
owned subsidiaries of Genmab A/S and are included in the consolidated financial statements. During
2023, various intercompany transactions and services between the aforementioned companies took
place in the field of product sales, research and development, selling, general and administration,
finance and management. All intercompany transactions have been eliminated in the consolidated
financial statements of the Genmab Group.
(DKK million) 2023 2022
Transactions with subsidiaries:
Income statement:
Net product sales 136 –
Reimbursement revenue 937 233
Cost of product sales (62) –
Service fee costs (5,326) (4,446)
Milestone costs (893) (1,090)
Financial income – –
Financial expense (9) (2)
Balance sheet:
Intangible assets 291 217
Current receivables 650 129
Current payables (2,525) (1,136)
Genmab A/S has placed at each subsidiary’s disposal a credit facility (denominated in local currency)
that the subsidiary may use to draw from in order to secure the necessary funding of its activities.
Refer to Note 5.2 to the consolidated financial statements for additional information regarding
transactions with related parties of the Group.
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Financial Statements
17
Investments in Subsidiaries
(DKK million) 2023 2022
Cost at January 1 4,735 4,435
Additions 502 300
Cost at December 31 5,237 4,735
Impairment at January 1 (1,929) (1,929)
Impairment at December 31 (1,929) (1,929)
Carrying amount at December 31 3,308 2,806
Refer to Note 1.1 in the consolidated financial statements for a listing of subsidiaries owned by
Genmab A/S.
18
Commitments
Purchase Obligations
Genmab A/S has entered into a number of agreements related to research and development activities
that contain various obligations. These short-term contractual obligations amounted to approximately
DKK 3,145 million as of December 31, 2023, all of which is due in less than two years (2022: approxi-
mately DKK 1,558 million).
Genmab A/S also has certain contingent commitments under our license and collaboration agree-
ments that may become due in the future. As of December 31, 2023, these contingent commitments
amounted to approximately DKK 9,991 million (USD 1,481 million) in potential future development,
regulatory and commercial milestone payments to third parties under license and collaboration agree-
ments for our preclinical and clinical stage development programs as compared to approximately DKK
14,537 million (USD 2,085 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 triggering such payments or obligations have not yet occurred.
In addition to the above obligations, Genmab A/S enters into a variety of agreements and financial
commitments in the normal course of business. The terms generally allow us the option to cancel,
reschedule and adjust our requirements based on our business needs prior to the delivery of goods
or performance of services. It is not possible to predict the maximum potential amount of future
payments under these agreements due to the conditional nature of our obligations and the unique
facts and circumstances involved in each particular agreement.
Refer to Note 5.3 in the consolidated financial statements for additional information regarding
commitments of the Group.
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Financial Statements
19
Fees to Auditors Appointed at the Annual General Meeting
(DKK million) 2023 2022
PricewaterhouseCoopers
Audit fees 6.1 5.8
Audit-related fees 3.4 2.0
Tax fees – –
All other fees – –
Total 9.5 7.8
Fees for other services than statutory audit of the financial statements provided by
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 3.4 million
in 2023 (DKK 2.0 million in 2022). These services primarily include agreed-upon procedures, other
assurance assessments and reports, and accounting advice.
Refer to Note 5.4 in the consolidated financial statements for additional information regarding fees
to auditors of the Group.
20
Adjustments to Cash Flow Statements
(DKK million) Note 2023 2022
Adjustments for non-cash transactions:
Depreciation, amortization and impairment 5, 6, 7 61 110
Share-based compensation expenses 3 84 62
Total adjustments for non-cash transactions 145 172
Change in operating assets and liabilities:
Receivables 1,062 (2,196)
Inventories (31) –
Other payables 207 100
Total change in operating assets and liabilities 1,238 (2,096)
Refer to Note 5.5 in the consolidated financial statements for additional information regarding
adjustments to the cash flow statements of the Group.
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Financial Statements
Executive Management
(President & CEO )
(Executive Vice President & CFO )
Board Of Directors
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Financial Statements
Report on the Audit of the Financial
Statements
Independent Auditor’s Reports
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Financial Statements
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Financial Statements
CVR no 33 77 1 23 1
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Other Information
American Depository Shares (ADSs)
A U.S. dollar-denominated equity share of a
foreign-based company available for purchase on
an American stock exchange.
Antibody-drug conjugate (ADC)
Antibody with potent cytotoxic agents (toxins)
coupled to it.
Antigen
Immunogen. A target molecule that is specifically
bound by an antibody.
Apoptosis
A form of programmed cell death.
Biologics License Application (BLA)
A submission to apply for marketing approval
from the U.S. FDA, which contains specific
information on the manufacturing processes,
chemistry, pharmacology, clinical pharmacology
and the medical effects of a biologic product.
Bispecific antibody
An antibody in which the two binding regions are
not identical, with each region directed against
two different antigens or against two different
sites on the same antigen.
Building Research Establishment
Environmental Assessment
Method (BREEAM)
A sustainability assessment method for infra-
structure and buildings.
Clinical
Term used to refer to drugs that are at the stage
of being investigated in humans to determine the
safety and efficacy of the drug before it can be
submitted for approval by regulatory authorities.
Complement dependent cytotoxicity (CDC)
An antibody effector function that eliminates
target cells.
Corporate Social Responsibility (CSR)
Business model that enables a corporation to be
socially accountable to itself, its stakeholders and
its community.
Cytotoxic
Toxic to living cells.
Dual-listed company
A company whose shares are traded on two
stock markets.
Epitope
The specific surface portion of an antigen to
which an antibody binds. Upon binding of the
antibody to the epitope an immune response is
elicited.
Environmental, Social and
Governance (ESG)
Set of standards for a company’s operations.
European Medicines Agency (EMA)
European regulatory agency that facilitates
development and access to medicines, evaluates
applications for marketing authorization and
monitors the safety of medicines.
Hexamerization
The ordered clustering of six antibodies.
Immunomodulatory agent
A type of drug used to treat certain types of
cancers, such as multiple myeloma. Examples
include lenalidomide and pomalidomide.
Leadership in Energy and
Environmental Design (LEED)
Globally recognized green building rating system.
Monoclonal
Derived from a single cell. Monoclonal antibodies
derived from such single cell will be identical.
Monotherapy
Treatment of a medical condition by use of a
single drug.
Preclinical
Term used to refer to products that are at the
stage of being investigated in the laboratory or in
animals to determine the safety and efficacy of
the product before it is evaluated in humans.
Priority Review
U.S. FDA designation used for drugs that, if
approved, would be significant improvements
in the safety or effectiveness of the treatment,
diagnosis, or prevention of serious conditions
when compared to standard applications.
Progression free survival
Progression free survival. The length of time a
patient lives without his/her disease worsening.
Proteasome inhibitor
A type of drug used to treat certain types of
cancer, such as multiple myeloma. Examples
include bortezomib and carfilzomib.
Subcutaneous (SC)
Applied under the skin.
Target
A molecule of potential interest against which an
antibody is raised/created.
U.S. Food and Drug
Administration (U.S. FDA)
U.S. regulatory agency responsible for ensuring
the safety, efficacy and security of human
and veterinary drugs, biological products and
medical devices.
Glossary
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Other Information
This Annual Report contains forward looking
statements. The words “believe,” “expect,”
“anticipate,” “intend” and “plan” and similar
expressions identify forward looking statements.
Actual results or performance may differ mate-
rially from any future results or performance
expressed or implied by such statements. The
important factors that could cause our actual
results or performance to differ materially
include, among others, risks associated with
product discovery and development, uncer-
tainties related to the outcome and conduct of
clinical trials including unforeseen safety issues,
uncertainties related to product manufacturing,
our inability to manage growth, the compet-
itive environment in relation to our business
area and markets, our inability to attract and
retain suitably qualified personnel, the unen-
forceability or lack of protection of our patents
and proprietary rights, our relationships with
affiliated entities, changes and developments
in technology which may render our products
obsolete, and other factors. Additional factors
that could cause our actual results or perfor-
mance to differ materially could also include
and are not limited to the risk and uncertainties
related to regulatory action, reimbursement,
market adoption by physicians or lack of market
acceptance of our products, the risk that the
Company or our collaborators may be delayed or
unsuccessful in planned clinical trial initiations,
enrollment and planned regulatory submissions
and approvals in the U.S. and other countries. For
a further discussion of these risks, please refer
to the section “Risk Management” in this Annual
Report and the risk factors included in Genmab’s
2023 Annual Report on Form 20-F and other
filings with the U.S. Securities and Exchange
Commission (SEC). Genmab does not undertake
any obligation to update or revise forward looking
statements in this Annual Report nor to confirm
such statements to reflect subsequent events or
circumstances after the date made or in relation
to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the
following trademarks: Genmab
®
; the Y-shaped
Genmab logo
®
; Genmab in combination with the
Y-shaped Genmab logo
®
; HuMax
®
; DuoBody
®
;
DuoBody in combination with the DuoBody
logo
®
; HexaBody
®
; HexaBody in combination
with the HexaBody logo
®
; DuoHexaBody
®
,
HexElect
®
; KYSO™ and MyNavCare™. Tivdak
®
is a trademark of Seagen Inc.; Arzerra
®
is a
trademark of Novartis Pharma AG. Kesimpta
®
and
Sensoready
®
are trademarks of Novartis AG or
its affiliates; DARZALEX
®
, DARZALEX FASPRO
®
,
RYBREVANT
®
, TECVAYLI
®
and TALVEY
™
are
trademarks of Johnson & Johnson; EPCORE™,
EPKINLY
®
, TEPKINLY
®
and their designs are trade-
marks of AbbVie Biotechnology Ltd.; TEPEZZA
®
is
a trademark of Horizon Therapeutics Ireland DAC.
©2023, Genmab A/S. All rights reserved.
Photograph credits:
Andrei Jackamets
Tuala Hjarnø
3FX, Inc.
About Genmab A/S
Genmab is an international biotechnology
company with a core purpose guiding its unstop-
pable team to strive towards improving the lives
of patients through innovative and differentiated
antibody therapeutics. For more than 20 years,
its passionate, innovative and collaborative
team has invented next-generation antibody
technology platforms and leveraged translational
research and data sciences, which has resulted in
a proprietary pipeline including bispecific T-cell
engagers, next-generation immune checkpoint
modulators, effector function enhanced anti-
bodies and antibody-drug conjugates.
To help develop and deliver novel antibody
therapies to patients, Genmab has formed 20+
strategic partnerships with biotechnology and
pharmaceutical companies. By 2030, Genmab’s
vision is to transform the lives of people with
cancer and other serious diseases with Knock-
Your-Socks-Off (KYSO™) antibody medicines.
Established in 1999, Genmab is headquartered in
Copenhagen, Denmark with locations in Utrecht,
the Netherlands, Princeton, New Jersey, U.S. and
Tokyo, Japan. For more information, please visit
Genmab.com and follow us on X.com/Genmab.
Forward Looking Statement
Genmab 2023 Annual Report
138
Other Information
Financial StatementsManagement’s ReviewTable of Contents
Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark
T. +45 70 20 27 28
Genmab US, Inc.
777 Scudders Mill Road
Plainsboro, NJ 08536
USA
T. +1 609 430 2481
Genmab B.V. & Genmab Holding B.V.
Uppsalalaan 15
3584 CT Utrecht
The Netherlands
T. +31 30 2 123 123
Genmab K.K.
35F Midtown Tower
9-7-1 Akasaka, Minato-ku
Tokyo 1076235
Japan
T. +81 3 5403 6330
Contact Information
www.genmab.comLEI Code 529900MTJPDPE4MHJ122