Genmab Announces Financial Results for the First Quarter of 2024
Tel: +45 7020 2728
Company Announcement no. 33
Page 1/38
CVR no. 2102 3884
May 2, 2024 Copenhagen, Denmark;
Interim Report for the First Quarter Ended March 31, 2024
Highlights
• The U.S. Food and Drug Administration (U.S. FDA) granted Priority Review for the
supplemental Biologics License Application (sBLA) for EPKINLY
®
(epcoritamab-bysp) for
the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after
two or more lines of systemic therapy, with a Prescription Drug User Fee Act (PDUFA)
target action date of June 28, 2024
• An additional Phase 3 clinical trial was initiated, evaluating epcoritamab in combination
with rituximab and lenalidomide compared to chemoimmunotherapy in previously
untreated follicular lymphoma
• The U.S. FDA accepted for Priority Review the sBLA seeking to convert the accelerated
approval of Tivdak
®
(tisotumab vedotin-tftv) to full approval, for the treatment of patients
with recurrent or metastatic cervical cancer with disease progression on or after first-line
therapy
• Genmab announced the decision of its arbitration appeal under its daratumumab license
agreement with Janssen Biotech, Inc. (Janssen)
• Genmab revenue increased 46% compared to the first quarter of 2023, to DKK 4,143
million
“The acceptance for Priority Review by the U.S. FDA of the sBLAs for EPKINLY and Tivdak that we
received in the first quarter are important events that support our commitment to continue to deliver
innovative treatment options that have the potential to profoundly impact the lives of patients. These
regulatory acceptances for priority review also reflect our dedication to working with our partners, AbbVie
Inc. (AbbVie) and Pfizer Inc. (Pfizer) to expand the labels for EPKINLY and Tivdak, respectively, in order
to maximize the potential of both medicines and bring them to as many patients in need of alternative
therapeutic options as possible,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Quarter of 2024
• Revenue was DKK 4,143 million for the first three months of 2024 compared to DKK 2,834 million
for the first three months of 2023. The increase of DKK 1,309 million, or 46%, was primarily
driven by higher DARZALEX
®
and Kesimpta
®
royalties achieved under our collaborations with
Janssen and Novartis Pharma AG (Novartis), respectively, EPKINLY net product sales, and a
milestone achieved under our collaboration with AbbVie.
• Royalty revenue was DKK 3,104 million in the first three months of 2024 compared to DKK 2,408
million in the first three months of 2023, an increase of DKK 696 million, or 29%. The increase in
royalties was driven by higher net sales of DARZALEX and Kesimpta.
• Net sales of DARZALEX (daratumumab), including sales of the subcutaneous (SC) product
(daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO
®
in the
U.S.) by Janssen were USD 2,692 million in the first three months of 2024 compared to USD
2,264 million in the first three months of 2023, an increase of USD 428 million or 19%.
• Total costs and operating expenses were DKK 3,342 million in the first three months of 2024
compared to DKK 2,417 million in the first three months of 2023. The increase of DKK 925
million, or 38%, was driven by the expansion of our product pipeline, EPKINLY post launch
activities in the U.S. and Japan, the continued development of Genmab’s broader organizational
Genmab Announces Financial Results for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 2/38
2500 Valby, Denmark
CVR no. 2102 3884
capabilities and related increase in team members to support these activities, as well as profit-
sharing amounts payable to AbbVie related to EPKINLY sales.
• Operating profit was DKK 801 million in the first three months of 2024 compared to DKK 417
million in the first three months of 2023.
• Net financial items resulted in income of DKK 915 million for the first three months of 2024
compared to an expense of DKK 151 million in the first three months of 2023. The increase of
DKK 1,066 million was primarily driven by movements in USD to DKK foreign exchange rates
impacting Genmab’s USD denominated cash and cash equivalents and marketable securities,
with strengthening of the USD/DKK rate in the first three months of 2024 compared to the
weakening of the USD/DKK rate in the first three months of 2023.
Subsequent Event
• April: Genmab and ProfoundBio, Inc. (ProfoundBio) announced that the companies have entered
into a definitive agreement for Genmab to acquire ProfoundBio in an all-cash transaction. The
acquisition will give Genmab worldwide rights to three candidates in clinical development,
including rinatabart sesutecan (Rina-S), plus ProfoundBio’s novel antibody-drug conjugate (ADC)
technology platforms. Genmab will acquire ProfoundBio for USD 1.8 billion in cash, payable at
closing (subject to adjustment for ProfoundBio’s closing net debt and transaction expenses). The
proposed transaction is expected to close in the first half of 2024. The closing of the proposed
transaction is subject to the satisfaction of customary closing conditions.
Outlook
Genmab is maintaining its 2024 financial guidance published on February 14, 2024.
Following the announcement of the proposed acquisition of ProfoundBio, Genmab’s operating expenses
before expenses incurred by it in connection with the proposed transaction are now anticipated to be at or
moderately above the upper end of the previously disclosed guidance range of DKK 12.4 -13.4 billion.
The anticipated increase reflects the incremental R&D investment to support the advancement of
ProfoundBio’s clinical programs, primarily Rina-S. Genmab’s revenue guidance is unchanged and
expected to be in the previously disclosed guidance range of DKK 18.7 – 20.5 billion.
We expect to update our guidance no later than in connection with our second quarter 2024 earnings.
Conference Call
Genmab will hold a conference call to discuss the results for the first quarter of 2024 today, Thursday,
May 2, at 6:00 pm CEST, 5:00 pm BST or 12:00 pm EDT. To join the call please use the below
registration link. Registered participants will receive an email with a link to access dial-in information as
well as a unique personal PIN:
https://register.vevent.com/register/BIcaf0da755ddb4d7f81f4dd2c0229135e
. A live and archived webcast
of the call and relevant slides will be available at www.genmab.com/investors.
Contact
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 3/38
2500 Valby, Denmark
CVR no. 2102 3884
CONTENTS
MANAGEMENT’S REVIEW
CONSOLIDATED KEY FIGURES
4
OUTLOOK
5
KEY 2024 PRIORITIES
6
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST QUARTER OF 2024
7
SIGNIFICANT RISKS AND UNCERTAINTIES
18
FINANCIAL REVIEW
18
FINANCIAL STATEMENTS
25
NOTES TO THE FINANCIAL STATEMENTS
29
ABOUT GENMAB
37
DIRECTORS’ AND MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
38
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 4/38
2500 Valby, Denmark
CVR no. 2102 3884
CONSOLIDATED KEY FIGURES
Three Months Ended
(DKK million)
March 31,
Full Year
Income Statement
2024
2023
2023
Revenue
4,143
2,834
16,474
Cost of product sales
(185)
—
(226)
Research and development expenses
(2,300)
(1,741)
(7,630)
Selling, general and administrative expenses
(857)
(676)
(3,297)
Total costs and operating expenses
(3,342)
(2,417)
(11,153)
Operating profit
801
417
5,321
Net financial items
915
(151)
316
Net profit
1,325
210
4,352
Balance Sheet
Marketable securities
14,914
12,256
13,268
Cash and cash equivalents
14,670
12,288
14,867
Total non-current assets
2,311
2,163
2,150
Total assets
36,680
30,219
35,289
Shareholders' equity
32,497
27,015
31,610
Share capital
66
66
66
Cash Flow Statement
Cash flow from operating activities
1,513
3,235
7,380
Cash flow from investing activities
(1,441)
(13)
(1,282)
Cash flow from financing activities
(595)
(611)
(606)
Investment in intangible assets
—
—
(10)
Investment in tangible assets
(28)
(104)
(366)
Financial Ratios and Other Information
Basic net profit per share
20.29
3.21
66.64
Diluted net profit per share
20.18
3.19
66.02
Period-end share market price
2,084
2,589
2,155
Price / book value
4.23
6.33
4.50
Shareholders' equity per share
492.38
409.32
478.94
Equity ratio
89
%
89
%
90
%
Shares outstanding
66,122,964
65,985,932
66,074,535
Average number of employees (FTE*)
Number of employees (FTE) at the end of the period
2,286
1,846
2,204
* Full-time equivalent or team members
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 5/38
2500 Valby, Denmark
CVR no. 2102 3884
OUTLOOK
2024
(DKK million)
Guidance
Revenue
18,700 - 20,500
Royalties
15,600 - 16,700
Net product sales/Collaboration revenue*
1,700 - 2,200
Milestones/Reimbursement revenue
1,400 - 1,600
Gross profit**
18,000 - 19,500
Operating expenses**
(12,400) - (13,400)
Operating profit
4,600 - 7,100
*Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak
(Genmab’s share of net profits) in the U.S.
**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range
Genmab is maintaining its 2024 financial guidance published February 14, 2024.
Following the announcement of the proposed acquisition of ProfoundBio, Genmab’s operating expenses
before expenses incurred by it in connection with the proposed transaction are now anticipated to be at or
moderately above the upper end of the previously disclosed guidance range of DKK 12.4 -13.4 billion.
The anticipated increase reflects the incremental R&D investment to support the advancement of
ProfoundBio’s clinical programs, primarily Rina-S. Genmab’s revenue guidance is unchanged and
expected to be in the previously disclosed guidance range of DKK 18.7 – 20.5 billion.
We expect to update our guidance no later than in connection with our second quarter 2024 earnings.
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 royalties due to the continued
strong growth of DARZALEX net sales, partially offset by negative exchange rate movements between
the USD and DKK and the 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 net sales growth. Net
product sales and collaboration revenue growth are 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 SC net sales as well as royalty reduction in countries and territories where there are no
Genmab patents.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
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/TEPKINLY and Tivdak, reimbursement revenue and milestones.
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 2024 operating profit to be in the range of DKK 4.6 – 7.1 billion, 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,
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
agreements are entered into during the remainder of 2024 that could materially affect the results. Refer to
the section “Significant Risks and Uncertainties” in this interim report for matters that may cause
Genmab’s actual results to differ materially from 2024 Guidance and Key 2024 Priorities in this interim
report.
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/TEPKINLY, and on the net sales of DARZALEX, Kesimpta,
TEPEZZA, RYBREVANT, TECVAYLI and TALVEY by Genmab’s collaboration partners and on
Genmab’s royalties, collaboration revenue and milestone revenue therefrom.
KEY 2024 PRIORITIES
Bring Our Own Medicines to Patients
EPKINLY
1
• Initiate three Phase 3 trials
• Expand label to include
relapsed/refractory FL
Tivdak
2
• Initiate Phase 3 study in head and neck
cancer
Execute successful launches and growth in key
markets
Build World-class Differentiated Pipeline
Acasunlimab (GEN1046/BNT311, DuoBody
®
-PD-
L1x4-1BB)
3
• Initiate Phase 3 study (second line non-
small cell lung cancer (NSCLC))
GEN1042 (DuoBody-CD40x4-1BB)
3
• Phase 2 data and determine next steps
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 7/38
2500 Valby, Denmark
CVR no. 2102 3884
Expand and advance proprietary clinical
product portfolio
Invest in Our People & 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
1. Co-development w/ AbbVie; 2. Co-development w/ Pfizer; 3. Co-development w/ BioNTech
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST QUARTER OF 2024
At the end of the first quarter of 2024, Genmab’s proprietary pipeline of investigational medicines, where
we are responsible for at least 50% of development, consisted of ten antibodies in clinical development.
These include Genmab’s approved medicines, Tivdak, which Genmab is co-developing globally and co-
promoting in the U.S. in collaboration with Pfizer, and EPKINLY/TEPKINLY, which Genmab is co-
developing and co-commercializing 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 investigational medicines is provided in the following section, including updates for the first
quarter of 2024. Detailed descriptions of dosing, 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 (U.S. SEC). Additional information is available on Genmab’s
website, www.genmab.com
. The information accessible through our website is not part of this report and
is not incorporated by reference herein.
Genmab Proprietary Products
1
Approved Medicines
Approved Product
Target
Developed By
Disease Indication
EPKINLY
(epcoritamab-bysp,
epcoritamab)
TEPKINLY
(epcoritamab)
CD3xCD20
Co-development
Genmab/AbbVie
Approved in multiple
territories including in
the U.S. and Europe for
adult patients with
relapsed or refractory
diffuse large B-cell
lymphoma (DLBCL)
after two or more lines
of systemic therapy and
in Japan for adult
patients with certain
types of relapsed or
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
refractory large B-cell
lymphoma (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 relevant local prescribing information for precise indication and safety information.
Pipeline, Including Further Development for Approved Medicines
*Genmab is developing HexaBody-CD38 in an exclusive worldwide license and option agreement with Janssen.
EPKINLY/TEPKINLY (epcoritamab) – Approved in territories including 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 approvals in
multiple territories; see local prescribing information for specific indications and safety information
Interim Report for the First Quarter of 2024
Genmab A/S
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Carl Jacobsens Vej 30
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CVR no. 2102 3884
• 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)
• Regulatory submissions for epcoritamab for the treatment of relapsed/refractory FL are currently
under review in the U.S., Europe, and Japan
• Multiple clinical trials are ongoing across different settings and histologies, including four Phase 3
trials, with more trials in planning
• Co-developed and co-commercialized in collaboration with AbbVie
Epcoritamab is a proprietary bispecific antibody created using Genmab’s DuoBody technology platform.
Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically validated target on
malignant B-cells. Genmab used technology licensed from Medarex Inc. (Medarex) to generate the CD20
antibody forming part of epcoritamab. Epcoritamab is marketed as EPKINLY in the U.S., Japan, and other
regions, and as TEPKINLY in Europe and other regions. 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 commercialization responsibilities in the U.S. and
Japan, with AbbVie responsible for further global commercialization. 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 four 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.
First Quarter 2024 Updates
• March: Genmab submitted a supplemental Japan New Drug Application (J-NDA) to the Ministry
of Health, Labor and Welfare in Japan for SC EPKINLY for the treatment of 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 and the EPCORE NHL-3 trial.
• February: The U.S. FDA granted Priority Review for the sBLA for epcoritamab-bysp for the
treatment of adult patients with relapsed or refractory FL after two or more lines of systemic
therapy. The U.S. FDA has assigned a PDUFA target action date of June 28, 2024. The
submission was supported by data from the FL cohort of the EPCORE NHL-1 trial.
• February: A new Phase 3 clinical trial was initiated, evaluating the safety and efficacy of SC
epcoritamab in combination with rituximab and lenalidomide compared to chemoimmunotherapy
in previously untreated FL (EPCORE FL-2, NCT06191744).
• February: Multiple data presentations, including oral presentations, at the 21st Annual Meeting of
the Japanese Society of Medical Oncology (JSMO).
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 in 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 accelerated approval was based on data from the innovaTV 204 (NCT03438396)
clinical trial
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
• Regulatory submissions for tisotumab for the treatment of recurrent or metastatic cervical cancer
are currently under review in both the U.S. and in Europe, based on a confirmatory Phase 3 trial
(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 tisotumab 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 commercialization
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 commercialize 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 commercialization strategy for Tivdak. The companies
have additional ongoing clinical trials for Tivdak, including a confirmatory Phase 3 trial in recurrent or
metastatic cervical cancer, which is the basis of regulatory submissions in both the U.S. and in Europe.
The innovaTV 301 China extension trial (ZL-1309-002, NCT05866354) is also ongoing, in collaboration
with Zai Lab Limited under their agreement with Pfizer.
Please consult the U.S. Prescribing Information
for Tivdak for the labeled indication and safety
information, including the boxed warning.
First Quarter 2024 Updates
• March: The U.S. National Comprehensive Cancer Network
®
(NCCN
®
) updated their Clinical
Practice Guidelines in Oncology for Vaginal Cancer to include tisotumab vedotin-tftv under “Other
Recommended Regimens” as second-line or subsequent systemic therapy for patients with
recurrent or metastatic squamous cell carcinoma/adenocarcinoma primary vaginal cancer.
• March: Multiple data presentations, including a late-breaking oral presentation, at the Society of
Gynecologic Oncology (SGO) 2024 Annual Meeting.
• February: The European Medicines Agency validated for review the marketing authorization
application of tisotumab vedotin for the treatment of adult patients with recurrent or metastatic
cervical cancer with disease progression on or after systemic therapy.
• January: The U.S. FDA accepted the sBLA seeking to convert the accelerated approval of Tivdak
to full approval for the treatment of patients with recurrent or metastatic cervical cancer with
disease progression on or after first-line therapy. The application was granted Priority Review
with a PDUFA action date of May 9, 2024.
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
• Co-developed in collaboration with BioNTech
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
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 complementary PD-L1 blockade and conditional 4-1BB
stimulation using an inert DuoBody format. Acasunlimab is currently in Phase 2 clinical development.
Based on encouraging data from the Phase 2 trial in NSCLC (NCT05117242), we are engaging with
health authorities to determine next steps for the program.
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 (DuoBody-CD40x4-1BB, BNT312) 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
activation of both dendritic cells and antigen-dependent T-cells. Three clinical trials of GEN1042 in solid
tumors are ongoing.
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 lgG1 antibody with a hexamerization-enhancing modification. GEN3014 is designed to induce
antitumor activity through highly potent complement-dependent cytotoxicity (CDC) and antitumor activity,
which is enhanced compared to daratumumab as demonstrated in previously presented preclinical data
and is effective at a wider range of target expression levels. In June 2019, Genmab entered into an
exclusive worldwide license and option agreement with Janssen to develop and commercialize GEN3014.
A Phase 1/2 clinical trial in hematologic malignancies is ongoing and includes a cohort comparing
GEN3014 to daratumumab in CD38 monoclonal antibody-naïve relapsed or refractory multiple myeloma
patients.
GEN1047 – Bispecific antibody 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 bispecific antibody-based investigational medicine created using
Genmab’s DuoBody technology platform. B7H4 is a tumor associated antigen expressed on malignant
cells in various solid cancers including breast, ovarian and lung cancer. In preclinical studies, GEN1047
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
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Carl Jacobsens Vej 30
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Page 12/38
2500 Valby, Denmark
CVR no. 2102 3884
induced T-cell mediated cytotoxicity of B7H4-positive tumor cells. GEN1047 is being developed for the
potential treatment of solid cancer indications 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.
GEN3017 – DuoBody-based investigational therapy 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 hematologic 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, 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 refractory classical Hodgkin lymphoma and NHL is ongoing.
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 CD27 clustering on T cells 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.
GEN1059 (BNT314) – Bispecific antibody with potential in solid tumors
• Bispecific antibody targeting EpCAM and 4-1BB, created using Genmab’s DuoBody technology
platform
• Phase 1/2 clinical trial (NCT06150183) in solid tumors ongoing
• Co-developed in collaboration with BioNTech
GEN1059 (DuoBody-EpCAMx4-1BB, BNT314), jointly owned by Genmab and BioNTech and created
using Genmab’s DuoBody technology platform, is a proprietary bispecific antibody aimed at boosting
antitumor immune responses through EpCAM-dependent 4-1BB agonistic activity. GEN1059 is being co-
developed by Genmab and BioNTech under an agreement in which the companies share all costs and
future potential profits for GEN1059 on a 50:50 basis. A Phase 1/2 clinical trial of GEN1059 in solid
tumors is ongoing.
First Quarter 2024 Update
• January: The first patient was treated in the first-in-human Phase 1/2 trial of GEN1059 in
advanced or metastatic solid tumors.
GEN1056 (BNT322) – First-in-human trial ongoing
• Phase 1 clinical trial (NCT05586321) in solid tumors ongoing
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 13/38
2500 Valby, Denmark
CVR no. 2102 3884
• 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. A first-in-human Phase 1 clinical study of GEN1056 in patients with advanced
solid tumors is ongoing.
Preclinical Programs
• Broad preclinical pipeline that includes both partnered products and in-house programs based on
our proprietary technologies and/or antibodies
• Multiple new Investigational New Drug (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 bispecific antibodies created with our DuoBody technology platform.
We are also collaborating with our partners to generate additional new antibody-based product concepts.
A number of the preclinical programs are conducted in cooperation with our collaboration partners.
Programs Incorporating Genmab’s Innovation and Technology
1
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.
Approved Medicines
1
Approved Product
Discovered and/or Developed &
Marketed By
Disease Indication(s)
DARZALEX
(daratumumab)/DARZALEX
FASPRO (daratumumab and
hyaluronidase-fihj)
Janssen (Royalties to Genmab on
net global sales)
Multiple myeloma
2
Light-chain (AL) Amyloidosis
2
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 14/38
2500 Valby, Denmark
CVR no. 2102 3884
Kesimpta
(ofatumumab)
Novartis (Royalties to Genmab on
net global sales)
Relapsing multiple sclerosis
(RMS)
2
TEPEZZA
(teprotumumab-trbw)
Amgen Inc. (Amgen) (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.
Pipeline, Including Further Development for Approved Medicines, ≥ Phase 2
Development
*
UltiMAb
transgenic mouse technology licensed from Medarex, a wholly owned subsidiary of Bristol-Myers Squibb.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 15/38
2500 Valby, Denmark
CVR no. 2102 3884
DARZALEX (daratumumab) – 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 DARZALEX SC in Europe
• SC daratumumab is the first and only approved therapy for AL amyloidosis in the U.S., Europe,
and Japan
• Net sales of DARZALEX by Janssen were USD 2,692 million in the first three months of 2024
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; payments are further reduced in countries and territories where there are no patents.
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.
Kesimpta (ofatumumab) – Approved for 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., Europe and Japan for the 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 extracellular 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 sales.
Please consult the U.S. Prescribing Information and the
European Summary of Product Characteristics
for the labeled indication and safety information for Kesimpta.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 16/38
2500 Valby, Denmark
CVR no. 2102 3884
TEPEZZA (teprotumumab-trbw) – 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
subsequently conducted by Horizon under a sublicense from Roche. In October 2023, Amgen completed
its acquisition of Horizon, including the rights to all commercialization 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 consult the U.S. Prescribing Information
for the labeled indication and safety information for
TEPEZZA.
RYBREVANT (amivantamab) – 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 the first 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 regulatory 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 consult the U.S. Prescribing Information and the
European Summary of Product
Characteristics for RYBREVANT for the labeled indication and safety information.
TECVAYLI (teclistamab) – 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
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
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Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
• Under the agreement with Janssen, Genmab is eligible to receive milestones and receives
royalties on net sales of TECVAYLI
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 the
products subsequently discovered and developed by Janssen is teclistamab, a bispecific antibody that
targets CD3, which is expressed on T-cells and B-cell maturation antigen (BCMA), which is expressed in
mature B lymphocytes.
In August 2022, Janssen received conditional marketing authorization from the European Commission for
subcutaneously 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 immunomodulatory agent, a proteasome inhibitor, and a CD38 antibody and
have demonstrated disease progression on the last therapy. In October 2022, Janssen received U.S.
FDA approval of TECVAYLI (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, an immunomodulatory drug and a CD38 monoclonal antibody.
TECVAYLI is the second therapy created using Genmab’s proprietary DuoBody bispecific technology
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 consult the U.S. Prescribing Information and the
European Summary of Product Characteristics
for TECVAYLI for the labeled indication and safety information.
TALVEY (talquetamab) – 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 will receive milestones and royalties on net sales of
TALVEY
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 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 demonstrated disease
progression on the last therapy.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 18/38
2500 Valby, Denmark
CVR no. 2102 3884
TALVEY is the fourth therapy created using Genmab’s proprietary DuoBody bispecific technology 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 consult the U.S. Prescribing Information and the
European Summary of Product Characteristics
for TALVEY for the labeled indication and safety information.
SIGNIFICANT RISKS AND UNCERTAINTIES
As a biotech company, Genmab faces a number of risks and uncertainties. These are common for the
industry and relate to operations, intellectual property, research and development, commercialization, and
financial activities. For further information about risks and uncertainties which Genmab faces, refer to the
2023 Annual Report filed with NASDAQ Copenhagen and the Form 20-F filed with the U.S. SEC, both of
which were filed in February 2024. At the date of this interim report, there have been no significant
changes to Genmab’s overall risk profile since the publication of these reports. See Genmab’s Form 20-F
for a detailed summary of risks related to our collaborations.
FINANCIAL REVIEW
The interim report is 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”.
Revenue
Genmab’s revenue was DKK 4,143 million for the first three months of 2024 compared to DKK 2,834
million for the first three months of 2023. The increase of DKK 1,309 million, or 46%, was primarily driven
by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and
Novartis, respectively, EPKINLY net product sales and a milestone achieved under our collaboration with
AbbVie.
Three Months Ended
March 31,
(DKK million)
2024
2023
Royalties
3,104
2,408
Reimbursement revenue
280
255
Milestone revenue
343
104
Collaboration revenue
93
67
Net product sales
323
—
Total revenue
4,143
2,834
Royalties
Royalty revenue amounted to DKK 3,104 million in the first three months of 2024 compared to DKK 2,408
million in the first three months of 2023. The increase of DKK 696 million, or 29%, was primarily driven by
higher DARZALEX and Kesimpta royalties achieved under our daratumumab collaboration with Janssen
and ofatumumab collaboration with Novartis. The table below summarizes Genmab’s royalty revenue by
product.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
Three Months Ended
March 31,
(DKK million)
2024
2023
DARZALEX
2,382
1,932
Kesimpta
437
266
TEPEZZA
181
166
Other
104
44
Total royalties
3,104
2,408
Net sales of DARZALEX by Janssen were USD 2,692 million in the first three months of 2024 compared
to USD 2,264 million in the first three months of 2023. The increase of USD 428 million, or 19%, was
driven by market share gains in all regions. Royalty revenue on net sales of DARZALEX
was DKK 2,382
million in the first three months of 2024 compared to DKK 1,932 million in the first three months of 2023,
an increase of DKK 450 million. The percentage increase in royalties of 23% is higher than the
percentage increase in the underlying net sales primarily due to a higher effective royalty rate and a
decrease in Genmab’s effective rate of Halozyme royalty deductions in connection with the SC product
net sales following the expiration of Halozyme’s patents in the EU in March 2024, partly offset by a lower
average exchange rate between the USD and DKK and an increase in royalty reductions on net sales in
countries and territories where there are no patent protections.
Net sales of Kesimpta by Novartis were USD 637 million in the first three months of 2024 compared to
USD 384 million in the first three months of 2023. The increase of USD 253 million, or 66%, was primarily
driven by increased demand and strong access. Royalty revenue on net sales of Kesimpta was DKK 437
million in the first three months of 2024 compared to DKK 266 million in the first three months of 2023, an
increase of DKK 171 million, or 64%.
Royalty revenue on estimated net sales of TEPEZZA was DKK 181 million in the first three months of
2024 compared to DKK 166 million in the first three months of 2023, an increase of DKK 15 million, or
9%.
Other royalties consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
These royalties were not material for the first three months of 2024 or 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 contractual 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 the level of royalty deductions on net sales in countries and
territories where there is no patent protection.
Reimbursement Revenue
Reimbursement revenue amounted to DKK 280 million in the first three months of 2024 compared to DKK
255 million in the first three months of 2023. The increase of DKK 25 million, or 10%, was primarily driven
by higher activities under our collaboration agreements with BioNTech for acasunlimab and DuoBody-
CD40x4-1BB.
Milestone Revenue
Milestone revenue was DKK 343 million in the first three months of 2024 compared to DKK 104 million in
the first three months of 2023, an increase of DKK 239 million primarily driven by an AbbVie milestone
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 20/38
2500 Valby, Denmark
CVR no. 2102 3884
achieved related to the U.S. FDA granting Priority Review for the sBLA for EPKINLY for the treatment of
adult patients with relapsed or refractory FL after two or more lines of systemic therapy.
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 collaboration
agreements.
Collaboration Revenue
Collaboration revenue was DKK 93 million in the first three months of 2024 compared to DKK 67 million in
the first three months of 2023, an increase of DKK 26 million, or 39%, primarily driven by an increase in
net sales of TIVDAK.
Net Product Sales
Net product sales were DKK 323 million in the first three months of 2024. EPKINLY was approved in the
U.S. in May 2023 and Japan in September 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 the
first three months of 2023.
Refer to Financial Statement Note 2 in this interim report for further details about revenue.
Cost of Product Sales
Genmab recognized cost of product sales of DKK 185 million in the first three months of 2024. Cost of
product sales related to EPKINLY sales is primarily comprised of profit-sharing amounts payable to
AbbVie of DKK 156 million as well as product costs. There were no cost of product sales recognized
during the first three months of 2023, as EPKINLY was approved in the U.S. in May 2023 and Japan in
September 2023.
Cost of product sales accounted for 5% of total costs and operating expenses in the first three months of
2024. There were no cost of product sales recognized during the first three months of 2023, as EPKINLY
was approved in the U.S. in May 2023 and Japan in September 2023.
Research and Development Expenses
Research and development expenses amounted to DKK 2,300 million in the first three months of 2024
compared to DKK 1,741 million in the first three months of 2023. The increase of DKK 559 million, or
32%, was driven by the increased and accelerated advancement of epcoritamab under our collaboration
with AbbVie, increased activities of DuoBody-CD40x4-1BB and acasunlimab under our collaboration with
BioNTech and DuoBody-CD3xCD30, further progression of pipeline products, and the increase in team
members to support the continued expansion of our product portfolio.
Research and development expenses accounted for 69% of total costs and operating expenses in the
first three months of 2024 compared to 72% in the first three months of 2023.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were DKK 857 million in the first three months of 2024
compared to DKK 676 million in the first three months of 2023. The increase of DKK 181 million, or 27%,
was driven by the continued expansion of Genmab’s commercialization capabilities through the increase
in team members to support EPKINLY in the U.S. and Japan post launch, and the investment in
Genmab’s broader organizational capabilities.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
Selling, general and administrative expenses accounted for 26% of total costs and operating expenses in
the first three months of 2024 compared to 28% for the first three months of 2023.
Operating Profit
Operating profit was DKK 801 million in the first three months of 2024 compared to DKK 417 million in the
first three months of 2023.
Net Financial Items
Net financial items includes the following:
Three Months Ended
March 31,
(DKK million)
2024
2023
Interest and other financial income
295
192
Gain on marketable securities, net
43
85
Gain on other investments, net
—
7
Foreign exchange rate gain, net
590
—
Total financial income
928
284
Interest and other financial expenses
(7)
(6)
Loss on other investments, net
(6)
—
Foreign exchange rate loss, net
—
(429)
Total financial expenses
(13)
(435)
Net financial items
915
(151)
Interest Income
Interest income was DKK 295 million in the first three months of 2024 compared to DKK 192 million in the
first three months of 2023. The increase of DKK 103 million was primarily driven by higher cash and cash
equivalents and marketable securities, as well as higher interest rates on USD denominated marketable
securities in 2024 versus 2023.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate gain, net was DKK 590 million in the first three months of 2024 compared to
foreign exchange rate loss, net of DKK 429 million in the first three months of 2023. The USD
strengthened against the DKK in the first three months of 2024, positively impacting our USD
denominated securities and cash holdings. The USD weakened against the DKK in the first three months
of 2023, negatively impacting our USD denominated securities and cash holdings.
March 31,
2024
December 31,
2023
March 31,
2023
December 31,
2022
USD/DKK Foreign Exchange Rates
6.8955
6.7447
6.8492
6.9722
% Increase/(decrease) from prior year-
end
2.2%
(1.8)%
Marketable Securities Gains and Losses
Gain on marketable securities, net was DKK 43 million in the first three months of 2024 compared to gain
on marketable securities, net of DKK 85 million in the first three months of 2023. The decrease of DKK 42
Interim Report for the First Quarter of 2024
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million was primarily driven by the change in interest rate outlooks for the U.S. and to a lesser extent for
the EU.
Refer to Financial Statement Note 4 in this interim report for further details about the net financial items.
Corporate Tax
Corporate tax expense for the first three months of 2024 was DKK 391 million compared to DKK 56
million for the first three months of 2023. The increase in corporate tax expense is primarily the result of
Genmab’s higher net profit before tax and an increase in the estimated annual effective tax rate in the first
three months of 2024 to 22.8% from 21.2% in the first three months of 2023. The increase in Genmab’s
annual effective tax rate was driven by the impact of taxable differences which attributed to an increase in
the current provision compared to 2023.
Net Profit
Net profit for the first three months of 2024 was DKK 1,325 million compared to DKK 210 million in the
first three months of 2023. The increase was driven by the items described above.
Liquidity and Capital Resources
(DKK million)
March 31, 2024
December 31, 2023
Marketable securities
14,914
13,268
Cash and cash equivalents
14,670
14,867
Shareholders' equity
32,497
31,610
Three Months Ended
March 31,
Cash Flow (DKK million)
2024
2023
Cash provided by operating activities
1,513
3,235
Cash (used in) investing activities
(1,441)
(13)
Cash (used in) financing activities
(595)
(611)
Increase (decrease) in cash and cash equivalents
(523)
2,611
Exchange Rate adjustments
326
(216)
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 decreased in the first three months of 2024 compared to the first
three months of 2023, primarily driven by significant AbbVie milestones achieved in 2022 with related
cash received during the first three months of 2023.
Net cash (used in) investing activities primarily reflects differences between the proceeds received from
the sale and maturity of our investments and amounts invested, and the cash paid for investments in
tangible assets. The increase in net cash (used in) investing activities is primarily driven by purchases of
marketable securities exceeding sales and maturities to a greater extent during the first three months of
2024 compared to the first three months of 2023.
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
Interim Report for the First Quarter of 2024
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Restricted Stock Units (RSUs). The decrease in net cash (used in) financing activities between the
periods is primarily driven by higher proceeds from the exercise of warrants of DKK 59 million in the first
three months of 2024 compared to DKK 32 million in the first three months of 2023.
Genmab’s USD denominated cash and cash equivalents, and marketable securities represented 90% of
Genmab’s total cash and cash equivalents, and marketable securities as of March 31, 2024, and as of
December 31, 2023.
Cash and cash equivalents included short-term marketable securities of DKK 897 as of March 31, 2024,
compared to DKK 1,353 million as of December 31, 2023. In accordance with our accounting policy,
securities purchased with a maturity of less than ninety days at the date of acquisition are classified as
cash and cash equivalents. Refer to Financial Statement Note 3 in this interim report for further details
about our marketable securities.
Balance Sheet
As of March 31, 2024, total assets were DKK 36,680 million compared to DKK 35,289 million on
December 31, 2023. As of March 31, 2024, assets were mainly comprised of marketable securities of
DKK 14,914 million, cash and cash equivalents of DKK 14,670 million and current receivables of DKK
4,679 million. The current receivables consist primarily of amounts related to royalties from our
collaboration agreements.
As of March 31, 2024, total liabilities were DKK 4,183 million compared to DKK 3,679 million on
December 31, 2023. The increase in total liabilities of DKK 504 million, or 14%, was primarily driven by
accruals related to the expansion of our product pipeline, and an increase in lease liabilities for the
commencement of a lease in the U.S. with respect to office and laboratory space.
Shareholders’ equity as of March 31, 2024, was DKK 32,497 million compared to DKK 31,610 million on
December 31, 2023. The increase of DKK 887 million, or 3%, was primarily driven by Genmab’s net profit
for the period and share-based compensation expenses, partly offset by the purchase of treasury shares.
Genmab’s equity ratio was 89% as of March 31, 2024, compared to 90% as of December 31, 2023.
Team Members
As of March 31, 2024, the total number of team members was 2,286 compared to 1,846 as of March 31,
2023. The increase was primarily driven by the expansion and acceleration of our pipeline, as well as the
investment in the expansion of Genmab’s commercialization capabilities, including support for EPKINLY
in the U.S. and Japan post launch activities, and broader organizational capabilities.
Three Months Ended
March 31,
Team Members
2024
2023
Research and development team members
1,601
1,293
Selling, general and administrative team members
685
553
Total team members
2,286
1,846
Interim Report for the First Quarter of 2024
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Legal Matters – Janssen Binding Arbitrations
In September 2020, Genmab commenced binding arbitration of two matters arising under its license
agreement with Janssen relating to daratumumab. In April 2022, the arbitral tribunal issued an award in
the binding arbitration of the two matters in favor of Janssen. Genmab did not seek a review of the award,
and the award is final.
On June 9, 2022, Genmab announced the commencement of a second arbitration under the
daratumumab license agreement with Janssen with claims for milestone payments for daratumumab SC
of USD 405 million and a separate 13-year royalty term for daratumumab SC on a country-by-country
basis, from the date of the first commercial sale of daratumumab SC in each such country. This second
arbitration followed from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on
the question as to whether Genmab is required to share in Janssen’s royalty payments to Halozyme for
its technology used in the daratumumab SC product. The tribunal based its ruling on the finding that
DARZALEX FASPRO constitutes a new licensed product under the license agreement.
On April 21, 2023, the arbitral tribunal dismissed Genmab’s claims regarding the second arbitration, on
the basis that these claims should have been brought in the first arbitration. One arbitrator dissented.
Genmab filed a request for review of the award, which was denied on January 23, 2024. As a result, the
dismissal of Genmab’s claims in the second arbitration is now final.
Interim Report for the First Quarter of 2024
Genmab A/S
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Income Statement
Three Months Ended
March 31,
Note
2024
2023
(DKK million)
Revenue
2
Cost of product sales
(185 )
Research and development expenses
(2,300 )
(1,741 )
Selling, general and administrative expenses
(857 )
(676 )
Total costs and operating expenses
(3,342 )
(2,417 )
Operating profit
Financial income
4
Financial expenses
4
(13 )
(435 )
Net profit before tax
Corporate tax
(391 )
(56 )
Net profit
Basic net profit per share
Diluted net profit per share
Other comprehensive income:
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations
Total comprehensive income
Interim Report for the First Quarter of 2024
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CONSOLIDATED BALANCE SHEETS
March 31,
December 31,
Note
2024
2023
(DKK million)
ASSETS
Intangible assets
Property and equipment
Right-of-use assets
7
Receivables
Deferred tax assets
Other investments
3
Total non-current assets
Inventories
Receivables
Marketable securities
3
Cash and cash equivalents
Total current assets
Total assets
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Share premium
Other reserves
Retained earnings
Total shareholders' equity
Lease liabilities
7
Deferred revenue
2
Other payables
Total non-current liabilities
Corporate tax payable
Lease liabilities
7
Deferred revenue
2
Other payables
Total current liabilities
Total liabilities
Total shareholders' equity and liabilities
Share-based payments
5
Related parties
6
Subsequent events to the balance sheet date
8
Interim Report for the First Quarter of 2024
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CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
Note
2024
2023
(DKK million)
Net profit before tax
Financial items, net
(915 )
Adjustments for non-cash transactions
Changes in operating assets and liabilities
Cash flows from operating activities before
financial items
Interest received
Interest elements of lease payments
7
(7 )
(5 )
Corporate taxes paid
(324 )
(400 )
Net cash provided by operating activities
Investment in tangible assets
(28 )
(104 )
Marketable securities bought
(4,533 )
(2,874 )
Marketable securities sold
Other investments bought
(21 )
(2 )
Net cash (used in) investing activities
(1,441 )
(13 )
Warrants exercised
Principal elements of lease payments
(24 )
(21 )
Purchase of treasury shares
5
(545 )
(543 )
Payment of withholding taxes on behalf of employees
on net settled RSUs
(85 )
(79 )
Net cash (used in) financing activities
(595 )
(611 )
Change in cash and cash equivalents
(523 )
Cash and cash equivalents at the beginning of the
period
Exchange rate adjustments
(216 )
Cash and cash equivalents at the end of the
period
Cash and cash equivalents include:
Bank deposits
Short-term marketable securities
Cash and cash equivalents at the end of the
period
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share
Share
Translation
Retained
Shareholders'
capital
premium
reserves
earnings
equity
(DKK million)
Balance at December 31, 2022
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
Purchase of treasury shares
(564 )
(564 )
Share-based compensation expenses
Withholding taxes on behalf of employees
on net settled RSUs
(79 )
(79 )
Balance at March 31, 2023
Balance at December 31, 2023
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
Purchase of treasury shares
(628 )
(628 )
Share-based compensation expenses
Withholding taxes on behalf of employees
on net settled RSUs
(85 )
(85 )
Balance at March 31, 2024
Interim Report for the First Quarter of 2024
Genmab A/S
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NOTES TO THE FINANCIAL STATEMENTS
Note 1 – Basis of Presentation
Accounting Policies
These interim statements of the Genmab Group (Genmab or the Company) have been prepared in
accordance with IAS 34 as issued by the International Accounting Standards Board (IASB) and in
accordance with IAS 34 as endorsed by the EU and additional Danish disclosure requirements for interim
reports of listed companies. The interim report has not been audited by Genmab’s external auditors.
The interim report has been prepared using the same accounting policies as outlined in Section 1 – Basis
of Presentation in the financial statements in the Genmab 2023 Annual Report (Annual Report). A
number of amended standards became applicable for the current reporting period. There was no impact
to Genmab’s financial statements as a result of adopting these amended standards. These interim
financial statements should be read in conjunction with the Annual Report.
Management Judgements and Estimates under IFRS Accounting Standards
In preparing interim reports, certain provisions under IFRS Accounting Standards (IFRS) require
management to make judgements (various accounting estimates and assumptions), which may
significantly impact Genmab’s financial statements. The interim report has been prepared using the same
judgments and estimates as outlined in Section 1 – Basis of Presentation in the financial statements in
the Annual Report. For a description of significant judgements and estimates, refer to Note 1.3 in the
Annual Report.
Information about Geographical Areas
Genmab is managed and operated as one business unit, which is reflected in the organizational structure
and internal reporting. No separate lines of business or separate business entities have been identified
with respect to any licensed products, product candidates, product sales or geographical markets and no
segment information is currently prepared for internal reporting. Refer to Note 2.2 in the Annual Report for
further details.
Reclassifications and Revisions
To facilitate comparison of information across periods, certain immaterial reclassifications and revisions
have been made to prior period amounts to conform to the current period’s presentation. Refer to Note
1.4 in the Annual Report for further details.
Interim Report for the First Quarter of 2024
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Note 2 – Revenue
The table below summarizes Genmab’s revenue by type and collaboration partner, and royalties by
product, under Genmab’s agreements.
Three Months Ended
March 31,
2024
2023
(DKK million)
Revenue by type:
Royalties
3,104
2,408
Reimbursement revenue
280
255
Milestone revenue
343
104
Collaboration revenue
93
67
Net product sales
323
—
Total
4,143
2,834
Revenue by collaboration partner:
Janssen
2,479
2,080
Roche
181
166
Novartis
441
269
BioNTech
250
230
Pfizer
119
89
AbbVie
350
—
Total*
3,820
2,834
Royalties by product:
DARZALEX
2,382
1,932
Kesimpta
437
266
TEPEZZA
181
166
Other**
104
44
Total
3,104
2,408
* Excludes Genmab’s Net product sales
** Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
Net Product Sales
Genmab recognized net product sales of DKK 323 million during the first three months of 2024. EPKINLY
was approved in the U.S. in May 2023 and Japan in September 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 the first three months of 2023.
Deferred Revenue
As part of the continued evaluation of deferred revenue related to the AbbVie Agreement, during the first
three months of 2024, Genmab’s classification of deferred revenue reflects the current estimate of co-
development activities as of March 31, 2024, with no deferred revenue recognized as revenue. These co-
development activities are related to a performance obligation in connection with the product concepts
under a research option agreement.
Refer to Note 2.1 in the Annual Report for further details regarding revenue.
Interim Report for the First Quarter of 2024
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Note 3 – Financial Instruments
Genmab’s portfolio is spread over a number of different securities with a focus on liquidity and the
preservation of capital. Genmab’s marketable securities in USD, DKK, EUR, and GBP as a percentage of
total marketable securities was as follows:
March 31,
December 31,
2024
2023
Percent
USD
82
%
81
%
DKK
11
%
12
%
EUR
6
%
6
%
GBP
1
%
1
%
Total
100
%
100
%
As of March 31, 2024, 67% of Genmab’s marketable securities were long-term A rated or higher, or short-
term A-1 / P-1 rated compared to 72% as of December 31, 2023.
The table below shows the fair value measurements by level for Genmab’s financial assets measured at
fair value through profit or loss:
(DKK million)
March 31, 2024
December 31, 2023
Assets Measured at Fair Value
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Marketable securities
14,914
—
—
14,914
13,268
—
—
13,268
Other investments
38
—
115
153
47
—
87
134
Marketable Securities
All fair values are determined by reference to external sources using unadjusted quoted prices in
established markets for Genmab’s marketable securities (Level 1).
Refer to Note 4.3 and Note 4.4 in the Annual Report for further details regarding Genmab’s marketable
securities and other investments.
Interim Report for the First Quarter of 2024
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Note 4 – Financial Income and Expenses
Three Months Ended
March 31,
2024
2023
(DKK million)
Financial income:
Interest and other financial income
295
192
Gain on marketable securities, net
43
85
Gain on other investments, net
—
7
Foreign exchange rate gain, net
590
—
Total financial income
928
284
Financial expenses:
Interest and other financial expenses
(7)
(6)
Loss on other investments, net
(6)
—
Foreign exchange rate loss, net
—
(429)
Total financial expenses
(13)
(435)
Net financial items
915
(151)
Interest Income
Interest income was DKK 295 million in the first three months of 2024 compared to DKK 192 million in the
first three months of 2023. The increase of DKK 103 million was driven by higher cash and cash
equivalents and marketable securities, as well as higher interest rates on USD denominated marketable
securities in the first three months of 2024 compared to the first three months of 2023.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate gain, net was DKK 590 million in the first three months of 2024 compared to
foreign exchange rate loss, net of DKK 429 million in the first three months of 2023. The USD
strengthened against the DKK in the first three months of 2024, positively impacting our USD
denominated securities and cash holdings. The USD weakened against the DKK in the first three months
of 2023, negatively impacting our USD denominated securities and cash holdings.
March 31,
2024
December
31, 2023
March 31,
2023
December 31,
2022
USD/DKK Foreign Exchange Rates
6.8955
6.7447
6.8492
6.9722
% Increase/(decrease) from prior year-end
2.2%
(1.8)%
Marketable Securities Gains and Losses
Gain on marketable securities, net was DKK 43 million in the first three months of 2024 compared DKK
85 million in the first three months of 2023. The decrease of DKK 42 million was primarily driven by the
change in interest rate outlooks for the U.S. and to a lesser extent for EU.
Interim Report for the First Quarter of 2024
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Note 5 – Share-Based Payments
Restricted Stock Unit Program
Genmab has established an RSU program (equity-settled share-based payment transactions) as an
incentive for Genmab’s employees, members of the Executive Management, and members of the Board
of Directors. RSUs granted to Executive Management are performance-based.
Three Months Ended
March 31,
2024
2023
RSUs granted
436,774
273,236
Weighted average fair value per RSU granted (DKK)
2,015.91
2,639.29
RSUs vested
117,107
73,128
Refer to Note 4.6 in the Annual Report for details on the RSU program.
Warrant Program
Genmab has established a warrant program (equity-settled share-based payment transactions) as an
incentive for all Genmab employees. Following Genmab’s Annual General Meeting on March 29, 2023,
members of the registered Executive Management and members of the Board of Directors may only be
granted RSUs.
Three Months Ended
March 31,
2024
2023
Warrants granted
329,027
185,747
Weighted average exercise price per warrant granted (DKK)
2,014.28
2,655.65
Weighted average Black-Scholes fair value per warrant granted (DKK)
653.05
940.56
Warrants exercised
48,429
24,359
Weighted average exercise price on date of grant per warrant exercised (DKK)
1,211.78
1,306.89
% change in share capital - warrants exercised
0.07%
0.04%
Refer to Note 4.6 in the Annual Report for details on the warrant program.
Share-Based Compensation Expense
Share-based compensation expenses related to Genmab’s RSU and warrant programs for the
first three months of 2024 were DKK 168 million compared to DKK 115 million for the first three
months of 2023.
Share Repurchases
As of March 31, 2024, Genmab’s 2021 and 2023 authorizations have shares available for repurchase,
whereas Genmab’s 2019 authorization has expired. In addition, at Genmab’s Annual General Meeting on
March 13, 2024, a new authorization to acquire treasury shares up to a nominal amount of DKK
3,500,000 was granted.
Interim Report for the First Quarter of 2024
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2024
Authorization
2023
Authorization
2021
Authorization
Number of shares authorized for repurchase
1
3,500,000
500,000
500,000
Actual shares repurchased under authorization
121,123
—
450,000
Shares available for repurchase as of March 31, 2024
3,378,877
500,000
50,000
1
Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 Authorizations
As announced on February 14, 2024, and March 15, 2024, Genmab initiated two share buy-back
programs. The purpose of the share buy-back program announced on February 14, 2024, was to honor
our commitments under the RSU program. The share buy-back program announced on March 15, 2024
is in support of our capital allocation strategy. During the first three months of 2024, Genmab acquired
311,123 of its own shares under both programs, representing approximately 0.5% of share capital as of
December 31, 2023. The total amount incurred to acquire the shares, including directly attributable costs,
was DKK 628 million and was recognized as a deduction to shareholders’ equity. These shares are
classified as treasury shares and are presented within retained earnings on the balance sheet as of
March 31, 2024. During the first three months of 2023, Genmab acquired 220,000 of its own shares,
representing approximately 0.3% of share capital as of December 31, 2022. The total amount incurred to
acquire the shares, including directly attributable costs, was DKK 564 million and was recognized as a
deduction to shareholders’ equity.
As of March 31, 2024, 981,465 treasury shares were held by Genmab.
Note 6 – Related Parties
Genmab’s related parties are its Board of Directors, Executive Management, and close members of the
family of these persons.
Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the
members of the Board of Directors or members of the Executive Management.
Other than the remuneration and other transactions relating to the Board of Directors and the Executive
Management described in Note 5.1 in the Annual Report, there were no material related party
transactions during the first three months of 2024.
Changes to the Executive Management and the Board of Directors
There were no changes to the Executive Management team during the first three months of 2024. The
Executive Management team is comprised of:
- Jan van de Winkel, President and Chief Executive Officer,
- Anthony Pagano, Executive Vice President and Chief Financial Officer,
- Judith Klimovsky, Executive Vice President and Chief Development Officer,
- Anthony Mancini, Executive Vice President and Chief Operating Officer,
- Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer,
- Birgitte Stephensen, Executive Vice President and Chief Legal Officer,
- Christopher Cozic, Executive Vice President and Chief People Officer, and,
- Martine van Vugt, Executive Vice President and Chief Strategy Officer.
Interim Report for the First Quarter of 2024
Genmab A/S
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Carl Jacobsens Vej 30
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CVR no. 2102 3884
Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice
President and Chief Financial Officer, are formally registered as executive managers with the Danish
Business Authority.
Following Genmab’s Annual General Meeting on March 13, 2024, the Board of Directors is comprised of
five independent board members, one non-independent board member, and three employee-elected
board members. Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Elizabeth
O’Farrell, Paolo Paoletti and Anders Gersel Pedersen were re-elected to the Board of Directors for a one-
year period. Mijke Zachariasse, Martin Schultz and Takahiro Hamatani continue to serve as employee-
elected board members for a three-year period expiring in 2025.
Note 7 – Leases
Amounts recognized in the balance sheet
The balance sheet shows the following amounts relating to leases:
March 31,
December 31,
2024
2023
(DKK million)
Right-of-use assets
Properties
923
686
Total right-of-use assets
923
686
Lease liabilities
Current
92
90
Non-current
918
680
Total lease liabilities
1,010
770
During the first three months of 2024, there were additions to Genmab’s right-of-use assets and lease
liabilities related to the commencement of a lease in the U.S. with respect to office and laboratory space.
During the first three months of 2023, there were additions to Genmab’s right-of-use assets and lease
liabilities related to the commencement of a lease for the new headquarters in Denmark.
Leases not yet commenced
During the first three months of 2024, Genmab entered into a lease agreement with respect to office
space in Japan with a commencement date in June 2024 and a non-cancellable term through June 2029.
The total future minimum payments over the term of the lease and estimated capital expenditures to fit
out the space are not material.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 36/38
2500 Valby, Denmark
CVR no. 2102 3884
Amounts recognized in the statements of comprehensive income
The statement of comprehensive income shows the following amounts relating to leases:
Three Months Ended
March 31,
2024
2023
(DKK million)
Depreciation charge of right-of-use assets
Properties
22
21
Total depreciation charge of right-of-use assets
22
21
Variable lease payments, short-term lease expense, lease interest expense and low-value leases are not
material.
Note 8 – Subsequent Events to the Balance Sheet Date
On April 3, 2024, Genmab and ProfoundBio announced that the companies have entered into a definitive
agreement for Genmab to acquire ProfoundBio in an all-cash transaction. The acquisition will give
Genmab worldwide rights to three candidates in clinical development, including rinatabart sesutecan
(Rina-S), plus ProfoundBio’s novel ADC technology platforms. Genmab will acquire ProfoundBio for USD
1.8 billion in cash, payable at closing (subject to adjustment for ProfoundBio’s closing net debt and
transaction expenses). The proposed transaction is expected to close in the first half of 2024. The closing
of the proposed transaction is subject to the satisfaction of customary closing conditions.
No other events have occurred subsequent to the balance sheet date that could significantly affect the
financial statements as of March 31, 2024.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 37/38
2500 Valby, Denmark
CVR no. 2102 3884
ABOUT GENMAB
Genmab is an international biotechnology company with a core purpose guiding its unstoppable team to strive towards improving
the lives of patients through innovative and differentiated antibody therapeutics. For 25 years, its passionate, innovative and
collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative, and data
sciences, resulting in a proprietary pipeline including bispecific T-cell engagers, next-generation immune checkpoint modulators,
effector function enhanced antibodies and antibody-drug conjugates. To help develop and deliver novel antibody therapies to
patients, Genmab has formed 20+ strategic partnerships with biotechnology and pharmaceutical companies. By 2030, Genmab’s
vision is to transform the lives of people with cancer and other serious diseases with Knock-Your-Socks-Off (KYSO
®
) antibody
medicines.
Established in 1999, Genmab is headquartered in Copenhagen, Denmark with locations in Utrecht, the Netherlands, Princeton, New
Jersey, U.S. and Tokyo, Japan. For more information, please visit Genmab.com and follow us on LinkedIn and X
.
This Interim Report contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar
expressions identify forward looking statements. Actual results or performance may differ materially from any future results or
performance expressed or implied by such statements. The important factors that could cause our actual results or performance to
differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to
the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack
of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area
and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents
and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our
products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management
sections in Genmab’s most recent financial reports, which are available on www.genmab.com
and the risk factors included in
Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC),
which are available at
www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in
this Interim 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
®
; HexaBody
®
; DuoHexaBody
®
; HexElect
®
and KYSO
®
; Tivdak
®
is a trademark
of Seagen Inc.; EPCORE™, EPKINLY
®
, TEPKINLY
®
and their designs are trademarks of AbbVie Biotechnology Ltd.; Kesimpta
®
and
Sensoready
®
are trademarks of Novartis AG or its affiliates; DARZALEX
®
, DARZALEX FASPRO
®
, RYBREVANT
®
, TECVAYLI
®
and
TALVEY
®
are trademarks of Johnson & Johnson; TEPEZZA
®
is a trademark of Horizon Therapeutics Ireland DAC.
Interim Report for the First Quarter of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 33
Carl Jacobsens Vej 30
www.genmab.com
Page 38/38
2500 Valby, Denmark
CVR no. 2102 3884
DIRECTORS’ AND MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
Registered Members of Executive Management
(President & CEO )
(Executive Vice President & CFO )
Board of Directors
(Chair )
(Deputy Chair )
(Employee elected )
(Employee elected )
(Employee elected )