Genmab Announces Financial Results for the First Half of 2024
Tel: +45 7020 2728
Company Announcement no. 53
Page 1/47
CVR no. 2102 3884
August 8, 2024 Copenhagen, Denmark;
Interim Report for the First Six Months Ended June 30, 2024
Highlights
• Completed acquisition of ProfoundBio Inc (ProfoundBio), granting Genmab worldwide
rights to three candidates in clinical development, including rinatabart sesutecan (Rina-S),
plus ProfoundBio’s novel antibody-drug conjugate technology platforms
• The U.S. Food and Drug Administration (U.S. FDA) approved EPKINLY
®
(epcoritamab-
bysp) for the treatment of adult patients with relapsed or refractory follicular lymphoma
(FL) after two or more lines of systemic therapy
• The European Medicines Agency's (EMA) Committee for Medicinal Products for Human
Use (CHMP) adopted a positive opinion recommending the granting of conditional
marketing authorization of TEPKINLY
®
(epcoritamab) for the treatment of adult patients
with relapsed or refractory FL after two or more lines of systemic therapy
• Tivdak
®
(tisotumab vedotin-tftv) received full U.S. FDA approval to treat recurrent or
metastatic cervical cancer
• Genmab submitted a Japan New Drug Application (J-NDA) to the Ministry of Health, Labor
and Welfare (MHLW) in Japan for Tivdak (tisotumab vedotin) for the treatment of adult
patients with advanced or recurrent cervical cancer that has progressed on or after
chemotherapy
• Genmab revenue increased 36% compared to the first six months of 2023, to DKK 9,545
million
• Genmab 2024 financial guidance updated
“In the second quarter of 2024, we reached a number of significant milestones for the company. The
acquisition of ProfoundBio, along with the regulatory approvals for EPKINLY and Tivdak, further solidify
our commitment to the development of differentiated antibody therapies and will advance Genmab
towards our ambitious 2030 vision of transforming the lives of patients with our innovative antibody
medicines,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Financial Performance First Half of 2024
• Revenue was DKK 9,545 million for the first six months of 2024 compared to DKK 7,003 million
for the first six months of 2023. The increase of DKK 2,542 million, or 36%, was primarily driven
by higher DARZALEX
®
(daratumumab) and Kesimpta
®
(ofatumumab) royalties achieved under
our collaborations with Janssen Biotech, Inc. (Janssen) and Novartis Pharma AG (Novartis),
respectively, and increased EPKINLY net product sales.
• Royalty revenue was DKK 7,673 million in the first six months of 2024 compared to DKK 5,886
million in the first six months of 2023, an increase of DKK 1,787 million, or 30%. The increase in
royalties was driven by higher net sales of DARZALEX and Kesimpta.
• Net sales of DARZALEX, 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 5,570 million in the first six months of 2024 compared to USD 4,695 million in the first
six months of 2023, an increase of USD 875 million or 19%.
• Total costs and operating expenses were DKK 7,104 million in the first six months of 2024
compared to DKK 5,118 million in the first six months of 2023. The increase of DKK 1,986 million,
or 39%, was driven by the expansion of our product pipeline, EPKINLY post-launch activities in
Genmab Announces Financial Results for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 2/47
2500 Valby, Denmark
CVR no. 2102 3884
the U.S. and Japan, the continued development of Genmab’s broader organizational capabilities
and related increase in team members to support these activities, as well as profit-sharing
amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.
• Operating profit was DKK 2,441 million in the first six months of 2024 compared to DKK 1,885
million in the first six months of 2023.
• Net financial items resulted in income of DKK 1,402 million for the first six months of 2024
compared to DKK 75 million in the first six months of 2023. The increase of DKK 1,327 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 six months of 2024 compared to the weakening of the USD/DKK
rate in the first six months of 2023.
Significant Event Post-quarter End
• August: Genmab announced that it will assume sole responsibility for the continued development
and potential commercialization of acasunlimab. BioNTech SE (BioNTech) has opted not to
participate in the further development of the acasunlimab program under the parties’ existing
collaboration agreement. The program will be subject to payment of certain milestones and a
tiered single-digit royalty on net sales by Genmab to BioNTech. While the emerging clinical profile
of acasunlimab is encouraging, BioNTech informed the company that it has taken this decision for
reasons relating to its portfolio strategy. The companies’ long-standing collaboration in antibody
science remains in place, and both parties will continue with the existing programs under
development under their existing agreements, which were expanded in 2022.
Outlook
As announced in Company Announcement No. 52, Genmab is updating its 2024 financial guidance.
Revised
Revised
Guidance
Guidance
(DKK million)
ex. Acquisition
and Integration
related charges
incl. Acquisition
and Integration
related charges
Previous
Guidance
Revenue
20,500 - 21,700
20,500 - 21,700
18,700 - 20,500
Royalties
16,600 - 17,400
16,600 - 17,400
15,600 - 16,700
Net product sales/Collaboration revenue*
2,000 - 2,200
2,000 - 2,200
1,700 - 2,200
Milestones/Reimbursement revenue
1,900 - 2,100
1,900 - 2,100
1,400 - 1,600
Gross profit**
19,600 - 20,800
19,600 - 20,800
18,000 - 19,500
Operating expenses**
(13,700) - (14,300)
(14,100) - (14,700)
(12,400) - (13,400)
Operating profit
5,300 - 7,100
4,900 - 6,700
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
Conference Call
Genmab will hold a conference call to discuss the results for the first half of 2024 today, August 8, 2024,
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/BI61134ed097674233a89964e3bc06a69e
. A live and
archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.
Genmab Announces Financial Results for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 3/47
2500 Valby, Denmark
CVR no. 2102 3884
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 Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 4/47
2500 Valby, Denmark
CVR no. 2102 3884
CONTENTS
MANAGEMENT’S REVIEW
CONSOLIDATED KEY FIGURES
5
OUTLOOK
6
KEY 2024 PRIORITIES
7
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST HALF OF 2024
8
SIGNIFICANT RISKS AND UNCERTAINTIES
19
FINANCIAL REVIEW
20
CONDENSED FINANCIAL STATEMENTS
28
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
32
ABOUT GENMAB
46
DIRECTORS’ AND MANAGEMENT’S STATEMENT ON THE INTERIM REPORT
47
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 5/47
2500 Valby, Denmark
CVR no. 2102 3884
CONSOLIDATED KEY FIGURES
Three Months Ended
Six Months Ended
(DKK million)
June 30,
June 30,
Full Year
Income Statement
2024
2023
2024
2023
2023
Revenue
5,402
4,169
9,545
7,003
16,474
Cost of product sales
(190)
(21)
(375)
(21)
(226)
Research and development expenses
(2,502)
(1,853)
(4,801)
(3,594)
(7,630)
Selling, general and administrative expenses
(894)
(827)
(1,676)
(1,503)
(3,297)
Acquisition and integration related charges
(176)
—
(252)
—
—
Total costs and operating expenses
(3,762)
(2,701)
(7,104)
(5,118)
(11,153)
Operating profit
1,640
1,468
2,441
1,885
5,321
Net financial items
487
226
1,402
75
316
Net profit
1,408
1,335
2,733
1,545
4,352
Balance Sheet
Marketable securities
11,402
14,010
11,402
14,010
13,268
Cash and cash equivalents
4,331
10,874
4,331
10,874
14,867
Total non-current assets
16,682
2,229
16,682
2,229
2,150
Total assets
38,619
31,781
38,619
31,781
35,289
Shareholders' equity
30,969
28,558
30,969
28,558
31,610
Share capital
66
66
66
66
66
Cash Flow Statement
Cash flow from operating activities
1,513
436
3,026
3,671
7,380
Cash flow from investing activities
(8,772)
(1,835)
(10,213)
(1,848)
(1,282)
Cash flow from financing activities
(3,051)
7
(3,646)
(604)
(606)
Investment in intangible assets
—
(10)
—
(10)
(10)
Investment in tangible assets
(27)
(97)
(55)
(201)
(366)
Financial Ratios and Other Information
Basic net profit per share
21.85
20.46
42.13
23.66
66.64
Diluted net profit per share
21.70
20.28
41.85
23.45
66.02
Period-end share market price
1,745
2,580
1,745
2,580
2,155
Price / book value
3.72
5.96
3.72
5.96
4.50
Shareholders' equity per share
469.23
432.70
469.23
432.70
478.94
Equity ratio
80
%
90
%
80
%
90
%
90
%
Shares outstanding
66,136,909
66,038,425
66,136,909
66,038,425
66,074,535
Average number of employees (FTE*)
Number of employees (FTE) at the end of the period
2,526
2,015
2,526
2,015
2,204
* Full-time equivalent or team members
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 6/47
2500 Valby, Denmark
CVR no. 2102 3884
OUTLOOK
Revised
Revised
Guidance
Guidance
(DKK million)
ex. Acquisition
and Integration
related charges
incl. Acquisition
and Integration
related charges
Previous
Guidance
Revenue
20,500 - 21,700
20,500 - 21,700
18,700 - 20,500
Royalties
16,600 - 17,400
16,600 - 17,400
15,600 - 16,700
Net product sales/Collaboration revenue*
2,000 - 2,200
2,000 - 2,200
1,700 - 2,200
Milestones/Reimbursement revenue
1,900 - 2,100
1,900 - 2,100
1,400 - 1,600
Gross profit**
19,600 - 20,800
19,600 - 20,800
18,000 - 19,500
Operating expenses**
(13,700) - (14,300)
(14,100) - (14,700)
(12,400) - (13,400)
Operating profit
5,300 - 7,100
4,900 - 6,700
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
As announced in Company Announcement No. 52, Genmab is updating revenue, operating expenses
and operating profit guidance for 2024. The revised guidance reflects an updated revenue outlook,
incremental R&D investment to support the advancement of ProfoundBio’s clinical programs, primarily
Rina-S, as well as acquisition and integration related charges.
Revenue
Genmab currently expects 2024 revenue to be in the range of DKK 20.5 – 21.7 billion. Our projected
increase in revenue for 2024 as compared to our previous guidance is driven by higher royalties and
reimbursement revenue.
Royalty growth relates mainly to DARZALEX and Kesimpta net sales growth. DARZALEX royalties of
DKK 13.3 – 13.8 billion are based on Genmab’s estimate of DARZALEX 2024 net sales of USD 11.4 –
11.8 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.
Operating Expenses
Genmab now anticipates its 2024 operating expenses (excluding acquisition and integration related
charges) to be in the range of DKK 13.7 – 14.3 billion, an increase to the previous guidance of DKK 12.4
– 13.4 billion. The increase primarily relates to the incremental R&D investment to support the
advancement of ProfoundBio’s clinical programs, primarily Rina-S as well as a revenue and expense
classification change for programs that remain in Genmab’s collaboration with BioNTech. This
classification change has resulted in Genmab increasing both cost reimbursement revenue and operating
expense by approximately DKK 600 million, resulting in no impact on operating profit. Excluding the DKK
600 million related to the classification change and the acquisition and integration charges, the underlying
operating expense range remains within the directional financial guidance provided at the time we
announced the ProfoundBio acquisition.
Including acquisition and integration related charges, Genmab expects operating expenses for 2024 to be
in the range of DKK 14.1 – 14.7 billion.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
Operating Profit
Genmab now expects its 2024 operating profit excluding acquisition and integration related charges to be
in the range of DKK 5.3 – 7.1 billion, compared to the previous guidance of DKK 4.6 – 7.1 billion, primarily
driven by the items described above.
Including acquisition and integration related charges, Genmab expects operating profit for 2024 to be in
the range of DKK 4.9 – 6.7 billion.
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.
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, DuoBody
®
-PD-L1x4-1BB)
• Initiate Phase 3 study (second line non-small cell lung cancer
(NSCLC))
GEN1042 (DuoBody-CD40x4-1BB)
3
• Phase 2 data and determine next steps
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 Inc. (Pfizer); 3. Co-development w/ BioNTech SE (BioNTech)
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST HALF OF 2024
At the end of the first half of 2024, Genmab’s proprietary pipeline of investigational medicines, where we
are responsible for at least 50% of development, consisted of thirteen antibody products 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
includes multiple preclinical programs. An overview of the development status of our approved medicines
and each of our investigational medicines is provided in the following section, including updates for the
second quarter of 2024. For events that occurred during the first quarter of 2024, please refer to
Genmab’s Q1 2024
report. 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
refractory large B-cell lymphoma (LBCL)
after two or more lines of systemic
therapy
2
Approved in the U.S. for adult patients with
relapsed or refractory FL 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.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
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CVR no. 2102 3884
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) – First and only bispecific antibody approved in the U.S. to
treat both relapsed or refractory FL and DLBCL after two or more lines of systemic therapy
• SC bispecific antibody targeting CD3 and CD20, created using Genmab’s DuoBody technology
platform
• Epcoritamab (approved as EPKINLY and TEPKINLY) has received regulatory approvals in
multiple territories including 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. EPKINLY has
also been approved in the U.S. for the treatment of adults with relapsed or refractory FL after two
or more lines of systemic therapy. See local prescribing information for specific indications and
safety information
• Regulatory submissions for epcoritamab for the treatment of relapsed or refractory FL after two or
more lines of systemic therapy are currently under review in 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
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
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.
Second Quarter 2024 Updates
• June: The U.S. FDA approved EPKINLY (epcoritamab-bysp) for the treatment of adult patients
with relapsed or refractory FL after two or more lines of systemic therapy. The approval was
supported by data from the FL cohort of the EPCORE™ NHL-1 trial (NCT03625037).
• June: The EMA’s CHMP adopted a positive opinion recommending the granting of conditional
marketing authorization of TEPKINLY (epcoritamab) for the treatment of adult patients with
relapsed or refractory FL after two or more lines of systemic therapy.
• June: Multiple data presentations were featured at the 2024 American Society of Clinical
Oncology (ASCO) Annual Meeting including two rapid oral presentations. These presentations
highlighted data from the pivotal and cycle 1 dose optimization cohorts of the EPCORE NHL-1
clinical trial, which was subsequently selected for presentation at the Best of ASCO conference,
and epcoritamab in combination with rituximab and lenalidomide in patients with previously
untreated FL from the EPCORE NHL-2 (NCT04663347) clinical trial.
• June: Multiple data presentations were featured at the 2024 European Hematology Association
(EHA) Congress including three oral presentations. These presentations highlighted data from the
pivotal and cycle 1 dose optimization cohorts of the EPCORE NHL-1 clinical trial, epcoritamab in
combination with polatuzumab vedotin, rituximab, cyclophosphamide, doxorubicin, and
prednisone as a potential first-line treatment regimen for patients with DLBCL from the EPCORE
NHL-5 (NCT05283720) clinical trial, and primary results of epcoritamab in patients with Richter’s
Transformation from the EPCORE CLL-1 (NCT04623541) clinical trial.
• June: Data published in The Lancet Haematology, “Epcoritamab monotherapy in patients with
relapsed or refractory follicular lymphoma (EPCORE NHL-1): a phase 2 cohort of a single-arm,
multicentre study.”
• May: Epcoritamab monotherapy was added to the National Comprehensive Cancer Network
®
(NCCN
®
) Clinical Practice Guidelines in Oncology (NCCN Guidelines
®
) for “B-cell Lymphomas”
(Version 2.2024) for third-line and subsequent therapy for patients with FL as a Category 2A,
preferred regimen.
Tivdak (tisotumab vedotin-tftv) – First and only U.S. FDA approved antibody-drug conjugate (ADC)
for recurrent or metastatic cervical cancer
• An ADC directed to TF, a protein highly prevalent in solid tumors, including cervical cancer, which
is associated with poor prognosis
• Full approval granted by the U.S. FDA for tisotumab vedotin-tftv, marketed as Tivdak, for the
treatment of patients with recurrent or metastatic cervical cancer with disease progression on or
after chemotherapy; Tivdak is the first ADC with demonstrated overall survival data to be granted
full U.S. FDA approval in this patient population
• Regulatory submissions for tisotumab vedotin for the treatment of recurrent or metastatic cervical
cancer are currently under review in both Japan and Europe
• 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
Interim Report for the First Half of 2024
Genmab A/S
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Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
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. Please consult
the U.S. Prescribing Information
for Tivdak for the labeled indication and safety information, including the
boxed warning.
Second Quarter 2024 Updates
• June: Two data presentations were featured at the 2024 ASCO Annual Meeting including a rapid
oral presentation of data from the Phase 2 innovaTV 207 (NCT03485209) trial, evaluating
tisotumab vedotin in pretreated patients with relapsed/metastatic head and neck squamous cell
carcinoma.
• April: Genmab submitted a J-NDA to the MHLW in Japan for Tivdak for the treatment of adult
patients with advanced or recurrent cervical cancer that has progressed on or after
chemotherapy.
• April: The U.S. FDA granted full approval for Tivdak (tisotumab vedotin-tftv) for the treatment of
patients with recurrent or metastatic cervical cancer with disease progression on or after
chemotherapy. This U.S. FDA action converted the September 2021 accelerated approval of
Tivdak to a full approval.
Acasunlimab (GEN1046) – 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
• Genmab to assume sole responsibility for the continued development and potential
commercialization of acasunlimab
• In August 2024, BioNTech opted not to participate in the further development of the acasunlimab
program under the parties’ existing collaboration agreement
Acasunlimab (GEN1046, DuoBody-PD-L1x4-1BB) is a proprietary bispecific antibody, created using
Genmab’s DuoBody technology platform. It was 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. In August 2024, Genmab assumed sole responsibility for the continued development and potential
commercialization of acasunlimab. BioNTech has opted not to participate in the further development of
the acasunlimab program under the parties’ existing collaboration agreement. The program will be subject
to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to BioNTech.
While the emerging clinical profile of acasunlimab is encouraging, BioNTech informed the company that it
has taken this decision for reasons relating to its portfolio strategy. 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), a Phase 3 trial is expected
to start before the end of 2024.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 12/47
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CVR no. 2102 3884
Second Quarter 2024 Update
• June: Data from the Phase 2 trial of acasunlimab as a single agent or in combination with
pembrolizumab for the treatment of relapsed/refractory metastatic NSCLC after treatment with
standard of care therapy with an immune checkpoint inhibitor was presented as a poster at the
2024 ASCO Annual Meeting.
Rinatabart Sesutecan (Rina-S, GEN1184) – Potential best-in-class folate receptor alpha (FRα)-
targeted TOPO1 ADC
• FRα-targeted TOPO1 ADC being evaluated for potential treatment of FRα-expressing cancers
• Phase 1/2 clinical trial (NCT05579366) in advanced solid tumors ongoing
Rina-S is a novel FRα-targeted TOPO1 ADC being evaluated for the potential treatment of ovarian cancer
and other FRα-expressing cancers. Dose escalation data suggests that Rina-S has robust single agent
activity in various cancers across a broad range of FRα expression levels. In January 2024, Rina-S was
granted Fast Track Designation by the U.S. FDA for the treatment of FRα-expressing high-grade serous
or endometrioid platinum-resistant ovarian cancer. A Phase 1/2 trial of Rina-S in advanced solid tumors is
ongoing. Based on encouraging data from this trial, a Phase 3 trial in second line plus platinum resistant
ovarian cancer is expected to start before the end of 2024.
GEN1042 (BNT312) – Potential first-in-class bispecific agonistic antibody
• Bispecific antibody targeting CD40 and 4-1BB, created using Genmab’s DuoBody technology
platform
• Multiple Phase 1/2 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.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 13/47
2500 Valby, Denmark
CVR no. 2102 3884
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
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.
GEN1059 (BNT314) – Bispecific antibody with potential in solid tumors
• Bispecific antibody targeting epithelial cell adhesion molecule (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.
GEN1055 (BNT315) – HexaBody-based antibody with potential in solid tumors
• Antibody targeting OX40, created using Genmab’s HexaBody technology platform
• Phase 1/2 clinical trial (NCT06391775) in malignant solid tumors ongoing
• Co-developed in collaboration with BioNTech
GEN1055 (HexaBody-OX40, BNT315), jointly owned by Genmab and BioNTech and created using
Genmab’s HexaBody technology platform, is an immune-modulating OX40 agonist antibody that
promotes immunity by inducing T-cell responses through FcγR-independent OX40 clustering on T cells.
GEN1055 is being co-developed by Genmab and BioNTech under an agreement in which the companies
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 14/47
2500 Valby, Denmark
CVR no. 2102 3884
share all costs and future potential profits for GEN1055 on a 50:50 basis. A Phase 1/2 clinical trial of
GEN1055 in solid tumors is ongoing.
Second Quarter 2024 Update
• June: The first patient was treated in the first-in-human Phase 1/2 trial of GEN1055 in malignant
solid tumors.
GEN1160 – ADC with potential in both solid tumors and hematological malignancies
• CD70-targeted ADC being evaluated in advanced solid and liquid tumors
• Phase 1/2 clinical trial (NCT05721222) in advanced solid and liquid tumors ongoing
GEN1160 is a CD70-targeted ADC. CD70 is a protein expressed on both solid tumors and hematological
malignancies. A Phase 1/2 clinical study of GEN1160 in advanced renal cell carcinoma, nasopharyngeal
carcinoma and NHL is ongoing.
GEN1107 – ADC with potential in solid tumors
• PTK7-targeted ADC being evaluated in advanced solid tumors
• Phase 1/2 clinical trial (NCT06171789) in advanced solid tumors ongoing
GEN1107 is a PTK7-targeted ADC. PTK7 is a clinically validated ADC target with broad solid tumor
expression, particularly in tumor-initiating cells. A Phase 1/2 clinical study of GEN1107 in advanced solid
tumors is ongoing.
GEN1056 (BNT322)
• 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. A first-in-human Phase 1 clinical study of GEN1056 in patients with advanced
solid tumors is ongoing.
GEN1053 (BNT313) – HexaBody-based investigational medicine
• Antibody targeting CD27, created using Genmab’s HexaBody technology platform
• 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 was
being co-developed by Genmab and BioNTech under an agreement in which the companies share all
costs for GEN1053 on a 50:50 basis. Following a strategic evaluation of GEN1053 within the context of
Genmab’s and BioNTech’s portfolios, a decision was made to discontinue the Phase 1/2 clinical trial
(NCT05435339) of GEN1053 in solid tumors. Preclinical activities remain 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
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
Our preclinical pipeline includes immune effector function enhanced antibodies developed with our
HexaBody technology platform, bispecific antibodies created with our DuoBody technology platform and
ADCs created with our ADC technology platforms. 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
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.
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Genmab A/S
Tel: +45 7020 2728
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Carl Jacobsens Vej 30
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2500 Valby, Denmark
CVR no. 2102 3884
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.
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 5,570 million in the first six 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 relevant 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.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
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 multiple 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.
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 Therapeutics plc (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
Interim Report for the First Half of 2024
Genmab A/S
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Carl Jacobsens Vej 30
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CVR no. 2102 3884
create amivantamab was co-discovered. Amivantamab, marketed as RYBREVANT, is approved in
certain territories for the treatment of certain adult patients with NSCLC. Janssen is responsible for the
development and commercialization of amivantamab. Under the 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
• 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. Teclistamab, marketed as TECVAYLI, is approved in certain territories for the
treatment of certain adult patients with relapsed or refractory multiple myeloma. Janssen is responsible
for the development and commercialization of TECVAYLI. 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 is eligible to 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. Talquetamab, marketed as
TALVEY, is approved in certain territories for the treatment of certain adult patients with relapsed or
refractory multiple myeloma. Janssen is responsible for the development and commercialization of
TALVEY. 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.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
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.
With the acquisition of ProfoundBio, Genmab has an increased operating presence in China. This
increased presence subjects Genmab to risks specific to conducting business in China such as being
subject to changes in the political, economic and tax policies of the Chinese government or in
relationships between China and Demark, the United States or other governments. In addition, the
Chinese government has discretion and oversight over the conduct of the business operations of
Genmab’s Chinese subsidiaries. Genmab mitigates these risks through the monitoring of the activities of
our Chinese subsidiaries as well as geopolitical activities as they pertain to our global operations.
For further information about risks and uncertainties that Genmab faces, refer to the 2023 Annual Report
filed with the 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, other than those additional risks in regard to our
Chinese subsidiaries stated above. See Genmab’s Form 20-F for a detailed summary of risks related to
our collaborations.
Interim Report for the First Half 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
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”. On May 21, 2024 (Acquisition
Date), Genmab completed the previously announced acquisition of all of the outstanding shares of
ProfoundBio, resulting in ProfoundBio becoming a wholly-owned subsidiary of Genmab. From the
Acquisition Date through the second quarter of 2024, ProfoundBio’s financial results have been
incorporated into Genmab’s Consolidated Financial Statements.
Revenue
Genmab’s revenue was DKK 9,545 million for the first six months of 2024 compared to DKK 7,003 million
for the first six months of 2023. The increase of DKK 2,542 million, or 36%, was primarily driven by higher
DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis,
respectively, and increased EPKINLY net product sales.
Three Months Ended
Six Months Ended
June 30,
June 30,
(DKK million)
2024
2023
2024
2023
Royalties
4,569
3,478
7,673
5,886
Reimbursement revenue
289
228
569
483
Milestone revenue
—
351
343
455
Collaboration revenue
113
73
206
140
Net product sales
431
39
754
39
Total revenue
5,402
4,169
9,545
7,003
Royalties
Royalty revenue amounted to DKK 7,673 million in the first six months of 2024 compared to DKK 5,886
million in the first six months of 2023. The increase of DKK 1,787 million, or 30%, 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.
Three Months Ended
Six Months Ended
June 30,
June 30,
(DKK million)
2024
2023
2024
2023
DARZALEX
3,731
2,923
6,113
4,855
Kesimpta
553
334
990
600
TEPEZZA
161
170
342
336
Other
124
51
228
95
Total royalties
4,569
3,478
7,673
5,886
Net sales of DARZALEX by Janssen were USD 5,570 million in the first six months of 2024 compared to
USD 4,695 million in the first six months of 2023. The increase of USD 875 million, or 19%, was driven by
market share gains in all regions. Royalty revenue on net sales of DARZALEX
was DKK 6,113 million in
the first six months of 2024 compared to DKK 4,855 million in the first six months of 2023, an increase of
DKK 1,258 million. The percentage increase in royalties of 26% is higher than the percentage increase in
the underlying net sales primarily due to a higher effective royalty rate and a higher average exchange
rate between the USD and DKK.
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Net sales of Kesimpta by Novartis were USD 1,436 million in the first six months of 2024 compared to
USD 873 million in the first six months of 2023. The increase of USD 563 million, or 64%, was primarily
driven by increased demand and strong access. Royalty revenue on net sales of Kesimpta was DKK 990
million in the first six months of 2024 compared to DKK 600 million in the first six months of 2023, an
increase of DKK 390 million, or 65%.
Net sales of TEPEZZA by Amgen were USD 903 million in the first six months of 2024 compared to USD
843 million in the first six months of 2023. Royalty revenue on net sales of TEPEZZA was DKK 342
million in the first six months of 2024 compared to DKK 336 million in the first six months of 2023, an
increase of DKK 6 million, or 2%.
Other royalties consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.
These royalties were not material for the first six 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 569 million in the first six months of 2024 compared to DKK
483 million in the first six months of 2023. The increase of DKK 86 million, or 18%, 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 six months of 2024 compared to DKK 455 million in
the first six months of 2023, a decrease of DKK 112 million, or 25%, primarily driven by milestones of
DKK 104 million achieved under our Janssen DuoBody collaboration in 2023.
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 206 million in the first six months of 2024 compared to DKK 140 million
in the first six months of 2023, an increase of DKK 66 million, or 47%, primarily driven by an increase in
net sales of Tivdak.
Net Product Sales
Net product sales were DKK 754 million in the first six months of 2024 compared to DKK 39 million in the
first six months of 2023. EPKINLY was approved in the U.S. in May 2023 and in Japan in September
2023.
Net sales of TEPKINLY in territories where Genmab receives royalty revenue were USD 12 million in the
first six months of 2024, with no net sales in the first six months of 2023 due to regulatory approvals in
such territories not occurring until late 2023.
Interim Report for the First Half of 2024
Genmab A/S
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Refer to Financial Statement Note 3 in this interim report for further details about revenue.
Key Developments to Revenue – Second Quarter of 2024
Genmab’s revenue was DKK 5,402 million for the second quarter of 2024 compared to DKK 4,169 million
for the second quarter of 2023. The increase of DKK 1,233 million, or 30%, was primarily driven by higher
DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis,
respectively, and increased EPKINLY net product sales, partly offset by a decrease in milestone revenue
achieved during the second quarter of 2024 as compared to the second quarter of 2023.
Cost of Product Sales
Genmab recognized cost of product sales of DKK 375 million in the first six months of 2024 compared to
DKK 21 million in the first six months of 2023. Cost of product sales related to EPKINLY sales is primarily
comprised of profit-sharing amounts payable to AbbVie of DKK 352 million as well as product costs.
EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.
Key Developments to Cost of Product Sales – Second Quarter of 2024
Cost of product sales were DKK 190 million for the second quarter of 2024 compared to DKK 21 million
for the second quarter of 2023. EPKINLY was approved in the U.S. in May 2023 and in Japan in
September 2023.
Research and Development Expenses
Research and development expenses amounted to DKK 4,801 million in the first six months of 2024
compared to DKK 3,594 million in the first six months of 2023. The increase of DKK 1,207 million, or 34%,
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 74% of total research and development expenses &
selling, general and administrative expenses in the first six months of 2024 compared to 71% in the first
six months of 2023.
Key Developments to Research and Development Expenses – Second Quarter of 2024
Research and development expenses were DKK 2,502 million for the second quarter of 2024 compared
to DKK 1,853 million for the second quarter of 2023. The increase of DKK 649 million, or 35%, was
primarily driven by the increased and accelerated advancement of epcoritamab under our collaboration
with AbbVie, increase in team members to support the continued expansion of our product portfolio, and
the addition of ProfoundBio related research and development expenses.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were DKK 1,676 million in the first six months of 2024
compared to DKK 1,503 million in the first six months of 2023. The increase of DKK 173 million, or 12%,
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.
Selling, general and administrative expenses accounted for 26% of total research and development
expenses & selling, general and administrative expenses in the first six months of 2024 compared to 29%
for the first six months of 2023.
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Key Developments to Selling, General and Administrative Expenses – Second Quarter of 2024
Selling, general and administrative expenses were DKK 894 million for the second quarter of 2024
compared to DKK 827 million for the second quarter of 2023. The increase of DKK 67 million, or 8%, was
primarily 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.
Acquisition and Integration Related Charges
Acquisition and integration related charges for the acquisition of ProfoundBio were DKK 252 million in the
first six months of 2024.
Key Developments to Acquisition and Integration Related Charges – Second Quarter of 2024
Acquisition and integration related charges for the acquisition of ProfoundBio were DKK 176 million for
the second quarter of 2024. There were no acquisition and integration related charges for the second
quarter of 2023.
Operating Profit
Operating profit was DKK 2,441 million in the first six months of 2024 compared to DKK 1,885 million in
the first six months of 2023.
Net Financial Items
Net financial items include the following:
Three Months Ended
Six Months Ended
June 30,
June 30,
(DKK million)
2024
2023
2024
2023
Interest and other financial income
292
227
609
428
Gain on marketable securities
85
86
218
248
Gain on other investments
114
33
121
62
Foreign exchange rate gain
395
—
1,045
—
Total financial income
886
346
1,993
738
Interest and other financial expenses
(19)
(25)
(48)
(40)
Loss on marketable securities
(39)
(82)
(129)
(159)
Loss on other investments
(85)
(3)
(98)
(25)
Foreign exchange rate loss
(256)
(10)
(316)
(439)
Total financial expenses
(399)
(120)
(591)
(663)
Net financial items
487
226
1,402
75
Interest Income
Interest income was DKK 609 million in the first six months of 2024 compared to DKK 428 million in the
first six months of 2023. The increase of DKK 181 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 729 million, comprised of DKK 1,045 million foreign exchange
rate gains, offset by DKK 316 million foreign exchange rate losses in the first six months of 2024
compared to foreign exchange rate loss of DKK 439 million in the first six months of 2023. The USD
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strengthened against the DKK in the first six months of 2024, positively impacting our USD denominated
securities and cash holdings. The USD weakened against the DKK in the first six months of 2023,
negatively impacting our USD denominated securities and cash holdings.
June 30, 2024
December
31, 2023
June 30, 2023
December 31,
2022
USD/DKK Foreign Exchange Rates
6.9664
6.7447
6.8539
6.9722
% Increase/(decrease) from prior year-end
3.3%
(1.7)%
Refer to Financial Statement Note 6 in this interim report for further details about the net financial items.
Key Developments to Net Financial Items – Second Quarter of 2024
Foreign Exchange Rate Gains and Losses
Foreign exchange rate gain, net was DKK 139 million, comprised of DKK 395 million foreign exchange
rate gains, offset by DKK 256 million foreign exchange rate losses in the second quarter of 2024
compared to the foreign exchange rate loss of DKK 10 million in the second quarter of 2023. The USD
strengthened against the DKK in the second quarter of 2024, positively impacting our USD denominated
securities and cash holdings. The USD weakened against the DKK in the second quarter of 2023,
negatively impacting our USD denominated securities and cash holdings.
Interest Income
Interest Income was DKK 292 million for the second quarter of 2024 compared to DKK 227 million for the
second quarter of 2023. The increase of DKK 65 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.
Corporate Tax
Corporate tax expense for the first six months of 2024 was DKK 1,110 million compared to DKK 415
million for the first six 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
six months of 2024 to 28.9% from 21.2% in the first six months of 2023. The increase in Genmab’s
effective tax rate was mainly driven by the increase in the deferred provision attributable to losses in
relation to EPKINLY commercial expenses in the U.S. and ProfoundBio operational losses in the U.S. for
which tax benefit cannot be recognized.
With the acquisition of ProfoundBio, Genmab is currently evaluating the integration of ProfoundBio
operations from a tax perspective. As a result, Genmab’s effective tax rate may experience some volatility
as integration activities progress, but is anticipated to normalize within the next 12-18 months.
Key Developments to Corporate Tax – Second Quarter of 2024
Corporate tax expense for the second quarter of 2024 was DKK 719 million compared to DKK 359 million
for the second quarter 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, driven by an
increase in the deferred provision attributable to nondeductible losses in relation to EPKINLY commercial
expenses in the U.S. and ProfoundBio operational losses in the U.S.
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Net Profit
Net profit for the first six months of 2024 was DKK 2,733 million compared to DKK 1,545 million in the first
six months of 2023. The increase was driven by the items described above.
Liquidity and Capital Resources
(DKK million)
June 30, 2024
December 31, 2023
Marketable securities
11,402
13,268
Cash and cash equivalents
4,331
14,867
Shareholders' equity
30,969
31,610
Six Months Ended
June 30,
Cash Flow (DKK million)
2024
2023
Cash provided by operating activities
3,026
3,671
Cash (used in) investing activities
(10,213)
(1,848)
Cash provided by (used in) financing activities
(3,646)
(604)
Increase (decrease) in cash and cash equivalents
(10,833)
1,219
Exchange Rate adjustments
297
(238)
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.
The DKK 645 million decrease in net cash provided by operating activities is driven by the unfavorable
impact on cash flow of DKK 1,168 million of net foreign exchange rate gains in the first six months of
2024 compared to the first six months of 2023 as well as significant AbbVie milestones achieved with
related cash received during the first six months of 2023, with no material milestones in the first six
months of 2024. This impact was offset by an increase in net profit before tax of DKK 1,883 million in the
first six months of 2024 compared to the first six months of 2023.
Net cash used in investing activities primarily reflects cash used in making acquisitions, 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 the acquisition of ProfoundBio, partly offset by the sales and maturities of marketable
securities exceeding purchases in the first six months of 2024, compared to purchases exceeding sales
and maturities in the first six 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
Restricted Stock Units (RSUs). The increase in net cash (used in) financing activities between the periods
is primarily driven by higher purchases of treasury shares of DKK 3,585 million in the first six months of
2024 related to the share buy-back programs initiated in March 2024 and completed in June 2024
compared to DKK 564 million in the first six months of 2023.
Genmab’s USD denominated marketable securities represented 78% of Genmab’s total marketable
securities as of June 30, 2024, compared to 81% as of December 31, 2023. The decrease was primarily
attributable to the liquidation of USD denominated marketable securities to fund the acquisition of
ProfoundBio and the purchase of treasury shares.
Interim Report for the First Half of 2024
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Cash and cash equivalents included short-term marketable securities of DKK 13 million as of June 30,
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 5 in this interim report for
further details about our marketable securities.
Balance Sheet
As of June 30, 2024, total assets were DKK 38,619 million compared to DKK 35,289 million on December
31, 2023. As of June 30, 2024, assets were mainly comprised of intangible assets of DKK 12,011 million,
primarily made up of intangible assets acquired in the ProfoundBio acquisition, marketable securities of
DKK 11,402 million, current receivables of DKK 6,168 million, cash and cash equivalents of DKK 4,331
million and DKK 2,518 million of goodwill related to the acquisition of ProfoundBio. The current
receivables consist primarily of amounts related to royalties from our collaboration agreements.
As of June 30, 2024, total liabilities were DKK 7,650 million compared to DKK 3,679 million on December
31, 2023. The increase in total liabilities of DKK 3,971 million was primarily driven by the deferred tax
liability assumed in the acquisition of ProfoundBio, accruals related to the expansion of our product
pipeline, an increase in corporate taxes payable due to Genmab’s net profit before tax and increase in
Genmab’s effective tax rate, 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 June 30, 2024, was DKK 30,969 million compared to DKK 31,610 million on
December 31, 2023. The decrease of DKK 641 million, or 2%, was primarily driven by Genmab’s
purchase of treasury shares, partly offset by the net profit for the period and share-based compensation
expenses. The decrease in Genmab’s equity ratio, which was 80% as of June 30, 2024, compared to
90% as of December 31, 2023, was primarily attributable to assets acquired in the acquisition of
Profoundbio, net of cash paid, in addition to a decrease in shareholder’s equity due to the share buy-back
completed in June 2024.
Team Members
As of June 30, 2024, the total number of team members was 2,526 compared to 2,015 as of June 30,
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 and the acquisition of
ProfoundBio.
Six Months Ended
June 30,
Team Members
2024
2023
Research and development team members
1,774
1,396
Selling, general and administrative team members
752
619
Total team members
2,526
2,015
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
Interim Report for the First Half of 2024
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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.
Chugai Patent Infringement Complaint
In June 2024, Chugai Pharmaceutical Co., Ltd. filed a lawsuit in the Tokyo District Court, Japan against
AbbVie’s and Genmab’s subsidiaries in Japan asserting that their activities with EPKINLY (epcoritamab)
in Japan infringe two Japanese patents held by Chugai, JP6278598 and JP6773929. Chugai is claiming
damages and injunctive relief.
Genmab
and AbbVie believe that the two Japanese patents are invalid and not infringed and intend to
vigorously defend against the lawsuit, and thus no provision has been recorded related to this matter.
Interim Report for the First Half of 2024
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
Six Months Ended
June 30,
June 30,
Note
2024
2023
2024
2023
(DKK million)
Revenue
3
Cost of product sales
(190 )
(21 )
(375 )
(21 )
Research and development expenses
(2,502 )
(1,853 )
(4,801 )
(3,594 )
Selling, general and administrative expenses
(894 )
(827 )
(1,676 )
(1,503 )
Acquisition and integration related charges
2
(176 )
(252 )
Total costs and operating expenses
(3,762 )
(2,701 )
(7,104 )
(5,118 )
Operating profit
Financial income
6
Financial expenses
6
(399 )
(120 )
(591 )
(663 )
Net profit before tax
Corporate tax
(719 )
(359 )
(1,110 )
(415 )
Net profit
Other comprehensive income:
Amounts which may be re-classified to the
income statement:
Exchange differences on translation of foreign
operations
(5 )
Total comprehensive income
Basic net profit per share
Diluted net profit per share
Interim Report for the First Half of 2024
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CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
December 31,
Note
2024
2023
(DKK million)
ASSETS
Intangible assets
4
Property and equipment
Right-of-use assets
9
Receivables
Deferred tax assets
Other investments
5
Goodwill
4
Total non-current assets
Inventories
Receivables
Marketable securities
5
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
9
Deferred revenue
3
Deferred tax liabilities
Other payables
Total non-current liabilities
Corporate tax payable
Lease liabilities
9
Deferred revenue
3
Other payables
Total current liabilities
Total liabilities
Total shareholders' equity and liabilities
Share-based payments
7
Related parties
8
Contingency
10
Subsequent events to the balance sheet date
11
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
Note
2024
2023
(DKK million)
Net profit before tax
Financial income
(1,993 )
(738 )
Financial expenses
Adjustments for non-cash transactions
Share-based compensation expense
7
Depreciation
Amortization
4
Impairment charges
4
Change in operating assets and liabilities, excluding the
effect of acquisitions:
Receivables
(1,049 )
Inventories
(51 )
Other payables
Cash flows from operating activities before financial
items
Interest received
Interest elements of lease payments
9
(16 )
(11 )
Corporate taxes paid
(324 )
(400 )
Net cash provided by operating activities
Acquisition of business, net of cash acquired
2
(12,246 )
Post combination equity awards
2
(79 )
Investment in intangible assets
4
(10 )
Investment in tangible assets
(55 )
(201 )
Marketable securities bought
(5,237 )
(7,112 )
Marketable securities sold
Other investments bought
(33 )
(15 )
Net cash (used in) investing activities
(10,213 )
(1,848 )
Warrants exercised
Principal elements of lease payments
(43 )
(50 )
Purchase of treasury shares
7
(3,585 )
(564 )
Payment of withholding taxes on behalf of employees on
net settled RSUs
(93 )
(93 )
Net cash (used in) financing activities
(3,646 )
(604 )
Change in cash and cash equivalents
(10,833 )
Cash and cash equivalents at the beginning of the period
Exchange rate adjustments
(238 )
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
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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share
Share
Translation
Retained
Shareholders'
Note
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
(93 )
(93 )
Balance at June 30, 2023
Balance at December 31, 2023
Net profit
Other comprehensive income
Total comprehensive income
Transactions with owners:
Exercise of warrants
7
Purchase of treasury shares
7
(3,879 )
(3,879 )
Share-based compensation expenses
7
Withholding taxes on behalf of
employees on net settled RSUs
(93 )
(93 )
Balance at June 30, 2024
Interim Report for the First Half of 2024
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NOTES TO THE CONDENSED 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 (Interim Financial Reporting) 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.
The below accounting policies have been implemented upon Genmab completing the acquisition of
ProfoundBio, Inc. (ProfoundBio) on May 21, 2024.
Business Combinations
The acquisition method of accounting is used to account for all acquisitions where the target company
meets the definition of a business in accordance with IFRS 3 (Business Combinations). The purchase
price for a business is comprised of the fair value of the assets transferred and liabilities owned to the
former owners, including option holders, of the acquired business and the fair value of any asset or
liability resulting from a contingent consideration arrangement. Any amount of the purchase price which
effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the
acquiree and is therefore not included in the consideration for the purpose of applying the acquisition
method. Settlements of pre-existing relationships are accounted for as separate transactions in
accordance with the relevant IFRS standards.
Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date
of acquisition by applying relevant valuation methods. Acquisition-related charges are expensed as
incurred and included in Acquisition and integration related charges. Goodwill is recognized as the excess
of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.
Other Intangible Assets
Definite-Lived and IPR&D Intangible Assets
Intangible assets acquired in a business combination are recognized at fair value at the acquisition date.
Intangible assets with definite useful lives are amortized based on the straight-line method over their
estimated useful lives and reviewed for impairment if certain events or changes in circumstances indicate
that the carrying amount of the asset may not be recoverable. Amortization commences for in-process
research and development (IPR&D) intangible assets after regulatory approval has been obtained or
when assets are put in use. IPR&D intangible assets are tested for impairment at least annually or when
a triggering event occurs that could indicate a potential impairment. Impairments of intangible assets are
reviewed at each reporting date for possible reversal.
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Goodwill
Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired
and liabilities assumed in a business combination accounted for by the acquisition method of accounting
and is not amortized, but is subject to impairment testing. Goodwill is allocated to each of the group’s
cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the
combination. Cash-generating units to which goodwill has been allocated are tested for impairment at
least annually, or more frequently when there is an indication that the unit may be impaired by assessing
qualitative factors or performing a quantitative analysis in determining whether it is more likely than not
that the fair value of net assets in a cash-generating unit are below their carrying amounts. Quantitative
goodwill impairment tests are based on management’s projections and the anticipated net present value
of estimated future cash flows from marketable products.
If the carrying amount of goodwill exceeds the recoverable amount, which is determined based on
discounted projected cash flows, any impairment is measured as the difference between those
discounted projected cash flows and the carrying amount. Impairments of goodwill are prohibited from
future reversals.
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. Additionally, upon Genmab completing the acquisition of ProfoundBio on May 21, 2024,
management has determined that the below estimates related to intangible assets are an area that
require significant judgement. Refer below for further information on the key accounting estimates related
to the valuation of intangible assets utilized in preparation of the consolidated financial statements.
Fair Value of Intangible Assets in a Business Combination
The application of the acquisition method involves the use of significant estimates because the
identifiable net assets of the acquiree are recognized at their fair values for which observable market
prices are typically not available. This is particularly relevant for intangible assets which require use of
valuation techniques typically based on estimates of present value of future uncertain cash flows. The
significant assumptions used to estimate the value of the acquired intangible assets include discount
rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical
and commercial success, revenue growth rates, operating margins, and royalty rates).
Impairment Assessment of Intangible Assets and Goodwill
If circumstances or changes in Genmab’s operations indicate that the carrying amount of intangible
assets, including goodwill, may not be recoverable, management reviews the asset for impairment. The
basis for the review is the recoverable amount of the intangible asset, determined as the greater of the
fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future
cash inflow generated from the intangible asset. If the carrying amount of an intangible asset is greater
than the recoverable amount, the intangible asset is written down to the recoverable amount. An
impairment loss is recognized in the income statement when the impairment is identified. Impairments on
intangible assets (excluding goodwill) are reviewed at each reporting date for possible reversal.
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Factors considered material that could trigger an impairment test include the following:
• Development of a competing drug
• Realized sales trending below predicted sales
• Inconsistent or unfavorable clinical readouts
• Changes in the legal framework covering patents, rights and licenses
• Advances in medicine and/or technology that affect the medical treatments
• Adverse impact on reputation and/or brand names
• Relationship to other intangible assets or property, plant and equipment
Impairments of intangible assets are recognized in the Consolidated Income Statements as research and
development expenses.
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.
Note 2 – Acquisition of Businesses
On May 21, 2024 (Acquisition Date), Genmab completed the previously announced acquisition of all of
the outstanding shares of ProfoundBio, resulting in ProfoundBio becoming a wholly-owned subsidiary of
Genmab. The acquisition of ProfoundBio gave Genmab worldwide rights to three candidates in clinical
development, including ProfoundBio’s lead drug candidate, rinatabart sesutecan (Rina-S). In addition,
Genmab acquired ProfoundBio’s novel ADC technology platforms. Rina-S is a clinical-stage, FRα-
targeted, TOPO1 ADC, currently in Phase 2 of a Phase 1/2 clinical trial, for the treatment of ovarian
cancer and other FRα-expressing solid tumors. Based on the data from the ongoing Phase 1/2 clinical
trial Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-
expressing solid tumors. In January 2024, the U.S. FDA granted Fast Track designation to Rina-S for the
treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian
cancer.
In addition to payment of USD 1.72 billion (DKK 11.80 billion) for all of the outstanding shares of
ProfoundBio, Genmab also made a USD 199 million (DKK 1,368 million) payment to holders of
outstanding ProfoundBio equity awards for settlement of such vested and non-vested awards. Of the
USD 199 million (DKK 1,368 million) payment, USD 187 million (DKK 1,289 million) related to the portion
of awards where the vesting period was completed prior to the Acquisition Date. This portion of the
payment was therefore determined to be attributable to the pre-combination period and included in
purchase consideration. The remaining USD 11 million (DKK 79 million) payment related to the portion of
awards with future vesting conditions, and therefore attributable to post-combination services. The
amount attributable to the post-combination service does not form part of the consideration and was
therefore instead recognized as Acquisition and integration related charges in Genmab’s Consolidated
Statements of Comprehensive Income during the second quarter of 2024.
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The acquisition has been accounted for using the acquisition method of accounting which requires that
assets acquired and liabilities assumed be recognized at their fair values as of the Acquisition Date and
consolidated into Genmab’s Condensed Consolidated Balance Sheets. The results of operations for
ProfoundBio have been included in Genmab’s consolidated financial statements from the Acquisition
Date. A fair value measurement has been performed and the purchase price has been allocated to
intangible assets, associated deferred tax liabilities, other assets and liabilities, as well as goodwill being
the excess value of the purchase price over the fair value of assets acquired and liabilities assumed (the
purchase price allocation). The purchase price allocation is considered provisional due to uncertainty on
key assumptions which require detailed analysis which has not been possible to conclude as of June 30,
2024. Adjustments may be applied to the purchase price allocation for a period of up to 12 months from
the Acquisition Date.
The total consideration for the acquisition of ProfoundBio is summarized as follows:
Total Consideration
Amounts in USD millions
Amounts in DKK millions
Cash paid for outstanding shares
1,718
11,798
Cash for equity compensation attributable to pre-
combination service
187
1,289
Total consideration
1,905
13,087
Cash acquired
(122)
(841)
Cash used for acquisition of business
1,783
12,246
The purchase price allocation resulted in the following amounts being allocated to the assets acquired and
liabilities assumed at the Acquisition Date based upon their respective fair values summarized below:
Amounts Recognized as of the Acquisition Date
Amounts in USD millions
Amounts in DKK millions
Cash and cash equivalents
122
841
Other current assets*
4
29
Property and equipment
6
41
IPR&D
1,540
10,577
Technology platform intangible asset
181
1,243
Other non-current assets**
3
21
Non-current deferred tax liability
(297)
(2,039)
Other current liabilities***
(15)
(108)
Total identifiable net assets
1,544
10,605
Goodwill
361
2,482
Total consideration
1,905
13,087
*Includes receivables and other investments
**Includes other investments and right-of use assets
***Includes other payables, deferred revenue, current deferred tax liability and lease liabilities
The carrying values of other current assets, property and equipment, other non-current assets and other
current liabilities were determined to approximate their fair values.
The fair value assigned to acquired IPR&D, which was calculated using the multi-period excess earnings
method of the income approach, was based on the present value of expected after-tax cash flows
attributable to Rina-S, which is in Phase 1/2 testing. The present value of expected after-tax cash flows
obtainable from Rina-S and assigned to IPR&D was determined by estimating the after-tax costs to
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complete development of Rina-S into a commercially viable product, estimating future revenue and
ongoing expenses to produce, support and sell Rina-S, on an after-tax basis, and discounting the
resulting net cash flows to present value. The revenue and costs projections used were reduced based
on the probability that compounds at similar stages of development will become commercially viable
products. The rate utilized to discount the net cash flows to their present value reflects the risk associated
with the future earnings attributable to the intangible asset. Acquired IPR&D will be accounted for as an
intangible asset not yet available for use until regulatory approval in a major market is received or
development is discontinued.
The fair value of the technology platform intangible asset was calculated using the relief from royalty
method of the income approach. This method includes assigning value based on the economic savings
from owning, rather than in-licensing, the technology platform intangible asset supported by observable
market data for peer companies, then discounting the resulting probability adjusted net post-tax cash
flows using a discount rate commensurate with the risk associated with the future income or cost savings
attributable to the intangible asset.
The significant assumptions used to estimate the value of the acquired intangible assets include discount
rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical
and commercial success, revenue growth rates, operating margins, and royalty rates).
The excess of purchase price over the fair value amounts assigned to identifiable assets acquired and
liabilities assumed represents the goodwill amount resulting from the acquisition. The goodwill recorded
as part of the acquisition is attributable to the intangible assets that do not qualify for separate recognition
at the time of the acquisition, assembled workforce and deferred tax consequences of the IPR&D and
technology platform intangible asset recorded for financial statement purposes. Genmab does not expect
any portion of this goodwill to be deductible for tax purposes. The goodwill attributable to the acquisition
has been recorded as a non-current asset in Genmab’s Consolidated Balance Sheets and is not
amortized, but is subject to review for impairment annually.
From the Acquisition Date through June 30, 2024, Genmab’s Condensed Consolidated Statements of
Comprehensive Income include no revenue and the following expenses associated with the acquisition
and operations of ProfoundBio (in DKK millions):
Consolidated Statements of Comprehensive Income (DKK million):
Acquisition Date through June 30,
2024
Research and development expenses
70
Selling, general and administrative expenses
7
Acquisition and integration related charges*
139
Total
216
*Acquisition related charges incurred from the Acquisition Date through June 30, 2024, are comprised of
payments to holders of outstanding ProfoundBio equity awards related to post-combination services (DKK
79 million). The remaining expenses are integration related charges incurred from the Acquisition Date
through June 30, 2024, which are comprised of professional fees incurred to assist with the integration of
ProfoundBio into Genmab’s operations post-acquisition. Additionally, prior to the Acquisition Date,
Genmab recorded DKK 113 million in Acquisition and integration related charges in Genmab’s
Consolidated Statements of Comprehensive Income related to professional due diligence procedures in
connection with the acquisition of ProfoundBio.
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The following table provides Genmab’s consolidated revenue and net profit for the first six months of 2024
as if the acquisition of ProfoundBio had occurred on January 1, 2024 (in DKK millions):
(DKK million)
Six Month Period Ended June 30, 2024
Revenue
9,545
Net Profit
2,516
The unaudited pro forma information does not necessarily reflect the actual results of operations of the
combined entities that would have been achieved, nor are they necessarily indicative of future results of
operations. The unaudited pro forma information reflects certain adjustments that were directly
attributable to the acquisition of ProfoundBio, including additional amortization adjustments for the fair
value of the technology platform intangible asset acquired.
As of June 30, 2024, Cash and cash equivalents in Genmab’s Consolidated Balance Sheets includes
USD 30 million (DKK 210 million) of restricted cash balances for funds held in escrow related to the
acquisition of ProfoundBio.
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Note 3 – Revenue
The table below summarizes Genmab’s revenue by type and collaboration partner, and royalties by
product, under Genmab’s agreements.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
(DKK million)
Revenue by type:
Royalties
4,569
3,478
7,673
5,886
Reimbursement revenue
289
228
569
483
Milestone revenue
—
351
343
455
Collaboration revenue
113
73
206
140
Net product sales
431
39
754
39
Total
5,402
4,169
9,545
7,003
Revenue by collaboration partner:
Janssen
3,844
2,974
6,323
5,054
Roche
161
170
342
336
Novartis
558
337
999
606
BioNTech
259
216
509
446
Pfizer
137
85
256
174
AbbVie
12
348
362
348
Total*
4,971
4,130
8,791
6,964
Royalties by product:
DARZALEX
3,731
2,923
6,113
4,855
Kesimpta
553
334
990
600
TEPEZZA
161
170
342
336
Other**
124
51
228
95
Total
4,569
3,478
7,673
5,886
* 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 754 million during the first six months of 2024 compared to
DKK 39 million in the first six months of 2023. EPKINLY was approved in the U.S. in May 2023 and Japan
in September 2023.
Deferred Revenue
As part of the continued evaluation of deferred revenue related to the AbbVie Agreement, during the first
six months of 2024, Genmab’s classification of deferred revenue reflects the current estimate of co-
development activities as of June 30, 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.
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Note 4 – Intangible Assets & Goodwill
(DKK million)
Gross Carrying
Value
Accumulated
Amortization
Impairment
Intangible
Assets, Net
June 30, 2024
Amortizable Intangible Assets:
Licenses & Patents
912
(817)
(64)
31
Technology Platform
1,261
(9)
-
1,252
2,173
(826)
(64)
1,283
Non-amortized Intangible Assets:
Acquired IPR&D Rights
10,728
-
-
10,728
Total Intangible Assets
12,901
(826)
(64)
12,011
December 31, 2023
Amortizable Intangible Assets:
Licenses & Patents
901
(800)
-
101
Total Intangible Assets
901
(800)
-
101
Intangible Assets
The increase in the gross carrying value of intangible assets during the first six months of 2024 was
primarily due to the addition of approximately DKK 10,728 million of IPR&D and DKK 1,261 million of a
technology platform asset from the ProfoundBio acquisition. The technology platform asset is being
amortized over its estimated useful life of 15 years. Refer to Note 2 for additional details.
Amortization expense was DKK 26 million and DKK 27 million for the first six months of 2024 and 2023,
respectively, which was recorded in Research and development expenses in the Condensed
Consolidated Statements of Comprehensive Income
Goodwill
The carrying amount of goodwill was DKK 2,518 million as of June 30, 2024 due to the acquisition of
ProfoundBio (refer to Note 2). There was no goodwill balance as of December 31, 2023.
Note 5 – 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:
June 30,
December 31,
2024
2023
Percent
USD
78
%
81
%
DKK
13
%
12
%
EUR
8
%
6
%
GBP
1
%
1
%
Total
100
%
100
%
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As of June 30, 2024, 70% 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)
June 30, 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
11,402
—
—
11,402
13,268
—
—
13,268
Other investments
38
14
144
196
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).
Other Investments
Other investments primarily consist of investments in certain strategic investment funds. Genmab’s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these
strategic investment funds are valued based at the most recent sale price or official closing price reported
on the exchange or over-the-counter market on which they trade, while investments in non-publicly traded
equity securities are based on other factors, including but not limited to, type of the security, the size of
the holding, the initial cost of the security, the price and extent of public trading in similar securities of the
comparable companies, an analysis of the company's or issuer's financial statements and with respect to
debt securities, the maturity and creditworthiness. As such, these fund investments have been
characterized as Level 3 investments as fair values are not entirely based on observable market data.
Refer to Note 4.3 and Note 4.4 in the Annual Report for further details regarding Genmab’s marketable
securities and other investments.
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Note 6 – Financial Income and Expenses
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
(DKK million)
Financial income:
Interest and other financial income
292
227
609
428
Gain on marketable securities
85
86
218
248
Gain on other investments
114
33
121
62
Foreign exchange rate gain
395
-
1,045
—
Total financial income
886
346
1,993
738
Financial expenses:
Interest and other financial expenses
(19)
(25)
(48)
(40)
Loss on marketable securities
(39)
(82)
(129)
(159)
Loss on other investments
(85)
(3)
(98)
(25)
Foreign exchange rate loss
(256)
(10)
(316)
(439)
Total financial expenses
(399)
(120)
(591)
(663)
Net financial items
487
226
1,402
75
Interest Income
Interest income was DKK 609 million in the first six months of 2024 compared to DKK 428 million in the
first six months of 2023. The increase of DKK 181 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 six months of 2024 compared to the first six months of 2023.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate gain, net was DKK 729 million, comprised of DKK 1,045 million foreign exchange
rate gains, offset by DKK 316 million foreign exchange rate losses in the first six months of 2024
compared to foreign exchange rate loss of DKK 439 million in the first six months of 2023. The USD
strengthened against the DKK in the first six months of 2024, positively impacting our USD denominated
securities and cash holdings. The USD weakened against the DKK in the first six months of 2023,
negatively impacting our USD denominated securities and cash holdings.
June 30, 2024
December 31, 2023
June 30, 2023
December 31, 2022
USD/DKK Foreign Exchange Rates
6.9664
6.7447
6.8539
6.9722
% Increase/(decrease) from prior year-end
3.3%
(1.7)%
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Note 7 – 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.
Six Months Ended
June 30,
2024
2023
RSUs granted
452,485
281,061
Weighted average fair value per RSU granted (DKK)
2,010.05
2,640.65
RSUs vested
130,579
87,719
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.
Six Months Ended
June 30,
2024
2023
Warrants granted
345,079
193,853
Weighted average exercise price per warrant granted (DKK)
2,006.50
2,657.01
Weighted average Black-Scholes fair value per warrant granted (DKK)
650.72
937.43
Warrants exercised
62,374
76,852
Weighted average exercise price on date of grant per warrant exercised (DKK)
1,208.46
1,337.58
% change in share capital - warrants exercised
0.09%
0.12%
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 six months of 2024 were DKK 349 million compared to DKK 271 million for the first six
months of 2023.
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Share Repurchases
As of June 30, 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.
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
1,821,853
—
450,000
Shares available for repurchase as of June 30, 2024
1,678,147
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
Genmab’s commitments under the RSU program. The share buy-back program announced on March
15, 2024, was in support of Genmab’s capital allocation strategy. During the first six months of 2024,
Genmab acquired 2,011,853 of its own shares under both programs, representing approximately 3.0% of
share capital as of December 31, 2023. The total amount incurred to acquire the shares, including
directly attributable costs, was DKK 3,879 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
Consolidated Balance Sheets as of June 30, 2024. During the first six 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 June 30, 2024, 2,670,991 treasury shares were held by Genmab.
Note 8 – 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 similar remuneration 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 six months of 2024.
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.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
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2500 Valby, Denmark
CVR no. 2102 3884
Note 9 – Leases
Amounts recognized in the Condensed Consolidated Balance Sheets
The Consolidated Balance Sheets show the following amounts relating to leases:
June 30,
December 31,
2024
2023
(DKK million)
Right-of-use assets
Properties
928
686
Total right-of-use assets
928
686
Lease liabilities
Current
94
90
Non-current
925
680
Total lease liabilities
1,019
770
During the first six months of 2024, there were additions to Genmab’s right-of-use assets and lease
liabilities related to the commencement of leases in the U.S. with respect to office and laboratory space
and in Japan with respect to office space. During the first six 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.
Amounts recognized in the Condensed Consolidated Statements of Comprehensive Income
The Consolidated Statements of Comprehensive Income show the following amounts relating to leases:
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
(DKK million)
Depreciation charge of right-of-use assets
Properties
26
23
48
44
Total depreciation charge of right-of-use assets
26
23
48
44
Variable lease payments, short-term lease expense, lease interest expense and low-value leases are not
material.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 45/47
2500 Valby, Denmark
CVR no. 2102 3884
Note 10 – Contingency
In 2024, Chugai filed a lawsuit in the Tokyo District Court, Japan against AbbVie’s and Genmab’s
subsidiaries in Japan asserting that their activities with EPKINLY (epcoritamab) in Japan infringe two
Japanese patents held by Chugai, JP6278598 and JP6773929. Chugai is claiming damages and
injunctive relief.
Genmab and AbbVie believe that the two Japanese patents are invalid and not infringed and intend to
vigorously defend against the lawsuit, and thus no provision has been recorded related to this matter.
Note 11 – Subsequent Events to the Balance Sheet Date
No events have occurred subsequent to the balance sheet date that could significantly affect the financial
statements as of June 30, 2024.
Interim Report for the First Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 46/47
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 international presence across North America,
Europe and Asia Pacific. 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 Half of 2024
Genmab A/S
Tel: +45 7020 2728
Company Announcement no. 53
Carl Jacobsens Vej 30
www.genmab.com
Page 47/47
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 )