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"value": "These consolidated financial statements include Genmab A/S (parent company) and subsidiaries over which the parent company has control. The Genmab consolidated Group is referenced herein as \u201cGenmab\u201d or the \u201cCompany.\u201dThis section describes Genmab\u2019s general accounting policies including management\u2019s judgements and estimates under IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and endorsed by the EU (IFRS Accounting Standards). The specific accounting policies are described in each note in conjunction with supplementary disclo-sures of the specific item with the aim to provide a more understandable description of each accounting area.1.1 Nature of the Business and Material Accounting PoliciesGenmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commer-cialized by third parties, two approved products that are jointly commercialized with a collabo-ration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025. Except as outlined in Note 1.2, the consolidated financial statements have been prepared using the same accounting policies as 2023.Please refer to the overview below to see in which note/section the detailed accounting policy is included.MaterialityGenmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggre-gated with other items of similar nature in the consolidated financial statements or in the notes.Genmab provides these specific required disclo-sures unless the information is considered immaterial to the economic decision-making of the readers of the consolidated financial state-ments or not applicable.Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiaries:Ownership Ownership and votes and votes Name Domicile20242023Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%ProfoundBio, Inc. Delaware, USA 100% N/A*ProfoundBio, US Co Delaware, USA 100% N/A*Profound Limited Hong Kong, China 100% N/A*ProfoundBio co., Ltd. Suzhou, China 100% N/A*ProfoundBio Shanghai Branch, Co., Ltd. Shanghai, China 100% N/A*Beijing Puyifang Biotechnology Co., Ltd. Beijing, China 100% N/A**These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.Items included in the financial statements of Genmab\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe consolidated financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Classification of Costs and Operating Expenses in the Income StatementCost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in Cost of Product Sales are royalty payments on commercialized products. Aside from these items, there are no other costs included within cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.Acquisition and Integration Related ChargesAcquisition and integration related charges for the acquisition of ProfoundBio which occurred during the second quarter of 2024.Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the acquisition of ProfoundBio.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabili-ties, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the consolidated financial statements.Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Collaborations, License Agreements and Collaborative AgreementsCollaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.1.2 New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2024Genmab has, with effect from January 1, 2024, implemented the following standards and amendments:\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, Classification of Liabilities as Current or Non-current \u2014 Deferral of Effective Date, and Non-current Liabilities with Covenants, and\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance ArrangementsThe implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods.New Accounting Policies and Disclosures Effective in 2025 or LaterFurthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) issued by the IASB, management does not anticipate any significant impact on the Consolidated Financial Statements in the period of initial application from the adoption of these new standards and amend-ments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the financial statements, requiring items of income and expense to be classified into five categories: operating, investing, finance, income taxes and discon-tinued operations along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and income taxes. IFRS 18 will not impact the recognition or measurement of items in the financial statements.1.3 Management\u2019s Judgements and Estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management\u2019s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the applica-tion of accounting policies, as well as reported amounts within the consolidated financial state-ments and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on informa-tion available at the time.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consol-idated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consoli-dated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.Key accounting estimates and Note Accounting policyjudgementsreference RiskRevenue recognition Judgement in assessing whether a Note 2.1 Highcollaboration partner is a customerEstimation of partner net sales amounts in the calculation of royaltiesEstimation of variable considerationJudgement in assessing the nature of combined performance obligations within contractsShare-based Judgement in selecting assumptions Note 4.6 Moderatecompensationrequired for valuation of warrant grantsEstimation in developing forfeiture rate RSUs/warrants and probability of achievement for PSUsCurrent and deferred Judgement and estimation regarding Note 2.4 Moderateincome taxesvaluation of deferred income taxesFair value and impairment Estimation of the fair value of other Notes 3.1 Highassessment of other intangible assets and assessment of and 5.5intangible assets and impairment of other intangible assetsgoodwillEstimation regarding the valuation of goodwill and assessment of impairment of goodwill1.4 Revision of Prior Period Financial StatementsTo facilitate comparison of information across periods, certain reclassifications and revisions have been made to prior period financial income and expense amounts to conform to the current period\u2019s appropriate presentation. Refer to Note 4.5 for additional information relating to financial income and expenses of the Group and Note 14 in the parent financial statements relating to financial income and expenses of the Parent.",
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"s8__7__97": {
"value": "1.1 Nature of the Business and Material Accounting PoliciesGenmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commer-cialized by third parties, two approved products that are jointly commercialized with a collabo-ration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025. Except as outlined in Note 1.2, the consolidated financial statements have been prepared using the same accounting policies as 2023.Please refer to the overview below to see in which note/section the detailed accounting policy is included.MaterialityGenmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggre-gated with other items of similar nature in the consolidated financial statements or in the notes.Genmab provides these specific required disclo-sures unless the information is considered immaterial to the economic decision-making of the readers of the consolidated financial state-ments or not applicable.Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiaries:Ownership Ownership and votes and votes Name Domicile20242023Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%ProfoundBio, Inc. Delaware, USA 100% N/A*ProfoundBio, US Co Delaware, USA 100% N/A*Profound Limited Hong Kong, China 100% N/A*ProfoundBio co., Ltd. Suzhou, China 100% N/A*ProfoundBio Shanghai Branch, Co., Ltd. Shanghai, China 100% N/A*Beijing Puyifang Biotechnology Co., Ltd. Beijing, China 100% N/A**These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.Items included in the financial statements of Genmab\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe consolidated financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Classification of Costs and Operating Expenses in the Income StatementCost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in Cost of Product Sales are royalty payments on commercialized products. Aside from these items, there are no other costs included within cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.Acquisition and Integration Related ChargesAcquisition and integration related charges for the acquisition of ProfoundBio which occurred during the second quarter of 2024.Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the acquisition of ProfoundBio.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabili-ties, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the consolidated financial statements.Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Collaborations, License Agreements and Collaborative AgreementsCollaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.",
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"s8__7__94": {
"value": "1.1 Nature of the Business and Material Accounting PoliciesGenmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and devel-opment of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commer-cialized by third parties, two approved products that are jointly commercialized with a collabo-ration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025. Except as outlined in Note 1.2, the consolidated financial statements have been prepared using the same accounting policies as 2023.Please refer to the overview below to see in which note/section the detailed accounting policy is included.MaterialityGenmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of trans-actions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggre-gated with other items of similar nature in the consolidated financial statements or in the notes.Genmab provides these specific required disclo-sures unless the information is considered immaterial to the economic decision-making of the readers of the consolidated financial state-ments or not applicable.Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiaries:Ownership Ownership and votes and votes Name Domicile20242023Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%ProfoundBio, Inc. Delaware, USA 100% N/A*ProfoundBio, US Co Delaware, USA 100% N/A*Profound Limited Hong Kong, China 100% N/A*ProfoundBio co., Ltd. Suzhou, China 100% N/A*ProfoundBio Shanghai Branch, Co., Ltd. Shanghai, China 100% N/A*Beijing Puyifang Biotechnology Co., Ltd. Beijing, China 100% N/A**These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.Items included in the financial statements of Genmab\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.Functional and Presentation CurrencyThe consolidated financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Classification of Costs and Operating Expenses in the Income StatementCost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in Cost of Product Sales are royalty payments on commercialized products. Aside from these items, there are no other costs included within cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.Acquisition and Integration Related ChargesAcquisition and integration related charges for the acquisition of ProfoundBio which occurred during the second quarter of 2024.Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the acquisition of ProfoundBio.Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabili-ties, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the consolidated financial statements.Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.Collaborations, License Agreements and Collaborative AgreementsCollaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s)with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for full time equivalents (\u201cFTEs\u201d) at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include devel-opment, regulatory and commercial milestone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the Consolidated Statements of Comprehensive Income. As of December 31, 2024, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Refer to Note 1.3 for management\u2019s judgements and estimates related to revenue recognition.Accounting PoliciesGeographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-use assets, and receivables.Accounting PoliciesStaff CostsWages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associ-ated work.Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are accrued, and outstanding contri-butions are included in other payables.Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.Deferred tax liabilities are recognized for taxable temporary differences that arise when the carrying amount of an asset exceeds its tax basis or the carrying amount of a liability is less than its tax base.Accounting PoliciesBasic Net Profit per ShareBasic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.Diluted Net Profit per ShareDiluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to research and development expenses in the Consolidated Statements of Comprehensive Income in the period in which they are incurred. Development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Genmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amor-tization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.For acquired research and development projects, and intellectual property rights, including acquisition in a business combination, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.GoodwillGoodwill 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. Goodwill is allocated to each of the group\u2019s CGU (or groups of CGUs) expected to benefit from the synergies of the combination. Genmab consists of one single CGU which represents its single operating segment.Recognition and MeasurementIntangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortization and any impairment loss. Goodwill is not amortized but is subject to impairment testing.For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalized as the historical cost. Subsequent milestone payments payable on achievement of a contingent event willbe capitalized when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognized at fair value at the acquisition date.AmortizationIntangible assets with definite useful lives are amortized based on the straight-line method over their estimated useful lives. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights, including IPR&D, commences after regulatory approval has been obtained or when assets are put in use.ImpairmentGoodwill and intangible assets not yet available for use (IPR&D) are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired.If circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of Goodwill, IPR&D or definite-lived intangible assets may not be recoverable, management performs an impairment test of the asset for impairment.Amortization, impairment losses, and gains or losses on the disposal of other intangible assets related to licenses and rights are recognized in Consolidated Statements of Comprehensive Income as research and development expenses.Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture, and fixtures, which are measured at cost less accumulated depreciation and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture, and fixtures 3\u20135 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management performs an impairment test of the asset.The basis for the performance of an impairment test is the recoverable amount of the asset, deter-mined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified.Accounting PoliciesAll leases are recognized in the Consolidated Balance Sheets as a right-of-use (ROU) asset with a corresponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classified in financial items.Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the Consolidated Statements of Comprehensive Income.Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the Consolidated Statements of Comprehensive Income within financial income or expense.Other investments primarily consist of investments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s 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 based on significant unobservable inputs.Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manu-facture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impairment is identified. Write downs of inventory are included within Cost of product sales in the Consolidated Statements of Comprehensive Income.Included in inventories are materials with the intended purpose of being made available for sale. If the materials are later used in the production of clinical products, the materials are charged to research and development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used in Genmab\u2019s research and development process (e.g., early research/clinical trials) are immedi-ately expensed to research and development based on the relevant shipping terms (FOB desti-nation/shipping point).Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is written down to its net realizable value (that is the probable amount expected to be realized from its sale or use at the time of production). The amount of this write down is recognized in the Consolidated Statements of Comprehensive Income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, inventory costs begin to be capitalized. Additionally, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as a reduction to research and development expenses in the Consolidated Statements of Comprehensive Income.Accounting PoliciesInitially, trade receivables are designated as financial assets measured at transaction price and other receivables are measured at fair value. Subsequently receivables are measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.Accounting PoliciesOther payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assess-ments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.Accounts PayableAccounts payable are measured in the Consolidated Balance Sheets at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the Consolidated Balance Sheets at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.Accounting PoliciesClassification Of Categories Of Financial Assets And LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value(either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the mostadvantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measuredusing the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Accounting PoliciesMarketable securities are debt instruments that consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of marketable securi-ties depends on the business model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other financial income or expenses, together with foreign exchange gains and losses. Impairment losses, when material, are presented as a separate line item in the Consolidated Statements of Comprehensive Income.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in the Consolidated Statements of Comprehensive Income and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recognized in the Consolidated Statements of Comprehensive Income based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants are assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance- based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance- based RSU programs are designated as equity-settled share-based payment transactions.The fair value of each RSU and performance- based RSU granted during the year are calculated using the closing share price on the grant date. Below is a description on how the fair value of warrants is measured and the estimates involved.Accounting PoliciesBusiness CombinationsThe 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 relation-ship is not part of the exchange for the acquiree and is therefore not included in the consider-ation for the purpose of applying the acquisition method. Settlements of pre-existing relationshipsare accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contin-gent liabilities assumed are measured at fair value on the date of acquisition by applying relevant valuation methods. Goodwill is recog-nized as the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed. Acquisition-related charges are expensed as incurred and included within Acquisition and integration related charges in the Consolidated Statements of Comprehensive Income.",
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"s8__7__98": {
"value": "The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025. Except as outlined in Note 1.2, the consolidated financial statements have been prepared using the same accounting policies as 2023.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__99": {
"value": "The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025.",
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
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},
"s8__7__102": {
"value": "Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiaries:Ownership Ownership and votes and votes Name Domicile20242023Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%ProfoundBio, Inc. Delaware, USA 100% N/A*ProfoundBio, US Co Delaware, USA 100% N/A*Profound Limited Hong Kong, China 100% N/A*ProfoundBio co., Ltd. Suzhou, China 100% N/A*ProfoundBio Shanghai Branch, Co., Ltd. Shanghai, China 100% N/A*Beijing Puyifang Biotechnology Co., Ltd. Beijing, China 100% N/A**These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.Items included in the financial statements of Genmab\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__101": {
"value": "Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiaries:Ownership Ownership and votes and votes Name Domicile20242023Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%ProfoundBio, Inc. Delaware, USA 100% N/A*ProfoundBio, US Co Delaware, USA 100% N/A*Profound Limited Hong Kong, China 100% N/A*ProfoundBio co., Ltd. Suzhou, China 100% N/A*ProfoundBio Shanghai Branch, Co., Ltd. Shanghai, China 100% N/A*Beijing Puyifang Biotechnology Co., Ltd. Beijing, China 100% N/A**These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.Items included in the financial statements of Genmab\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__100": {
"value": "Consolidated Financial StatementsThe consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds invest-ments either directly or indirectly in the following subsidiaries:Ownership Ownership and votes and votes Name Domicile20242023Genmab B.V. Utrecht, the Netherlands 100% 100%Genmab Holding B.V. Utrecht, the Netherlands 100% 100%Genmab US, Inc. New Jersey, USA 100% 100%Genmab K.K. Tokyo, Japan 100% 100%ProfoundBio, Inc. Delaware, USA 100% N/A*ProfoundBio, US Co Delaware, USA 100% N/A*Profound Limited Hong Kong, China 100% N/A*ProfoundBio co., Ltd. Suzhou, China 100% N/A*ProfoundBio Shanghai Branch, Co., Ltd. Shanghai, China 100% N/A*Beijing Puyifang Biotechnology Co., Ltd. Beijing, China 100% N/A**These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsid-iaries \u2014 prepared under Genmab\u2019s accounting policies \u2014 by combining similar accounting items on a line-by-line basis. On consolidation, inter-company income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consoli-dated companies are eliminated.The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is transferred to the Group.Items included in the financial statements of Genmab\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for subsidiaries with a different functional currency than Genmab\u2019s presentation currency are translated into Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are trans-lated at the exchange rate in effect at the balance sheet date.Exchange rate differences arising from the trans-lation of foreign subsidiaries shareholders\u2019 equity at the beginning of the year and exchange rate differences arising as a result of foreign subsid-iaries\u2019 income statements being translated at average exchange rates are recorded in transla-tion reserves in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__103": {
"value": "Functional and Presentation CurrencyThe consolidated financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__104": {
"value": "Foreign CurrencyTransactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__105-1": {
"value": "Classification of Costs and Operating Expenses in the Income StatementCost of Product SalesCost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in Cost of Product Sales are royalty payments on commercialized products. Aside from these items, there are no other costs included within cost of product sales.Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration Agreement with AbbVie.Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.Acquisition and Integration Related ChargesAcquisition and integration related charges for the acquisition of ProfoundBio which occurred during the second quarter of 2024.Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the acquisition of ProfoundBio.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__108": {
"value": "Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__106-1": {
"value": "Research and Development ExpensesResearch and development expenses primarily include salaries, benefits and other employee- related costs of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contrac-tors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group\u2019s research and development activities.Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development expenses.Collaborations, License Agreements and Collaborative AgreementsCollaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Research and Development ProjectsInternal and subcontracted research costs are charged in full to research and development expenses in the Consolidated Statements of Comprehensive Income in the period in which they are incurred. Development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Genmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amor-tization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.For acquired research and development projects, and intellectual property rights, including acquisition in a business combination, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__110": {
"value": "Selling, General and Administrative ExpensesSelling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance depart-ments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__112": {
"value": "Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__111": {
"value": "Government GrantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__114": {
"value": "Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabili-ties, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__113": {
"value": "Statements of Cash FlowsThe cash flow statement is presented using the indirect method with basis in the net profit before tax.Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabili-ties, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intan-gible assets and property and equipment.Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.The statements of cash flows cannot be derived solely from the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__115": {
"value": "Treasury SharesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__116-1": {
"value": "Collaborations, License Agreements and Collaborative AgreementsCollaborations and License AgreementsGenmab continues to pursue the establishment of research collaborations and licensing agree-ments. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.Refer to Note 2.1 for additional information related to revenue from these parties.Collaborative AgreementsGenmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reim-bursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab\u2019s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.Refer to Note 2.1 for additional information related to revenue from our joint collabora-tive agreements.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Revenue by collaboration partner:Janssen 14,422 11,949 10,530AbbVie 394 732 1,174Roche 741 704 796Novartis 2,822 1,511 815BioNTech 869 784 7081Pfizer533 373 413Other 2 \u2013 692Total19,783 16,053 14,505Royalties by product:DARZALEX 13,922 11,265 9,966Kesimpta 2,222 1,494 779TEPEZZA 737 704 7963Other471 242 41Total 17,352 13,705 11,5821. Pzifer acquired Seagen in December 20232. Excludes Genmab\u2019s Net product sales3. Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY5.6 Collaborations and LicensesCollaborationsGenmab enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercial-ization of Genmab\u2019s product candidates and to supplement its internal pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.J&J (Daratumumab/DARZALEX)In 2012, Genmab entered into a global license, development and commercialization agreement with J&J for daratumumab (marketed for the treatment of certain multiple myeloma indica-tions as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, J&J is fully responsible for devel-oping and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on J&J\u2019s annual net product sales with J&J reducing such royalty payments for Genmab\u2019s share of J&J\u2019s royalty payments made to Halozyme. In addition, the royalties payable by J&J are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including for lack of Genmab patent coverage or upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country (for as long as the biosim-ilar product remains for sale in that country). Pursuant to the terms of the agreement, J&J\u2019s obligation to pay royalties to us will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of daratumumab in such country or upon the expiration or invalidation of the last-to-expire relevant Genmab patent covering daratumumab in such country. The first U.S., European and Japanese sales of daratumumab occurred in 2015, 2016 and 2017, respectively. We have issued patents and pending patent applications covering daratumumab in numerous jurisdictions,including patents issued in the U.S., Europe and Japan. J&J owns a separate patent portfolio related to the subcutaneous formulation of dara-tumumab used in DARZALEX FASPRO/DARZALEX SC, but a binding arbitration determined that we are not entitled to royalties based on these separate patents.Our issued U.S., European and Japanese patents covering daratumumab, after giving effect to issued U.S., European and Japanese patent term extensions and supplementary protection certificates, expire in 2029, 2031 and begin to expire in 2030, respectively. Assuming constant underlying sales of DARZALEX, we expect that our royalties from sales of DARZALEX will begin todecline materially in 2029 following expiration of our U.S. patent rights on daratumumab. Genmab is also eligible to receive certain additional payments in connection with development, regu-latory and sales milestones.In September 2020, Genmab commenced arbi-tration against J&J with respect to two different provisions of our license agreement for dara-tumumab, both relating to royalties payable to Genmab on net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and as DARZALEX SC in Europe for SC administration). In April 2022, the arbitral tribunal issued an award in that arbi-tration denying both of Genmab\u2019s claims. Genmabdid not seek review of the award.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 daratu-mumab 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\u2019s 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\u2019s claims regarding the second arbi-tration, 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\u2019s claims in the second arbitration is now final.Novartis (Ofatumumab/Kesimpta)Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatu-mumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatu-mumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment on net sales for non-cancer treatments. Genmab pays a royalty to Medarex based on Kesimpta net sales. Novartis\u2019s obli-gation to pay royalties to Genmab under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product in a given country. The royalties are on a country-by-country basis subject to reduction in case of significant competition by competing products (as defined in the agreement) or a joint committee determination that a license of intellectual property owned by a third-party is necessary for commercialization.Roche (Teprotumumab/TEPEZZA)In May 2001, Genmab entered a research collaboration with Roche to develop human anti-bodies to disease targets identified by Roche. In 2002, this alliance was expanded. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products.Teprotumumab was initially developed in collaboration between Genmab and Roche, and later investigated under license from Roche by River Vision Development Corporation subsequently and Horizon Therapeutics for ophthalmic use. The product was approved under the brand name TEPEZZA in 2020 by the U.S. FDA for the treatment of TED and in 2024 by Japan\u2019s MHLW for the treatment of active or high clinical activity score (CAS) TED. In October 2023, Amgen completed its acquisition of Horizon Therapeutics, including all rights to the development and commercialization of teprotumumab. Under the terms of Genmab\u2019s agreement with Roche, Genmab receives a mid-single digit royalty on net sales of TEPEZZA, on a country-by-country basis, for 10 years following the first commercial sale in such country.Pfizer (Tisotumab vedotin/Tivdak)In September 2010, Genmab and Pfizer entered into an ADC collaboration, and a commer-cial license and collaboration agreement was executed in October 2011. In October 2020, Genmab and Pfizer entered into a Joint Commercialization Agreement where Genmab would co-promote tisotumab vedotin, marketed as Tivdak, in the U.S., and lead commercial operational activities and record sales in Japan, while Pfizer would lead operational commercial activities in the U.S., Europe and China with a 50:50 profit split in those markets. In all other markets, if any, Pfizer would be responsible for commercializing tisotumab vedotin and Genmab would receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. Effective January 1, 2025, Genmab and Pfizer agreed to amend the License and Collaboration Agreement and the Joint Commercialization Agreement for Tivdak, assigning Genmab sole responsibility for the development and commercialization of Tivdak for second line plus recurrent or metastatic cervical cancer in Europe and all other regions globally, excluding the United States and the China region. With this amendment, Genmab will continue to co-promote Tivdak with Pfizer in the U.S. and will record sales for Europe, Japan and rest of world markets (excluding the United States and China regions), once commercialized, and will provide royalties to Pfizer on net sales in the low teens. Pfizer will continue to lead commercial-ization activities in China, when approved. The companies will continue the practice of joint deci-sion-making on the worldwide development and commercialization strategy for tisotumab vedotin.AbbVie (Epcoritamab/EPKINLY/TEPKINLY)On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize products including epcoritamab, and subsequently into a discovery research collaboration for up to four future differentiated antibody therapeutics for cancer. The companies will share commercial responsibilities for epcoritamab in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab is the principal for net sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining net sales outside of these territories, subject to certain royalty reductions. For any product candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co- commercialize these products, along with AbbVie, outside of the U.S. and Japan.Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs originally included in the agreement.As a result of two programs being stopped, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs including anaggregate of up to USD 550 million in payments related to clinical development and commer-cial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next- generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exerciseand success-based milestones.In May 2023, epcoritamab received initial approval from the U.S. FDA and is marketed undethe tradename EPKINLY. In September 2023, epcoritamab received initial approval from the EC and the Japan MHLW and is marketed under the tradenames TEPKINLY and EPKINLY, respec-tively. Genmab is entitled to tiered royalties between 22% and 26% on net sales for epcor-itamab outside the U.S. and Japan. Except for these royalty- bearing sales, Genmab will share with AbbVie profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs of the discovery research programs up to opt-in.The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:\u2022 Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)\u2022 Co-development activities for the product concepts: USD 78 million (DKK 513 million)For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, devel-opment timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized.The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development and commercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaboration partner, and as such this part of the collaboration is not in scope of IFRS 15.Refer to Note 3.7 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.BioNTechIn May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab\u2019s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodu-latory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on prede-termined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, devel-opment and commercialization of monospecific antibody candidates using Genmab\u2019s HexaBody technology platform.Genmab and BioNTech have three investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), HexaBody-OX40 (GEN1055/BNT315) and DuoBody-EpCAMx4-1BB (GEN1059/BNT314). In August 2024, BioNTech opted not to participate in the further development of the acasunlimab (GEN1046) program under the parties\u2019 existing License and Collaboration Agreement for reasons related to BioNTech\u2019s portfolio strategy. Genmab assumed sole responsibility for the continued development and potential commercialization of acasunlimab and the program will be subject to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to BioNTech.J&J (DuoBody)In July 2012, and as amended in December 2013, Genmab entered into a collaboration with J&J to create and develop bispecific antibodies using our DuoBody technology platform.As of December 31, 2024, three DuoBody-based products created under this collaboration were in active clinical development and had been approved by regulatory authorities: RYBREVANT, TECVAYLI and TALVEY. Under our agreement with J&J, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT, a mid-single digit royalty on net sales of TECVAYLI, and a mid-single digit royalty on net sales of TALVEY, all of which are subject to a reduction of such royalty payment in countries and territories where there are no relevant patents (as defined in the agreement), among other reductions. Pursuant to the terms of the DuoBody agreement, J&J\u2019s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to- expire relevant patent (as defined in the agreement) covering the licensed product in such country. Genmab pays a royalty to Medarex based on RYBREVANT net sales.",
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"value": "1.2 New Accounting Policies and DisclosuresNew Accounting Policies and Disclosures for 2024Genmab has, with effect from January 1, 2024, implemented the following standards and amendments:\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, Classification of Liabilities as Current or Non-current \u2014 Deferral of Effective Date, and Non-current Liabilities with Covenants, and\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance ArrangementsThe implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods.New Accounting Policies and Disclosures Effective in 2025 or LaterFurthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) issued by the IASB, management does not anticipate any significant impact on the Consolidated Financial Statements in the period of initial application from the adoption of these new standards and amend-ments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the financial statements, requiring items of income and expense to be classified into five categories: operating, investing, finance, income taxes and discon-tinued operations along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and income taxes. IFRS 18 will not impact the recognition or measurement of items in the financial statements.",
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"value": "New Accounting Policies and Disclosures Effective in 2025 or LaterFurthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) issued by the IASB, management does not anticipate any significant impact on the Consolidated Financial Statements in the period of initial application from the adoption of these new standards and amend-ments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the financial statements, requiring items of income and expense to be classified into five categories: operating, investing, finance, income taxes and discon-tinued operations along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and income taxes. IFRS 18 will not impact the recognition or measurement of items in the financial statements.",
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"value": "1.3 Management\u2019s Judgements and Estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management\u2019s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the applica-tion of accounting policies, as well as reported amounts within the consolidated financial state-ments and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on informa-tion available at the time.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consol-idated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consoli-dated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.Key accounting estimates and Note Accounting policyjudgementsreference RiskRevenue recognition Judgement in assessing whether a Note 2.1 Highcollaboration partner is a customerEstimation of partner net sales amounts in the calculation of royaltiesEstimation of variable considerationJudgement in assessing the nature of combined performance obligations within contractsShare-based Judgement in selecting assumptions Note 4.6 Moderatecompensationrequired for valuation of warrant grantsEstimation in developing forfeiture rate RSUs/warrants and probability of achievement for PSUsCurrent and deferred Judgement and estimation regarding Note 2.4 Moderateincome taxesvaluation of deferred income taxesFair value and impairment Estimation of the fair value of other Notes 3.1 Highassessment of other intangible assets and assessment of and 5.5intangible assets and impairment of other intangible assetsgoodwillEstimation regarding the valuation of goodwill and assessment of impairment of goodwillManagement\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within the foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.Realization of deferred tax assets is dependent upon a number of factors, including estimated future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including overall commercial growth , specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. As such, changes in estimates of future taxable income could impact Genmab\u2019s future taxable income in a positive or negative manner. As a result of the ProfoundBio integration activities, Genmab, based on current business plans and estimates of future taxable income, recognized a significant portion of previously unrecognized deferred tax assets during 2024.Management\u2019s Judgments and EstimatesImpairment Assessment of Goodwill and Other Intangible AssetsCGUs 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. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which goodwill is allocated and monitored by Management. Goodwill impairment tests are based on management\u2019s estimate of recoverable amount determined as the greater of the fair value less cost to sell, or its value in use. Value in use is calculated based on a multiple applied on steady earnings from oper-ations before tax generated from the CGU. If the carrying amount of goodwill exceeds the recov-erable amount, any impairment is measured as the difference between the recoverable amount and the carrying amount. Any impairment is first allocated to reduce the carrying amount of goodwill and any exceeding amount is allocated pro-rata to Genmab\u2019s other assets in the CGU in the scope of IAS 36 but not less than their recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified. Impairments of goodwill are prohibited from future reversals. As permitted under IAS 36 (Impairment of Assets), use of a short-cut quantitative impair-ment test may be relied on if conservative assumptions are utilized which would result in an underestimation of the recoverable amount. By applying a multiple of four on the previous twelve consecutive months operating profit before tax the estimated recoverable amount is higher than the carrying amount of the CGU. It is management\u2019s assessment that a multiple of four is a conservative assumption compared to market observations. The operating profit before tax for the previous twelve consecutive months is based on recurring earnings and is considered a conser-vative measure of earnings for the next four years compared to the budget and forecast prepared by the Group. Thus, management has concluded that there is no impairment on goodwill. As Genmab has a single CGU with a quoted market price of the entire Group (level 1 observable input), a high-level comparison between Genmab\u2019s market capitalization and the recoverable amount was also performed to reaffirm the reasonableness of the short-cut approach to estimate recover-able amount. The carrying amount of the single CGU includes Genmab\u2019s net assets, less cash and marketable securities as returns on such balances are not included in operating profit before tax and therefore are not included in the recoverable amount either.The basis for the review of IPR&D impairment is also the recoverable amount. 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 Consolidated Statements of Comprehensive Income when the impairment is identified. Impairments on intan-gible assets are reviewed at each reporting date for possible reversal.Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realized sales trending below predicted sales\u2022 Inconsistent or unfavorable clinical readouts\u2022 Changes in the legal framework covering patents, rights, and licenses\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand namesManagement\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022 The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;\u2022 The risk-free interest rate, which is determined as the interest rate on Danish government bonds (bullet issues) with an average maturity of five years;\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Valuation Assumptions for Warrants Granted in 2024, 2023 and 2022The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:2024 2023 2022Weighted averageFair value per warrant on grant date 639.67 924.10 664.08Share price 1,974.71 2,632.02 2,244.22Exercise price 1,974.71 2,632.02 2,244.22Expected dividend yield 0% 0% 0%Expected stock price volatility 32.3% 35.3% 33.5%Risk-free interest rate 2.26% 2.48% 0.15%Expected life of warrants 5 years 5 years 5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants granted DKK 237 million DKK 193 million DKK 172 millionManagement\u2019s Judgements and Estimates \u2014 Other Intangible Assets and GoodwillFair Value and Impairment Assessment of Other Intangible Assets and GoodwillThe 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 observ-able market prices are typically not available. Thisis particularly relevant for intangible assets whichrequire use of valuation techniques typically based on estimates of present value of future uncertain cash flows. The significant assump-tions 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 regulatory success, revenue growth rates, operating margins, and royalty rates).",
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"value": "1.4 Revision of Prior Period Financial StatementsTo facilitate comparison of information across periods, certain reclassifications and revisions have been made to prior period financial income and expense amounts to conform to the current period\u2019s appropriate presentation. Refer to Note 4.5 for additional information relating to financial income and expenses of the Group and Note 14 in the parent financial statements relating to financial income and expenses of the Parent.",
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"value": "2.1 Revenue(DKK million) 2024 2023 2022Revenue by type:Royalties 17,352 13,705 11,582Reimbursement revenue 996 864 818Milestone revenue 1,000 1,177 1,767Collaboration revenue 433 307 332Net product sales 1,743 421 \u2013License revenue 2 \u2013 6Total 21,526 16,474 14,505Revenue by collaboration partner:Janssen 14,422 11,949 10,530AbbVie 394 732 1,174Roche 741 704 796Novartis 2,822 1,511 815BioNTech 869 784 7081Pfizer533 373 413Other 2 \u2013 692Total19,783 16,053 14,505Royalties by product:DARZALEX 13,922 11,265 9,966Kesimpta 2,222 1,494 779TEPEZZA 737 704 7963Other471 242 41Total 17,352 13,705 11,5821. Pzifer acquired Seagen in December 20232. Excludes Genmab\u2019s Net product sales3. Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s)with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for full time equivalents (\u201cFTEs\u201d) at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include devel-opment, regulatory and commercial milestone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the Consolidated Statements of Comprehensive Income. As of December 31, 2024, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Refer to Note 1.3 for management\u2019s judgements and estimates related to revenue recognition.Non-current Non-current Non-current Revenueassets Revenueassets Revenueassets(DKK million) 2024 2023 2022Denmark 19,783 12,710 16,053 496 14,505 211Netherlands \u2013 767 \u2013 874 \u2013 793United States 902 3,196 380 378 \u2013 442Japan 841 100 41 56 \u2013 70China \u2013 48 \u2013 \u2013 \u2013 \u2013Total 21,526 16,821 16,474 1,804 14,505 1,516Out of total non-current assets of DKK 16,821 million, DKK 12,340 million relates to intangible assets in Denmark and DKK 2,535 million relates to goodwill in the United States acquired as a part of the acquisition of ProfoundBio.",
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"value": "Accounting PoliciesGenmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s)with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obli-gation when (or as) the performance obligation is satisfied.Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for full time equivalents (\u201cFTEs\u201d) at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include devel-opment, regulatory and commercial milestone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is trans-ferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non- refundable, upfront fees. Under all of Genmab\u2019s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other perfor-mance obligations identified in the agreement.Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collab-oration partners. When Genmab\u2019s collaboration partner is determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of commercial products is included in collaboration revenue.Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reason-able and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the Consolidated Statements of Comprehensive Income. As of December 31, 2024, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations, License Agreements and Collaborative Agreements.Refer to Note 1.3 for management\u2019s judgements and estimates related to revenue recognition.",
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"value": "2.2 Information about Geographical AreasGenmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geograph-ical markets and no segment information is currently prepared for internal reporting.Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as Genmab\u2019s business activities are not organized on the basis of differences in related product and geographical areas.Non-current Non-current Non-current Revenueassets Revenueassets Revenueassets(DKK million) 2024 2023 2022Denmark 19,783 12,710 16,053 496 14,505 211Netherlands \u2013 767 \u2013 874 \u2013 793United States 902 3,196 380 378 \u2013 442Japan 841 100 41 56 \u2013 70China \u2013 48 \u2013 \u2013 \u2013 \u2013Total 21,526 16,821 16,474 1,804 14,505 1,516Out of total non-current assets of DKK 16,821 million, DKK 12,340 million relates to intangible assets in Denmark and DKK 2,535 million relates to goodwill in the United States acquired as a part of the acquisition of ProfoundBio. Accounting PoliciesGeographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-use assets, and receivables.",
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"value": "Accounting PoliciesGeographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-use assets, and receivables.",
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"value": "2.3 Staff Costs(DKK million) 2024 2023 2022Wages and salaries 3,168 2,631 1,913Share-based compensation 721 586 439Defined contribution plans 205 170 112Other social security costs 399 335 263Government grants related to research and development expenses (149) (174) (144)Total 4,344 3,548 2,583Staff costs are included in the Consolidated Statements of Comprehensive Income as follows:Cost of product sales 11 3 \u2013Research and development expenses 2,520 2,004 1,518Selling, general and administrative expenses 1,813 1,541 1,065Total 4,344 3,548 2,583Average number of FTE 2,535 2,011 1,460Number of FTE at year-end 2,682 2,204 1,660Refer to Note 4.6 for additional informa-tion regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board and Executive Management. Accounting PoliciesStaff CostsWages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associ-ated work.Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are accrued, and outstanding contri-butions are included in other payables.Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.5.1 Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board and Executive Management is as follows:(DKK million) 2024 2023 2022Wages and salaries 101 71 55Share-based compensation expenses 157 100 70Defined contribution plans 4 3 2Total 262 174 127 The remuneration packages for the Board and Executive Management are described in further detail in Genmab\u2019s 2024 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board performs an annual review of the remuneration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the Consolidated Statements of Comprehensive Income and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compen-sation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase Board Fee Committee Fees Share-Based Compensation Expenses Total(DKK million) 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.6 1.1 0.9 3.3 2.8 2.6Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 1.3 0.8 0.7 2.6 2.1 2.0Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.5 0.4 1.0 0.6 0.5 2.1 1.7 1.5Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 1.0 0.6 0.5 1.9 1.5 1.4Rolf Hoffmann 0.6 0.6 0.6 0.4 0.3 0.3 1.0 0.6 0.5 2.0 1.5 1.41Elizabeth O\u2019Farrell0.6 0.6 0.5 0.4 0.3 0.2 1.6 1.0 0.6 2.6 1.9 1.32Mijke Zachariasse0.6 0.6 0.6 \u2013 \u2013 \u2013 1.0 0.5 0.4 1.6 1.1 1.02Martin Schultz0.6 0.6 0.5 \u2013 \u2013 \u2013 0.8 0.2 \u2013 1.4 0.8 0.52Takahiro Hamatani0.6 0.6 0.5 \u2013 \u2013 \u2013 0.8 0.2 \u2013 1.4 0.8 0.53Peter Storm Kristensen\u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.23Rima Bawarshi Nassar\u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.2Total 6.3 6.3 6.2 2.5 2.3 2.1 10.1 5.6 4.3 18.9 14.2 12.61. Elizabeth O\u2019Farrell was newly elected to the Board at the Annual General Meeting in March 2022.2. Employee elected board members were elected at the Annual General Meeting in March 2022.3. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board as employee elected board members at the Annual General Meeting in March 2022.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board.Remuneration to the Executive ManagementShare-Based Base Salary Defined Contribution Plans Other Benefits Annual Cash BonusCompensation Expenses Total(DKK million) 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Jan van de Winkel 9.7 9.2 8.6 1.7 1.3 1.3 0.2 0.3 0.3 8.8 9.2 8.6 34.4 24.3 22.9 54.8 44.3 41.7Anthony Pagano 4.7 4.4 4.3 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.7 2.6 2.6 16.5 12.5 9.5 24.0 19.6 16.53Anthony Mancini3.0 4.9 4.7 0.1 0.1 0.1 16.5 \u2013 \u2013 3.0 2.9 2.8 28.9 13.9 11.4 51.5 21.8 19.0Judith Klimovsky 5.3 5.0 4.9 0.1 0.1 0.1 0.1 \u2013 \u2013 3.0 3.0 2.9 19.4 13.6 14.1 27.9 21.7 22.0Tahamtan Ahmadi 5.0 4.7 4.6 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.8 2.9 2.8 17.9 12.1 7.7 25.8 19.8 15.21Birgitte Stephensen2.9 2.6 \u2013 0.3 0.3 \u2013 \u2013 \u2013 \u2013 1.7 1.5 \u2013 8.3 5.7 \u2013 13.2 10.1 \u20131Christopher Cozic3.4 3.3 \u2013 0.1 0.1 \u2013 \u2013 \u2013 \u2013 2.0 2.0 \u2013 11.1 7.8 \u2013 16.6 13.2 \u20132Martine van Vugt2.9 2.5 \u2013 0.7 0.6 \u2013 0.1 0.1 \u2013 1.6 1.6 \u2013 5.7 4.1 \u2013 11.0 8.9 \u20134Brad Bailey3.9 \u2013 \u2013 0.1 \u2013 \u2013 0.6 \u2013 \u2013 2.4 \u2013 \u2013 4.1 \u2013 \u2013 11.1 \u2013 \u20134Rayne Waller1.7 \u2013 \u2013 0.1 \u2013 \u2013 3.8 \u2013 \u2013 0.9 \u2013 \u2013 0.8 \u2013 \u2013 7.3 \u2013 \u2013Total 42.5 36.6 27.1 3.4 2.7 1.7 21.3 0.4 0.3 28.9 25.7 19.7 147.1 94.0 65.6 243.2 159.4 114.41. Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.2. Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.3. Anthony Mancini stepped down as Executive Vice President and Chief Operating Officer in September 2024.4. Brad Bailey and Rayne Waller were appointed Executive Vice President and Chief Commercial Officer, and Executive Vice President and Chief Technical Operations Officer, respectively, and members of the Executive Management in August 2024.Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, are formally registered as executive managers with the Danish Business Authority.Refer to the section \u201cExecutive Management\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. The total value of remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 120 million as of December 31, 2024 (2023: DKK 103 million, 2022: DKK 82 million).",
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"s8__7__128": {
"value": "Average number of FTE 2,535 2,011 1,460Number of FTE at year-end 2,682 2,204 1,660",
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"value": "Accounting PoliciesStaff CostsWages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associ-ated work.Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are accrued, and outstanding contri-butions are included in other payables.Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.",
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"s8__7__131": {
"value": "2.4 Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million) 2024 2023 2022Current tax on profit 1,799 1,301 1,478Adjustment to deferred tax 99 (59) 107Net Increase (decrease) of unrecognized deferred tax assets for the year (578) 43 (92)Total tax for the period in the income statement 1,320 1,285 1,493(DKK million)2024 2023 2022Net profit before tax 9,164 5,637 6,945Tax at the Danish corporation tax rate of 22% for all periods 2,016 1,240 1,528Tax effect of:Net Increase (decrease) of unrecognized deferred tax assets for the year (579) 43 (92)Net of non-taxable income over non-deductible expenses 92 7 73Other current and deferred tax adjustments (209) (5) (16)Total tax effect (696) 45 (35)Total tax for the period in the income statement 1,320 1,285 1,493Total tax for the period in shareholders\u2019 equity 49 57 (22)Effective Tax Rate 14.4% 22.8% 21.5%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,320 million in 2024, DKK 1,285 million in 2023 and DKK 1,493 million in 2022. Tax benefits of DKK 49 million in 2024, DKK 57 million in 2023 and tax expenses of DKK 22 million in 2022, related to excess tax benefits for share-based compensation were recorded directly in share-holders\u2019 equity.As a result of the ProfoundBio integration activ-ities, Genmab utilized approximately DKK 2.2 billion of previously unrecognized tax losses during 2024.Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global minimum top-up tax, which became effective on January 1, 2024. Under this legisla-tion, the Company is liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate per jurisdiction and the minimum rate of 15 percent. The rules have no impact on the tax position of Genmab in 2024.Taxation \u2014 Balance SheetSignificant components of the deferred tax (liabilities) assets are as follows:(DKK million) 2024 2023Share-based instruments 270 41Deferred revenue 120 113Intangible assets (2,478) \u2013Other temporary differences 637 58Total at December 31 (1,451) 212Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized. The difference between the deferred tax liability as of December 31, 2024 and the deferred tax liability acquired as part of the acquisition of ProfoundBio relates to the reestablishment of the deferred tax liability as a result of the transfer of intangible assets from ProfoundBio US to Genmab A/S during the fourth quarter of 2024.As of December 31, 2024, Genmab had estimated gross unrecognized tax loss carryforwards in the Netherlands of DKK 0.7 billion to reduce future taxable income. As of December 31, 2023, Genmab had estimated gross unrecognized tax loss carryforwards in the U.S. and in the Netherlands of DKK 2.1 billion and DKK 0.5 billion, respectively. The tax losses in the Netherlands available as of December 31, 2024, can be carried forward indefinitely. Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.Deferred tax liabilities are recognized for taxable temporary differences that arise when the carrying amount of an asset exceeds its tax basis or the carrying amount of a liability is less than its tax base. Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within the foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.Realization of deferred tax assets is dependent upon a number of factors, including estimated future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including overall commercial growth , specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. As such, changes in estimates of future taxable income could impact Genmab\u2019s future taxable income in a positive or negative manner. As a result of the ProfoundBio integration activities, Genmab, based on current business plans and estimates of future taxable income, recognized a significant portion of previously unrecognized deferred tax assets during 2024.",
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"s8__7__130": {
"value": "2.4 Corporate and Deferred TaxTaxation \u2014 Income Statement & Shareholders\u2019 Equity(DKK million) 2024 2023 2022Current tax on profit 1,799 1,301 1,478Adjustment to deferred tax 99 (59) 107Net Increase (decrease) of unrecognized deferred tax assets for the year (578) 43 (92)Total tax for the period in the income statement 1,320 1,285 1,493(DKK million)2024 2023 2022Net profit before tax 9,164 5,637 6,945Tax at the Danish corporation tax rate of 22% for all periods 2,016 1,240 1,528Tax effect of:Net Increase (decrease) of unrecognized deferred tax assets for the year (579) 43 (92)Net of non-taxable income over non-deductible expenses 92 7 73Other current and deferred tax adjustments (209) (5) (16)Total tax effect (696) 45 (35)Total tax for the period in the income statement 1,320 1,285 1,493Total tax for the period in shareholders\u2019 equity 49 57 (22)Effective Tax Rate 14.4% 22.8% 21.5%Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,320 million in 2024, DKK 1,285 million in 2023 and DKK 1,493 million in 2022. Tax benefits of DKK 49 million in 2024, DKK 57 million in 2023 and tax expenses of DKK 22 million in 2022, related to excess tax benefits for share-based compensation were recorded directly in share-holders\u2019 equity.As a result of the ProfoundBio integration activ-ities, Genmab utilized approximately DKK 2.2 billion of previously unrecognized tax losses during 2024.Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global minimum top-up tax, which became effective on January 1, 2024. Under this legisla-tion, the Company is liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate per jurisdiction and the minimum rate of 15 percent. The rules have no impact on the tax position of Genmab in 2024.Taxation \u2014 Balance SheetSignificant components of the deferred tax (liabilities) assets are as follows:(DKK million) 2024 2023Share-based instruments 270 41Deferred revenue 120 113Intangible assets (2,478) \u2013Other temporary differences 637 58Total at December 31 (1,451) 212Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized. The difference between the deferred tax liability as of December 31, 2024 and the deferred tax liability acquired as part of the acquisition of ProfoundBio relates to the reestablishment of the deferred tax liability as a result of the transfer of intangible assets from ProfoundBio US to Genmab A/S during the fourth quarter of 2024.As of December 31, 2024, Genmab had estimated gross unrecognized tax loss carryforwards in the Netherlands of DKK 0.7 billion to reduce future taxable income. As of December 31, 2023, Genmab had estimated gross unrecognized tax loss carryforwards in the U.S. and in the Netherlands of DKK 2.1 billion and DKK 0.5 billion, respectively. The tax losses in the Netherlands available as of December 31, 2024, can be carried forward indefinitely. Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.Deferred tax liabilities are recognized for taxable temporary differences that arise when the carrying amount of an asset exceeds its tax basis or the carrying amount of a liability is less than its tax base. Management\u2019s Judgements and EstimatesDeferred TaxGenmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within the foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.Realization of deferred tax assets is dependent upon a number of factors, including estimated future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab\u2019s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including overall commercial growth , specific clinical outcomes, regulatory approvals, advancement of Genmab\u2019s product pipeline and other matters. As such, changes in estimates of future taxable income could impact Genmab\u2019s future taxable income in a positive or negative manner. As a result of the ProfoundBio integration activities, Genmab, based on current business plans and estimates of future taxable income, recognized a significant portion of previously unrecognized deferred tax assets during 2024.",
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"value": "Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.Deferred TaxDeferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.Deferred tax liabilities are recognized for taxable temporary differences that arise when the carrying amount of an asset exceeds its tax basis or the carrying amount of a liability is less than its tax base.",
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},
"s8__7__132": {
"value": "Accounting PoliciesCorporate TaxCorporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders\u2019 equity or other comprehen-sive income.Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__134": {
"value": "2.5 Profit Per Share(DKK million) 2024 2023 2022Net profit 7,844 4,352 5,452(Shares)Weighted average number of shares outstanding 66,139,029 66,023,437 65,783,130Weighted average number of treasury shares (1,952,382) (713,693) (395,829)Weighted average number of shares excl. treasury shares 64,186,647 65,309,744 65,387,301Adjustments for share-based instruments, dilution 446,293 604,961 622,303Weighted average number of shares, diluted 64,632,940 65,914,705 66,009,604Basic net profit per share 122.21 66.64 83.38Diluted net profit per share 121.36 66.02 82.59In the calculation of the diluted net profit per share for 2024, 788,967 potential ordinary shares related to share-based instruments have been excluded as they are anti-dilutive, compared to 248,649 and 68,728 for 2023 and 2022, respectively. Accounting PoliciesBasic Net Profit per ShareBasic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.Diluted Net Profit per ShareDiluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__135": {
"value": "Accounting PoliciesBasic Net Profit per ShareBasic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.Diluted Net Profit per ShareDiluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__136": {
"value": "3.1 Other Intangible Assets and GoodwillIntangible AssetsThe increase in the gross carrying value of other intangible assets during 2024 was primarily due to the addition of DKK 10,577 million of in-process research and development (IPR&D) and DKK 1,243 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 toNote 5.5 for additional details.Licenses Total and Technology Acquired Intangible (DKK million) GoodwillPatentsPlatformIPR&DAssets2024Cost at the beginning of the year \u2013 901 \u2013 \u2013 901Additions during the year 2,436 163 1,243 10,577 14,419Effect of exchange rate adjustment 99 \u2013 44 369 512Cost at the end of the year 2,535 1,064 1,287 10,946 15,832Amortization and impairment losses at the beginning of the year \u2013 800 \u2013 \u2013 800Amortization for the year \u2013 25 53 \u2013 78Impairment losses for the year \u2013 76 \u2013 \u2013 76Amortization and impairment losses at the end of the year \u2013 901 53 \u2013 954Carrying amount at the end of the year 2,535 163 1,234 10,946 14,8782023Cost at the beginning of the year \u2013 891 \u2013 \u2013 891Additions during the year \u2013 10 \u2013 \u2013 10Cost at the end of the year \u2013 901 \u2013 \u2013 901Amortization and impairment losses at the beginning of the year \u2013 745 \u2013 \u2013 745Amortization for the year \u2013 55 \u2013 \u2013 55Amortization and impairment losses at the end of the year \u2013 800 \u2013 \u2013 800Carrying amount at the end of the year \u2013 101 \u2013 \u2013 101Impairment losses for the year related to licenses and patents, which were not material, were recorded in Research and development expenses in the Consolidated Statements of Comprehensive Income.Amortization expense was DKK 78 million, DKK 55 million, and DKK 108 million for 2024, 2023 and 2022, respectively, which was recorded in Research and development expenses in the Consolidated Statements of Comprehensive Income.GoodwillThe carrying amount of goodwill was DKK 2,535 million as of December 31, 2024, due to the acquisition of ProfoundBio (refer to Note 5.5). No impairment of goodwill was recognized in 2024 as the annual impairment test showed that the estimated recoverable amount exceeded the carrying amount of the single cash-generating unit (CGU) to which all of Genmab\u2019s goodwill was allocated. There was no goodwill balance as of December 31, 2023. Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to research and development expenses in the Consolidated Statements of Comprehensive Income in the period in which they are incurred. Development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Genmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amor-tization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.For acquired research and development projects, and intellectual property rights, including acquisition in a business combination, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.GoodwillGoodwill 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. Goodwill is allocated to each of the group\u2019s CGU (or groups of CGUs) expected to benefit from the synergies of the combination. Genmab consists of one single CGU which represents its single operating segment.Recognition and MeasurementIntangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortization and any impairment loss. Goodwill is not amortized but is subject to impairment testing.For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalized as the historical cost. Subsequent milestone payments payable on achievement of a contingent event willbe capitalized when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognized at fair value at the acquisition date.AmortizationIntangible assets with definite useful lives are amortized based on the straight-line method over their estimated useful lives. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights, including IPR&D, commences after regulatory approval has been obtained or when assets are put in use.ImpairmentGoodwill and intangible assets not yet available for use (IPR&D) are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired.If circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of Goodwill, IPR&D or definite-lived intangible assets may not be recoverable, management performs an impairment test of the asset for impairment.Amortization, impairment losses, and gains or losses on the disposal of other intangible assets related to licenses and rights are recognized in Consolidated Statements of Comprehensive Income as research and development expenses. Management\u2019s Judgments and EstimatesImpairment Assessment of Goodwill and Other Intangible AssetsCGUs 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. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which goodwill is allocated and monitored by Management. Goodwill impairment tests are based on management\u2019s estimate of recoverable amount determined as the greater of the fair value less cost to sell, or its value in use. Value in use is calculated based on a multiple applied on steady earnings from oper-ations before tax generated from the CGU. If the carrying amount of goodwill exceeds the recov-erable amount, any impairment is measured as the difference between the recoverable amount and the carrying amount. Any impairment is first allocated to reduce the carrying amount of goodwill and any exceeding amount is allocated pro-rata to Genmab\u2019s other assets in the CGU in the scope of IAS 36 but not less than their recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified. Impairments of goodwill are prohibited from future reversals. As permitted under IAS 36 (Impairment of Assets), use of a short-cut quantitative impair-ment test may be relied on if conservative assumptions are utilized which would result in an underestimation of the recoverable amount. By applying a multiple of four on the previous twelve consecutive months operating profit before tax the estimated recoverable amount is higher than the carrying amount of the CGU. It is management\u2019s assessment that a multiple of four is a conservative assumption compared to market observations. The operating profit before tax for the previous twelve consecutive months is based on recurring earnings and is considered a conser-vative measure of earnings for the next four years compared to the budget and forecast prepared by the Group. Thus, management has concluded that there is no impairment on goodwill. As Genmab has a single CGU with a quoted market price of the entire Group (level 1 observable input), a high-level comparison between Genmab\u2019s market capitalization and the recoverable amount was also performed to reaffirm the reasonableness of the short-cut approach to estimate recover-able amount. The carrying amount of the single CGU includes Genmab\u2019s net assets, less cash and marketable securities as returns on such balances are not included in operating profit before tax and therefore are not included in the recoverable amount either.The basis for the review of IPR&D impairment is also the recoverable amount. 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 Consolidated Statements of Comprehensive Income when the impairment is identified. Impairments on intan-gible assets are reviewed at each reporting date for possible reversal.Factors considered material that could trigger an impairment test include the following:\u2022 Development of a competing drug\u2022 Realized sales trending below predicted sales\u2022 Inconsistent or unfavorable clinical readouts\u2022 Changes in the legal framework covering patents, rights, and licenses\u2022 Advances in medicine and/or technology that affect the medical treatments\u2022 Adverse impact on reputation and/or brand names",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__137": {
"value": "Intangible AssetsThe increase in the gross carrying value of other intangible assets during 2024 was primarily due to the addition of DKK 10,577 million of in-process research and development (IPR&D) and DKK 1,243 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 toNote 5.5 for additional details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__138": {
"value": "GoodwillThe carrying amount of goodwill was DKK 2,535 million as of December 31, 2024, due to the acquisition of ProfoundBio (refer to Note 5.5). No impairment of goodwill was recognized in 2024 as the annual impairment test showed that the estimated recoverable amount exceeded the carrying amount of the single cash-generating unit (CGU) to which all of Genmab\u2019s goodwill was allocated. There was no goodwill balance as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__139": {
"value": "Accounting PoliciesResearch and Development ProjectsInternal and subcontracted research costs are charged in full to research and development expenses in the Consolidated Statements of Comprehensive Income in the period in which they are incurred. Development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.Genmab acquires licenses and rights primarily to gain access to targets and technologies iden-tified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amor-tization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights.For acquired research and development projects, and intellectual property rights, including acquisition in a business combination, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.GoodwillGoodwill 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. Goodwill is allocated to each of the group\u2019s CGU (or groups of CGUs) expected to benefit from the synergies of the combination. Genmab consists of one single CGU which represents its single operating segment.Recognition and MeasurementIntangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortization and any impairment loss. Goodwill is not amortized but is subject to impairment testing.For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalized as the historical cost. Subsequent milestone payments payable on achievement of a contingent event willbe capitalized when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognized at fair value at the acquisition date.AmortizationIntangible assets with definite useful lives are amortized based on the straight-line method over their estimated useful lives. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights, including IPR&D, commences after regulatory approval has been obtained or when assets are put in use.ImpairmentGoodwill and intangible assets not yet available for use (IPR&D) are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired.If circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of Goodwill, IPR&D or definite-lived intangible assets may not be recoverable, management performs an impairment test of the asset for impairment.Amortization, impairment losses, and gains or losses on the disposal of other intangible assets related to licenses and rights are recognized in Consolidated Statements of Comprehensive Income as research and development expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__142": {
"value": "GoodwillGoodwill 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. Goodwill is allocated to each of the group\u2019s CGU (or groups of CGUs) expected to benefit from the synergies of the combination. Genmab consists of one single CGU which represents its single operating segment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__140": {
"value": "ImpairmentGoodwill and intangible assets not yet available for use (IPR&D) are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired.If circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of Goodwill, IPR&D or definite-lived intangible assets may not be recoverable, management performs an impairment test of the asset for impairment.Amortization, impairment losses, and gains or losses on the disposal of other intangible assets related to licenses and rights are recognized in Consolidated Statements of Comprehensive Income as research and development expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__143": {
"value": "3.2 Property and EquipmentEquipment, Total Leasehold furniture and Assets under property and (DKK million)improvementsfixturesconstructionequipment2024Cost at January 1 684 908 39 1,631Additions for the year 5 81 116 202Acquisitions through business combinations 11 41 \u2013 52Transfers between the classes 10 38 (48) \u2013Disposals for the year (5) (86) (4) (95)Exchange rate adjustment 16 9 \u2013 25Cost at December 31 721 991 103 1,815Accumulated depreciation and impairment at January 1 (194) (482) \u2013 (676)Depreciation for the year (75) (158) \u2013 (233)Exchange rate adjustment (7) (4) \u2013 (11)Accumulated depreciation on disposals 5 78 \u2013 83Accumulated depreciation and impairment at December 31 (271) (566) \u2013 (837)Carrying amount at December 31 450 425 103 978Equipment, Total Leasehold furniture and Assets under property and (DKK million)improvementsfixturesconstructionequipment2023Cost at January 1 412 649 233 1,294Additions for the year 6 129 222 357Transfers between the classes 276 134 (410) \u2013Disposals for the year \u2013 \u2013 (6) (6)Exchange rate adjustment (10) (4) \u2013 (14)Cost at December 31 684 908 39 1,631Accumulated depreciation and impairment at January 1 (132) (363) \u2013 (495)Depreciation for the year (64) (121) \u2013 (185)Exchange rate adjustment 2 2 \u2013 4Accumulated depreciation and impairment at December 31 (194) (482) \u2013 (676)Carrying amount at December 31 490 426 39 955(DKK million) 2024 2023 2022Depreciation and impairment included in the income statement as follows:Research and development expenses 197 140 108Selling, general and administrative expenses 36 45 38Total 233 185 146Capital expenditures in 2024 were primarily related to the expansion Genmab\u2019s facilities in the United States and Japan. Capital expenditures in 2023 were primarily related to the expansion of our facilities in the Netherlands and our new headquarters in Denmark. Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture, and fixtures, which are measured at cost less accumulated depreciation and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture, and fixtures 3\u20135 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management performs an impairment test of the asset.The basis for the performance of an impairment test is the recoverable amount of the asset, deter-mined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__144": {
"value": "Equipment, Total Leasehold furniture and Assets under property and (DKK million)improvementsfixturesconstructionequipment2024Cost at January 1 684 908 39 1,631Additions for the year 5 81 116 202Acquisitions through business combinations 11 41 \u2013 52Transfers between the classes 10 38 (48) \u2013Disposals for the year (5) (86) (4) (95)Exchange rate adjustment 16 9 \u2013 25Cost at December 31 721 991 103 1,815Accumulated depreciation and impairment at January 1 (194) (482) \u2013 (676)Depreciation for the year (75) (158) \u2013 (233)Exchange rate adjustment (7) (4) \u2013 (11)Accumulated depreciation on disposals 5 78 \u2013 83Accumulated depreciation and impairment at December 31 (271) (566) \u2013 (837)Carrying amount at December 31 450 425 103 978Equipment, Total Leasehold furniture and Assets under property and (DKK million)improvementsfixturesconstructionequipment2023Cost at January 1 412 649 233 1,294Additions for the year 6 129 222 357Transfers between the classes 276 134 (410) \u2013Disposals for the year \u2013 \u2013 (6) (6)Exchange rate adjustment (10) (4) \u2013 (14)Cost at December 31 684 908 39 1,631Accumulated depreciation and impairment at January 1 (132) (363) \u2013 (495)Depreciation for the year (64) (121) \u2013 (185)Exchange rate adjustment 2 2 \u2013 4Accumulated depreciation and impairment at December 31 (194) (482) \u2013 (676)Carrying amount at December 31 490 426 39 955",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__145": {
"value": "(DKK million) 2024 2023 2022Depreciation and impairment included in the income statement as follows:Research and development expenses 197 140 108Selling, general and administrative expenses 36 45 38Total 233 185 146",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__146": {
"value": "Accounting PoliciesProperty and equipment is comprised of leasehold improvements, assets under construc-tion, and equipment, furniture, and fixtures, which are measured at cost less accumulated depreciation and any impairment losses.The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture, and fixtures 3\u20135 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management performs an impairment test of the asset.The basis for the performance of an impairment test is the recoverable amount of the asset, deter-mined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__147": {
"value": "DepreciationDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Equipment, furniture, and fixtures 3\u20135 yearsLeasehold improvements 15 years or the lease term, if shorterDepreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__148": {
"value": "ImpairmentIf circumstances or changes in Genmab\u2019s oper-ations indicate that the carrying amount of property and equipment may not be recoverable, management performs an impairment test of the asset.The basis for the performance of an impairment test is the recoverable amount of the asset, deter-mined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow expected to be generated from the asset.If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__149": {
"value": "3.3 LeasesGenmab has entered into lease agreements with respect to office and laboratory space, vehicles, and IT equipment. The expense, lease liability, and right-of-use assets balances related to vehicles and IT equipment are immaterial. The leases are non-cancellable over various periods through 2038.(DKK million) 2024 2023 2022Right-of-use assetsBalance at January 1 686 523 3541Additions to right-of-use assets329 250 243Depreciation charge for the year (102) (87) (74)Balance at December 31 913 686 523Lease liabilitiesCurrent 92 90 74Non-current 937 680 523Total at December 31 1,029 770 597Cash outflow for lease payments 96 115 881. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.Variable lease payments, short-term lease expense, lease interest expense, low-value assets, and sublease income are immaterial.Future minimum payments under leases are as follows:(DKK million) 2024 2023 2022Payment dueLess than 1 year 127 106 891 to 3 years 284 199 167More than 3 years but less than 5 years 281 183 136More than 5 years 553 412 271Total at December 31 1,245 900 663 Accounting PoliciesAll leases are recognized in the Consolidated Balance Sheets as a right-of-use (ROU) asset with a corresponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classified in financial items.Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the Consolidated Statements of Comprehensive Income.",
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"s8__7__150": {
"value": "Accounting PoliciesAll leases are recognized in the Consolidated Balance Sheets as a right-of-use (ROU) asset with a corresponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classified in financial items.Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the Consolidated Statements of Comprehensive Income.",
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"s8__7__152-1": {
"value": "3.4 Other Investments(DKK million) 2024 2023Publicly traded equity securities 38 47Fund investments 176 87Privately held equity securities 14 \u2013Total at December 31 228 134Other investments includes strategic investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrange-ments, investments in certain investment funds, as well as investments in shares of privately held companies.Market Market value Share value Share (DKK million)2024%2023%USD portfolioCorporate bonds 5,082 45% 6,039 46%US government bonds and treasury bills 2,533 22% 3,247 24%Commercial paper 191 2% 451 3%Other 816 7% 1,003 8%Total USD portfolio 8,622 76% 10,740 81%DKK portfolioKingdom of Denmark bonds and treasury bills 429 4% 419 3%Danish mortgage-backed securities 1,217 11% 1,170 9%Total DKK portfolio 1,646 15% 1,589 12%EUR portfolioEuropean government bonds and treasury bills 886 8% 858 6%GBP portfolioUK government bonds and treasury bills 89 1% 81 1%Total portfolio at December 31 11,243 100% 13,268 100%Marketable securities at December 31 11,243 13,268Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.",
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__151-1": {
"value": "3.4 Other Investments(DKK million) 2024 2023Publicly traded equity securities 38 47Fund investments 176 87Privately held equity securities 14 \u2013Total at December 31 228 134Other investments includes strategic investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrange-ments, investments in certain investment funds, as well as investments in shares of privately held companies. Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the Consolidated Statements of Comprehensive Income within financial income or expense.Other investments primarily consist of investments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s 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 based on significant unobservable inputs.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer.Category S&P Moody\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2024, 71% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1/P-1 rated by S&P, Moody\u2019s or Fitch compared to 72% as of December 31, 2023. The total value of marketable securities amounted to DKK 11,243 million at the end of 2024 compared to DKK 13,268 million at the end of 2023.4.3 Financial Assets and LiabilitiesCategories of Financial Assets and LiabilitiesDecember 31,(DKK million) Note 2024 2023Financial assets measured at fair value through profit or lossMarketable securities 4.4 11,243 13,268Other investments 3.4 228 134Financial assets measured at amortized costReceivables excluding prepayments 3.6 6,386 4,768Cash and cash equivalents 9,858 14,867Financial liabilities measured at amortized costLease liabilities 3.3 (1,029) (770)Other payables excluding provisions 3.8 (3,482) (2,316)Fair Value MeasurementDecember 31,2024 2023(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Measured at Fair ValueMarketable securities 4.4 11,243 \u2013 \u2013 11,243 13,268 \u2013 \u2013 13,268Other investments 3.4 38 14 176 228 47 \u2013 87 134Marketable SecuritiesSubstantially all fair market values are deter-mined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).Other InvestmentsOther investments primarily consist of invest-ments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s financial statements and with respect to debt securities, the maturity and creditwor-thiness. As such, these fund investments have been characterized as Level 3 investments as fair values are not entirely based on observable market data.There were no transfers into or out of Level 3 during 2024 or 2023. Acquisitions (capital calls), fair value changes and foreign currency changes on Level 3 investments in 2024 and 2023 were as follows:Other (DKK million)InvestmentsFair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87Acquisitions 42Fair value changes 43Foreign currency changes 4Fair value at December 31, 2024 176 Accounting PoliciesClassification Of Categories Of Financial Assets And LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value(either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the mostadvantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measuredusing the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
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"s8__7__154": {
"value": "Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the Consolidated Statements of Comprehensive Income within financial income or expense.Other investments primarily consist of investments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s 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 based on significant unobservable inputs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__153-1": {
"value": "Accounting PoliciesOther investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the Consolidated Statements of Comprehensive Income within financial income or expense.Other investments primarily consist of investments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s 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 based on significant unobservable inputs.Accounting PoliciesClassification Of Categories Of Financial Assets And LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value(either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the mostadvantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measuredusing the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.Accounting PoliciesMarketable securities are debt instruments that consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of marketable securi-ties depends on the business model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other financial income or expenses, together with foreign exchange gains and losses. Impairment losses, when material, are presented as a separate line item in the Consolidated Statements of Comprehensive Income.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in the Consolidated Statements of Comprehensive Income and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__155": {
"value": "3.5 Inventories(DKK million) 2024 2023Raw materials 4 14Work in progress \u2013 \u2013Finished goods 79 59Total inventories (gross) at December 31 83 73Allowances at year end (21) (16)Total inventories (net) at December 31 62 57In 2024 and 2023, allowances related to write downs of excess and obsolete inventories were immaterial and recognized as expense within cost of product sales in the Consolidated Statements of Comprehensive Income.Inventory write down in 2023 pertaining to pre-launch inventories of EPKINLY was also immaterial. The write down was recorded as research and development expense in Genmab\u2019s Consolidated Statements of Comprehensive Income and was subsequently reversed upon receiving U.S. FDA approval during the second quarter of 2023. Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manu-facture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impairment is identified. Write downs of inventory are included within Cost of product sales in the Consolidated Statements of Comprehensive Income.Included in inventories are materials with the intended purpose of being made available for sale. If the materials are later used in the production of clinical products, the materials are charged to research and development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used in Genmab\u2019s research and development process (e.g., early research/clinical trials) are immedi-ately expensed to research and development based on the relevant shipping terms (FOB desti-nation/shipping point).Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is written down to its net realizable value (that is the probable amount expected to be realized from its sale or use at the time of production). The amount of this write down is recognized in the Consolidated Statements of Comprehensive Income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, inventory costs begin to be capitalized. Additionally, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as a reduction to research and development expenses in the Consolidated Statements of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__156": {
"value": "Accounting PoliciesInventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manu-facture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impairment is identified. Write downs of inventory are included within Cost of product sales in the Consolidated Statements of Comprehensive Income.Included in inventories are materials with the intended purpose of being made available for sale. If the materials are later used in the production of clinical products, the materials are charged to research and development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used in Genmab\u2019s research and development process (e.g., early research/clinical trials) are immedi-ately expensed to research and development based on the relevant shipping terms (FOB desti-nation/shipping point).Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is written down to its net realizable value (that is the probable amount expected to be realized from its sale or use at the time of production). The amount of this write down is recognized in the Consolidated Statements of Comprehensive Income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, inventory costs begin to be capitalized. Additionally, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as a reduction to research and development expenses in the Consolidated Statements of Comprehensive Income.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__158": {
"value": "3.6 Receivables(DKK million) 2024 2023Receivables related to collaboration agreements 5,434 4,148Prepayments 256 241Trade receivables related to product sales 466 184Interest receivables 133 150Other receivables 353 286Total at December 31 6,642 5,009Non-current receivables 52 62Current receivables 6,590 4,947Total at December 31 6,642 5,009During 2024 and 2023, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the limited credit risk due to high-quality nature with high credit ratings (top tier life science companies and major distrib-utors) of Genmab\u2019s customers are not likely to result in future default risk.The receivables are mainly comprised of royalties, trade receivables, milestones and amounts due under collaboration agreements and are non- interest bearing receivables which are due less than one year from the balance sheet date.Refer to Note 4.2 for additional informa-tion about interest receivables and related credit risk. Accounting PoliciesInitially, trade receivables are designated as financial assets measured at transaction price and other receivables are measured at fair value. Subsequently receivables are measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__157-1": {
"value": "3.6 Receivables(DKK million) 2024 2023Receivables related to collaboration agreements 5,434 4,148Prepayments 256 241Trade receivables related to product sales 466 184Interest receivables 133 150Other receivables 353 286Total at December 31 6,642 5,009Non-current receivables 52 62Current receivables 6,590 4,947Total at December 31 6,642 5,009During 2024 and 2023, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the limited credit risk due to high-quality nature with high credit ratings (top tier life science companies and major distrib-utors) of Genmab\u2019s customers are not likely to result in future default risk.The receivables are mainly comprised of royalties, trade receivables, milestones and amounts due under collaboration agreements and are non- interest bearing receivables which are due less than one year from the balance sheet date.Refer to Note 4.2 for additional informa-tion about interest receivables and related credit risk. Accounting PoliciesInitially, trade receivables are designated as financial assets measured at transaction price and other receivables are measured at fair value. Subsequently receivables are measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue. These are long-standing relationships and Genmab does not have a history of writing off receivables from collaboration partners.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__159": {
"value": "During 2024 and 2023, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the limited credit risk due to high-quality nature with high credit ratings (top tier life science companies and major distrib-utors) of Genmab\u2019s customers are not likely to result in future default risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__160": {
"value": "Accounting PoliciesInitially, trade receivables are designated as financial assets measured at transaction price and other receivables are measured at fair value. Subsequently receivables are measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts with customers have initial payment terms that range from 30 to 180 days.Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receiv-ables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__162": {
"value": "3.7 Contract LiabilitiesGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million) 2024 2023Contract liabilities at January 1 513 513Payment received \u2013 \u2013Revenue recognized during the year (9) \u2013Total at December 31 504 513Non-current contract liabilities 480 480Current contract liabilities 24 33Total at December 31 504 513Contract liabilities were recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020.The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie.During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts.As part of the continued evaluation of contract liabilities related to the AbbVie collaboration agreement, Genmab\u2019s classification of contract liabilities reflects the current estimate of co- development activities as of December 31, 2024. Contract liabilities have been recognized as reimbursement revenue during the second half of 2024.Refer to Note 5.6 for additional information related to the AbbVie collaboration.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__161": {
"value": "3.7 Contract LiabilitiesGenmab has recognized the following liabilities related to the AbbVie collaboration agreement.(DKK million) 2024 2023Contract liabilities at January 1 513 513Payment received \u2013 \u2013Revenue recognized during the year (9) \u2013Total at December 31 504 513Non-current contract liabilities 480 480Current contract liabilities 24 33Total at December 31 504 513Contract liabilities were recognized in connec-tion with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020.The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie.During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts.As part of the continued evaluation of contract liabilities related to the AbbVie collaboration agreement, Genmab\u2019s classification of contract liabilities reflects the current estimate of co- development activities as of December 31, 2024. Contract liabilities have been recognized as reimbursement revenue during the second half of 2024.Refer to Note 5.6 for additional information related to the AbbVie collaboration.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__163": {
"value": "3.8 Other Payables(DKK million) 2024 2023Liabilities related to collaboration agreements 275 145Staff cost liabilities 720 637Accounts payable 644 330Other liabilities 1,873 1,230Total at December 31 3,512 2,342Non-current other payables 30 35Current other payables 3,482 2,307Total at December 31 3,512 2,342 Accounting PoliciesOther payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assess-ments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.Accounts PayableAccounts payable are measured in the Consolidated Balance Sheets at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the Consolidated Balance Sheets at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s8__7__165": {
"value": "Accounting PoliciesOther payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assess-ments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.Accounts PayableAccounts payable are measured in the Consolidated Balance Sheets at amortized cost.Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the Consolidated Balance Sheets at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__164": {
"value": "Other LiabilitiesOther liabilities primarily include accrued expenses related to our research and devel-opment project costs and are measured in the Consolidated Balance Sheets at amortized cost.Refer to Note 2.3 for accounting policies related to staff costs.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__166": {
"value": "4.1 Capital ManagementGenmab\u2019s goal is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and to have adequate liquidity to support the continuous advancement of Genmab\u2019s product pipeline and business in general. To achieve this goal Genmab invests in different liquidity tiers. To meet operational goals, Genmab invests in cash and cash equivalents (marketable securities). To ensure sufficient reserves, Genmab invests in short-term securities with an average duration of about six months, which serves as back-up liquidity for the operating tier. For strategic purposes, Genmab has short term investments to support the Company\u2019s growth over the longer term. Most of Genmab\u2019s cash and marketable securities are in USD due to having a larger USD expenditure base than DKK, which provides better matching of investment balances with actual expenditures. Genmab is primarily financed through revenues under various collaboration agreements and had, as of December 31, 2024, cash, and cash equivalents of DKK 9,858 million and marketable securities of DKK 11,243 million compared to DKK 14,867 million and DKK 13,268 million, respectively, as of December 31, 2023. Genmab\u2019s cash and cash equivalents and marketable securities support the advancement of our product pipeline and operations.The adequacy of our available funds will depend on many factors, including the level of DARZALEX and other royalty streams, progress in our research and development programs, the magnitude of those programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future acquisitions. Accordingly, Genmab may require additional funds and may attempt to raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources.During the fourth quarter of 2024, Genmab entered into an unsecured three-year revolving credit facility (\u201cCredit Facility\u201d) of up to USD 300 million with a syndicate of lenders. Genmab intends to use the Credit Facility to finance working capital needs, and for general corporate purposes, of Genmab A/S and its subsidiaries. The Credit Facility includes options to increase the size of the facility up to USD 500 million as well as the ability to extend for an addi-tional two years. The Credit Facility contains certain customary financial covenants. As of December 31, 2024, there were no outstanding amounts due on, nor any usage of, the Credit Facility and Genmab was in compliance with all financial covenants.The Board monitors the share and capital structure to ensure that Genmab\u2019s capital resources support its strategic goals.Neither Genmab A/S nor any of its subsid-iaries are subject to externally imposed capital requirements.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__167": {
"value": "4.2 Financial RiskThe financial risks of Genmab are managed centrally.The overall risk management guidelines have been approved by the Board of Directors and include the Group\u2019s investment policy related to our marketable securities. The Group\u2019s risk management guidelines are established to identify and analyze the risks faced by the Genmab Group, to set the appropriate risk limits and controls and to monitor the risks and adherence to limits. It is Genmab\u2019s policy not to actively speculate in financial risks. The Group\u2019s financial risk management is directed solely towards monitoring and reducing financial risks which are directly related to Genmab\u2019s operations.The primary objective of Genmab\u2019s invest-ment activities is to preserve capital and ensure liquidity with a secondary objective of maximizing the return derived from security investments without significantly increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for which investments (which are primarily shorter-term in nature) are considered to be eligible investments for Genmab and which investment parameters are to be applied, including maturity limitations and credit ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the risk of loss resulting from over-concentration of assets in a specific class, issuer, currency, country, or economic sector.Genmab\u2019s marketable securities are administered by external investment managers. The investment guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab\u2019s activities and financial position. Genmab\u2019s investment policy allows investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody\u2019s. The policy also includes additional allowable investment types such as corporate debt, commercial paper, certif-icates of deposit, and certain types of AAA rated asset-backed securities.In addition to the capital management and financing risk mentioned in Note 4.1, Genmab has identified the following key financial risk areas, which are mainly related to our marketable securities portfolio:\u2022 credit risk;\u2022 foreign currency risk; and\u2022 interest rate riskAll of Genmab\u2019s marketable securities are traded in established markets. Given the current market conditions, all future cash inflows, including re-investments of proceeds from the disposal of marketable securities, are invested in highly liquid, investment grade securities. Refer to Note 4.4 for additional information regarding marketable securities.Credit RiskGenmab is exposed to credit risk and losses on marketable securities, bank deposits and receiv-ables. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securities was DKK 21,101 million as of December 31, 2024, compared to DKK 28,135 million as of December 31, 2023. The maximum credit exposure to Genmab\u2019s receiv-ables was DKK 6,642 million as of December 31, 2024 compared to DKK 5,009 million as of December 31, 2023.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer.Category S&P Moody\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2024, 71% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1/P-1 rated by S&P, Moody\u2019s or Fitch compared to 72% as of December 31, 2023. The total value of marketable securities amounted to DKK 11,243 million at the end of 2024 compared to DKK 13,268 million at the end of 2023.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F-1 and A-1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equivalents amounted to DKK 9,858 million as of December 31, 2024 compared to DKK 14,867 million at the end of 2023. The decrease was primarily the result of cash used to acquire ProfoundBio in the second half of 2024.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue. These are long-standing relationships and Genmab does not have a history of writing off receivables from collaboration partners.Foreign Currency RiskGenmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 79% of total revenue in 2024as compared to 86% in 2023 and 89% in 2022.Under our license agreement with J&J for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.There is also exposure that exchange rate fluctu-ations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.Foreign currency risk is primarily concentrated at the Genmab A/S level as transactions with subsidiaries are primarily in the functional currency of the subsidiary. To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment portfolio in marketable securities in USD (approximately 76%) as well as a portion of our investment portfolio in DKK, EUR, and GBP denominated securities as a natural partial hedge of Genmab A/S\u2019 liability exposures in these currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated in USD, DKK, EUR, and GBP as a percentage of total marketable securities were as follows:Percent 2024 2023USD 76% 81%DKK 15% 12%EUR 8% 6%GBP 1% 1%Total at December 31 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collab-orations with J&J, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recognized in the Consolidated Statements of Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of December 31, 2024 and 2023, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 1.9 billion and DKK 2.7 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equiv-alents, marketable securities, receivables, and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2024 and 2023, Genmab\u2019s EUR exposure is not material.Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securities denomi-nated in GBP. As of December 31, 2024 and 2023, Genmab\u2019s GBP exposure is not material.Interest Rate RiskGenmab\u2019s exposure to interest rate risk is primarily related to marketable securities, as Genmab currently does not have significant interest-bearing debts.Marketable SecuritiesThe securities in which the Group has invested bear interest rate risk, as a change in market- derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis.To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates.A sensitivity analysis was performed on Genmab\u2019s marketable securities, and based on exposures in 2023 and 2024, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instruments. Due to the short-term nature of the current investments and to the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair value due to interest rate changes is considered to be insignificant compared to the fair value of the portfolio.(DKK million) 2024 2023Year of Maturity2024 \u2013 6,7422025 5,000 3,7172026 3,209 2,1752027 2,314 2322028 329 1432029+ 391 259Total at December 31 11,243 13,268",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__168": {
"value": "Credit RiskGenmab is exposed to credit risk and losses on marketable securities, bank deposits and receiv-ables. The maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securities was DKK 21,101 million as of December 31, 2024, compared to DKK 28,135 million as of December 31, 2023. The maximum credit exposure to Genmab\u2019s receiv-ables was DKK 6,642 million as of December 31, 2024 compared to DKK 5,009 million as of December 31, 2023.Marketable SecuritiesTo manage and reduce credit risks on our securi-ties, Genmab\u2019s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer.Category S&P Moody\u2019s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-Genmab\u2019s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2024, 71% of Genmab\u2019s marketable securities were long-term A rated or higher, or short-term A-1/P-1 rated by S&P, Moody\u2019s or Fitch compared to 72% as of December 31, 2023. The total value of marketable securities amounted to DKK 11,243 million at the end of 2024 compared to DKK 13,268 million at the end of 2023.Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F-1 and A-1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equivalents amounted to DKK 9,858 million as of December 31, 2024 compared to DKK 14,867 million at the end of 2023. The decrease was primarily the result of cash used to acquire ProfoundBio in the second half of 2024.ReceivablesThe credit risk related to our receivables is not significant based on the high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche, AbbVie and BioNTech are Genmab\u2019s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue. These are long-standing relationships and Genmab does not have a history of writing off receivables from collaboration partners.",
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__171": {
"value": "Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F-1 and A-1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equivalents amounted to DKK 9,858 million as of December 31, 2024 compared to DKK 14,867 million at the end of 2023. The decrease was primarily the result of cash used to acquire ProfoundBio in the second half of 2024.",
"dimensions": {
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"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__170": {
"value": "Cash and Cash EquivalentsTo reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F-1 and A-1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equivalents amounted to DKK 9,858 million as of December 31, 2024 compared to DKK 14,867 million at the end of 2023. The decrease was primarily the result of cash used to acquire ProfoundBio in the second half of 2024.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__174-1": {
"value": "Foreign Currency RiskGenmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 79% of total revenue in 2024as compared to 86% in 2023 and 89% in 2022.Under our license agreement with J&J for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.There is also exposure that exchange rate fluctu-ations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.Foreign currency risk is primarily concentrated at the Genmab A/S level as transactions with subsidiaries are primarily in the functional currency of the subsidiary. To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment portfolio in marketable securities in USD (approximately 76%) as well as a portion of our investment portfolio in DKK, EUR, and GBP denominated securities as a natural partial hedge of Genmab A/S\u2019 liability exposures in these currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated in USD, DKK, EUR, and GBP as a percentage of total marketable securities were as follows:Percent 2024 2023USD 76% 81%DKK 15% 12%EUR 8% 6%GBP 1% 1%Total at December 31 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collab-orations with J&J, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recognized in the Consolidated Statements of Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of December 31, 2024 and 2023, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 1.9 billion and DKK 2.7 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equiv-alents, marketable securities, receivables, and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2024 and 2023, Genmab\u2019s EUR exposure is not material.Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securities denomi-nated in GBP. As of December 31, 2024 and 2023, Genmab\u2019s GBP exposure is not material.Foreign Exchange Rate Gains and LossesForeign exchange rate gains, net of DKK 1,339 million in 2024 compared to foreign exchange rate loss, net of DKK 889 million in 2023 was primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents. Foreign exchange rate loss, net of DKK 889 million in 2023 compared to foreign exchange rate gain, net of DKK 1,051 million in 2022 was primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, December 31, December 31, 202420232022USD/DKK Foreign Exchange Rates 7.1429 6.7447 6.9722% Increase/(Decrease) 6% (3)% 6%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesGain on marketable securities, net was DKK 217 million in 2024 compared to gain on marketable securities, net of DKK 319 million in 2023 and loss on marketable securities, net of DKK 361 million in 2022. The decrease in gain of DKK 102 million, or 32% from 2023 to 2024 was primarily driven by the decrease in marketable securities in the first half of 2024 to fund the acquisition of ProfoundBio and share repurchase as well as changing interest rate outlooks for the U.S., primarily in the fourth quarter of 2024. The increase in gain of DKK 680 million, or 188% from 2022 to 2023, was primarily driven by interest rate outlooks for the U.S. and Europe.Other InvestmentsGains on other investments, net were DKK 30 million in 2024, losses on other investments, net were DKK 26 million in 2023 and DKK 297 million in 2022. The net gains and losses in 2024 and 2023 were primarily driven by changes in fair value of Genmab\u2019s investments in certain strategic investment funds. The losses in 2022 were primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__173-1": {
"value": "Foreign Currency RiskGenmab\u2019s presentation currency is the DKK; however, Genmab\u2019s revenues and expenses are in a number of different currencies. Consequently,there is a substantial risk of exchange rate fluctu-ations having an impact on Genmab\u2019s cash flows, profit (loss) and/or financial position in DKK.The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab\u2019s revenue in USD was 79% of total revenue in 2024as compared to 86% in 2023 and 89% in 2022.Under our license agreement with J&J for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against theannual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.There is also exposure that exchange rate fluctu-ations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presen-tation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.Foreign currency risk is primarily concentrated at the Genmab A/S level as transactions with subsidiaries are primarily in the functional currency of the subsidiary. To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment portfolio in marketable securities in USD (approximately 76%) as well as a portion of our investment portfolio in DKK, EUR, and GBP denominated securities as a natural partial hedge of Genmab A/S\u2019 liability exposures in these currencies.Assets and Liabilities in Foreign CurrencyGenmab\u2019s marketable securities denominated in USD, DKK, EUR, and GBP as a percentage of total marketable securities were as follows:Percent 2024 2023USD 76% 81%DKK 15% 12%EUR 8% 6%GBP 1% 1%Total at December 31 100% 100%Genmab\u2019s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collab-orations with J&J, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recognized in the Consolidated Statements of Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of December 31, 2024 and 2023, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab\u2019s net profit before tax by approximately DKK 1.9 billion and DKK 2.7 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equiv-alents, marketable securities, receivables, and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark\u2019s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2024 and 2023, Genmab\u2019s EUR exposure is not material.Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securities denomi-nated in GBP. As of December 31, 2024 and 2023, Genmab\u2019s GBP exposure is not material.Interest Rate RiskGenmab\u2019s exposure to interest rate risk is primarily related to marketable securities, as Genmab currently does not have significant interest-bearing debts.Marketable SecuritiesThe securities in which the Group has invested bear interest rate risk, as a change in market- derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis.To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates.A sensitivity analysis was performed on Genmab\u2019s marketable securities, and based on exposures in 2023 and 2024, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instruments. Due to the short-term nature of the current investments and to the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair value due to interest rate changes is considered to be insignificant compared to the fair value of the portfolio.(DKK million) 2024 2023Year of Maturity2024 \u2013 6,7422025 5,000 3,7172026 3,209 2,1752027 2,314 2322028 329 1432029+ 391 259Total at December 31 11,243 13,268Marketable SecuritiesSubstantially all fair market values are deter-mined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__177-1": {
"value": "Categories of Financial Assets and LiabilitiesDecember 31,(DKK million) Note 2024 2023Financial assets measured at fair value through profit or lossMarketable securities 4.4 11,243 13,268Other investments 3.4 228 134Financial assets measured at amortized costReceivables excluding prepayments 3.6 6,386 4,768Cash and cash equivalents 9,858 14,867Financial liabilities measured at amortized costLease liabilities 3.3 (1,029) (770)Other payables excluding provisions 3.8 (3,482) (2,316)Other InvestmentsOther investments primarily consist of invest-ments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s financial statements and with respect to debt securities, the maturity and creditwor-thiness. As such, these fund investments have been characterized as Level 3 investments as fair values are not entirely based on observable market data.There were no transfers into or out of Level 3 during 2024 or 2023. Acquisitions (capital calls), fair value changes and foreign currency changes on Level 3 investments in 2024 and 2023 were as follows:Other (DKK million)InvestmentsFair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87Acquisitions 42Fair value changes 43Foreign currency changes 4Fair value at December 31, 2024 176",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__178-1": {
"value": "Fair Value MeasurementDecember 31,2024 2023(DKK million) Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets Measured at Fair ValueMarketable securities 4.4 11,243 \u2013 \u2013 11,243 13,268 \u2013 \u2013 13,268Other investments 3.4 38 14 176 228 47 \u2013 87 134Other InvestmentsOther investments primarily consist of invest-ments in certain strategic investment funds. Genmab\u2019s 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\u2019s or issuer\u2019s financial statements and with respect to debt securities, the maturity and creditwor-thiness. As such, these fund investments have been characterized as Level 3 investments as fair values are not entirely based on observable market data.There were no transfers into or out of Level 3 during 2024 or 2023. Acquisitions (capital calls), fair value changes and foreign currency changes on Level 3 investments in 2024 and 2023 were as follows:Other (DKK million)InvestmentsFair value at December 31, 2022 66Acquisitions 30Fair value changes (9)Fair value at December 31, 2023 87Acquisitions 42Fair value changes 43Foreign currency changes 4Fair value at December 31, 2024 176",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__184": {
"value": "Accounting PoliciesClassification Of Categories Of Financial Assets And LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value(either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__183": {
"value": "Accounting PoliciesClassification Of Categories Of Financial Assets And LiabilitiesGenmab classifies its financial assets held into the following measurement categories:\u2022 those to be measured subsequently at fair value(either through other comprehensive income, or through profit or loss), and\u2022 those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Genmab reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respec-tive notes.Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the mostadvantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measuredusing the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__185": {
"value": "Fair Value MeasurementGenmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabil-ities measured at amortized cost such as bank deposits, receivables and other payables approx-imate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market partic-ipants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the mostadvantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Genmab.The fair value of an asset or a liability is measuredusing the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:\u2022 Level 1 \u2014 Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022 Level 2 \u2014 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022 Level 3 \u2014 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__186-1": {
"value": "4.4 Marketable SecuritiesMarket Market value Share value Share (DKK million)2024%2023%USD portfolioCorporate bonds 5,082 45% 6,039 46%US government bonds and treasury bills 2,533 22% 3,247 24%Commercial paper 191 2% 451 3%Other 816 7% 1,003 8%Total USD portfolio 8,622 76% 10,740 81%DKK portfolioKingdom of Denmark bonds and treasury bills 429 4% 419 3%Danish mortgage-backed securities 1,217 11% 1,170 9%Total DKK portfolio 1,646 15% 1,589 12%EUR portfolioEuropean government bonds and treasury bills 886 8% 858 6%GBP portfolioUK government bonds and treasury bills 89 1% 81 1%Total portfolio at December 31 11,243 100% 13,268 100%Marketable securities at December 31 11,243 13,268Refer to Note 4.2 for additional information regarding the risks related to our marketable securities. Accounting PoliciesMarketable securities are debt instruments that consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of marketable securi-ties depends on the business model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other financial income or expenses, together with foreign exchange gains and losses. Impairment losses, when material, are presented as a separate line item in the Consolidated Statements of Comprehensive Income.\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in the Consolidated Statements of Comprehensive Income and presented within financial income or expenses in the period in which they arise.\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within financial income or expenses in the period in which it arises.Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securi-ties are measured at FVPL. This classification is consistent with the prior year\u2019s classification.Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certifi-cates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. govern-ments. The securities can be purchased and sold using established markets.Transactions are recognized at the trade date.Marketable Securities Gains and LossesGain on marketable securities, net was DKK 217 million in 2024 compared to gain on marketable securities, net of DKK 319 million in 2023 and loss on marketable securities, net of DKK 361 million in 2022. The decrease in gain of DKK 102 million, or 32% from 2023 to 2024 was primarily driven by the decrease in marketable securities in the first half of 2024 to fund the acquisition of ProfoundBio and share repurchase as well as changing interest rate outlooks for the U.S., primarily in the fourth quarter of 2024. The increase in gain of DKK 680 million, or 188% from 2022 to 2023, was primarily driven by interest rate outlooks for the U.S. and Europe.Other InvestmentsGains on other investments, net were DKK 30 million in 2024, losses on other investments, net were DKK 26 million in 2023 and DKK 297 million in 2022. The net gains and losses in 2024 and 2023 were primarily driven by changes in fair value of Genmab\u2019s investments in certain strategic investment funds. The losses in 2022 were primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__187": {
"value": "Market Market value Share value Share (DKK million)2024%2023%USD portfolioCorporate bonds 5,082 45% 6,039 46%US government bonds and treasury bills 2,533 22% 3,247 24%Commercial paper 191 2% 451 3%Other 816 7% 1,003 8%Total USD portfolio 8,622 76% 10,740 81%DKK portfolioKingdom of Denmark bonds and treasury bills 429 4% 419 3%Danish mortgage-backed securities 1,217 11% 1,170 9%Total DKK portfolio 1,646 15% 1,589 12%EUR portfolioEuropean government bonds and treasury bills 886 8% 858 6%GBP portfolioUK government bonds and treasury bills 89 1% 81 1%Total portfolio at December 31 11,243 100% 13,268 100%Marketable securities at December 31 11,243 13,268Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__193-1": {
"value": "4.5 Financial Income and Expenses(DKK million) 2024 2023 2022Financial income:Interest and other financial income 995 982 324Gain on marketable securities 364 495 92Gain on other investments 146 72 58Foreign exchange rate gain 2,933 391 2,715Total financial income 4,438 1,940 3,189Financial expenses:Interest and other financial expenses (120) (70) (39)Loss on marketable securities (147) (176) (453)Loss on other investments (116) (98) (355)Foreign exchange rate loss (1,594) (1,280) (1,664)Total financial expenses (1,977) (1,624) (2,511)Net financial items 2,461 316 678Interest IncomeInterest income was DKK 995 million in 2024 compared to DKK 982 million in 2023 and DKK 324 million in 2022. The increase of DKK 13 million, or 1% from 2023 to 2024, was primarily driven by the higher cash and cash equivalents and marketable securities in the first half of 2024 compared to 2023, almost entirely offset by lower cash and cash equivalents and marketable securities in the second half of 2024 compared to 2023 as a result of liquidating marketable securities and using cash to purchase ProfoundBio. The increase of 658 million, or 203% from 2022 to 2023 was primarily driven by higher effective interest rates in the U.S., Europe, and Denmark.Foreign Exchange Rate Gains and LossesForeign exchange rate gains, net of DKK 1,339 million in 2024 compared to foreign exchange rate loss, net of DKK 889 million in 2023 was primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents. Foreign exchange rate loss, net of DKK 889 million in 2023 compared to foreign exchange rate gain, net of DKK 1,051 million in 2022 was primarily driven by foreign exchange movements impacting Genmab\u2019s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:December 31, December 31, December 31, 202420232022USD/DKK Foreign Exchange Rates 7.1429 6.7447 6.9722% Increase/(Decrease) 6% (3)% 6%Refer to Note 4.2 for additional information on foreign currency risk.Marketable Securities Gains and LossesGain on marketable securities, net was DKK 217 million in 2024 compared to gain on marketable securities, net of DKK 319 million in 2023 and loss on marketable securities, net of DKK 361 million in 2022. The decrease in gain of DKK 102 million, or 32% from 2023 to 2024 was primarily driven by the decrease in marketable securities in the first half of 2024 to fund the acquisition of ProfoundBio and share repurchase as well as changing interest rate outlooks for the U.S., primarily in the fourth quarter of 2024. The increase in gain of DKK 680 million, or 188% from 2022 to 2023, was primarily driven by interest rate outlooks for the U.S. and Europe.Other InvestmentsGains on other investments, net were DKK 30 million in 2024, losses on other investments, net were DKK 26 million in 2023 and DKK 297 million in 2022. The net gains and losses in 2024 and 2023 were primarily driven by changes in fair value of Genmab\u2019s investments in certain strategic investment funds. The losses in 2022 were primarily driven by the change in fair value of Genmab\u2019s investment in common shares of CureVac.Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__190": {
"value": "(DKK million) 2024 2023 2022Financial income:Interest and other financial income 995 982 324Gain on marketable securities 364 495 92Gain on other investments 146 72 58Foreign exchange rate gain 2,933 391 2,715Total financial income 4,438 1,940 3,189",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__191": {
"value": "Financial expenses:Interest and other financial expenses (120) (70) (39)Loss on marketable securities (147) (176) (453)Loss on other investments (116) (98) (355)Foreign exchange rate loss (1,594) (1,280) (1,664)Total financial expenses (1,977) (1,624) (2,511)Net financial items 2,461 316 678",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__192": {
"value": "Interest IncomeInterest income was DKK 995 million in 2024 compared to DKK 982 million in 2023 and DKK 324 million in 2022. The increase of DKK 13 million, or 1% from 2023 to 2024, was primarily driven by the higher cash and cash equivalents and marketable securities in the first half of 2024 compared to 2023, almost entirely offset by lower cash and cash equivalents and marketable securities in the second half of 2024 compared to 2023 as a result of liquidating marketable securities and using cash to purchase ProfoundBio. The increase of 658 million, or 203% from 2022 to 2023 was primarily driven by higher effective interest rates in the U.S., Europe, and Denmark.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__198": {
"value": "Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__196": {
"value": "Accounting PoliciesFinancial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__199": {
"value": "4.6 Share-Based InstrumentsRestricted Stock Unit ProgramGenmab A/S has established an RSU program (equity-settled share-based payment transac-tions) as an incentive for Genmab\u2019s employees, members of the Executive Management, and members of the Board of Directors. RSUs granted to Executive Management are performance- based (PSUs). RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the registered Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting.See the table below for a summary of key terms of Genmab\u2019s RSU programs:RSUs Granted in PeriodsKey Terms December 2019\u2013February 2021 From February 2021Grants RSUs are granted at no cost to employees. Number of shares granted is determined based on closing share price on the grant date.Vesting Cliff vesting \u2014 RSUs become fully vested on the first banking day of the month following a (Settlement)period of three years from the grant date. The three year cliff vesting also applies to PSUs, while also subject to the degree of fulfilment of the applicable performance criteria.After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares.1Leaver Leavers \u2014 Forfeit all unvested RSUs except Good-Leavers \u2014 May maintain a pro-rata when due to retirement, death, serious portion of unvested RSUs.sickness, or serious injury, in which case 2Bad-Leavers \u2014 Forfeit all unvested RSUs.granted but not yet vested RSUs shall remain outstanding and will be settled in Death \u2014 Forfeit all unvested RSUs.accordance with their terms.Voluntary leavers forfeit unvested RSUs.Notwithstanding the above, the December 2020 RSU grant to members of the Board was made subject to pro-rata vesting upon termination of board services.Employees and Executive Management \u2014 RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.1. \u201cGood-Leaver\u201d \u2014 Dismissal without cause or termination of employment due to Genmab\u2019s material breach of the RSU or Warrant holder\u2019s employment terms, or if the participant is a member of the Board, if the membership of the Board ceases for any other reason than as a result of the participant\u2019s death.2. \u201cBad-leaver\u201d \u2014 Dismissed for cause or during the employment probationary period.The RSU program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program.RSU Activity in 2024, 2023 and 2022Number of RSUs held by former members of Number of the Executive Number of RSUs RSUs held by Management, Weighted Average Total Fair Value of held by the Board the Executive Number of RSUs Board of Directors Fair Value \u2014 RSUs RSUs Granted \u2014 of DirectorsManagementheld by employeesand employees Total RSUsGranted \u2014 DKKDKK millionOutstanding at January 1, 2022 10,965 89,043 293,031 12,952 405,991Granted* 4,295 40,453 221,000 6,383 272,131 2,250.18 612Settled (3,420) (17,165) (67,945) (12,847) (101,377)Transferred (2,368) \u2013 (13,749) 16,117 \u2013Forfeited (653) \u2013 (9,195) (18,759) (28,607)Outstanding at December 31, 2022 8,819 112,331 423,142 3,846 548,138Outstanding at January 1, 2023 8,819 112,331 423,142 3,846 548,138Granted* 3,361 75,854 208,353 11,643 299,211 2,619.35 784Settled (1,880) (35,773) (54,871) (9,805) (102,329)Transferred \u2013 12,918 (55,103) 42,185 \u2013Forfeited \u2013 (4,357) (35) (37,984) (42,376)Outstanding at December 31, 2023 10,300 160,973 521,486 9,885 702,644Outstanding at January 1, 2024 10,300 160,973 521,486 9,885 702,644Granted* 7,097 121,063 344,068 14,484 486,712 1,977.87 963Settled (3,367) (35,320) (112,663) (12,465) (163,815)Transferred \u2013 (19,924) (37,348) 57,272 \u2013Forfeited \u2013 (11,667) (71) (38,178) (49,916)Outstanding at December 31, 2024 14,030 215,125 715,472 30,998 975,625*RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.Warrant ProgramGenmab A/S has established a warrant program (equity-settled share-based payment trans-actions) as an incentive for all the Genmab Group\u2019s employees.Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S\u2019 shareholders.Following Genmab\u2019s Annual General Meeting on March 29, 2023, members of the registered Executive Management and members of the Board may only be granted RSUs.See the table below for a summary of key terms of Genmab\u2019s warrant programs:Warrants Granted in PeriodsKey Terms April 2012\u2013March 2017 March 2017\u2013February 2021 From February 2021Grants Warrants are granted at no cost to employees. Granted at an exercise price equal to the closing share price on the grant date.Vesting Annually over 4-year period Cliff vesting over 3-year period (100% after 3 years)(Exercisable)(25% per year)Leaver Leavers \u2014 Forfeit all unvested warrants; however, will be Good-Leavers \u2014 Maintain a able to exercise pro-rata portion of warrants on a regular pro-rata portion of unvested schedule in instances where the employment relationship warrants.is terminated by Genmab without cause.Bad-Leavers \u2014 For feit all unvested warrants.Death \u2014 Forfeit all unvested warrants.Voluntary leavers forfeit all unvested warrants.Lapse 7th anniversary of grant dateThe warrant program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program.Warrant Activity in 2024, 2023 and 2022Number of warrants held by former members Number of Number of of the Executive Weighted Outstanding warrants held warrants held Number of Management, Weighted average share Warrants \u2014 by the Board of by the Executive warrants held by Board of Directors average exercise price at exercise % of DirectorsManagementemployeesand employees Total warrantsprice \u2014 DKKdate \u2014 DKKShare CapitalOutstanding at January 1, 2022 10,658 159,634 739,000 59,159 968,451 1,501.49Granted* 1,541 \u2013 250,005 7,412 258,958 2,244.22Exercised (1,558) (29,836) (176,948) (34,775) (243,117) 1,154.95 2,815.33Expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Forfeited \u2013 \u2013 (13,670) (32,654) (46,324) 2,029.00Transfers (8,721) \u2013 (25,373) 34,094 \u2013 \u2013Outstanding at December 31, 2022 1,920 129,798 773,014 33,236 937,968 1,770.31 1%Exercisable at year end 617 118,571 282,296 32,695 434,179 1,265.68Exercisable warrants in the money at year end 617 118,571 282,296 32,695 434,179 1,265.68Outstanding at January 1, 2023 1,920 129,798 773,014 33,236 937,968 1,770.31Granted* 403 \u2013 198,001 10,973 209,377 2,632.02Exercised \u2013 (11,900) (74,672) (26,390) (112,962) 1,341.40 2,657.76Expired \u2013 \u2013 (1,200) (117) (1,317) 1,225.18Forfeited \u2013 \u2013 (32) (43,143) (43,175) 2,274.50Transfers \u2013 21,295 (103,396) 82,101 \u2013 \u2013Outstanding at December 31, 2023 2,323 139,193 791,715 56,660 989,891 1,980.25 1%Exercisable at year end 875 123,345 246,635 45,686 416,541 1,416.25Exercisable warrants in the money at year end 617 123,345 192,945 43,632 360,539 1,272.37Outstanding at January 1, 2024 2,323 139,193 791,715 56,660 989,891 1,980.25Granted* 694 \u2013 354,255 14,898 369,847 1,974.71Exercised \u2013 (63,811) (31,721) (17,119) (112,651) 1,143.29 1,877.19Expired \u2013 \u2013 (155) (132) (287) 1,032.00Forfeited \u2013 \u2013 (73) (39,564) (39,637) 2,300.10Transfers \u2013 555 (53,903) 53,348 \u2013 \u2013Outstanding at December 31, 2024 3,017 75,937 1,060,118 68,091 1,207,163 2,046.38 2%Exercisable at year end 1,226 63,405 321,099 60,686 446,416 1,759.86Exercisable warrants in the money at year end \u2013 46,166 77,669 25,477 149,312 1,131.68*Warrants held by the Board include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.Weighted Average Outstanding Warrants at December 31, 2024As of December 31, 2024, the range of exercise prices for outstanding warrants was DKK 962 to DKK 3,172 with a weighted average remaining contractual life of 4.24 years. As of December 31, 2023, the range of exercise prices for outstanding warrants was DKK 962 to DKK 3,172 with a weighted average remaining contractual life of 4.11 years. Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recognized in the Consolidated Statements of Comprehensive Income based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants are assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance- based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance- based RSU programs are designated as equity-settled share-based payment transactions.The fair value of each RSU and performance- based RSU granted during the year are calculated using the closing share price on the grant date. Below is a description on how the fair value of warrants is measured and the estimates involved. Management\u2019s Judgements and EstimatesShare-Based Compensation ExpensesThe fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022 The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s stock price;\u2022 The risk-free interest rate, which is determined as the interest rate on Danish government bonds (bullet issues) with an average maturity of five years;\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.These assumptions can vary over time and can change the fair value of future warrants granted.Valuation Assumptions for Warrants Granted in 2024, 2023 and 2022The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:2024 2023 2022Weighted averageFair value per warrant on grant date 639.67 924.10 664.08Share price 1,974.71 2,632.02 2,244.22Exercise price 1,974.71 2,632.02 2,244.22Expected dividend yield 0% 0% 0%Expected stock price volatility 32.3% 35.3% 33.5%Risk-free interest rate 2.26% 2.48% 0.15%Expected life of warrants 5 years 5 years 5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants granted DKK 237 million DKK 193 million DKK 172 million",
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"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__200-1": {
"value": "See the table below for a summary of key terms of Genmab\u2019s RSU programs:RSUs Granted in PeriodsKey Terms December 2019\u2013February 2021 From February 2021Grants RSUs are granted at no cost to employees. Number of shares granted is determined based on closing share price on the grant date.Vesting Cliff vesting \u2014 RSUs become fully vested on the first banking day of the month following a (Settlement)period of three years from the grant date. The three year cliff vesting also applies to PSUs, while also subject to the degree of fulfilment of the applicable performance criteria.After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares.1Leaver Leavers \u2014 Forfeit all unvested RSUs except Good-Leavers \u2014 May maintain a pro-rata when due to retirement, death, serious portion of unvested RSUs.sickness, or serious injury, in which case 2Bad-Leavers \u2014 Forfeit all unvested RSUs.granted but not yet vested RSUs shall remain outstanding and will be settled in Death \u2014 Forfeit all unvested RSUs.accordance with their terms.Voluntary leavers forfeit unvested RSUs.Notwithstanding the above, the December 2020 RSU grant to members of the Board was made subject to pro-rata vesting upon termination of board services.Employees and Executive Management \u2014 RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.See the table below for a summary of key terms of Genmab\u2019s warrant programs:Warrants Granted in PeriodsKey Terms April 2012\u2013March 2017 March 2017\u2013February 2021 From February 2021Grants Warrants are granted at no cost to employees. Granted at an exercise price equal to the closing share price on the grant date.Vesting Annually over 4-year period Cliff vesting over 3-year period (100% after 3 years)(Exercisable)(25% per year)Leaver Leavers \u2014 Forfeit all unvested warrants; however, will be Good-Leavers \u2014 Maintain a able to exercise pro-rata portion of warrants on a regular pro-rata portion of unvested schedule in instances where the employment relationship warrants.is terminated by Genmab without cause.Bad-Leavers \u2014 For feit all unvested warrants.Death \u2014 Forfeit all unvested warrants.Voluntary leavers forfeit all unvested warrants.Lapse 7th anniversary of grant dateThe warrant program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. The total value of remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 120 million as of December 31, 2024 (2023: DKK 103 million, 2022: DKK 82 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s8__7__201-1": {
"value": "RSU Activity in 2024, 2023 and 2022Number of RSUs held by former members of Number of the Executive Number of RSUs RSUs held by Management, Weighted Average Total Fair Value of held by the Board the Executive Number of RSUs Board of Directors Fair Value \u2014 RSUs RSUs Granted \u2014 of DirectorsManagementheld by employeesand employees Total RSUsGranted \u2014 DKKDKK millionOutstanding at January 1, 2022 10,965 89,043 293,031 12,952 405,991Granted* 4,295 40,453 221,000 6,383 272,131 2,250.18 612Settled (3,420) (17,165) (67,945) (12,847) (101,377)Transferred (2,368) \u2013 (13,749) 16,117 \u2013Forfeited (653) \u2013 (9,195) (18,759) (28,607)Outstanding at December 31, 2022 8,819 112,331 423,142 3,846 548,138Outstanding at January 1, 2023 8,819 112,331 423,142 3,846 548,138Granted* 3,361 75,854 208,353 11,643 299,211 2,619.35 784Settled (1,880) (35,773) (54,871) (9,805) (102,329)Transferred \u2013 12,918 (55,103) 42,185 \u2013Forfeited \u2013 (4,357) (35) (37,984) (42,376)Outstanding at December 31, 2023 10,300 160,973 521,486 9,885 702,644Outstanding at January 1, 2024 10,300 160,973 521,486 9,885 702,644Granted* 7,097 121,063 344,068 14,484 486,712 1,977.87 963Settled (3,367) (35,320) (112,663) (12,465) (163,815)Transferred \u2013 (19,924) (37,348) 57,272 \u2013Forfeited \u2013 (11,667) (71) (38,178) (49,916)Outstanding at December 31, 2024 14,030 215,125 715,472 30,998 975,625*RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.Warrant Activity in 2024, 2023 and 2022Number of warrants held by former members Number of Number of of the Executive Weighted Outstanding warrants held warrants held Number of Management, Weighted average share Warrants \u2014 by the Board of by the Executive warrants held by Board of Directors average exercise price at exercise % of DirectorsManagementemployeesand employees Total warrantsprice \u2014 DKKdate \u2014 DKKShare CapitalOutstanding at January 1, 2022 10,658 159,634 739,000 59,159 968,451 1,501.49Granted* 1,541 \u2013 250,005 7,412 258,958 2,244.22Exercised (1,558) (29,836) (176,948) (34,775) (243,117) 1,154.95 2,815.33Expired \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Forfeited \u2013 \u2013 (13,670) (32,654) (46,324) 2,029.00Transfers (8,721) \u2013 (25,373) 34,094 \u2013 \u2013Outstanding at December 31, 2022 1,920 129,798 773,014 33,236 937,968 1,770.31 1%Exercisable at year end 617 118,571 282,296 32,695 434,179 1,265.68Exercisable warrants in the money at year end 617 118,571 282,296 32,695 434,179 1,265.68Outstanding at January 1, 2023 1,920 129,798 773,014 33,236 937,968 1,770.31Granted* 403 \u2013 198,001 10,973 209,377 2,632.02Exercised \u2013 (11,900) (74,672) (26,390) (112,962) 1,341.40 2,657.76Expired \u2013 \u2013 (1,200) (117) (1,317) 1,225.18Forfeited \u2013 \u2013 (32) (43,143) (43,175) 2,274.50Transfers \u2013 21,295 (103,396) 82,101 \u2013 \u2013Outstanding at December 31, 2023 2,323 139,193 791,715 56,660 989,891 1,980.25 1%Exercisable at year end 875 123,345 246,635 45,686 416,541 1,416.25Exercisable warrants in the money at year end 617 123,345 192,945 43,632 360,539 1,272.37Outstanding at January 1, 2024 2,323 139,193 791,715 56,660 989,891 1,980.25Granted* 694 \u2013 354,255 14,898 369,847 1,974.71Exercised \u2013 (63,811) (31,721) (17,119) (112,651) 1,143.29 1,877.19Expired \u2013 \u2013 (155) (132) (287) 1,032.00Forfeited \u2013 \u2013 (73) (39,564) (39,637) 2,300.10Transfers \u2013 555 (53,903) 53,348 \u2013 \u2013Outstanding at December 31, 2024 3,017 75,937 1,060,118 68,091 1,207,163 2,046.38 2%Exercisable at year end 1,226 63,405 321,099 60,686 446,416 1,759.86Exercisable warrants in the money at year end \u2013 46,166 77,669 25,477 149,312 1,131.68*Warrants held by the Board include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.Weighted Average Outstanding Warrants at December 31, 2024As of December 31, 2024, the range of exercise prices for outstanding warrants was DKK 962 to DKK 3,172 with a weighted average remaining contractual life of 4.24 years. As of December 31, 2023, the range of exercise prices for outstanding warrants was DKK 962 to DKK 3,172 with a weighted average remaining contractual life of 4.11 years.Valuation Assumptions for Warrants Granted in 2024, 2023 and 2022The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:2024 2023 2022Weighted averageFair value per warrant on grant date 639.67 924.10 664.08Share price 1,974.71 2,632.02 2,244.22Exercise price 1,974.71 2,632.02 2,244.22Expected dividend yield 0% 0% 0%Expected stock price volatility 32.3% 35.3% 33.5%Risk-free interest rate 2.26% 2.48% 0.15%Expected life of warrants 5 years 5 years 5 yearsTotal Fair Value of Amounts GrantedTotal fair value of warrants granted DKK 237 million DKK 193 million DKK 172 million",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__206": {
"value": "Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recognized in the Consolidated Statements of Comprehensive Income based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants are assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance- based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance- based RSU programs are designated as equity-settled share-based payment transactions.The fair value of each RSU and performance- based RSU granted during the year are calculated using the closing share price on the grant date. Below is a description on how the fair value of warrants is measured and the estimates involved.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__205": {
"value": "Accounting PoliciesShare-Based Compensation ExpensesShare-based compensation expense is recognized in the Consolidated Statements of Comprehensive Income based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.Management expectations related to the achieve-ment of performance goals associated with performance-based RSU grants are assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date asso-ciated with grants that are not expected to vest will be reversed.Share-based compensation expenses represent calculated values of warrants, RSUs and performance- based RSUs granted and do not represent actual cash expenditures. A corre-sponding amount is recognized in shareholders\u2019 equity as the warrant, RSU and performance- based RSU programs are designated as equity-settled share-based payment transactions.The fair value of each RSU and performance- based RSU granted during the year are calculated using the closing share price on the grant date. Below is a description on how the fair value of warrants is measured and the estimates involved.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900MTJPDPE4MHJ122",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s8__7__208": {
"value": "4.7 Share CapitalShare CapitalThe share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.As of December 31, 2024, the share capital of Genmab A/S comprised 66,187,186 shares of DKK 1 each with one vote. There are no restric-tions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obli-gation to allow his/her shares to be redeemed.Genmab\u2019s Board is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instru-ments of Genmab A/S as set out in articles 4A-5B of Genmab A/S\u2019 articles of association. Further, Genmab\u2019s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2024:March 13, 2024 April 13, 2021 March 29, 2019 AuthorizationAuthorizationAuthorizationWarrants issued \u2013 585,692 500,000Warrants reissued \u2013 41,143 81,684Warrants available for issue 750,000 164,308 \u2013Warrants available for reissue \u2013 4,550 \u2013Share PremiumThe share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity, in excess of the nominal amount of the shares issued at the parent company\u2019s offerings, reduced by any external expenses directly attributable to the offerings. The share premium reserve can be distributed.Changes in Share Capital During 2022 to 2024The share capital of DKK 66 million at December 31, 2024, is divided into 66,187,186 shares at a nominal value of DKK 1 each.Share capital 1Number of shares(DKK million) Share Price RangesDecember 31, 2021 65,718,456 65.7Exercise of warrants 243,117 0.3 DKK 466.20 to DKK 1,615.00December 31, 2022 65,961,573 66.0Exercise of warrants 112,962 0.1 DKK 815.50 to DKK 1,948.00December 31, 2023 66,074,535 66.1Exercise of warrants 112,651 0.1 DKK 962.00 to DKK 1,615.00December 31, 2024 66,187,186 66.21. New shares were subscribed at share prices in connection with the exercise of warrants under Genmab\u2019s warrant program.Treasury SharesProportion of Number of Share capital share capital Cost shares(DKK million)%(DKK million)Shareholding at December 31, 2021 288,325 0.3 0.4 550Purchase of treasury shares 370,000 0.4 0.6 908Shares used for funding RSU program (68,377) (0.1) (0.1) (80)Shareholding at December 31, 2022 589,948 0.6 0.9 1,378Purchase of treasury shares 220,000 0.2 0.3 564Shares used for funding RSU program (65,778) (0.1) (0.1) (126)Shareholding at December 31, 2023 744,170 0.7 1.1 1,816Purchase of treasury shares 2,011,853 2.0 3.0 3,879Shares used for funding RSU program (109,016) (0.1) (0.1) (246)Shareholding at December 31, 2024 2,647,007 2.6 4.0 5,449Share RepurchasesAs of December 31, 2024, Genmab\u2019s 2021 and 2023 authorizations have shares available for repur-chase, whereas Genmab\u2019s 2019 authorization has expired. In addition, at Genmab\u2019s 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 2023 2021 AuthorizationAuthorizationAuthorization1Number of shares authorized for repurchase3,500,000 500,000 500,000Actual shares repurchased under authorization 1,821,853 \u2013 450,000Shares available for repurchase as of December 31, 2024 1,678,147 500,000 50,0001. Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 AuthorizationsAs 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\u2019s commitments under the RSU program. The share buy-back program announced on March 15, 2024, was in support of Genmab\u2019s capital allocation strategy. During 2024, Genmab acquired 2,011,853 of its own shares, representing approximately 3.0% of share capital as of December 31, 2023. The total amount paid to acquire the shares, including directly attributable costs, was DKK 3,879 million and was recognized as a deduction to shareholders\u2019 equity. During 2023, Genmab acquired 220,000 of its own shares, repre-senting approximately 0.3% of share capital as of December 31, 2022. The total amount paid to acquire the shares, including directly attributable costs, was DKK 564 million and was recog-nized as a deduction to shareholders\u2019 equity. These shares are classified as treasury shares and are presented within retained earnings on the Consolidated Balance Sheets as of December 31, 2024.As of December 31, 2024, 2,647,007 treasury shares were held by Genmab.",
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"value": "Share CapitalThe share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.As of December 31, 2024, the share capital of Genmab A/S comprised 66,187,186 shares of DKK 1 each with one vote. There are no restric-tions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obli-gation to allow his/her shares to be redeemed.Genmab\u2019s Board is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instru-ments of Genmab A/S as set out in articles 4A-5B of Genmab A/S\u2019 articles of association. Further, Genmab\u2019s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2024:March 13, 2024 April 13, 2021 March 29, 2019 AuthorizationAuthorizationAuthorizationWarrants issued \u2013 585,692 500,000Warrants reissued \u2013 41,143 81,684Warrants available for issue 750,000 164,308 \u2013Warrants available for reissue \u2013 4,550 \u2013",
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"value": "Treasury SharesProportion of Number of Share capital share capital Cost shares(DKK million)%(DKK million)Shareholding at December 31, 2021 288,325 0.3 0.4 550Purchase of treasury shares 370,000 0.4 0.6 908Shares used for funding RSU program (68,377) (0.1) (0.1) (80)Shareholding at December 31, 2022 589,948 0.6 0.9 1,378Purchase of treasury shares 220,000 0.2 0.3 564Shares used for funding RSU program (65,778) (0.1) (0.1) (126)Shareholding at December 31, 2023 744,170 0.7 1.1 1,816Purchase of treasury shares 2,011,853 2.0 3.0 3,879Shares used for funding RSU program (109,016) (0.1) (0.1) (246)Shareholding at December 31, 2024 2,647,007 2.6 4.0 5,449Share RepurchasesAs of December 31, 2024, Genmab\u2019s 2021 and 2023 authorizations have shares available for repur-chase, whereas Genmab\u2019s 2019 authorization has expired. In addition, at Genmab\u2019s 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 2023 2021 AuthorizationAuthorizationAuthorization1Number of shares authorized for repurchase3,500,000 500,000 500,000Actual shares repurchased under authorization 1,821,853 \u2013 450,000Shares available for repurchase as of December 31, 2024 1,678,147 500,000 50,0001. Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 AuthorizationsAs 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\u2019s commitments under the RSU program. The share buy-back program announced on March 15, 2024, was in support of Genmab\u2019s capital allocation strategy. During 2024, Genmab acquired 2,011,853 of its own shares, representing approximately 3.0% of share capital as of December 31, 2023. The total amount paid to acquire the shares, including directly attributable costs, was DKK 3,879 million and was recognized as a deduction to shareholders\u2019 equity. During 2023, Genmab acquired 220,000 of its own shares, repre-senting approximately 0.3% of share capital as of December 31, 2022. The total amount paid to acquire the shares, including directly attributable costs, was DKK 564 million and was recog-nized as a deduction to shareholders\u2019 equity. These shares are classified as treasury shares and are presented within retained earnings on the Consolidated Balance Sheets as of December 31, 2024.As of December 31, 2024, 2,647,007 treasury shares were held by Genmab.",
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"value": "5.1 Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board and Executive Management is as follows:(DKK million) 2024 2023 2022Wages and salaries 101 71 55Share-based compensation expenses 157 100 70Defined contribution plans 4 3 2Total 262 174 127 The remuneration packages for the Board and Executive Management are described in further detail in Genmab\u2019s 2024 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board performs an annual review of the remuneration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the Consolidated Statements of Comprehensive Income and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compen-sation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase Board Fee Committee Fees Share-Based Compensation Expenses Total(DKK million) 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.6 1.1 0.9 3.3 2.8 2.6Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 1.3 0.8 0.7 2.6 2.1 2.0Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.5 0.4 1.0 0.6 0.5 2.1 1.7 1.5Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 1.0 0.6 0.5 1.9 1.5 1.4Rolf Hoffmann 0.6 0.6 0.6 0.4 0.3 0.3 1.0 0.6 0.5 2.0 1.5 1.41Elizabeth O\u2019Farrell0.6 0.6 0.5 0.4 0.3 0.2 1.6 1.0 0.6 2.6 1.9 1.32Mijke Zachariasse0.6 0.6 0.6 \u2013 \u2013 \u2013 1.0 0.5 0.4 1.6 1.1 1.02Martin Schultz0.6 0.6 0.5 \u2013 \u2013 \u2013 0.8 0.2 \u2013 1.4 0.8 0.52Takahiro Hamatani0.6 0.6 0.5 \u2013 \u2013 \u2013 0.8 0.2 \u2013 1.4 0.8 0.53Peter Storm Kristensen\u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.23Rima Bawarshi Nassar\u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.2Total 6.3 6.3 6.2 2.5 2.3 2.1 10.1 5.6 4.3 18.9 14.2 12.61. Elizabeth O\u2019Farrell was newly elected to the Board at the Annual General Meeting in March 2022.2. Employee elected board members were elected at the Annual General Meeting in March 2022.3. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board as employee elected board members at the Annual General Meeting in March 2022.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board.Remuneration to the Executive ManagementShare-Based Base Salary Defined Contribution Plans Other Benefits Annual Cash BonusCompensation Expenses Total(DKK million) 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Jan van de Winkel 9.7 9.2 8.6 1.7 1.3 1.3 0.2 0.3 0.3 8.8 9.2 8.6 34.4 24.3 22.9 54.8 44.3 41.7Anthony Pagano 4.7 4.4 4.3 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.7 2.6 2.6 16.5 12.5 9.5 24.0 19.6 16.53Anthony Mancini3.0 4.9 4.7 0.1 0.1 0.1 16.5 \u2013 \u2013 3.0 2.9 2.8 28.9 13.9 11.4 51.5 21.8 19.0Judith Klimovsky 5.3 5.0 4.9 0.1 0.1 0.1 0.1 \u2013 \u2013 3.0 3.0 2.9 19.4 13.6 14.1 27.9 21.7 22.0Tahamtan Ahmadi 5.0 4.7 4.6 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.8 2.9 2.8 17.9 12.1 7.7 25.8 19.8 15.21Birgitte Stephensen2.9 2.6 \u2013 0.3 0.3 \u2013 \u2013 \u2013 \u2013 1.7 1.5 \u2013 8.3 5.7 \u2013 13.2 10.1 \u20131Christopher Cozic3.4 3.3 \u2013 0.1 0.1 \u2013 \u2013 \u2013 \u2013 2.0 2.0 \u2013 11.1 7.8 \u2013 16.6 13.2 \u20132Martine van Vugt2.9 2.5 \u2013 0.7 0.6 \u2013 0.1 0.1 \u2013 1.6 1.6 \u2013 5.7 4.1 \u2013 11.0 8.9 \u20134Brad Bailey3.9 \u2013 \u2013 0.1 \u2013 \u2013 0.6 \u2013 \u2013 2.4 \u2013 \u2013 4.1 \u2013 \u2013 11.1 \u2013 \u20134Rayne Waller1.7 \u2013 \u2013 0.1 \u2013 \u2013 3.8 \u2013 \u2013 0.9 \u2013 \u2013 0.8 \u2013 \u2013 7.3 \u2013 \u2013Total 42.5 36.6 27.1 3.4 2.7 1.7 21.3 0.4 0.3 28.9 25.7 19.7 147.1 94.0 65.6 243.2 159.4 114.41. Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.2. Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.3. Anthony Mancini stepped down as Executive Vice President and Chief Operating Officer in September 2024.4. Brad Bailey and Rayne Waller were appointed Executive Vice President and Chief Commercial Officer, and Executive Vice President and Chief Technical Operations Officer, respectively, and members of the Executive Management in August 2024.Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, are formally registered as executive managers with the Danish Business Authority.Refer to the section \u201cExecutive Management\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. The total value of remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 120 million as of December 31, 2024 (2023: DKK 103 million, 2022: DKK 82 million).5.2 Related Party DisclosuresGenmab\u2019s related parties are its Board, 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 or members of the Executive Management.Other than the remuneration and other trans-actions relating to the Board and the Executive Management described in Note 5.1, there were no material related party transactions during 2024, 2023 or 2022.",
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"s8__7__210": {
"value": "5.1 Remuneration of the Board of Directors and Executive ManagementThe total remuneration of the Board and Executive Management is as follows:(DKK million) 2024 2023 2022Wages and salaries 101 71 55Share-based compensation expenses 157 100 70Defined contribution plans 4 3 2Total 262 174 127 The remuneration packages for the Board and Executive Management are described in further detail in Genmab\u2019s 2024 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board performs an annual review of the remuneration packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual General Meeting.Share-based compensation is included in the Consolidated Statements of Comprehensive Income and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compen-sation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and accounting policies.Remuneration to the Board of DirectorsBase Board Fee Committee Fees Share-Based Compensation Expenses Total(DKK million) 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Deirdre P. Connelly 1.2 1.2 1.2 0.5 0.5 0.5 1.6 1.1 0.9 3.3 2.8 2.6Pernille Erenbjerg 0.9 0.9 0.9 0.4 0.4 0.4 1.3 0.8 0.7 2.6 2.1 2.0Anders Gersel Pedersen 0.6 0.6 0.6 0.5 0.5 0.4 1.0 0.6 0.5 2.1 1.7 1.5Paolo Paoletti 0.6 0.6 0.6 0.3 0.3 0.3 1.0 0.6 0.5 1.9 1.5 1.4Rolf Hoffmann 0.6 0.6 0.6 0.4 0.3 0.3 1.0 0.6 0.5 2.0 1.5 1.41Elizabeth O\u2019Farrell0.6 0.6 0.5 0.4 0.3 0.2 1.6 1.0 0.6 2.6 1.9 1.32Mijke Zachariasse0.6 0.6 0.6 \u2013 \u2013 \u2013 1.0 0.5 0.4 1.6 1.1 1.02Martin Schultz0.6 0.6 0.5 \u2013 \u2013 \u2013 0.8 0.2 \u2013 1.4 0.8 0.52Takahiro Hamatani0.6 0.6 0.5 \u2013 \u2013 \u2013 0.8 0.2 \u2013 1.4 0.8 0.53Peter Storm Kristensen\u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.23Rima Bawarshi Nassar\u2013 \u2013 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.2Total 6.3 6.3 6.2 2.5 2.3 2.1 10.1 5.6 4.3 18.9 14.2 12.61. Elizabeth O\u2019Farrell was newly elected to the Board at the Annual General Meeting in March 2022.2. Employee elected board members were elected at the Annual General Meeting in March 2022.3. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board as employee elected board members at the Annual General Meeting in March 2022.Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board.Remuneration to the Executive ManagementShare-Based Base Salary Defined Contribution Plans Other Benefits Annual Cash BonusCompensation Expenses Total(DKK million) 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022Jan van de Winkel 9.7 9.2 8.6 1.7 1.3 1.3 0.2 0.3 0.3 8.8 9.2 8.6 34.4 24.3 22.9 54.8 44.3 41.7Anthony Pagano 4.7 4.4 4.3 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.7 2.6 2.6 16.5 12.5 9.5 24.0 19.6 16.53Anthony Mancini3.0 4.9 4.7 0.1 0.1 0.1 16.5 \u2013 \u2013 3.0 2.9 2.8 28.9 13.9 11.4 51.5 21.8 19.0Judith Klimovsky 5.3 5.0 4.9 0.1 0.1 0.1 0.1 \u2013 \u2013 3.0 3.0 2.9 19.4 13.6 14.1 27.9 21.7 22.0Tahamtan Ahmadi 5.0 4.7 4.6 0.1 0.1 0.1 \u2013 \u2013 \u2013 2.8 2.9 2.8 17.9 12.1 7.7 25.8 19.8 15.21Birgitte Stephensen2.9 2.6 \u2013 0.3 0.3 \u2013 \u2013 \u2013 \u2013 1.7 1.5 \u2013 8.3 5.7 \u2013 13.2 10.1 \u20131Christopher Cozic3.4 3.3 \u2013 0.1 0.1 \u2013 \u2013 \u2013 \u2013 2.0 2.0 \u2013 11.1 7.8 \u2013 16.6 13.2 \u20132Martine van Vugt2.9 2.5 \u2013 0.7 0.6 \u2013 0.1 0.1 \u2013 1.6 1.6 \u2013 5.7 4.1 \u2013 11.0 8.9 \u20134Brad Bailey3.9 \u2013 \u2013 0.1 \u2013 \u2013 0.6 \u2013 \u2013 2.4 \u2013 \u2013 4.1 \u2013 \u2013 11.1 \u2013 \u20134Rayne Waller1.7 \u2013 \u2013 0.1 \u2013 \u2013 3.8 \u2013 \u2013 0.9 \u2013 \u2013 0.8 \u2013 \u2013 7.3 \u2013 \u2013Total 42.5 36.6 27.1 3.4 2.7 1.7 21.3 0.4 0.3 28.9 25.7 19.7 147.1 94.0 65.6 243.2 159.4 114.41. Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.2. Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.3. Anthony Mancini stepped down as Executive Vice President and Chief Operating Officer in September 2024.4. Brad Bailey and Rayne Waller were appointed Executive Vice President and Chief Commercial Officer, and Executive Vice President and Chief Technical Operations Officer, respectively, and members of the Executive Management in August 2024.Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, are formally registered as executive managers with the Danish Business Authority.Refer to the section \u201cExecutive Management\u201d in Management\u2019s Review for additional informa-tion regarding the Executive Management.Severance PaymentsIn the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. The total value of remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab\u2019s financial position is estimated to be approximately DKK 120 million as of December 31, 2024 (2023: DKK 103 million, 2022: DKK 82 million).",
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"value": "5.3 CommitmentsPurchase ObligationsGenmab has entered into a number of agree-ments related to research and development activities that contain various obligations. These contractual obligations amounted to approxi-mately DKK 2,879 million as of December 31, 2024 (2023: approximately DKK 3,212 million).Genmab also has certain contingent commit-ments under license and collaboration agreements that may become due in the future. As of December 31, 2024, these contingent commitments amounted to approximately DKK 15,433 million (USD 2,161 million) in potential future development, regulatory and commercial milestone payments to third parties under licenseand collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 15,393 million (USD 2,282 million) as of December 31, 2023. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events trig-gering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.",
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"value": "5.3 CommitmentsPurchase ObligationsGenmab has entered into a number of agree-ments related to research and development activities that contain various obligations. These contractual obligations amounted to approxi-mately DKK 2,879 million as of December 31, 2024 (2023: approximately DKK 3,212 million).Genmab also has certain contingent commit-ments under license and collaboration agreements that may become due in the future. As of December 31, 2024, these contingent commitments amounted to approximately DKK 15,433 million (USD 2,161 million) in potential future development, regulatory and commercial milestone payments to third parties under licenseand collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 15,393 million (USD 2,282 million) as of December 31, 2023. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events trig-gering such payments or obligations have not yet occurred.In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our require-ments based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agree-ments due to the conditional nature of our obligations and the unique facts and circum-stances involved in each particular agreement.",
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"value": "5.4 Fees to Auditors Appointed at the Annual General Meeting(DKK million) 2024 2023 2022Audit fees 10.6 6.1 5.8Audit-related fees 2.3 3.4 2.0All other fees \u2013 0.1 \u2013Total 12.9 9.6 7.8Genmab changed auditors from PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC) to Deloitte Statsautoriseret Revisionspartnerselskab (Deloitte) as Genmab\u2019s new statutory auditor and independent registered public accounting firm for the fiscal year beginning January 1, 2024, replacing PwC. As such, fees in the table above reflect those incurred by Deloitte in 2024 and by PwC in 2023 and 2022Fees for other services than statutory audit of the financial statements provided by Deloitte amounted to DKK 2.3 million in 2024 (DKK 3.4 million and DKK 2.0 million in 2023 and 2022, respectively provided by PwC). These services primarily include agreed-upon proce-dures, other assurance assessments and reports, and accounting advice.",
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"value": "5.5 Acquisition of BusinessesOn 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\u2019s lead drug candidate, rinatabart sesutecan (Rina-S). In addition, Genmab acquired ProfoundBio\u2019s novel ADC technology platforms. Rina-S is a clinical-stage, FR\u03b1targeted, TOPO1 ADC, which was in Phase 2 of a Phase 1/2 clinical trial at the time of the acquisition, for the treatment of ovarian cancer and other FR\u03b1-expressing solid tumors. Based on the data from the ongoing Phase 1/2 clinical trial Genmab intends to broaden the developmentplans for Rina-S within ovarian cancer and other FR\u03b1expressing solid tumors. In January 2024, the U.S. FDA granted Fast Track designation to Rina-S for the treatment of patients with FR\u03b1-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 is attributable to post- combination services. The amount attributable tothe post-combination service does not form part of the consideration and was therefore instead recognized as Acquisition and integration related charges in Genmab\u2019s Consolidated Statements of Comprehensive Income.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\u2019s Consolidated Balance Sheets. The results of operations for ProfoundBio have been included inGenmab\u2019s consolidated financial statements fromthe 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 liabili-ties, 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). Adjustments may be applied to the purchase price allocation for a period of up to12 months from the Acquisition Date. During the fourth quarter of 2024, the Company recorded a measurement period adjustment impacting non-current deferred tax liabilities and goodwill that was not material. The total consideration for the acquisition of ProfoundBio is summarized as follows:Total ConsiderationAmounts in Amounts in USD millionsDKK millionsCash paid for outstanding shares 1,718 11,798Cash for equity compensation attributable to pre-combination service 187 1,289Total consideration 1,905 13,087Cash acquired (122) (841)Cash used for acquisition of business 1,783 12,246The 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 summa-rized below:Amounts Recognized as of the Acquisition DateAmounts in Amounts in USD millionsDKK millionsCash and cash equivalents 122 841Other current assets* 4 29Property and equipment 6 41IPR&D 1,540 10,577Technology platform intangible asset 181 1,243Other non-current assets** 3 21Deferred tax liability (292) (2,010)Other current liabilities*** (13) (91)Total identifiable net assets 1,551 10,651Goodwill 354 2,436Total consideration 1,905 13,087*Includes receivables and other investments **Includes other investments and right-of-use assets ***Includes other payables, contract liabilities, lease and other liabilitiesThe carrying values of other current assets, property and equipment, other non-current assets and other current liabilities were deter-mined 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 was 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 complete development of Rina-S into a commercially viable product, esti-mating 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 attrib-utable 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 intan-gible 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 proba-bilities of technical and regulatory 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\u2019s Consolidated Balance Sheets and is not amortized, but is subject to review for impairment annually. Refer to Note 3.1 for further details related to the accounting for goodwill.From the Acquisition Date through December 31, 2024, Genmab\u2019s Consolidated Statements of Comprehensive Income include no revenue and the following expenses associated with the acquisition and operations of ProfoundBio (in DKK millions):AcquisitionDate throughDecember 31, 2024Consolidated Statements of Comprehensive Income (DKK million):Research and development expenses 403Selling, general and administrative expenses 27Acquisition and integration related charges* 187Total 617* Acquisition related charges incurred from the Acquisition Date through December 31, 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 December 31, 2024, which are comprised of professional fees incurred to assist with the integration of ProfoundBio into Genmab\u2019s operations post-acqui-sition. Additionally, prior to the Acquisition Date, Genmabrecorded DKK 113 million in Acquisition and integration related charges in Genmab\u2019s Consolidated Statements of Comprehensive Income related to professional due diligence procedures in connection with the acquisition of ProfoundBio. The DKK 113 million of Acquisition and integration related charges incurred prior to the Acquisition Date and the DKK 187 million of Acquisition and integration charges incurred from the Acquisition Date through December 31, 2024 total DKK 300 million through the fourth quarter of 2024.The following table provides Genmab\u2019s consol-idated revenue and net profit for 2024 as if the acquisition of ProfoundBio had occurred on January 1, 2024 (in DKK millions):Twelve Month Period Ended (DKK million)December 31, 2024Revenue 21,526Net Profit 7,622The unaudited pro forma information does not necessarily reflect the actual results of opera-tions of the combined entities that would have been achieved, nor are they necessarily indicativeof 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 December 31, 2024, Cash and cash equiv-alents in Genmab\u2019s Consolidated Balance Sheets includes USD 30 million (DKK 214 million) of restricted cash balances for funds held in escrow related to the acquisition of ProfoundBio.Accounting PoliciesBusiness CombinationsThe 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 relation-ship is not part of the exchange for the acquiree and is therefore not included in the consider-ation for the purpose of applying the acquisition method. Settlements of pre-existing relationshipsare accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contin-gent liabilities assumed are measured at fair value on the date of acquisition by applying relevant valuation methods. Goodwill is recog-nized as the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed. Acquisition-related charges are expensed as incurred and included within Acquisition and integration related charges in the Consolidated Statements of Comprehensive Income. Management\u2019s Judgements and Estimates \u2014 Other Intangible Assets and GoodwillFair Value and Impairment Assessment of Other Intangible Assets and GoodwillThe 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 observ-able market prices are typically not available. Thisis particularly relevant for intangible assets whichrequire use of valuation techniques typically based on estimates of present value of future uncertain cash flows. The significant assump-tions 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 regulatory success, revenue growth rates, operating margins, and royalty rates).",
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"value": "Accounting PoliciesBusiness CombinationsThe 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 relation-ship is not part of the exchange for the acquiree and is therefore not included in the consider-ation for the purpose of applying the acquisition method. Settlements of pre-existing relationshipsare accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contin-gent liabilities assumed are measured at fair value on the date of acquisition by applying relevant valuation methods. Goodwill is recog-nized as the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed. Acquisition-related charges are expensed as incurred and included within Acquisition and integration related charges in the Consolidated Statements of Comprehensive Income.",
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"value": "Accounting PoliciesBusiness CombinationsThe 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 relation-ship is not part of the exchange for the acquiree and is therefore not included in the consider-ation for the purpose of applying the acquisition method. Settlements of pre-existing relationshipsare accounted for as separate transactions in accordance with the relevant IFRS standards.Identifiable assets and liabilities and contin-gent liabilities assumed are measured at fair value on the date of acquisition by applying relevant valuation methods. Goodwill is recog-nized as the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed. Acquisition-related charges are expensed as incurred and included within Acquisition and integration related charges in the Consolidated Statements of Comprehensive Income.",
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"value": "5.7 ContingenciesLegal ContingencyIn 2024, Chugai filed a lawsuit in the Tokyo District Court, Japan against AbbVie\u2019s and Genmab\u2019s 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 recognized related to this matter.Financial GuaranteesAs of December 31, 2024 and December 31, 2023, Genmab has financial bank guarantees of DKK 16 million issued as security for lease obligations under certain lease agreements. The likelihood of a claim under the guarantees has been assessed to be remote due to Genmab\u2019 strong financial position and history of fulfilling lease payments. Accordingly, no provision has been recognized related to this matter.",
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"value": "5.8 Subsequent EventsManagement has determined it is appropriate to change the functional currency of the Genmab A/S legal entity from DKK to USD effective January 1, 2025. This determination was made based on the growing number and significance ofthe underlying USD transactions, triggered by thecommercialization of EPKINLY. Effective for the first quarter of 2025, the consolidated financial statements will also be presented in USD, which will be both the functional and presentation currency of the parent company.No other events have occurred subsequent to the balance sheet date that could signifi-cantly affect the financial statements as of December 31, 2024.",
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