Genmab A/S

 Annual Report

CVR No. 21 02 38 84

Genmab A/S

Carl Jacobsens Vej 30

2500 Valby

Denmark

Leading

Antibody

Science

for Better

Futures

Management’s Review

4 Our 2030 Vision

5 Chair’s Statement

7 Letter from the CEO

9 2024 at a Glance

10 Consolidated Key Figures

11 2025 Outlook

12 Our Strategy

13 Who We Are

14 Business Model

15 Value Chain

17 Research and Development Capabilities

19 Bringing Our Own Innovative Medicines

to Patients

21 Antibody Discovery and Development

22 Products and Technologies

51 Financial Review

62 Risk Management

71 Enterprise Risk Management

72 Corporate Governance

74 Board of Directors

77 Executive Management

79 Shareholders and Share Information

Sustainability Statements*

82 General Information

94 Environmental

106 Social

124 Governance

131 Appendix A

Financial Statements

139 Financial Statements for the Genmab Group

183 Financial Statements of the Parent Company

197 Directors’ and Management’s Statement

on the Annual Report

198 Independent Auditor’s Reports

Other Information

204 Forward Looking Statement

205 Contact Information

Table of Contents

Our Reporting Suite

2024 Corporate Governance Report

2024 Compensation Report

Our Corporate Governance and

Compensation Reports for 2024 can be

found on our website Genmab.com.

*The Sustainability Statements are part of Management’s Review

Management’s Review Financial Statements Other InformationGenmab 2024 Annual Report Table of Contents

Management’s

Review

In this section

4 Our 2030 Vision

5 Chair’s Statement

7 Letter from the CEO

9 2024 at a Glance

10 Consolidated Key Figures

11 2025 Outlook

12 Our Strategy

13 Who We Are

14 Business Model

15 Value Chain

17 Research and Development

Capabilities

19 Bringing Our Own Innovative

Medicines to Patients

21 Antibody Discovery and

Development

22 Products and Technologies

51 Financial Review

62 Risk Management

71 Enterprise Risk Management

72 Corporate Governance

74 Board of Directors

77 Executive Management

79 Shareholders and Share

Information

Sustainability Statement

82 General Information

94 Environmental

106 Social

124 Governance

131 Appendix A

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Our Core Purpose,

Supporting Our 2030 Vision

Our unstoppable team will improve the

lives of patients through innovative

and differentiated antibody therapeutics.

Our 2030 Vision

By 2030, our KYSO (knock-your-socks-off)

antibody medicines

are fundamentally

transforming the lives of people with

cancer and other serious diseases.

• Genmab founded

• Nasdaq Copenhagen A/S

(Nasdaq Copenhagen) Initial

Public Offering (IPO)

• First partnership (F. Hoffmann-

La Roche AG (Roche))

• Ofatumumab

program announced

• Daratumumab selected

• Arzerra

®1

(ofatumumab)

first approval

• Tivdak

®5

(tisotumab vedotin-

tftv) approval and launch

• DuoBody-based bispecifics

RYBREVANT

®2

(amivantamab),

TECVAYLI

®2

(teclistamab)

and TALVEY

®2

(talquetamab)

approval and launch

• DuoBody-based bispecific

EPKINLY

®6

(epcoritamab-bysp)/

TEPKINLY

®6

(epcoritamab)

approval and launch

• argenx SE (argenx) partnership

• ProfoundBio Inc. (ProfoundBio)

acquisition, including rinatabart

sesutecan (Rina-S™)

• Genmab assumes full

ownership of acasunlimab

• Rina-S and acasunlimab move

into Phase 3 development

• DuoBody

technology platform

announced

• Collaboration with Seagen Inc. (Seagen)

• DuoBody research and license agreement

with Johnson & Johnson (J&J, legal entity

Janssen Biotech, Inc.)

• Daratumumab agreement with J&J

• HexaBody

technology platform

announced

• DARZALEX

®2

(daratumumab) approval

and launch

• BioNTech SE (BioNTech) partnership

• U.S. IPO under Nasdaq Global Select

Market; dual listed as GMAB

• Japan Operations established under

Genmab K.K.

• AbbVie Inc. (AbbVie) partnership

• DARZALEX FASPRO

®2

(daratumumab and

hyaluronidase fihj) approval and launch

• Kesimpta

®3

(ofatumumab) approval

and launch

• TEPEZZA

®4

(teprotumumab) approval

and launch

1999–2009 2010–2020 2021–2024

25 Years of Innovation

1. Developed and commercialized by GlaxoSmithKline (GSK); 2. Developed and commercialized by J&J; 3. Developed and commercialized by Novartis AG (Novartis); 4. Developed and commercialized by Amgen Inc. (Amgen);

5. Co-developed and commercialized with Pfizer Inc. (Pfizer); 6. Co-developed and commercialized with AbbVie

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Dear Shareholder,

For 25 years, Genmab has pioneered

antibody- based medicines to fundamentally

transform the lives of people with cancer

and other serious diseases. We take pride

looking back at the great leaps we have

made globally and within the foundations

of Genmab; however, our focus remains

steadfast on the future. Our progress has

led us here: over 2,700 team members

across five countries, eight antibody-based

medicines having an impact on patients’ lives,

and two wholly owned assets now in late-

stage development.

Genmab’s Evolution

Founded in 1999, Genmab celebrated

its 25th anniversary in 2024, and the

year gave all of us at Genmab much to

celebrate. Twenty-five years of scientific

progress have had an impact on the lives of

patients and have inspired us to continue

on our path of becoming a fully integrated

biotech. This year, Genmab successfully

acquired ProfoundBio. In addition to gaining

worldwide rights to three clinical candidates

and novel antibody-drug conjugate (ADC)

platforms, the acquisition is representative

of our long-term growth potential. We

welcomed talented new colleagues to our

Research & Development (R&D) team, and

accelerated the clinical development for

Rina-S, a wholly owned asset now in Phase 3

clinical development.

Sustainability and social responsibility

are fundamental to the way we work at

Genmab. This Annual Report also marks

the first year for Genmab incorporating our

Environmental, Social and Governance (ESG)

disclosures in compliance with the European

Union’s (EU) Corporate Sustainability

Reporting Directive (CSRD). Our first double

materiality assessment (DMA) and its

outcome supported the development of our

first impacts, risks and opportunities that

guided our future sustainability strategy.

We remain committed to ensuring our actions

benefit our stakeholders and society and

that our Corporate Social Responsibility

(CSR) practices are integrated as a core

part of our business. In 2024, 800 Genmab

employees completed 4,037 service hours

to make a difference in the lives of patients

and their families, our communities and

the environment.

Experienced Leadership

Our future looks promising under our

expanded leadership. In 2024, we had two

additions to our Executive Committee: Rayne

Waller as Chief Technical Operations Officer,

and Brad Bailey as Chief Commercial Officer.

Rayne Waller joined Genmab to further solidify

and strengthen our technical operations

Deirdre P. Connelly

Board Chair

Chair’s Statement

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

and lead all the manufacturing and supply

chain capabilities of our proprietary

programs through preclinical, clinical and

commercial stages. Brad Bailey, previously

Genmab’s Senior Vice President and U.S.

General Manager, expanded his role to lead

the direction, planning, and execution of

Genmab’s global commercial strategies as

we expand beyond our two priority markets

of the U.S. and Japan. These new additions

strengthen our commitment to a bold future

for our diverse and innovative mid- to late-

stage clinical programs.

In 2024, our Board of Directors (Board)

continued to provide governance, guidance,

and dedicated leadership. Comprised

of experts in their fields, the Board has

supported organizational growth initiatives,

driven global change, and contributed

value across Genmab.

On behalf of the Board, I would like to

thank Genmab’s dedicated team members,

Chief Executive Officer Jan van de Winkel

and the entire global leadership team for

their inspiration and extraordinary leadership

as well as our shareholders for your

continued support.

Sincerely,

D P. C

Board Chair

Chair’s Statement

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual ReportGenmab 2024 Annual Report

Jan van de Winkel, Ph.D.

President & Chief Executive Officer

Dear Shareholder,

As I reflect on 2024, I am proud to share a

year of remarkable progress and strategic

achievement at Genmab. This year has

reinforced our commitment to transforming

the lives of people with cancer and other

serious diseases through groundbreaking

antibody-based medicines. Our advances

across research, development, and

commercialization activities reflect the

strength of our vision, our team, and

our unwavering focus on delivering value

for patients and stakeholders alike.

Strategic Growth and Innovation

This year, we achieved several key milestones

that drive us closer to our 2030 Vision of

being a fully integrated biotech innovation

powerhouse. Central to this was our

acquisition of ProfoundBio, completed

in May, which significantly enhanced our

long-term growth potential and brought

assets such as Rina-S into our pipeline.

Rina-S, a next-generation ADC with best-in-

class potential, entered Phase 3 development

this year.

We also assumed sole responsibility for

the continued development and potential

commercialization of acasunlimab,

underscoring our commitment to building

a robust pipeline of wholly owned,

late-stage programs. These advancements

are supported by a growing portfolio of

proprietary technologies, including the novel

ADC technology platforms we acquired with

ProfoundBio, and our validated DuoBody

platform, which underpins our success with

innovative bispecific antibodies.

Transforming Science into Medicine

This year, we carefully evaluated our

investments with a focus on portfolio

prioritization, and we evaluated our clinical

pipeline to ensure we are investing our

resources in the best and most effective

way possible. This strategic prioritization

means we are very focused on maximizing

the potential of turning science into medicine

through our Phase 3 programs, EPKINLY,

Rina-S and acasunlimab. After a thorough

assessment, we also decided to terminate

some early-stage clinical programs that did

not meet our criteria for potential KYSO

antibody-based medicines. And we decided

not to pursue a Phase 3 program for Tivdak in

second line plus head and neck cancer.

This year we are pleased that our

commercialized medicines reached significant

achievements:

• EPKINLY became the first and only

subcutaneous (SC) bispecific antibody

approved to treat both relapsed or refractory

Letter from the CEO

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

Letter from the CEO

follicular lymphoma (FL) and diffuse large

B-cell lymphoma (DLBCL) in the U.S. and

Europe. Strong launches in Japan and other

key markets have exceeded expectations.

• Tivdak, our tissue factor (TF)-directed

ADC, received full U.S. Food and Drug

Administration (U.S. FDA) approval based

on data demonstrating significant overall

survival benefits for patients with recurrent

or metastatic cervical cancer.

A Strong Financial Foundation to

Enable Our Evolution

Our financial performance this year has been

a testament to the strength of our strategy.

Recurring revenues grew significantly, driven

by royalties from our collaborations and

sales of EPKINLY and Tivdak, both of which

delivered robust sales in 2024. This growth

reinforces our financial position and enables

continued investment based on our strategic

prioritization efforts, which include our late-

stage clinical programs and commercialization

capabilities. This focused approach enables

us to realize our vision and capitalize on

significant growth opportunities ahead.

Genmab’s 25th anniversary also marked the

beginning of a new era of opportunity as our

company leverages the full potential of our

late-stage clinical programs, the potential of

the acquisition of ProfoundBio and continues

to build on our existing cutting-edge antibody

research and development to fulfill our mid-

to long-term growth as a fully integrated

biotech innovation powerhouse.

Acknowledgments and Outlook

These accomplishments and our progress

would not have been possible without the

dedication of our exceptional team, the

collaboration of our partners, and the trust

of our shareholders. I want to express my

deepest gratitude to all who have contributed

to our success this year.

We are excited about the opportunities

that lie ahead as we continue to evolve into

a fullyintegrated biotech. With a strong

foundation, an exceptional team, and a strong

pipeline of innovative antibody medicines and

investigational medicines, Genmab is well-

positioned to deliver on our vision to have

an impact on the lives of patients around

the world.

Thank you for your continued confidence

and support. Together, we will continue to

drive forward and reach our inspirational

2030 vision.

Sincerely yours,

J   W, P.D.

President & CEO

Genmab 2024 Annual Report

Other InformationFinancial StatementsManagement’s ReviewTable of Contents

Liquidity and

Capital Resources

DKK

11,243M

Marketable securities

DKK

9,858M

Cash and cash equivalents

DKK

36,697M

Shareholders’ equity

Financial

DKK

99B

2024 year-end market cap

DKK

21,526M

2024 revenue

DKK

13,538M

2024 operating expenses,

72% invested in R&D

2024 at a Glance

Operational

• EPKINLY/TEPKINLY became the first and only SC bispecific

antibody approved in both the U.S. and Europe to treat

both relapsed or refractory FL and relapsed or refractory

DLBCL after two or more lines of systemic therapy

• Acquisition of ProfoundBio, granting Genmab worldwide

rights to multiple candidates in development (including

Rina-S) plus ProfoundBio’s novel ADC technology platforms

• Genmab submitted a supplemental Japan New Drug

Application (J-NDA) to the Ministry of Health, Labour

and Welfare (MHLW) for SC EPKINLY for the treatment

of relapsed or refractory FL after two or more lines of

systemic therapy

• Tivdak received full U.S. FDA approval to treat recurrent or

metastatic cervical cancer

• Genmab submitted a J-NDA to the MHLW for Tivdak for the

treatment of advanced or recurrent cervical cancer

• Genmab assumed sole responsibility for the continued

development and potential commercialization

of acasunlimab

• Two Genmab wholly owned programs, Rina-S and

acasunlimab, moved into Phase 3 development

• Multiple programs entered clinical-stage development

including GEN1059 (BNT314, DuoBody-EpCAMx4-1BB),

GEN1055 (BNT315, HexaBody-OX40), GEN1057 (DuoBody-

FAPαxDR4) and GEN1286 (EGFRxcMET ADC)

• Additional regulatory approvals for J&J therapies DARZALEX

FASPRO and RYBREVANT

• Approval of Amgen’s TEPEZZA in Japan for the treatment of

active thyroid eye disease (TED)

• Continued development of Genmab’s broader organizational

infrastructure with the addition of over 600 new colleagues

Operating Profit*

(DKK million)

* 2020 Operating Profit impacted by one-time AbbVie upfront payment.

Sustainability

• Completed first DMA in

accordance with CSRD

• First year integrating

our sustainability

statements into Genmab’s

Annual Report

2020* 2021 2022 2023 2024

2,953

6,267

6,70 3

5,321

6,290

Environmental

• Set first long-term

emission reduction target

for Scope 1 & 2 emissions

• Achieved 77% renewable

electricity across all sites

• Established formalized

processes governing

supplier engagement on

climate change

Social

• Exceeded life sciences industry

benchmark for favorability and

participation rate for Global Employee

Engagement Survey

• Zero workplace injuries

• 100% of eligible team members with

access to year-end performance process

• Training available to all team members

at varying degrees

Governance

• Code of Conduct

applies to

all Genmab

team members

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

(DKK million) 2020 2021 2022 2023 2024

Income Statement

Revenue 10,088 8,417 14,505 16,474 21,526

Cost of product sales – – – (226) (985)

Research and development expenses (3,137) (4,181) (5,562) (7,630) (9,748)

Selling, general and administrative expenses (661) (1,283) (2,676) (3,297) (3,790)

Acquisition and integration related charges – – – – (300)

Total costs and operating expenses (3,798) (5,464) (8,238) (11,153) (14,823)

Operating profit 6,290 2,953 6,267 5,321 6,703

Net financial items (409) 965 678 316 2,461

Net profit 4,740 2,957 5,452 4,352 7,844

Balance Sheet

Total non-current assets 2,352 1,891 1,901 2,150 17,957

Marketable securities 8,819 10,381 12,431 13,268 11,243

Cash and cash equivalents 7,260 8,957 9,893 14,867 9,858

Total assets 21,105 24,538 30,119 35,289 45,811

Share capital 66 66 66 66 66

Shareholders’ equity 19,083 22,107 27,282 31,610 36,697

Cash Flow Statement

Cash flow from operating activities 6,433 2,228 3,912 7,380 7,771

Cash flow from investing activities (2,351) (961) (2,761) (1,282) (9,907)

Cash flow from financing activities 71 (420) (789) (606) (3,919)

Investments in intangible assets – – – (10) (117)

Investments in tangible assets (307) (252) (317) (366) (187)

Financial Ratios and Other Information

Basic net profit per share 72.72 45.22 83.38 66.64 122.21

Diluted net profit per share 71.94 44.77 82.59 66.02 121.36

Year-end share market price 2,463.00 2,630.00 2,941.00 2,155.00 1,492.50

Price/book value 8.52 7.85 7.11 4.50 2.68

Shareholders’ equity per share 289.14 334.95 413.36 478.94 556.02

Equity ratio 90% 90% 91% 90% 80%

Shares outstanding 65,545,748 65,718,456 65,961,573 66,074,535 66,187,186

Average number of employees (FTE)* 656 1,022 1,460 2,011 2,535

Number of employees (FTE) at year-end 781 1,212 1,660 2,204 2,682

*Full-time equivalent (FTE) or team member.

Consolidated Key Figures

2020 2021 2022 2023 2024

8,417

14,505

21,526

16,474

10,088

Revenue*

(DKK million)

2020 2021 2022 2023 2024

1,212

1,660

2,682

2,204

781

FTE at Year End

FTE

2020 2021 2022 2023 2024

4,181

5,562

9,748

3,137

1,283

2,676

3,790

300

661

5,464

8,238

13,838

7,63 0

3,297

10,927

3,798

Research and development

expenses

Selling, general and

administrative expenses

Acquisition and integration

related charges

Operating Expenses

(DKK million)

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Revenue

Genmab expects its 2025 revenue to be in

the range of USD 3.3–3.7 billion, compared to

USD 3.1 billion in 2024.

Genmab’s projected revenue growth for 2025

is driven by higher royalties, net product sales

and collaboration revenue. Royalty growth relates

mainly to DARZALEX and Kesimpta net sales

growth. Net product sales and collaboration

revenue growth is driven by strong performance

for both EPKINLY and Tivdak. Net product sales

and collaboration revenue consists of EPKINLY

net product sales in the U.S. and Japan, and

Tivdak (50% gross profit share).

Genmab’s projected revenue for 2025 primarily

consists of DARZALEX royalties of approximately

USD 2.2 billion at the midpoint. Such royalties are

based on estimated DARZALEX 2025 net sales

of USD 12.6–13.4 billion compared to actual net

sales in 2024 of USD 11.7 billion. DARZALEX

royalties are partly offset by Genmab’s share of

J&J’s royalty payments to Halozyme Therapeutics,

Inc. (Halozyme) in connection with SC net sales as

well as royalty reduction in countries and territories

where there is no Genmab patent coverage.

The remainder of Genmab’s revenue consists of

royalties from Kesimpta, TEPEZZA, RYBREVANT,

TECVAYLI, TALVEY and TEPKINLY, net product

sales and collaboration revenue from EPKINLY and

Tivdak, reimbursement revenue and milestones.

2025 Outlook

Operating Expenses

Genmab anticipates its 2025 operating

expenses to be in the range of USD 2.1–2.2

billion, compared to USD 2.0 billion in 2024.

The increase in operating expenses is primarily

related to investments in late-stage programs

and launch readiness in key markets.

Operating Profit

Genmab expects its 2025 operating profit to be

in the range of USD 0.9–1.4 billion, compared to

USD ~1.0 billion.

Outlook: Risks and Assumptions

In addition to factors already mentioned, the

estimates above are subject to change due to

numerous reasons, including but not limited to:

the achievement of certain milestones associated

with Genmab’s collaboration agreements; the

timing and variation of development activities

(including activities carried out by Genmab’s

collaboration partners) and related income and

costs; DARZALEX, DARZALEX FASPRO, Kesimpta,

TEPEZZA, RYBREVANT, TECVAYLI, TALVEY

and TEPKINLY net sales and royalties paid to

Genmab; changing rates of inflation; and currency

exchange rates (the 2025 guidance assumes

a USD/DKK exchange rate of 7.2). The financial

guidance assumes that no significant new

agreements are entered into during 2025 that

could materially affect the results.

The factors discussed above, as well as other

factors that are currently unforeseeable, may

result in further material adverse impacts on

Genmab’s business and financial performance,

including unfavorable impacts on the sales

of Tivdak and EPKINLY/TEPKINLY, and on the

net sales of DARZALEX, Kesimpta, TEPEZZA,

RYBREVANT, TECVAYLI, and TALVEY by Genmab’s

collaboration partners and on Genmab’s

royalties, collaboration revenue and milestone

revenue therefrom.

2025 Outlook is presented in USD as management has determined it is appropriate to change

the functional currency of Genmab A/S and the presentation currency to USD effective

January 1, 2025. Refer to Note 5.8 for additional details regarding the change in functional

and presentation currency.

(USD millions)

2024

Actual

Result

2025

Guidance

2025

Guidance

Mid-Point

2024

Growth %

2025

Growth %*

Revenue 3,124 3,340–3,660 3,500 31% 12%

Royalties 2,518 2,785–3,015 2,900 27% 15%

Net product sales/

Collaboration revenue** 316 415–460 438 199% 39%

Milestones/Reimbursement

revenue 290 140–185 162 -2% -44%

Gross profit 2,981 3,120–3,420 3,270 26% 10%

Operating expenses (2,008) (2,055)–(2,225) (2,140) 27% 7%

Operating profit 973 895–1,365 1,130 26% 16%

*Mid-point of guidance range

** Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and

Tivdak (Genmab’s share of gross profits).

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Our Strategy

Business Strategy Priorities in 2024 Priorities for 2025 Related Risk

Build a profitable and successful biotech

― Maintain a flexible and capital-efficient

model

― Maximize relationships with partners

― Retain ownership of select products

Invest in our people and culture

― Further scale organization aligned with differentiated antibody product

portfolio growth and future launches

Become a leading integrated biotech innovation powerhouse

― Use solid financial base to grow and broaden antibody product and

technology portfolio

Focus investments to optimize and enable growth strategy Please refer to the

risks included in

this Annual Report.

Focus on core competence

― Identify the best disease targets

― Develop unique first-in-class or best-in-

class antibodies

― Develop next-generation technologies

Build world-class differentiated pipeline

― Acasunlimab (GEN1046/BNT311, DuoBody-PD-L1x4-1BB)

― Initiate Phase 3 study (2L NSCLC)

― GEN1042 (DuoBody-CD40x4-1BB)

― Phase 2 data and determine next steps

― Expand and advance proprietary product portfolio

Expand our pipeline through organic and inorganic opportunities Please refer to the

risks included in

this Annual Report.

Turn science into medicine

― Create differentiated antibody

therapeutics with significant

commercial potential

Bring our own medicines to patients & expand our markets

― EPKINLY

― Initiate three Phase 3 trials

― Expand label to include relapsed/refractory FL

― Tivdak

― Initiate Phase 3 study in head and neck

― Execute successful launches and growth in key markets

Advance mid-to-late-stage pipeline assets: epcoritamab, Rina-S,

acasunlimab

Please refer to the

risks included in

this Annual Report.

Sustainability Strategy Priorities in 2024 Priorities for 2025 Related Risk

We are committed to embedding

sustainability in our business operations

with a focus on reducing our carbon

footprint, upholding responsibility

towards our people, patients and society

while maintaining high standards of

corporate governance

― Continue to grow our commitment to being a sustainable and

responsible company

― Ensure that policies and procedures are implemented in alignment with

ESG-related reporting requirements, while continuing to monitor the

regulatory landscape

― Collaborate internally to integrate ESG into our strategic planning,

business operations and risk management processes

― Continue to develop and deliver treatments to improve lives of patients

― Minimize our carbon footprint and map our Greenhouse Gas (GHG)

emissions

― Promote the Company’s efforts to attract, retain, motivate and

recognize diverse, world-class talent

― Invest in Diversity, Equity and Inclusion processes and efforts, which is

critical to our future growth

General

― Advance sustainability commitments by integrating action plans around

material impacts, risks and opportunities into our business operations

― Launch sustainability awareness training for all team members

Environmental

― Focus on the continuous update and execution of action plans to achieve

near and long-term emission reduction targets

Social

― Continue to pursue science and innovation with the potential to improve

patients’ lives through our medicines and facilitate access to these

medicines

― Continue efforts to promote employee well-being & vitality

― Maintain training and skills development opportunities for all team

members

― Support our future business needs by attracting, retaining, developing,

recognizing and motivating a diverse and talented team

Governance

― Reasonably ensure compliance with regulatory reporting requirements in a

transparent manner

― Ensure strong governance by engaging key stakeholders, including the

Board and its Committees, CSR & Sustainability Committee, senior leaders,

employees and suppliers

Please refer to the

risks included in

this Annual Report.

1. Co-development with BioNTech; 2. Co-development with AbbVie; 3. Co-development with Pfizer

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Our Core Values

In our quest to turn science into medicine, we

use these guideposts to transform the future of

cancer treatment:

• Passion for innovation

• Determination — being the best at what we do

• Integrity — we do the right thing

• We work as one team and respect each other

Our Key Accomplishments

Each of our achievements stands as evidence of

our unyielding determination, including:

• Two Genmab co-owned medicines on the

market: Tivdak with Pfizer and EPKINLY/

TEPKINLY with AbbVie

• Six additional medicines that were created

by Genmab, or that leverage Genmab’s

DuoBody technology, are being developed

and marketed by global pharmaceutical and

biotechnology companies

• Late-stage pipeline with high potential:

EPKINLY, Rina-S and acasunlimab

• Suite of proprietary antibody technologies

including bispecifics and ADC platform

technologies fueling future innovations

• Robust clinical and preclinical pipeline fueling

future growth

• Over 45 Investigational New Drugs (IND)

filed by Genmab and/or partners, based

on Genmab’s innovations and technology,

since 1999

• Industry-leading team with antibody

know-how, and expertise in R&D and

commercial fields

• Partnerships with industry leaders and

innovators across the innovation ecosystem of

pharma, biotech and academia

• Partnership with ChatGPT to launch “AI

Everywhere,” providing ChatGPT access to

more than 2,000 colleagues

• Solid financial foundation enabling our

evolution to a fully integrated biotech

• Building and expanding our capabilities

with more than 2,700 team members across

our international locations and through the

acquisition of ProfoundBio in 2024

Genmab’s Growing Organization

and Presence

Princeton, U.S.

– Translational and

Quantitative Sciences

– Development Operations

– U.S. Market Operations

– Corporate Functions

Utrecht, The Netherlands

– Discovery and Antibody Research

– Translational and Quantitative Sciences

– Development Operations

– Corporate Functions

Copenhagen, Denmark

– Headquarters

– Chemistry, Manufacturing and

Controls (CMC) Operations

– Development Operations

– Quality Control (QC) Laboratory

– Corporate Functions

Tokyo, Japan

– Development Operations

– Japan Market Operations

Who We Are

Suzhou and Shanghai, China

– Early-stage R&D

– CMC Operations

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Building a Fully Integrated Biotech

Innovation Powerhouse

Team

Deeply driven One Genmab

team rooted in science and

inspired by patients

Strong financials

Growing recurring revenues

and prioritization and

focused investments

Collaboration

Reaches across the innovation

ecosystem of pharma, biotech

and academia, and drives our

business forward

Translational and

precision medicine,

data science and

artificial intelligence (AI):

Key to accelerating

development and ensuring

the right therapies get to

the right patients

Research

Track record of success and

investing for tomorrow

Development

Scaling up capabilities to

expand from early- to late-stage

development

Technical Operations

and Commercialization

The next step in

our evolution

Enabling functions: Supporting growth and managing risk

Business

Model

At Genmab, we have built

a profitable and successful

biotech that creates value for

our stakeholders.

Our Strengths and

Differentiators

World-class antibody biology knowledge

and insight into disease targets

Discovery and development engine with

proprietary technologies that allow us to build

a differentiated pipeline

In-house expertise with a solid track record of

building successful strategic partnerships

Pipeline of potential best-in-class and/or

first-in-class therapies

Experienced, diverse leadership team

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

1. Research and Discovery

Target Identification: The first step in

Genmab’s value chain involves identifying

disease-related targets, particularly in

oncology. This includes research into the

biological mechanisms underlying diseases and

identifying targets that can be addressed with

antibody therapies.

Antibody Engineering: Genmab employs its

proprietary technologies, such as DuoBody,

HexaBody and its ADC platforms, to engineer

and develop novel antibodies. These tech-

nologies allow for the creation of bispecific

antibodies (capable of targeting two different

antigens), enhanced antibody functionality and

ADCs (antibodies with potent cytotoxic agents

coupled to them).

2. Preclinical Development

Preclinical Development: Genmab conducts

extensive preclinical testing to evaluate the

efficacy, safety, and potential of these antibodies

before advancing them to clinical trials.

3. Clinical Development

Clinical Trials: Genmab advances its antibody

candidates through various phases of clinical

trials (Phase 1, 2, and 3). This involves testing

the candidates in human patients to assess

safety, dosage, and efficacy.

Strategic Partnerships: During clinical devel-

opment, Genmab may decide to partner with

pharmaceutical or biotechnology companies to

co-develop and co-fund the trials. These part-

nerships help mitigate risk and share the costs

of development.

4. Manufacturing

Process Development: Genmab focuses on

developing scalable and efficient manufacturing

processes for its antibody products. Genmab

does not currently own or operate large-scale

manufacturing facilities but works closely with

contract manufacturing organizations (CMOs)

and partners to ensure high-quality production.

QC: Ensuring the consistency, safety, and quality

of our products is a key part of the manufac-

turing process. Genmab implements strict

quality control measures throughout production.

5. Registration and Launch

Regulatory Approval: Following successful

clinical trials, Genmab seeks regulatory

approval from authorities like the European

Medicines Agency (EMA) (Europe), the U.S. FDA

(U.S.) and MHLW (Japan), and other regulatory

bodies. This step is crucial for bringing the

investigational medicine to market.

6. Commercialization

Marketing and Sales: Once a product

receives regulatory approval, Genmab, often

through a variety of arrangements, markets

and sells the approved medicine. This step

includes establishing market strategies

including market access, engaging with payors,

educating healthcare providers, and launching

the product in various regions.

Distribution: Genmab collaborates with

distribution networks, either through partners

or on its own, to ensure the approved medicine

reaches healthcare providers and patients

in the approved jurisdictions.

Pharmacovigilance: After launch, Genmab

monitors the product’s performance in the

market, collecting data on its safety and

effectiveness in broader patient populations.

7. Partnerships and

Alliances

Licensing: Genmab licenses its proprietary

technologies (like the DuoBody and HexaBody

platforms) to other biotech and pharmaceutical

companies. This generates revenue through

upfront payments, milestones, and royalties.

Business Development: Genmab’s Business

Development team plays a crucial role in the

value chain, particularly in bridging the gap

between R&D and commercial success by

identifying opportunities, helping form strategic

alliances, and assisting in in-licensing and

out-licensing business.

Co-Development: Genmab often enters

into co-development agreements where

the costs, risks, and profits are shared with

partners. This collaboration is particularly

important during clinical development and

commercialization phases.

Strategic Alliances: Beyond traditional

partnerships, Genmab engages in strategic

alliances with research institutions and other

biotech companies to access complementary

technologies, expand its pipeline, and explore

new therapeutic areas.

Refer to section SBM-2 in the sustainability

statements for details of key stakeholders

including a mapping to Genmab’s value chain.

Genmab’s value chain is a comprehensive and

integrated process that spans from early-stage

R&D to the global commercialization of anti-

body-based therapies. Each step is designed to

maximize innovation, ensure product quality,

and optimize market reach, all while leveraging

strategic partnerships to enhance efficiency

and profitability.

Below is a breakdown of the key components

as well as the key stakeholders relevant to each

value chain component:

Value Chain

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Refer to the sustainability statements within this Annual Report for material topics identified as part of Genmab’s DMA. The visual maps the material topics to Genmab’s value chain.

Refer to the Who We Are section for Genmab’s presence.

Value Chain

E1: Climate Change

• Climate change

adaptation/Climate

change mitigation

(1)

• Energy

(2)

S1: Own Workforce

• Working Conditions

(3)

• Equal treatment and

opportunities for all

(4)

S4: Consumers & End-Users

• Social inclusion of

consumers and/or

end-users

(5)

• Personal safety and

information of consumers

and/or end-users

(6)

G1: Business Conduct

(7)

Material Topics

COMPLIANCE

Preclinical Development

Early Clinical Development

Late Clinical Development

Registration & Launch

Research & Discovery

Discovery of

novel antibody

targets to address

areas of unmet

medical need

Licensing

agreements

for product

discovery

Non-clinical safety

and preclinical

research and

validation

Antibody

manufacturing

for clinical

development

Licensing agreements

for product

development and

commercialization

On-Market

Final product

manufacturing and

packing to support global

commercial launch

Data

collection and

analysis

Submission of

biological license

application for

regulatory approval

and marketing

authorization

Product

launch by

approved

indication

Collaborations

and partnerships

Distribution

channels

Submission of

investigational new drug

application and clinical

trial application to

regulatory authorities

to start clinical trials

Joint R&D

initiatives

Biomarker and

translational

research

Phase 1/2 of

development to assess

safety and ecacy for

clinical proof of

concept and dose

selection for Phase 2/3

Phase 2/3 of

development to

assess benet/risk

and value proposition

vs. Standard of Care

and other competitors

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Inspired by Nature

At Genmab, we are inspired by nature and

understand how antibodies work. We are

deeply knowledgeable about antibody biology

and our scientists harness this expertise

to create and develop differentiated inves-

tigational antibody medicines. We utilize a

sophisticated and highly automated process

to efficiently generate, select, produce, and

evaluate antibody-based products. Our teams

have established a fully integrated R&D enter-

prise and streamlined process to coordinate

the activities of antibody product discovery,

preclinical testing, manufacturing, clinical

trial design and execution, and regulatory

submissions across Genmab’s international

operations. We have expanded our scientific

focus to use data science and artificial intel-

ligence to aid in the discovery of new targets

and biomarkers and bolster our in-depth

precision medicine and translational labo-

ratory capabilities. Through our expertise in

antibody drug development, we pioneer tech-

nologies that allow us to create differentiated

and potentially first-in-class or best-in-class

investigational medicines with the potential

to improve patients’ lives. Our antibody

expertise has enabled us to create our

cutting-edge technology platforms: DuoBody,

HexaBody, DuoHexaBody

and HexElect

With our acquisition of ProfoundBio we

gained novel ADC technology platforms.

Additional information about our technol-

ogies is available on Genmab’s website,

www.genmab.com/antibody-science/

antibody-technology-platforms.

Research and Development Capabilities

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual ReportGenmab 2024 Annual Report

Sustainable and State-of-

the-Art Facilities

The Netherlands

Genmab’s presence in the Netherlands is

composed of three buildings in the Utrecht

area: The Genmab Research and Development

Center (GRDC) and the Accelerator at the

Utrecht Science Park and a Genmab office

in nearby Zeist. Discovery and preclinical

research is conducted at our GRDC and

Accelerator facilities, which house state-of-

the-art laboratories, including a new chemistry

lab that opened at the GRDC in 2024. The

GRDC was one of the first Building Research

Establishment Environmental Assessment

Method (BREEAM) Excellent laboratory

buildings in the Netherlands. The Accelerator,

a multi-tenant ultra-modern R&D facility, was

opened in 2023, enabling our continued R&D

growth trajectory. These three spaces are

located in close proximity to other life science

companies and a premier research university.

They accommodate modern auditoriums, and

innovative brainstorming and meeting rooms.

They provide a bright, open, and collaborative

atmosphere and enable the Genmab team to

continue to innovate and find new ways to

help patients.

Denmark

Denmark, with its rich history of scientific

achievement and innovation, has been our

home for Genmab’s headquarters for 25 years.

We are surrounded by a vibrant ecosystem

of talent, with multiple biotech and pharma

peers, academia and research centers,

knowledge, and resources. Genmab opened

our new headquarters in Valby, Denmark

in 2023, a space designed specifically for

Genmab. In addition, Genmab introduced our

own Good Manufacturing Practice (GMP) QC

laboratory in 2023. The new space insources

certain business-critical processes and

capabilities for our early clinical development.

With our growing pipeline and commercial

ambitions, we are taking control of processes,

prioritization, people, and timing and taking

another tremendous step toward becoming an

end-to-end biotech innovation powerhouse.

United States

Genmab opened our new U.S. facility in

2020. This space, modeled on the open and

collaborative spirit of the R&D labs and offices

in Utrecht and Zeist, includes both offices

and laboratories. The U.S. precision medicine

laboratories allow Genmab to expand our

clinical and preclinical drug development

expertise and are part of the strategic growth

of the Company. As with our Utrecht facilities,

our U.S. office and laboratories were designed

and built with sustainability in mind and meet

the requirements for Leadership in Energy and

Environmental Design (LEED) Gold certification

for sustainable design features.

Japan

Genmab’s Japan office is located in Roppongi,

an international business district in the center

of Tokyo. It offers an open and collaborative

environment that fosters Genmab’s culture of

innovation and teamwork.

China

As part of our acquisition of ProfoundBio,

Genmab expanded our presence to our newest

locations with state-of-the-art research and

CMC capabilities in Suzhou, China.

As Genmab continues to grow our geographical

footprint, we will endeavor to do so with

minimal impact to the environment and with a

focus on sustainable practices.

Research and Development Capabilities

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Bringing Our Own Innovative Medicines to Patients

We are making continuous progress in our

ambition to become a fully-integrated,

end-to-end biotech, which includes

advancing the development of our fully

owned medicines and delivering them to

patients around the world.

Building on our legacy of innovation

and our patient-first approach, we have

successfully launched two therapies

through partnerships. This year, we

expanded the reach of these medicines

to additional geographies and patient

populations while also progressing the

development of wholly-owned, late-stage

investigational products.

Expanding the Potential of

Bispecifics in Lymphoma

In June 2024, the U.S. FDA approved a second

indication for EPKINLY (epcoritamab-bysp),

specifically for the treatment of adults with

relapsed or refractory FL after two or more

lines of systemic therapy. With this approval,

EPKINLY became the first and only T-cell

engaging bispecific antibody administered

subcutaneously approved in the U.S. to treat

this patient population.

Subsequently in August 2024, epcoritamab,

under the brand name TEPKINLY, became the

first subcutaneous bispecific antibody approved

as a monotherapy in the EU to treat relapsed

or refractory FL after two or more lines of

systemic therapy.

Additionally in September 2024, the U.S. FDA

granted a second breakthrough therapy designa-

tion for EPKINLY in relapsed or refractory FL when

administered in combination with rituximab and

lenalidomide.

In Japan, a supplemental J-NDA was submitted

to the MHLW for EPKINLY for the treatment of

patients with third line plus relapsed or refractory

FL grade 1-3A.

Follicular lymphoma is the second most common

form of non-Hodgkin’s lymphoma (NHL). It is

considered incurable, and historically, patients

may relapse or face a shortened duration of

response with prior standards of care.

Since 2023, EPKINLY has received regulatory

approvals in more than 50 countries. It was

the first bispecific approved in the world with

a dual indication in third line plus relapsed

or refractory DLBCL and third line plus relapsed

or refractory FL. In the U.S., it continues to be

the only bispecific with this dual indication. In

Japan, it remains the first and only T-cell engaging

bispecific antibody administered subcutaneously

approved for the treatment of adults with

relapsed or refractory large B-cell lymphoma

(LBCL) or grade 3B FL. EPKINLY/TEPKINLY is

developed and commercialized in partnership

with AbbVie.

We are creating

lasting impact

as we bring our

medicines to more

patients around

the world.

Creating Community with CeMe™

The CeMe™ campaign in the U.S., created in partnership with

Pfizer, builds community and a sense of belonging among those

impacted by cervical cancer.

“After the treatment, I didn’t know what to do next,” said Anna

Ogo. “That’s about when I found a community of women who had

experienced cervical cancer like me, and they helped me tremendously.

With their support, I began to find confidence in sharing my story.”

www.youtube.com/cemestories

Financial Statements Other InformationManagement’s ReviewGenmab 2024 Annual Report Table of Contents

Bringing Our Own Innovative Medicines to Patients

Driving Progress in Cervical Cancer Care

Advanced cervical cancer remains a disease

with high medical need. In the U.S., up to 16%

of cervical cancer cases are diagnosed at the

metastatic stage, and up to 61% of earlier-stage

diagnoses progress to metastatic disease.

Globally, cervical cancer is the fourth most

common cause of cancer death in women.

In April 2024, the U.S. FDA approved the

supplemental Biologics License Application

(sBLA) granting approval for Tivdak (tisotumab

vedotin-tftv), which we market in the U.S. in

partnership with Pfizer. This U.S. FDA action

converted the September 2021 accelerated

approval of Tivdak to a full approval. Tivdak

remains the first and only approved ADC for

the treatment of patients with recurrent or

metastatic cervical cancer in the U.S.

In Japan, the incidence and mortality rates

for cervical cancer have been increasing,

attributable in part to low vaccination rates

for the human papillomavirus (HPV) (<5%)

and regular checkups (40%). In April 2024, a

J-NDA was submitted to the MHLW for Tivdak

for the treatment of advanced or recurrent

cervical cancer with disease progression after

chemotherapy. Currently, patients whose disease

progresses or recurs following initial treatment

face limited options. If approved, Tivdak

could provide renewed hope to the cervical

cancer community.

Ensuring Rapid and Sustainable Access to Medicines

We are focused in our pursuit to turn innovative

science into medicines that create value and

deliver meaningful impact to patients and

health systems.

Ultimately, we positively impact the lives of

people with cancer when our science becomes

medicine, our medicine creates value, and the

value of our medicine is realized by patients who

can benefit. Patient access and affordability are

key components of this.

We aim to ensure that the price of our

medicines allows patients, regardless of their

socioeconomic or insurance status, to have timely

access while considering the transformational

potential of our science, its benefit to healthcare

systems and society, and our ability to invest in

the breakthrough science of the future.

At the same time, together with our partners,

we work with local country regulatory and

payer authorities in the U.S., Japan, and

throughout Europe to facilitate registration and

reimbursement to help enable patient access

to our medicines around the world.

Our Approach to Value, Access,

and Pricing

• Value: The value of our medicines is

driven by our innovative science.

• Access: Patient impact happens when

our medicines reach the people who

need them and help them live better.

• Pricing: The price of our medicines

reflects the innovation behind our

science, its impact on patients, and our

commitment to bringing that science

to patients.

We recognize that true patient impact happens

when our medicines reach the patients who need

them. In the U.S., MyNavCare™ Patient Support

by Genmab was created to offer support services

to patients prescribed Genmab medicines to

help them navigate each step of their unique

treatment journey.

MyNavCare offers a range of resources and services, from financial assistance to ongoing

support, to help patients access the Genmab medication they need.

Part of this can include ongoing support from Patient Engagement Liaisons — such as

Ann Fodrey. During a hurricane in 2024, one of the patients Ann supports was impacted

by the storm and the roof of his home was heavily damaged. Fodrey provided consistent

support, checking in to make sure the patient, a retired military veteran, was able to

safely get to his treatment and also connected him with a veteran’s organization that was

able to install a temporary roof on his house.

“Every day we do small things like this. It doesn’t have to be pointing them to an

organization that can provide the support they need. It could be connecting them

with a peer-to-peer resource, so they have somebody that’s going through a similar

experience — listening to them,” Fodrey said. “And that’s just as important.”

www.mynavcare.com

Table of ContentsGenmab 2024 Annual Report Management’s Review Financial Statements Other Information

Antibody

Discovery and

Development

1/2

Antibody-Drug Conjugate/

Immunocytokine

Designer Polyclonals/

Bispecifics

Half-Life Extended/Inert/

Fc-Enhanced/Isotypes

We are experts in antibody discovery and development. Our appreciation

for, and understanding of, the power of the human immune system gives

us a unique perspective on how to respond to the constant challenges

of oncology drug development. We entered a new chapter in Genmab’s

evolution with the commercialization and launch of our first medicine,

Tivdak, co-owned with Pfizer, in 2021, and we successfully launched our

second medicine, EPKINLY/TEPKINLY, in 2023 under our collaboration

with AbbVie. As part of our transformation to a fully integrated biotech,

at the end of 2024, we also had two wholly owned programs in Phase 3

development, Rina-S and acasunlimab.

Target

Format Indication

Antibody

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Products and

Technologies

Pipeline

At the end of 2024, Genmab’s proprietary pipeline of

investigational medicines, where we are responsible for at

least 50% of development, consisted of twelve antibody

products in clinical development. These include Genmab’s

approved medicines, Tivdak, developed and commercialized

together with Pfizer, and EPKINLY/TEPKINLY, developed

and commercialized together with AbbVie. In addition

to our own pipeline, there are multiple investigational

medicines in development by global pharmaceutical and

biotechnology companies, including six approved medicines

the investigational medicines in clinical development, our

pipeline includes multiple preclinical programs. An overview

of the development status of our approved medicines

and of each of our investigational medicines is provided

in the following sections. Detailed descriptions of dosing

and efficacy and safety data from certain clinical trials

have been disclosed in company announcements and

media releases published via the Nasdaq Copenhagen

stock exchange and may also be found in Genmab’s filings

with the U.S. Securities and Exchange Commission (SEC).

Additional information is available on Genmab’s website,

www.genmab.com. The information accessible through

our website is not part of and is not incorporated by

reference herein.

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

Products and Technologies

Genmab’s Proprietary

Products

Approved Medicines

Approved Product Target Developed By Disease Indication(s)

EPKINLY (epcoritamab-bysp, epcoritamab)

TEPKINLY (epcoritamab)

CD3xCD20 Co-development Genmab/AbbVie Approved in multiple territories including the U.S. and Europe for adult patients with relapsed or refractory

DLBCL after two or more lines of systemic therapy and in Japan for adult patients with certain types of relapsed

or refractory LBCL after two or more lines of systemic therapy

Approved in multiple territories including the U.S. and Europe for adult patients with relapsed or refractory FL

after two or more lines of systemic therapy

Tivdak (tisotumab vedotin-tftv) TF Co-development Genmab/Pfizer Approved in the U.S. for adult patients with recurrent/metastatic cervical cancer with disease progression

on or after chemotherapy

1. Approved and investigational medicines where Genmab has ≥50% ownership, in co-development with partners as indicated.

2. Refer to local country prescribing information for precise indication and safety information.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Pipeline, Including Further Development for Approved Medicines

Product Developed By Target(s) Technology Disease Indications Most Advanced Development Phase

Preclinical 1 2 3

Epcoritamab Co-development Genmab/AbbVie CD3, CD20 DuoBody Relapsed/refractory DLBCL

Relapsed/refractory FL

First line DLBCL

First line FL

B-cell NHL

Relapsed/refractory CLL & Richter’s Syndrome

Aggressive mature B-cell neoplasms in pediatric patients

Tisotumab vedotin Co-development Genmab/Pfizer Tissue factor ADC Solid tumors

Acasunlimab (GEN1046) Genmab PD-L1, 4-1BB DuoBody NSCLC

Solid tumors

Rinatabart Sesutecan

(Rina-S, PRO1184)

Genmab FRα ADC PROC

Solid tumors

GEN1042 (BNT312) Co-development Genmab/BioNTech CD40, 4-1BB DuoBody Solid tumors

GEN3014 Genmab

CD38 HexaBody Hematologic malignancies

GEN1059 (BNT314) Co-development Genmab/BioNTech EpCAM, 4-1BB DuoBody Solid tumors

GEN1055 (BNT315) Co-development Genmab/BioNTech OX40 HexaBody Solid tumors

GEN1160 (PRO1160) Genmab CD70 ADC Advanced solid and liquid tumors

GEN1107 (PRO1107) Genmab PTK7 ADC Advanced solid tumors

GEN1057 Genmab FAPα, DR4 DuoBody Solid tumors

GEN1286 (PRO1286) Genmab EGFR, cMet ADC Advanced solid tumors

1. Genmab is developing HexaBody-CD38 in an exclusive worldwide license and option agreement with J&J.

CLL = chronic lymphocytic leukemia

In 2024, Genmab discontinued the GEN1047 (DuoBody-CD3xB7H4), GEN3017 (DuoBody-CD3xCD30) and GEN1056 (with BioNTech, BNT322) programs following a strategic re-evaluation of Genmab’s portfolio.

For similar reasons, Genmab and BioNTech took the decision to discontinue the clinical development of GEN1053 (HexaBody-CD27, BNT313) including the Phase 1/2 clinical trial (NCT05435339) in solid tumors.

Products and Technologies

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Programs Incorporating Genmab’s Innovation and Technology

Approved Medicines

Approved Product Discovered and/or Developed & Marketed By Disease Indication(s)

DARZALEX (daratumumab)/DARZALEX FASPRO

(daratumumab and hyaluronidase-fihj)

J&J (Royalties to Genmab on net global sales) Multiple myeloma

Light-chain (AL) Amyloidosis

Kesimpta (ofatumumab) Novartis (Royalties to Genmab on net global sales) Relapsing multiple sclerosis (RMS)

TEPEZZA (teprotumumab-trbw) Amgen (under sublicense from Roche, royalties to

Genmab on net global sales)

TED

RYBREVANT (amivantamab/amivantamab-vmjw) J&J (Royalties to Genmab on net global sales) NSCLC

TECVAYLI (teclistamab/teclistamab-cqyv) J&J (Royalties to Genmab on net global sales) Relapsed and refractory multiple myeloma

TALVEY (talquetamab/talquetamab-tgvs) J&J (Royalties to Genmab on net global sales) Relapsed and refractory multiple myeloma

1. Approved and investigational medicines created by Genmab or created by collaboration partners leveraging Genmab’s DuoBody technology platform, under development, and

where relevant, commercialized by a third party.

2. See local prescribing information for precise indication and safety information.

Pipeline, Including Further Development for Approved Medicines, ≥Phase 2 Development

Product Technology Discovered and/or Developed By Disease Indications Most Advanced Development Phase

Pre-clinical 1 2 3

Daratumumab UltiMAb

J&J Multiple myeloma

Teprotumumab UltiMAb Amgen TED

Amivantamab DuoBody J&J NSCLC

Recurrent/metastatic head and neck cancer

Advanced or metastatic colorectal cancer

Teclistamab DuoBody J&J Multiple myeloma

Talquetamab DuoBody J&J Multiple myeloma

Amlenetug (Lu AF82422) UltiMAb H. Lundbeck A/S (Lundbeck) Multiple system atrophy

Inclacumab UltiMAb Pfizer Vaso-occlusive crises in sickle cell disease

Mim8 DuoBody Novo Nordisk A/S (Novo Nordisk) Hemophilia A

1. UltiMab transgenic mouse technology licensed from Medarex, Inc. (Medarex), a wholly owned subsidiary of Bristol-Myers Squibb.

Products and Technologies

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s

Proprietary

Pipeline

Programs where Genmab

has ≥50% ownership.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

EPKINLY/TEPKINLY

(epcoritamab)

First and only bispecific

antibody approved in the

U.S. and Europe to treat both

relapsed or refractory FL and

DLBCL after two or more lines

of systemic therapy

• SC bispecific antibody targeting CD3

and CD20 created using Genmab’s

DuoBody technology platform

• Epcoritamab (approved as EPKINLY

and TEPKINLY) has received

regulatory approvals in multiple

territories including in the U.S.

and Europe for adult patients with

relapsed or refractory DLBCL after

two or more lines of systemic therapy,

and in Japan for adult patients with

certain types of relapsed or refractory

LBCL after two or more lines of

systemic therapy

• EPKINLY/TEPKINLY have also been

approved in the U.S. and Europe for

the treatment of adults with relapsed

or refractory FL after two or more

lines of systemic therapy. Regulatory

submission for epcoritamab for this

indication is currently under review

in Japan

• Multiple clinical trials are ongoing

across different settings and

histologies, including five Phase 3

trials, with more trials in planning

• Co-developed and co-commercialized

in collaboration with AbbVie

Epcoritamab is a proprietary bispecific antibody

created using Genmab’s DuoBody technology

platform. Epcoritamab targets CD3, which is

expressed on T-cells, and CD20, a clinically

validated target on malignant B-cells. Genmab

used technology licensed from Medarex to

generate the CD20 antibody forming part of

epcoritamab. Epcoritamab is marketed as

EPKINLY in the U.S., Japan, and other regions,

and as TEPKINLY in Europe and other regions.

See local prescribing information for specific

indications and safety information. In 2020,

Genmab entered into a collaboration agreement

with AbbVie to jointly develop and commer-

cialize epcoritamab. The companies share

commercialization responsibilities in the U.S.

and Japan, with AbbVie responsible for further

global commercialization. Genmab records

sales in the U.S. and Japan and receives tiered

royalties between 22% and 26% on remaining

global sales outside of these territories, subject

to certain royalty reductions. The companies

have a broad clinical development program for

epcoritamab including five ongoing Phase 3

trials and additional trials in planning. Please

refer to Note 5.6 of the financial statements

for further details regarding the epcoritamab

collaboration with AbbVie. Please consult

the U.S. Prescribing Information for EPKINLY

and the European Summary of Product

Characteristics for TEPKINLY for the labeled

indication and safety information.

Fourth Quarter Update

• December: Multiple presentations at the

66th American Society of Hematology

(ASH) Annual Meeting, including four oral

presentations. Data from the EPCORE

CLL-1

trial of epcoritamab monotherapy in patients

with relapsed or refractory CLL was selected

for presentation during the prestigious ASH

Annual Meeting Press Program.

Updates from First Quarter to

Third Quarter

• September: The U.S. FDA granted a

Breakthrough Therapy Designation (BTD) for

epcoritamab in combination with rituximab

and lenalidomide for the treatment of adult

patients with relapsed or refractory FL after at

least one line of systemic therapy. This is the

second BTD granted for epcoritamab.

• August: The European Commission (EC)

granted conditional marketing authorization

for TEPKINLY (epcoritamab) as a monotherapy

for the treatment of adult patients with

relapsed or refractory FL after two or more

lines of systemic therapy. The conditional

marketing authorization was supported by

data from the FL cohort of the EPCORE NHL-1

trial (NCT03625037).

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

• June: The U.S. FDA approved EPKINLY

(epcoritamab-bysp) for the treatment of adult

patients with relapsed or refractory FL after

two or more lines of systemic therapy. The

approval was supported by data from the FL

cohort of the EPCORE NHL-1 trial.

• June: The EMA’s Committee for Medicinal

Products for Human Use (CHMP) adopted a

positive opinion recommending the granting

of conditional marketing authorization of

epcoritamab for the treatment of adult

patients with relapsed or refractory FL after

two or more lines of systemic therapy.

• June: Multiple data presentations were

featured at the 2024 American Society of

Clinical Oncology (ASCO) Annual Meeting

including two rapid oral presentations. These

presentations included data from the pivotal

and cycle 1 dose optimization FL cohorts of

the EPCORE NHL-1 clinical trial, which was

subsequently selected for presentation at the

Best of ASCO conference.

• June: Multiple data presentations were

featured at the 2024 European Hematology

Association (EHA) Congress including three

oral presentations.

• June: Data published in The Lancet

Haematology, “Epcoritamab monotherapy in

patients with relapsed or refractory follicular

lymphoma (EPCORE NHL-1): a phase 2 cohort

of a single-arm, multicentre study.”

• May: Epcoritamab monotherapy was added

to the National Comprehensive Cancer

Network

(NCCN

) Clinical Practice Guidelines

in Oncology (NCCN Guidelines

) for “B-cell

Lymphomas” (Version 2.2024) for third-line

and subsequent therapy for patients with FL

as a Category 2A, preferred regimen.

• March: Genmab submitted a supplemental

J-NDA to the MHLW in Japan for SC

epcoritamab for the treatment of relapsed

or refractory FL after two or more lines

of systemic therapy. The application was

supported by data from the FL cohort of the

EPCORE NHL-1 trial and the EPCORE NHL-3

(NCT04542824) trial.

• February: The U.S. FDA granted Priority

Review for the sBLA for epcoritamab-bysp

for the treatment of adult patients with

relapsed or refractory FL after two or more

lines of systemic therapy. The submission was

supported by data from the FL cohort of the

EPCORE NHL-1 trial.

• February: A new Phase 3 clinical trial was

initiated, evaluating the safety and efficacy

of SC epcoritamab in combination with

rituximab and lenalidomide compared to

chemoimmunotherapy in previously untreated

FL (EPCORE FL-2, NCT06191744).

• February: Multiple data presentations,

including oral presentations, at the 21st

Annual Meeting of the Japanese Society of

Medical Oncology (JSMO).

Genmab’s Proprietary Pipeline

About Diffuse Large B-cell Lymphoma

DLBCL is the most common type of B-cell NHL worldwide, accounting for approximately

25%–30% of all NHL cases.

1,2

In the U.S. there are approximately 25,000 new cases of DLBCL

diagnosed each year.

DLBCL can arise in lymph nodes as well as in organs outside of the

lymphatic system, occurs more commonly in the elderly and is slightly more prevalent in men.

4,5

DLBCL is a fast-growing type of NHL, a cancer that develops in the lymphatic system and affects

B-cell lymphocytes, a type of white blood cell. For many people living with DLBCL, their cancer

either relapses, which means it may return after treatment, or becomes refractory, meaning

it does not respond to treatment. Although new therapies have become available, treatment

management can remain a challenge.

6,7

1. Lymphoma Research Foundation. Diffuse Large B-Cell Lymphoma. Accessed November 22, 2024.

https://lymphoma.org/understanding-lymphoma/aboutlymphoma/nhl/dlbcl/

2. Padala, et al. Diffuse Large B-Cell Lymphoma. StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing;

2024 Jan. 2023 Apr 24.

3. Leukemia and Lymphoma Society. Diffuse Large B-Cell Lymphoma (DLBCL). Accessed November 22, 2024.

https://www.lls.org/research/diffuse-large-b-cell-lymphoma-dlbcl

4. Sehn LH, Salles G. N Engl J Med. 2021;384:842-858.

5. Kanas G, Ge W, Quek RGW, et al. Leukemia & Lymphoma. 2022;63(1):54-63.

6. Sehn LH, Salles G. N Engl J Med. 2021;384:842-858.

7. Crump M, Neelapu SS, Farooq U, et al. Blood. 2017;130(16):1800-1808.

DLBCL accounts for

~25% –30%

of all NHL cases

worldwide

~25,000

new cases

diagnosed in the

U.S. each year

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

Ongoing Clinical Trials

B-NHL Type Stage Development Phase

Pre-clinical 1 2 3

DLBCL Relapsed/Refractory EPCORE DLBCL-1

Front-line + R-CHOP EPCORE DLBCL-2

Relapsed/Refractory + lenalidomide, ASCT ineligible EPCORE DLBCL-4

Front-line +/- lenalidomide EPCORE DLBCL-3

FL Relapsed/Refractory (Combo) EPCORE FL-1

Front-line +R2 EPCORE FL-2

DLBCL & FL Outpatient EPCORE NHL-6

B-NHL Relapsed/Progressive/Refractory EPCORE NHL-1

Relapsed/Progressive/Refractory (Japan) EPCORE NHL-3

Relapsed/Refractory Pediatric EPCORE Peds-1

Previously Untreated/Relapsed/Refractory (Combo) EPCORE NHL-2

Previously Untreated/Relapsed/Refractory (China) EPCORE NHL-4

Previously Untreated/Relapsed/Refractory (Combo) EPCORE NHL-5

CLL/Richter’s Syndrome Relapsed/Refractory EPCORE CLL-1

R-CHOP = rituximab-cyclophosphamide, hydroxydaunorubicin, vincristine, prednisone; ASCT = autologous stem cell transplant; R2 = rituximab, lenalidomide

About Follicular Lymphoma

FL is typically an indolent (or slow-growing)

form of NHL that arises from B-lymphocytes

and is the second most common form of

NHL accounting for 20–30% of all cases.

About 15,000 people develop FL each year

in the U.S.

and it is considered incurable

with current standard of care therapies.

Patients often relapse and, with each relapse

the remission and time to next treatment is

shorter.

Over time, transformation to DLBCL,

an aggressive form of NHL associated with

poor survival outcomes, can occur in more

than 25% of FL patients.

1. Lymphoma Research Foundation official website.

https://lymphoma.org/aboutlymphoma/nhl/fl/.

Accessed November 22, 2024.

2. Leukemia & Lymphoma Society. https://www.lls.

org/research/follicular-lymphoma-fl. Accessed

November 22, 2024.

3. Ghione P, Palomba ML, Ghesquieres H, et al.

Treatment patterns and outcomes in relapsed/

refractory follicular lymphoma: results from the

international SCHOLAR-5 study. Haematologica.

2023;108(3):822-832. doi: 10.3324/

haematol.2022.281421.

4. Rivas-Delgado A, Magnano L, Moreno-Velázquez M,

et al. Response duration and survival shorten after

each relapse in patients with follicular lymphoma

treated in the rituximab era. Br J Haematol.

2018;184(5):753-759. doi:10.1111/bjh.15708.

5. Al-Tourah AJ, Gill KK, Chhanabhai M, et al.

Population-based analysis of incidence and

outcome of transformed non-Hodgkin’s lymphoma.

J Clin Oncol. 2008 Nov 10;26(32):5165-9. doi:

10.1200/JCO.2008.16.0283. Epub 2008 Oct 6.

PMID: 18838711.

FL accounts for

20%–30%

of all NHL cases

~15,000

people develop FL each

year in the U.S.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

Tivdak

(tisotumab vedotin-tftv)

First and Only U.S. FDA

Approved ADC for Recurrent or

Metastatic Cervical Cancer

• An ADC directed to TF, a protein highly

prevalent on solid tumors, including

cervical cancer, which is associated

with poor prognosis

• Full approval granted by the U.S.

FDA for tisotumab vedotin-tftv,

marketed as Tivdak, for the

treatment of patients with recurrent

or metastatic cervical cancer with

disease progression on or after

chemotherapy; Tivdak is the first ADC

with demonstrated overall survival

data to be granted full U.S. FDA

approval in this patient population

• Regulatory submissions for tisotumab

vedotin for the treatment of recurrent

or metastatic cervical cancer are

currently under review in both Japan

and Europe

• Co-developed globally and co-

promoted in the U.S. in collaboration

with Pfizer

Tisotumab vedotin is an ADC composed of

Genmab’s human monoclonal antibody directed

to TF and Pfizer’s ADC technology that utilizes

a protease-cleavable linker that covalently

attaches the microtubule-disrupting agent

monomethyl auristatin E to the antibody.

Genmab used technology licensed from

Medarex to generate the TF antibody forming

part of tisotumab vedotin. Tisotumab vedotin-

tftv, marketed as Tivdak, is the first and only

U.S. FDA approved ADC for the treatment of

adult patients with recurrent or metastatic

cervical cancer with disease progression on

or after chemotherapy. Tisotumab vedotin is

being co-developed by Genmab and Pfizer.

Under a joint commercialization agreement,

Genmab is co-promoting Tivdak in the U.S.

and will lead commercial operational activi-

ties in Japan once approved. Pfizer is leading

commercial operational activities in the U.S.

and will lead commercial operational activities

in China once approved. In the U.S. market there

will be a 50:50 profit split. 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 meta-

static cervical cancer in Europe and all other

regions globally, excluding the United States

and the China region. Genmab will record sales

for Europe, Japan and rest of world markets

(excluding the United States and the China

region), once commercialized, and will provide

royalties to Pfizer on net sales in the low teens.

The companies have joint decision-making

power on the worldwide development and

commercialization strategy for Tivdak. Please

refer to Note 5.6 of the financial statements for

further details regarding the tisotumab vedotin

collaboration with Pfizer. Please consult the

U.S. Prescribing Information for Tivdak for

the labeled indication and safety information,

including the boxed warning.

Fourth Quarter Update

• December: The U.S. NCCN updated its Clinical

Practice Guidelines in Oncology for Cervical

Cancer with tisotumab vedotin-tftv changing

from a category 2A to a category 1. Tisotumab

vedotin-tftv plus pembrolizumab was also

added as an option for PD-L1 positive tumors.

• October: Upon strategic evaluation we have

decided to discontinue preparation for a

Phase 3 study in second/third line squamous

cell carcinoma of the head and neck.

Updates from First Quarter to

Third Quarter

• July: Data from innovaTV 301 clinical trial

(NCT04697628) published in New England

Journal of Medicine, Tisotumab Vedotin as

Second- or Third-Line Therapy for Recurrent

Cervical Cancer.

• June: Two data presentations were featured

at the 2024 ASCO Annual Meeting including

a rapid oral presentation of data from the

Phase 2 innovaTV 207 (NCT03485209) trial,

evaluating tisotumab vedotin in pretreated

patients with relapsed/metastatic head and

neck squamous cell carcinoma.

• April: Genmab submitted a J-NDA to the

MHLW in Japan for Tivdak for the treatment

of adult patients with advanced or recurrent

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

cervical cancer that has progressed on or after

chemotherapy.

• April: The U.S. FDA granted full approval

for Tivdak (tisotumab vedotin-tftv) for the

treatment of patients with recurrent or

metastatic cervical cancer with disease

progression on or after chemotherapy. This

U.S. FDA action converted the September

2021 accelerated approval of Tivdak to a

full approval.

• March: The U.S. NCCN updated their Clinical

Practice Guidelines in Oncology for Vaginal

Cancer to include tisotumab vedotin-tftv

under “Other Recommended Regimens” as

second-line or subsequent systemic therapy

for patients with recurrent or metastatic

squamous cell carcinoma/adenocarcinoma

primary vaginal cancer.

• March: Multiple data presentations, including

a late-breaking oral presentation, at the

Society of Gynecologic Oncology (SGO) 2024

Annual Meeting.

• February: The EMA validated for review

the marketing authorization application of

tisotumab vedotin for the treatment of adult

patients with recurrent or metastatic cervical

cancer with disease progression on or after

systemic therapy.

• January: The U.S. FDA accepted the sBLA

seeking to convert the accelerated approval

of Tivdak to full approval for the treatment of

patients with recurrent or metastatic cervical

cancer with disease progression on or after

first-line therapy.

Genmab’s Proprietary Pipeline

About Cervical Cancer

Cervical cancer remains a disease with high unmet need despite advances in effective

vaccination and screening practices to prevent and diagnose pre-/early-stage cancers for

curative treatment. Recurrent and/or metastatic cervical cancer is a particularly devastating

and mostly incurable disease; up to 15% of adults with cervical cancer present with

metastatic disease at diagnosis

1,2

and, for adults diagnosed at earlier stages who receive

treatment, up to 61%

will experience disease recurrence. It was estimated that in 2024,

more than 13,820 new cases of invasive cervical cancer were diagnosed in the U.S. and

4,360 adults would die from the disease.

1. National Cancer Institute. SEER Cancer Stat Facts: Cervical Cancer. 2023. https://seer.cancer.gov/

statfacts/html/cervix.html. Accessed November 22, 2024.

2. McLachlan J, Boussios S, Okines A, et al. The impact of systemic therapy beyond first-line treatment for

advanced cervical cancer. Clin Oncol (R Coll Radiol). 2017;29(3):153-60

3. Pfaendler KS, Tewari KS. Changing paradigms in the systemic treatment of advanced cervical cancer. Am J

Obstet Gynecol. 2016;214(1):22-30

In 2024

>13,820

new cases of invasive

cervical cancer were

diagnosed in the U.S.

4,360

adults would die from

the disease

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

Acasunlimab

(GEN1046)

Bispecific Next-generation

Immunotherapy

• Bispecific antibody targeting PD-L1

and 4-1BB, created using Genmab’s

DuoBody technology platform

• A Phase 3 trial (NCT06635824,

ABBIL1TY NSCLC-06) in NSCLC is

recruiting

• In 2024 Genmab assumed sole

responsibility for the continued

development and potential

commercialization of acasunlimab

Acasunlimab (GEN1046, DuoBody-PD-

L1x4-1BB) is a proprietary bispecific antibody,

created using Genmab’s DuoBody technology

platform. In August 2024, BioNTech opted

not to participate in the further development

of the acasunlimab program under the

parties’ existing License and Collaboration

Agreement for reasons related to BioNTech’s

portfolio strategy. Genmab subsequently

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. Please refer to

Note 5.6 of the financial statements for further

details regarding Genmab’s collaboration

with BioNTech. Acasunlimab is designed

to induce an antitumor immune response

by simultaneous and complementary

programmed death ligand 1 (PD-L1) blockade

and conditional 4-1BB stimulation using an

inert DuoBody format. A Phase 3 trial (ABBIL1TY

NSCLC-06) of acasunlimab in combination

with pembrolizumab compared to docetaxel

in CPI-experienced, PD-L1 positive metastatic

NSCLC is recruiting.

Fourth Quarter Update

• November: A Phase 3 open-label trial

was initiated to evaluate the efficacy and

safety of acasunlimab in combination with

pembrolizumab versus docetaxel (standard

of care) in patients with PD-L1-positive

metastatic NSCLC who have been treated

with PD-1/PD-L1 inhibitor and platinum-

containing chemotherapy, administered

either in combination or sequentially in the

metastatic setting.

• November: Additional support for the

acasunlimab every six weeks (Q6W) dosing

schedule, along with preclinical data, was

presented during poster sessions at the

Society for Immunotherapy of Cancer (SITC)

2024 Conference.

Updates from First Quarter to

Third Quarter

• September: Translational and

pharmacokinetic/pharmacodynamic data

supporting the Phase 3 dosing regimen

for acasunlimab in combination with

pembrolizumab in patients with relapsed/

refractory metastatic NSCLC was presented

as a poster at the 2024 World Conference on

Lung Cancer (WCLC).

• August: As noted above, BioNTech opted

not to participate in the further development

of the acasunlimab program. Genmab

subsequently assumed sole responsibility

for the continued development and potential

commercialization of acasunlimab.

• June: Data from the Phase 2 trial of

acasunlimab as a single agent or in

combination with pembrolizumab for the

treatment of relapsed/refractory metastatic

NSCLC after treatment with standard of care

therapy with an immune checkpoint inhibitor

was presented as a poster at the 2024 ASCO

Annual Meeting.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

GEN1042

(BNT312)

Potential First-in-Class

Bispecific Agonistic Antibody

• Bispecific antibody targeting CD40

and 4-1BB, created using Genmab’s

DuoBody technology platform

• Multiple clinical trials in solid

tumors ongoing

• Co-developed in collaboration

with BioNTech

GEN1042 (DuoBody-CD40x4-1BB, BNT312)

is a proprietary bispecific antibody, jointly

owned by Genmab and BioNTech, created

using Genmab’s DuoBody technology

platform. It is being co-developed by

Genmab and BioNTech under an agreement

in which the companies share all costs

and future potential profits for GEN1042

on a 50:50 basis. CD40 and 4-1BB were

selected as targets to enhance activation of

both dendritic cells and antigen-dependent

T-cells. Three clinical trials of GEN1042 in

solid tumors are ongoing. Please refer to

Note 5.6 of the financial statements for further

details regarding Genmab’s collaboration

with BioNTech.

Rinatabart Sesutecan

(Rina-S, GEN1184)

Potential Best-in-class Folate

Receptor Alpha (FRα)-targeted

Type I Topoisomerase

(TOPO1) ADC

• FRα-targeted TOPO1 ADC being

evaluated for potential treatment of

FRα-expressing cancers

• Phase 3 clinical trial (NCT06619236)

in Platinum-resistant Ovarian Cancer

(PROC) is recruiting

Rina-S is a novel FRα-targeted TOPO1 ADC

being evaluated for the potential treatment

of ovarian cancer and other FRα-expressing

cancers. Dose escalation data suggests that

Rina-S has robust single agent activity in

various cancers across a broad range of FRα

expression levels. In January 2024, Rina-S

was granted Fast Track Designation by the

U.S. FDA for the treatment of FRα-expressing

high-grade serous or endometrioid PROC.

A Phase 3 trial (NCT06619236) of Rina-S in

second line plus PROC is recruiting.

Fourth Quarter Update

• December: A Phase 3 open-label trial was

initiated to evaluate the efficacy and safety

of Rina-S versus treatment of investigator’s

choice chemotherapy in patients with PROC.

Update from First Quarter to

Third Quarter

• September: Data from the Phase 1/2 study

of Rina-S were presented as a mini-oral

presentation at the European Society of

Medical Oncology Congress 2024 (ESMO).

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

GEN3014

HexaBody-based

Investigational Medicine with

Potential in Hematological

Malignancies

• Antibody targeting CD38, created

using Genmab’s HexaBody

technology platform

• Phase 1/2 clinical trial

(NCT04824794) in relapsed/

refractory multiple myeloma

and other hematological

malignancies ongoing

• Developed in an exclusive

worldwide license and option

agreement with J&J

GEN3014 (HexaBody-CD38) is a human CD38

monoclonal antibody-based investigational

medicine created using Genmab’s HexaBody

technology platform. GEN3014 is a second

generation CD38 targeting immunoglobulin

G1 (IgG1) antibody with a hexamerization-

enhancing modification. GEN3014 is designed

to induce antitumor activity through highly

potent complement-dependent cytotoxicity

(CDC) and antitumor activity, which is

enhanced compared to daratumumab as

demonstrated in previously presented

preclinical data and is effective at a wider

range of target expression levels. In June

2019, Genmab entered into an exclusive

worldwide license and option agreement with

J&J to develop and commercialize GEN3014.

A Phase 1/2 clinical trial in hematologic

malignancies is ongoing and includes a cohort

comparing GEN3014 to daratumumab in

CD38 monoclonal antibody-naïve relapsed

or refractory multiple myeloma patients.

Fourth Quarter Update

• December: Per the terms of the agreement

between Genmab and J&J, Genmab

submitted a data package to J&J comparing

GEN3014 to daratumumab in CD38

monoclonal antibody-naïve relapsed or

refractory multiple myeloma patients. This

data will be used to inform J&J’s decision on

whether to exercise its option to receive a

worldwide license to develop, manufacture

and commercialize GEN3014.

GEN1059

(BNT314)

Bispecific Antibody with

Potential in Solid Tumors

• Bispecific antibody targeting

epithelial cell adhesion molecule

(EpCAM) and 4-1BB, created

using Genmab’s DuoBody

technology platform

• Phase 1/2 clinical trial

(NCT06150183) in malignant solid

tumors recruiting

• Co-developed in collaboration

with BioNTech

GEN1059 (DuoBody-EpCAMx4-1BB, BNT314),

jointly owned by Genmab and BioNTech and

created using Genmab’s DuoBody technology

platform, is a bispecific antibody aimed

at boosting antitumor immune responses

through EpCAM-dependent 4-1BB agonistic

activity. GEN1059 is being co-developed by

Genmab and BioNTech under an agreement

in which the companies share all costs and

future potential profits for GEN1059 on a

50:50 basis. A Phase 1/2 clinical trial of

GEN1059 in solid tumors is recruiting. Please

refer to Note 5.6 of the financial statements

for further details regarding Genmab’s

collaboration with BioNTech.

Update from First Quarter to

Third Quarter

• January: The first patient was treated in the

first-in-human Phase 1/2 trial of GEN1059 in

advanced or metastatic solid tumors.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

GEN1055

(BNT315)

HexaBody-based Antibody

with Potential in Solid Tumors

• Antibody targeting OX40, created

using Genmab’s HexaBody

technology platform

• Phase 1/2 clinical trial

(NCT06391775) in malignant solid

tumors recruiting

• Co-developed in collaboration

with BioNTech

GEN1055 (HexaBody-OX40, BNT315),

jointly owned by Genmab and BioNTech and

created using Genmab’s HexaBody technology

platform, is an immune-modulating OX40

agonist antibody designed to promote

immunity by enhancing T-cell responses

through FcγR-independent OX40 clustering

on T cells. GEN1055 is being co-developed

by Genmab and BioNTech under an agreement

in which the companies share all costs

and future potential profits for GEN1055 on

a 50:50 basis. A Phase 1/2 clinical trial of

GEN1055 in solid tumors is recruiting. Please

refer to Note 5.6 of the financial statements

for further details regarding Genmab’s

collaboration with BioNTech.

Update from First Quarter to

Third Quarter

• June: The first patient was treated in the

first-in-human Phase 1/2 trial of GEN1055 in

malignant solid tumors.

GEN1160

ADC with Potential in

Both Solid Tumors and

Hematological Malignancies

• CD70-targeted ADC being evaluated

in advanced solid and liquid tumors

• Phase 1/2 clinical trial

(NCT05721222) in advanced solid

and liquid tumors recruiting

GEN1160 is a CD70-targeted ADC. CD70 is a

protein expressed on both solid tumors and

hematological malignancies. A Phase 1/2

clinical study of GEN1160 in advanced renal

cell carcinoma, nasopharyngeal carcinoma

and NHL is recruiting.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

GEN1107

ADC with Potential in Solid

Tumors

• Protein tyrosine kinase 7 (PTK7)-

targeted ADC being evaluated in

advanced solid tumors

• Phase 1/2 clinical trial

(NCT06171789) in advanced solid

tumors recruiting

GEN1107 is a PTK7-targeted ADC. PTK7 is

a clinically validated ADC target with broad

solid tumor expression, particularly in

tumor-initiating cells. A Phase 1/2 clinical

study of GEN1107 in advanced solid tumors

is recruiting.

GEN1057

Bispecific antibody with

potential in solid tumors

• Bispecific antibody targeting

fibroblast activation protein alpha

(FAPα) and death receptor 4 (DR4),

created using Genmab’s DuoBody

technology platform

• Phase 1/2 clinical trial

(NCT06573294) in malignant solid

tumors recruiting

GEN1057 (DuoBody-FAPαxDR4) is a

bispecific antibody-based investigational

medicine created using Genmab’s DuoBody

technology platform. GEN1057 is designed

for the conditional DR4 transactivation-

mediated tumor cell killing by crosslinking

FAPα expressed on cancer-associated

fibroblasts with DR4 expressed on tumor

cells. A Phase 1/2 clinical trial of GEN1057 in

malignant solid tumors is recruiting.

Update from First Quarter to

Third Quarter

• September: The first patient was dosed in

the first-in-human Phase 1/2 clinical trial of

GEN1057 in solid tumors.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s Proprietary Pipeline

GEN1286

ADC with Potential in Solid

Tumors

• ADC that targets epidermal growth

factor receptor (EGFR) and cellular-

mesenchymal epithelial transition

factor receptor tyrosine kinase

(cMet) being evaluated in advanced

solid tumors

• Phase 1/2 clinical trial

(NCT06685068) in advanced solid

tumors recruiting

GEN1286 is an ADC targeting EGFR and cMet,

two validated cancer targets. A Phase 1/2

clinical study of GEN1286 in advanced solid

tumors is recruiting.

Fourth Quarter Update

• December: The first patient was dosed in

the first-in-human Phase 1/2 clinical trial of

GEN1286 in solid tumors.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Preclinical

Programs

• Broad preclinical pipeline that

includes both partnered products

and in-house programs based on

our proprietary technologies and/or

antibodies

• Multiple new IND applications

expected to be submitted over the

coming years

• Genmab has entered multiple

strategic collaborations to support

the expansion of our innovative

pipeline, including our acquisition

of ProfoundBio in 2024

Our preclinical pipeline includes immune

effector function enhanced antibodies

developed with our HexaBody technology

platform, bispecific antibodies created with

our DuoBody technology platform and ADCs

created with our ADC technology platforms.

We are also collaborating with our partners

to generate additional new antibody-based

product concepts. A number of the preclinical

programs are conducted in cooperation with

our collaboration partners.

Update from First Quarter to

Third Quarter

• September: Clinical Trial Application (CTA)

submitted in Europe for GEN1078.

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

Approved Medicines

Incorporating

Genmab’s

Innovations and

Technology

In addition to Genmab’s own pipeline of investigational

medicines, our innovations and proprietary technology platforms

are applied in the pipelines of global pharmaceutical and

biotechnology companies. These companies are running clinical

development programs with antibodies created by Genmab or

created using Genmab’s proprietary DuoBody bispecific antibody

technology platform.

The information in this section includes those therapies that

have been approved by regulatory agencies in certain territories.

Under the agreements for these medicines Genmab is entitled

to certain potential milestones and royalties.

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

Redefining the Treatment of

Multiple Myeloma

• First-in-class human CD38

monoclonal antibody

• Developed and commercialized by J&J

under an exclusive worldwide license

from Genmab

• Intravenous (IV) formulation approved

in combination with other therapies

and as monotherapy for certain

multiple myeloma indications

• First and only SC CD38-directed

antibody approved for the treatment

of certain multiple myeloma

indications, known as DARZALEX

FASPRO in the U.S., and as

DARZALEX SC in Europe

• SC daratumumab is the first and only

approved therapy for AL amyloidosis

in the U.S., Europe, and Japan

• 2024 net sales of DARZALEX by J&J

were USD 11,670 million

Daratumumab is a human monoclonal

antibody that binds with high affinity to the

CD38 molecule, which is highly expressed

on the surface of multiple myeloma cells and

is also expressed by AL amyloidosis plasma

cells. Genmab used technology licensed from

Medarex to generate the CD38 antibody.

Daratumumab is being developed and commer-

cialized by J&J under an exclusive worldwide

license from Genmab. Under the terms of the

agreement, Genmab receives royalties between

12% and 20% with J&J reducing such royalty

payments for Genmab’s share of J&J’s royalty

payments made to Halozyme; payments are

further reduced in countries and territories

where there are no relevant patents. Please

refer to Note 5.6 of the financial statements

for further details regarding the daratumumab

collaboration with J&J. Daratumumab (marketed

as DARZALEX for IV administration and as

DARZALEX FASPRO in the U.S. and as DARZALEX

SC in Europe for SC administration) is approved

in a large number of territories for the treatment

of adult patients with certain multiple myeloma

indications and is the only approved therapy in

the U.S., Europe and Japan for the treatment of

adult patients with AL amyloidosis.

Please consult the European Summary

of Product Characteristics for DARZALEX

and DARZALEX SC and the U.S. Prescribing

Information for DARZALEX and DARZALEX

FASPRO for the labeled indication and

safety information.

Approved Medicines Incorporating Genmab’s Innovations and Technology

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Approved Medicines Incorporating Genmab’s Innovations and Technology

Approved in the Treatment

of RMS

• Human CD20 monoclonal antibody

developed and commercialized by

Novartis under a license agreement

with Genmab

• Approved in territories including the

U.S., EU and Japan for treatment of

RMS in adults

• First B-cell therapy that can be self-

administered by patients using the

Sensoready

autoinjector pen

Ofatumumab is a human monoclonal antibody

that targets an epitope on the CD20 molecule

encompassing parts of the small and large

extracellular loops. Genmab used technology

licensed from Medarex to generate the CD20

antibody. Ofatumumab, marketed as Kesimpta,

is approved in territories including the U.S.,

Europe, and Japan for the treatment of certain

adult patients with RMS. Kesimpta is the first

B-cell therapy that can be self- administered

by patients using the Sensoready autoinjector

pen, once monthly after starting therapy.

Ofatumumab is being developed and marketed

worldwide by Novartis under a license

agreement between Genmab and Novartis.

Under the terms of the agreement, Genmab

receives a 10% royalty on net sales of Kesimpta,

and Genmab pays a low-single digit royalty

to Medarex based on Kesimpta sales. Please

refer to Note 5.6 of the financial statements

for further details regarding the ofatumumab

collaboration with Novartis.

Please consult the U.S. Prescribing Information

and the European Summary of Product

Characteristics for the labeled indication and

safety information for Kesimpta.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Approved Medicines Incorporating Genmab’s Innovations and Technology

First U.S. FDA Approved

Medicine for the Treatment

of TED

• Developed and commercialized by

Amgen for the treatment of TED

• First and only approved medicine

for the treatment of TED in the U.S.

and Japan

• Regulatory approval pending

in Europe

Teprotumumab, approved by the U.S. FDA

and by Japan’s MHLW under the trade name

TEPEZZA, is a human monoclonal antibody

that targets the Insulin-like Growth Factor 1

Receptor (IGF-1R), a validated target. It is the

first and only medicine approved in the U.S.

and in Japan for the treatment of TED. Genmab

used technology licensed from Medarex to

generate the IGF-1R antibody. The antibody was

created by Genmab under a collaboration with

Roche. Development and commercialization

of the product was subsequently conducted

by Horizon Therapeutics plc (Horizon) under

a sublicense from Roche. In October 2023,

Amgen completed its acquisition of Horizon,

including the rights to all commercialization

and development of teprotumumab. Under

the terms of Genmab’s agreement with Roche,

Genmab receives a mid-single digit royalty

on net sales (as defined) of TEPEZZA. Please

refer to Note 5.6 of the financial statements

for further details regarding the teprotumumab

collaboration.

Please consult the U.S. Prescribing Information

for the labeled indication and safety information

for TEPEZZA.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

First Regulatory Approvals for

a DuoBody-based Medicine

• Part of Genmab and J&J DuoBody

research and license agreement

• First approved medicine created

using Genmab’s proprietary DuoBody

technology

• Under the agreement with J&J,

Genmab is eligible to receive

milestones and receives royalties on

net sales of RYBREVANT

In July 2012, and as amended in December

2013, Genmab entered into a collaboration

with J&J to create and develop bispecific

antibodies using Genmab’s DuoBody

technology platform. One of these, J&J’s

amivantamab, is a fully human bispecific

antibody that targets EGFR and cMet, two

validated cancer targets. The two antibody

libraries used to produce amivantamab

were both generated by Genmab. In

collaboration with J&J, the antibody pair used

to create amivantamab was co-discovered.

Amivantamab, marketed as RYBREVANT,

is approved in certain territories for the

treatment of certain adult patients with NSCLC.

J&J is responsible for the development and

commercialization of amivantamab. Under

the agreement with J&J, Genmab is eligible

to receive milestones and receives royalties

between 8% and 10% on net sales of

RYBREVANT subject to a reduction of such

royalty payments in countries and territories

where there are no relevant patents, among

other reductions. Genmab pays a royalty

to Medarex based on RYBREVANT net sales.

Please refer to Note 5.6 of the financial

statements for further details regarding the

DuoBody collaboration with J&J.

Please consult the U.S. Prescribing Information

and the European Summary of Product

Characteristics for RYBREVANT for the labeled

indication and safety information.

Approved Medicines Incorporating Genmab’s Innovations and Technology

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Approved Medicines Incorporating Genmab’s Innovations and Technology

Bispecific Antibody Approved

for the Treatment of Relapsed

and Refractory Multiple

Myeloma

• Part of Genmab and J&J DuoBody

research and license agreement

• Second approved medicine created

using Genmab’s proprietary DuoBody

technology

• Under the agreement with J&J,

Genmab is eligible to receive

milestones and receives royalties on

net sales of TECVAYLI

In July 2012, and as amended in December

2013, Genmab entered into a collaboration with

J&J to create and develop bispecific antibodies

using Genmab’s DuoBody technology platform.

One of the products subsequently discovered

and developed by J&J is teclistamab, a

bispecific antibody that targets CD3, which is

expressed on T-cells, and B-cell maturation

antigen (BCMA), which is expressed in mature

B lymphocytes. Teclistamab, marketed as

TECVAYLI, is approved in certain territories

for the treatment of certain adult patients

with relapsed or refractory multiple myeloma.

J&J is responsible for the development and

commercialization of TECVAYLI. Under our

agreement with J&J, Genmab is eligible to

receive milestones and receives a mid-single

digit royalty on net sales of TECVAYLI subject

to a reduction of such royalty payments in

countries and territories where there are no

relevant patents, among other reductions.

Please refer to Note 5.6 of the financial

statements for further details regarding the

DuoBody collaboration with J&J.

Please consult the U.S. Prescribing Information

and the European Summary of Product

Characteristics for TECVAYLI for the labeled

indication and safety information.

(teclistama b)

TECVAYLI

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Approved Medicines Incorporating Genmab’s Innovations and Technology

Bispecific Antibody Approved

for the Treatment of Relapsed

and Refractory Multiple

Myeloma

• Part of Genmab and J&J DuoBody

research and license agreement

• Fourth approved medicine created

using Genmab’s proprietary DuoBody

technology

• Under the agreement with J&J,

Genmab is eligible to receive

milestones and receives royalties on

net sales of TALVEY

In July 2012, and as amended in December

2013, Genmab entered into a collaboration

with J&J to create and develop bispecific

antibodies using Genmab’s DuoBody

technology platform. One of the products

subsequently discovered and developed by

J&J is talquetamab, a bispecific antibody that

targets CD3, which is expressed on T-cells,

and G protein- coupled receptor, family C,

group 5, member D (GPRC5D), an orphan

receptor expressed in malignant plasma cells.

Talquetamab, marketed as TALVEY, is approved

in certain territories for the treatment of certain

adult patients with relapsed or refractory

multiple myeloma. J&J is responsible for the

development and commercialization of TALVEY.

Under our agreement with J&J, Genmab is

eligible to receive milestones and receives a

mid-single digit royalty on net sales of TALVEY

subject to a reduction of such royalty payments

in countries and territories where there are

no relevant patents, among other reductions.

Please refer to Note 5.6 of the financial

statements for further details regarding the

DuoBody collaboration with J&J.

Please consult the U.S. Prescribing Information

and the European Summary of Product

Characteristics for TALVEY for the labeled

indication and safety information.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Antibodies are Y-shaped proteins that play

a central role in immunity against bacteria

and viruses (also known as pathogens).

As we develop immunity, our bodies generate

antibodies that bind to pathogen structures

(known as antigens), which are specific to the

pathogen. Once bound, the antibodies attract

other parts of the immune system to eliminate

the pathogen. In modern medicine, we have

learned how to create and develop specific

antibodies against antigens associated with

diseased human cells for use in the treatment

of diseases such as cancer and autoimmune

disease. Genmab uses several types of

technologies to create antibodies to treat

disease and has developed proprietary antibody

technologies including the DuoBody, HexaBody,

DuoHexaBody and HexElect technology

platforms. With our acquisition of ProfoundBio

we also gained their novel ADC technology

platforms. Information about these technologies

can be found in the following sections and

at www.genmab.com/antibody-science/

antibody-technology-platforms.

We also use or license several other technologies

to generate diverse libraries of high-quality,

functional antibodies. In addition, we use or

license technologies to increase the potency of

some of our antibody therapeutics on a product-

by-product basis.

Antibody Technologies

Our Proprietary Technology Platform Suite

Platform Principle Applications

DuoBody

Bispecific antibodies Dual-targeting:

• Recruitment (e.g., T cells)

• Tumor heterogeneity

ADC Technology

Proprietary hydrophilic

linker-drug platforms

• ADCs with more “antibody-like” PK

• Pursue targets with clear opportunities for best-

and/or first-in-class ADCs

HexaBody

Target-mediated enhanced

hexamerization

Enhanced potency:

• CDC

• Target clustering, outside-in signaling, apoptosis

DuoHexaBody

Bispecific antibodies with

target-mediated enhanced

hexamerization

Dual-targeting + enhanced potency:

• CDC

• Target clustering, outside-in signaling, apoptosis

HexElect

Two co-dependent

antibodies with target-

mediated enhanced

hexamerization

Dual-targeting + enhanced potency and selectivity:

• Co-dependent unlocking of potency

• New target space, previously inaccessible

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Innovative Technology

for Bispecific Antibody

Therapeutics

• Bispecific antibody technology

platform

• Potential in cancer, autoimmune,

infectious, cardiovascular, central

nervous system diseases, and

hemophilia

• Commercial collaborations with

AbbVie, J&J and BioNTech among

others, plus multiple research

collaborations

• Multiple regulatory approvals

for medicines created using the

DuoBody technology platform

The DuoBody technology platform is Genmab’s

innovative platform for the discovery and

development of bispecific antibodies.

Bispecific antibodies bind to two different

epitopes (or “docking” sites) either on the

same or on different targets (also known

as dual-targeting). Dual-targeting may improve

binding specificity and enhance therapeutic

efficacy or bring two different cells together

(for example, engaging a T cell to kill a tumor

cell). Bispecific antibodies generated with

the DuoBody technology platform can be

used for the development of therapeutics

for diseases such as cancer, autoimmune,

infectious, cardiovascular, central nervous

system diseases, and hemophilia. DuoBody

molecules combine the benefits of bispecificity

with the strengths of conventional antibodies,

which allows DuoBody molecules to be

administered and dosed the same way as

other antibody therapeutics. Genmab’s

DuoBody technology platform generates

bispecific antibodies via a versatile and broadly

applicable process that is easily performed at

high throughput, standard bench, as well as

at commercial manufacturing scale. Genmab

uses the DuoBody technology platform to

create its own bispecific antibody programs

and the technology is also available for

licensing. Genmab has numerous alliances for

the DuoBody technology platform including

commercial collaborations with AbbVie, J&J,

Novo Nordisk and BioNTech.

Genmab’s proprietary DuoBody technology

platform has been applied to a variety of

bispecific antibody products in development,

both in our own pipeline and in programs

being developed by collaboration partners.

The technology has been validated by the

continued advancement of these investiga-

tional medicines through clinical development,

including four approved medicines. Today

four products created by use of the DuoBody

technology platform have received regula-

tory approval.

Antibody Technologies

The innovative DuoBody technology

platform generates bispecific antibodies

via a fast, versatile and broadly applicable

process called controlled Fab-arm

exchange. With only minimal protein

engineering, the technology allows the

binding arms of two distinct monoclonal

antibodies to exchange, combining

into one stable bispecific antibody,

thereby retaining regular immunoglobulin

structure and function. The DuoBody

technology platform is also highly suitable

for high throughput generation, screening

and discovery of bispecific antibodies

in final therapeutic format.

DuoBody Technology Platform

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Advancing Our Pipeline

AbbVie

On June 10, 2020, Genmab entered into a

broad oncology collaboration agreement with

AbbVie to jointly develop and commercialize

products including epcoritamab (DuoBody-

CD3xCD20), and subsequently into a discovery

research collaboration for up to four future

differentiated antibody therapeutics for

cancer. The companies will share commercial

responsibilities for epcoritamab in the U.S.

and Japan, with AbbVie responsible for further

global commercialization. Genmab is the

principal for net sales in the U.S. and Japan

and receives tiered royalties on remaining

global sales outside of these territories. For any

product candidates developed as a result of the

companies’ discovery research collaboration,

Genmab and AbbVie will share responsibilities

for global development and commercialization

in the U.S. and Japan. Genmab retains the right

to co- commercialize these products, along with

AbbVie, outside of the U.S. and Japan.

Under the terms of the agreement, Genmab has

the potential to receive regulatory and sales

milestone payments, as well as tiered royalties

between 22% and 26% on net sales for

epcoritamab outside the U.S. and Japan. Except

for these royalty-bearing sales, the parties will

share in profit from the sale of epcoritamab

on a 50:50 basis. If all four next-generation

antibody product candidates developed as a

result of the discovery research collaboration

are successful, Genmab is eligible to receive

up to USD 2.0 billion in option exercise and

success-based milestones. Genmab and AbbVie

split 50:50 the development costs related to

epcoritamab, while Genmab will be responsible

for 100% of the costs for the discovery research

programs up to opt-in. Please refer to Note 5.6

of the financial statements for further details

regarding the collaboration with AbbVie.

BioNTech

In May 2015, Genmab entered an agreement

with BioNTech to jointly research, develop

and commercialize bispecific antibody-based

investigational medicines using Genmab’s

DuoBody technology platform. Under the

terms of the agreement, BioNTech will

provide proprietary antibodies against key

immunomodulatory targets, while Genmab

provides proprietary antibodies and access

to its DuoBody technology platform. Genmab

paid an upfront fee of USD 10 million to

BioNTech. If the companies jointly select any

antibody-based product candidates for clinical

development, development costs and product

ownership will be shared equally going forward.

If one of the companies does not wish to

move an antibody product forward, the other

company is entitled to continue developing it on

predetermined licensing terms. The agreement

also includes provisions which will allow the

parties to opt out of joint development at

key points. Genmab and BioNTech currently

have two bispecific antibody products in

clinical development, GEN1042 (BNT312,

DuoBody-CD40x4-1BB) and GEN1059 (BNT314,

DuoBody-EpCAMx4-1BB). In 2024, Genmab

assumed sole responsibility for the continued

development and potential commercialization of

an additional bispecific antibody, acasunlimab

(GEN1046, DuoBody-PD-L1x4-1BB) after

BioNTech opted to not participate in further

development of the program. Please refer to

Note 5.6 of the financial statements for further

details regarding Genmab’s collaboration

with BioNTech.

Our Innovative Technology

in Action

J&J

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.

Three of the DuoBody-based investigational

medicines created under this collaboration,

RYBREVANT (amivantamab), TECVAYLI

(teclistamab) and TALVEY (talquetamab)

have received regulatory approval in various

territories worldwide. Genmab is eligible to

receive milestone payments and receives

royalties on net sales of each commercialized

DuoBody medicine. Please refer to Note 5.6

of the financial statements for further details

regarding the DuoBody collaboration with J&J.

Novo Nordisk

In August 2015, Genmab entered an agreement

to grant Novo Nordisk commercial licenses to

use the DuoBody technology platform to create

and develop bispecific antibody candidates for

two therapeutic programs that would target a

disease area outside of cancer therapeutics.

After an initial period of exclusivity for both

target combinations, Novo Nordisk extended

exclusivity of the commercial license for one

target combination in 2018, now in clinical

development as Mim8. Under the exclusive

license agreement, Genmab is entitled to

potential milestones and will be entitled to

mid-single digit royalties on sales of Mim8,

should it receive regulatory approval.

Antibody Technologies

DuoBody Collaborations

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

ADC Technology Platforms

Two Proprietary Hydrophilic

Linker-drug Platforms with

Clinical Validation

• Combines both novel and validated

components to create potentially

best-in-class ADCs

• Acquired from ProfoundBio, basis

of four products in the clinic,

including Rina-S

ADCs are antibodies with potent cytotoxic

agents coupled to them. By using antibodies

that recognize specific targets on tumor cells,

these cytotoxic agents are preferentially

delivered to the tumor cells. With Genmab’s

acquisition of ProfoundBio we inherited

proprietary hydrophilic antibody-drug linker

technology that blends innovative and proven

methods to design ADCs leading to potentially

enhanced therapeutic outcomes. This

technology leverages two decades of insights

into ADC pharmacology and optimization.

These novel, highly hydrophilic and stable

cleavable linkers are designed to mask the

hydrophobicity of payloads, leading to ADCs

with more “antibody-like” pharmacokinetics.

Initial focus has been on clinically proven

targets where ADC viability has been

established. Our goal is to pursue targets

with clear opportunities for best- and/or first-

in-class ADCs. We also have the potential

to combine this technology with Genmab’s

proprietary DuoBody technology to create

bispecific ADCs. There are currently four

wholly owned programs in the clinic based

on this technology, Rina-S, GEN1286 (EGFR,

cMet), GEN1107 (PTK7) and GEN1160 (CD70).

HexaBody Technology Platform

Creating Differentiated

Therapeutics

• Enhanced potency antibody

technology platform

• Broadly applicable technology that

builds on natural antibody biology

• HexaBody-based investigational

medicines in clinical development;

HexaBody-CD38 (GEN3014) and

HexaBody-OX40 (GEN1055/

BNT315)

The HexaBody technology platform is

a proprietary Genmab technology that

is designed to increase the potency of

antibodies. The HexaBody technology

platform builds on natural biology and

strengthens the natural killing ability of

antibodies while retaining regular structure

and specificity. The technology allows for the

creation of potent therapeutics by inducing

antibody hexamer formation (clusters of

six antibodies) after binding to their target

antigen on the cell surface. We have used the

HexaBody technology platform to generate

antibodies with enhanced complement-

mediated killing, allowing antibodies with

limited or absent killing capacity to be

transformed into potent, cytotoxic antibodies.

In addition to complement-mediated killing,

the clustering of membrane receptors by

the HexaBody technology platform can lead

to subsequent outside-in signaling leading

to cell death. The HexaBody technology

platform creates opportunities to explore

new antibody-based product candidates and

repurpose drug candidates unsuccessful

in previous clinical trials due to insufficient

potency. The HexaBody technology platform

is broadly applicable and can be combined

with Genmab’s DuoBody technology platform

(DuoHexaBody technology platform) as

well as other antibody technologies. The

technology has the potential to enhance

antibody therapeutics for a broad range of

applications including cancer and infectious

diseases. Genmab is using the HexaBody

technology platform for its own antibody

programs and the technology is also

available for licensing. Two HexaBody-based

investigational medicines are currently

in clinical development. Genmab entered

into an exclusive worldwide license and

option agreement with J&J to develop and

commercialize GEN3014 (HexaBody-CD38), a

next-generation CD38 monoclonal antibody-

based investigational medicine. In 2022,

Genmab and BioNTech expanded their

global strategic collaboration to include

co- development of monospecific antibody

candidates leveraging the HexaBody

technology. Currently in the clinic under

this collaboration is GEN1055 (BNT315,

HexaBody-OX40).

Antibody Technologies

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Antibody Technologies

DuoHexaBody Technology

Platform

Combining Dual-Targeting and

Enhanced Potency

• Antibody technology that combines

DuoBody and HexaBody technology

platforms

• Creates bispecific antibodies with

target-mediated enhanced potency

The DuoHexaBody technology platform is a

proprietary technology that combines the dual

targeting of our DuoBody technology platform

with the enhanced potency of our HexaBody

technology platform, creating bispecific

antibodies with target-mediated enhanced

hexamerization.

HexElect Technology

Platform

Enhancing Selectivity and

Potency

• Antibody technology platform

inspired by the HexaBody

technology platform

• Combines dual-targeting with

enhanced selectivity and potency

The HexElect antibody technology platform

is Genmab’s newest proprietary antibody

technology. This technology combines two

HexaBody molecules designed to effectively

and selectively hit only those cells that

express both targets by making the activity of

complexes of HexaBody molecules dependent

on their binding to two different targets on the

same cell. The HexElect technology platform

maximizes efficacy while minimizing possible

toxicity, potentially leading to more potent and

safer investigational medicines.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Financial Review

“We are increasingly prioritizing

investment into programs that have

a clear line of sight to generate

meaningful revenue, especially our

Phase 3 programs, EPKINLY, Rina-S

and acasunlimab. In order to be

well positioned at the end of this

decade, these are the investments

that we need to make today.”

Anthony Pagano

Executive Vice President and

Chief Financial Officer

Other InformationFinancial StatementsManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

Result for the Year

Guidance and Result for 2024

(DKK million) Latest Guidance Actual

Revenue 21,100–21,700 21,526

Royalties 17,000–17,400 17,352

Net product sales/Collaboration revenue* 2,000–2,200 2,176

Milestones/Reimbursement revenue 2,100–2,100 1,996

Gross Profit** 20,200–20,800 20,541

Operating expenses** (14,100)–(14,400) (13,838)

Operating profit** 5,800–6,700 6,703

* Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak

(Genmab’s share of net profits) in the U.S.

**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range

Actual revenue, operating expenses and operating profit were in line with the latest guidance

published on November 6, 2024.

Financial

Review —

Group

The financial statements are

prepared on a consolidated basis

for Genmab A/S (parent company)

and its subsidiaries. The Genmab

financial statements are published

in Danish Kroner (DKK). The

Genmab consolidated Group is

referenced herein as “Genmab” or

the “Company.”

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Revenue

Genmab’s revenue was DKK 21,526 million in 2024 compared to DKK 16,474 million in 2023. The

increase of DKK 5,052 million, or 31%, was primarily driven by higher DARZALEX and Kesimpta

royalties achieved under our collaborations with J&J and Novartis, respectively. Increased EPKINLY

net product sales, driven by a strong product launch in 2023 with a full year of net sales in 2024, also

contributed to increased revenue in 2024.

Genmab’s revenue was DKK 16,474 million in 2023 compared to DKK 14,505 million in 2022. The

increase of DKK 1,969 million, or 14%, was primarily driven by higher DARZALEX and Kesimpta

royalties achieved under our collaborations with Janssen and Novartis, respectively, partly offset by

milestones achieved in 2022 under our collaboration with AbbVie. EPKINLY net product sales, driven

by a strong product launch, also contributed to increased revenue in 2023.

(DKK million) 2024 2023 2022

Royalties 17,352 80% 13,705 83% 11,582 80%

Reimbursement Revenue 996 5% 864 5% 818 6%

Milestone Revenue 1,000 5% 1,177 7% 1,767 12%

Collaboration Revenue 433 2% 307 2% 332 2%

Net Product Sales 1,743 8% 421 3% – –

License Revenue 2 0% – – 6 0%

Total revenue 21,526 100% 16,474 100% 14,505 100%

Royalties

Royalty revenue amounted to DKK 17,352 million

in 2024 compared to DKK 13,705 million in

2023. The increase of DKK 3,647 million, or

27%, was primarily driven by higher DARZALEX

and Kesimpta royalties achieved under our

daratumumab collaboration with J&J and

ofatumumab collaboration with Novartis,

respectively. The table below summarizes

Genmab’s royalty revenue by product.

(DKK million) 2024 2023 2022

DARZALEX 13,922 11,265 9,966

Kesimpta 2,222 1,494 779

TEPEZZA 737 704 796

Other 471 242 41

Total royalties 17,352 13,705 11,582

DARZALEX

J&J’s net sales of DARZALEX were

USD 11,670 million in 2024 compared to

USD 9,744 million in 2023 and USD 7,977 million

in 2022. The increase from 2023 to 2024 of

USD 1,926 million, or 20%, was driven by share

gains in all regions. The increase from 2022 to

2023 of USD 1,767 million, or 22%, was also

driven by share gains in all regions.

Royalty revenue on net sales of DARZALEX

was DKK 13,922 million in 2024 compared

to DKK 11,265 million in 2023 and

DKK 9,966 million in 2022, an increase of

DKK 2,657 million from 2023 to 2024, and

DKK 1,299 million from 2022 to 2023.

The percentage increase in royalties of 24% from

2023 to 2024 is higher than the percentage

increase in the underlying net sales of 20%

primarily due to a higher effective royalty rate

for 2024 and other positive foreign exchange

rate impacts, partially offset by the increase

in Genmab’s Halozyme royalty reductions in

connection with the increase in SC product net

sales and an increase in royalty reductions on

net sales in countries and territories where there

is no Genmab patent coverage as well as lower

average exchange rate between the USD and

DKK in 2024. Under our license agreement with

Janssen for DARZALEX, for purposes of calcu-

lating 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. This contractual arrange-

ment is the driver for the other foreign exchange

impacts discussed above.

The percentage increase in royalties of 13%

from 2022 to 2023 is lower than the percentage

increase in the underlying net sales of 22%

primarily due to a lower average exchange rate

between the USD and DKK in 2023, other foreign

exchange impacts, the increase in Genmab’s

Halozyme royalty reductions in connection

with the increase in SC product net sales and

an increase in royalty reductions on net sales

in countries and territories where there is no

Genmab patent coverage. Under our license

agreement with Janssen for DARZALEX, for

purposes of calculating royalties due to Genmab,

net sales for non-U.S. denominated currencies

are translated to U.S. dollars at a specific annual

Currency Hedge Rate. This contractual agreement

is the driver for the other foreign exchange rate

impacts discussed above, which were signifi-

cantly more favorable in 2022 compared to 2023.

Kesimpta

Novartis’ net sales of Kesimpta were USD 3,224

million in 2024 compared to USD 2,171 million

in 2023 and USD 1,092 million in 2022. The

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Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

increase of USD 1,053 million from 2023 to

2024, or 49%, was primarily driven by increased

demand and strong access. The increase of

USD 1,079 million from 2022 to 2023, or 99%,

was primarily driven by increased demand,

strong access, and a one-time positive revenue

adjustment in Europe.

Royalty revenue on net sales of Kesimpta

was DKK 2,222 million in 2024 compared

to DKK 1,494 million in 2023, an increase of

DKK 728 million, or 49%. Royalty revenue on

net sales of Kesimpta was DKK 1,494 million in

2023 compared to DKK 779 million in 2022, an

increase of DKK 715 million, or 92%.

TEPEZZA

Amgen’s net sales of TEPEZZA were USD 1,851

million in 2024 compared to USD 1,771 million

in 2023 and USD 1,966 million in 2022. Royalty

revenue on net sales of TEPEZZA was DKK 737

million in 2024 compared to DKK 704 million in

2023 and DKK 796 million in 2022, an increase

of DKK 33 million, or 5% from 2023 to 2024 and

a decrease of DKK 92 million, or 12% from 2022

to 2023.

Other Royalties

Other royalties consist of royalties from net sales

of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.

J&J was granted U.S. FDA approval for RYBREVANT

during the second quarter of 2021, and Genmab

subsequently started recognizing royalties on net

sales of RYBREVANT. Royalties were not material

for 2024, 2023 or 2022.

J&J was granted approval for TECVAYLI for the

treatment of relapsed or refractory multiple

myeloma during the third quarter of 2022 in

Europe and in the fourth quarter of 2022 in the

U.S. Royalties were not material for 2024, 2023

or 2022.

During the third quarter of 2023, J&J was granted

approval in the U.S. and in Europe for TALVEY for

the treatment of relapsed or refractory multiple

myeloma. Royalties were not material for 2024

or 2023.

The EC granted conditional marketing autho-

rization for TEPKINLY as a monotherapy for

the treatment of adult patients with relapsed

or refractory DLBCL after two or more lines of

systemic therapy during the third quarter of 2023.

Royalties from AbbVie, related to European net

sales, were not material for 2024 or 2023.

Royalty revenue fluctuations from period

to period are driven by the level of product

net sales, foreign currency exchange rate

movements and more specifically to DARZALEX,

the contractual arrangement related to annual

Currency Hedge Rate, Genmab’s share of J&J’s

royalty payments to Halozyme in connection with

SC product net sales and royalty deductions on

net sales in countries and territories where there

is no patent protection.

Reimbursement Revenue

Reimbursement revenue, mainly comprised

of the reimbursement of certain research and

development costs related to the development

work under Genmab’s collaboration agreements,

amounted to DKK 996 million in 2024 compared

to DKK 864 million in 2023 and DKK 818 million

in 2022. The increase of DKK 132 million, or 15%,

from 2023 to 2024 was primarily driven by higher

activities under our collaboration agreements

with BioNTech for DuoBody-CD40x4-1BB and

acasunlimab, prior to Genmab assuming full

ownership, as well as by higher activities under

our collaboration agreement with Pfizer for

Tivdak. The increase of DKK 46 million, or 6%,

from 2022 to 2023 was primarily driven by higher

activities under our collaboration agreements

with BioNTech for DuoBody-CD40x4-1BB and

acasunlimab.

Milestone Revenue

Milestone revenue was DKK 1,000 million in

2024 compared to DKK 1,177 million in 2023

and DKK 1,767 million in 2022, a decrease of

DKK 177 million, or 15%, from 2023 to 2024,

and a decrease of DKK 590 million, or 33%, from

2022 to 2023, primarily driven by the following:

2024 milestones:

• Novartis milestone of DKK 582 million driven

by worldwide net sales for Kesimpta, first

exceeding DKK 17.4 billion in 2024, and

• AbbVie milestone of DKK 343 million

(USD 50 million) due to the acceptance for

filing of a Biologics License Application (BLA)

by the U.S. FDA in the second indication of

epcoritamab in the U.S.

2023 milestones:

• AbbVie milestone of DKK 348 million

(USD 50 million) driven by the first commercial

sale of EPKINLY in the U.S.,

• AbbVie milestone of DKK 205 million

(USD 30 million) due to the acceptance of the

marketing authorization application (MAA)

filing by the EMA of the type II variation for

marketing authorization of TEPKINLY,

• AbbVie milestone of DKK 176 million

(USD 25 million) due to the first commercial

sale of TEPKINLY in Europe, and

• J&J milestone of DKK 169 million

(USD 25 million) related to the BLA approval

in the U.S. for talquetamab.

2022 milestones:

• AbbVie milestone of DKK 577 million

(USD 80 million) driven by the acceptance of

the BLA by the U.S. FDA for epcoritamab,

• AbbVie milestone of DKK 444 million

(USD 60 million) triggered by the validation of

the MAA by the EMA in the EU for epcoritamab,

• J&J milestones of DKK 189 million

(USD 25 million) and DKK 112 million

(USD 15 million) for the approval of TECVAYLI

for the treatment of relapsed or refractory

multiple myeloma in the U.S. and Europe,

respectively, and

• AbbVie milestone of DKK 153 million

(USD 20 million) driven by the initiation, or

first patient dosed, of a pivotal trial (Phase 3)

in the second indication for epcoritamab.

Milestone revenue may fluctuate significantly

from period to period due to both the timing of

achievements and the varying amount of each

individual milestone under our license and

collaboration agreements.

Collaboration Revenue

Collaboration revenue, which reflects 50% of gross

profit from net sales of Tivdak in the U.S. by Pfizer,

was DKK 433 million in 2024 compared to DKK 307

million in 2023 and DKK 332 million in 2022. The

increase of DKK 126 million, or 41%, from 2023

to 2024 was primarily driven by increased sales

of Tivdak. The decrease of DKK 25 million from

2022 to 2023 was primarily driven by a one-off

payment in 2022 from Pfizer of approximately

DKK 112 million (USD 15 million) which reflects

Financial Review — Group

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Genmab’s share (50%) of payments received by

Pfizer in connection with the sublicense of its rights

to develop and commercialize tisotumab vedotin

in China to Zai Lab Hong Kong, partly offset by an

increase in net sales of Tivdak in 2023.

Net Product Sales

Global net sales of EPKINLY/TEPKINLY were

USD 281 million in 2024. Net product sales in the

U.S. and Japan by Genmab were DKK 1,743 million

in 2024 compared to DKK 421 million in 2023.

EPKINLY was approved in the U.S. in May 2023

and in Japan in September 2023.

Net sales of TEPKINLY in territories where

Genmab receives royalty revenue were

USD 28 million in 2024, with immaterial net

sales in 2023 due to regulatory approvals in

such territories not occurring until late 2023.

As EPKINLY is Genmab’s first commercialized

product for which Genmab is recording net

product sales, there were no net product sales

recognized during 2022.

Refer to Note 2.2 for further details

about revenue.

Cost of Product Sales

Genmab recognized cost of product sales

of DKK 985 million in 2024 compared to

DKK 226 million in 2023. Cost of product sales

related to EPKINLY sales is primarily comprised

of profit-sharing amounts payable to AbbVie

of DKK 831 million in 2024 compared to

DKK 195 million in 2023, as well as product

costs. There were no cost of product sales recog-

nized during 2022 as EPKINLY was approved in

the U.S. in May 2023 and in Japan in September

2023. Aside from these items, there are no other

costs included within cost of product sales.

Refer to Notes 2.3, 3.5 and 5.6 for further

details about cost of product sales.

Research and Development

Expenses

Research and development expenses amounted

to DKK 9,748 million in 2024 compared to

DKK 7,630 million in 2023 and DKK 5,562 million

in 2022. The increase from 2023 to 2024

of DKK 2,118 million, or 28%, was driven by

the increased and accelerated advancement

of epcoritamab under our collaboration with

AbbVie, the addition of ProfoundBio related

research and development expenses, primarily

Rina-S, advancement of acasunlimab and

DuoBody-CD40x4-1BB under our collaboration

with BioNTech, further progression of pipeline

products, and the increase in team members

to support the continued expansion of our

product portfolio. The increase from 2022 to

2023 of DKK 2,068 million, or 37% was driven

by the increased and accelerated advancement

of epcoritamab under our collaboration with

AbbVie, advancement of acasunlimab and

DuoBody-CD40x4-1BB under our collaboration

with BioNTech, further progression of pipeline

products, and the increase in team members

to support the continued expansion of our

product portfolio.

Research and development costs accounted

for 72% of total research and development

expenses and selling, general and administration

expenses in 2024 compared to 70% in 2023

and 68% in 2022.

The following table provides information regarding our research and development expenses for 2024

as compared to 2023 and 2022.

(DKK million) 2024 2023 2022

Percentage

Change

2024/2023

Percentage

Change

2023/2022

Research

2,137 1,507 1,222 42% 23%

Development and contract

manufacturing

3,555 2,324 1,556 53% 49%

Clinical

3,296 3,282 2,059 0% 59%

Upfront payments

– 3 155 (100)% (98)%

Other

760 514 570 48% (10)%

Total research and

development expenses 9,748 7,630 5,562 28% 37%

1. Research expenses include, among other things, personnel, occupancy and laboratory expenses, technology access

fees associated with identification of new monoclonal antibodies (mAbs), expenses associated with the development

of new proprietary technologies and research activities associated with our product candidates, such as in vitro and in

vivo studies, translational research, and IND enabling toxicology studies.

2. Development and contract manufacturing expenses include personnel and occupancy expenses, external contract

manufacturing costs for the scaleup and pre-approval manufacturing of drug product used in research and our clinical

trials, costs for drug product supplied to our collaborators, costs related to preparation for the production of process

validation batches to be used in potential future regulatory submissions, quality control and assurance activities, and

storage and shipment of our product candidates.

3. Clinical expenses include personnel, travel, occupancy costs, and external clinical trial costs including contract

research organizations (CROs), investigator fees, clinical site fees, contractors and regulatory activities associated with

conducting human clinical trials.

4. Upfront payments include payments made to third parties upon entering into R&D license and collaboration

agreements.

5. Other research and development expenses primarily include share-based compensation, depreciation, amortization

and impairment expenses.

Financial Review — Group

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

The following table shows third-party costs incurred for research, contract manufacturing of our

product candidates and clinical and regulatory services for 2024 as compared to 2023 and 2022.

The table also presents unallocated costs and overhead consisting of third-party costs for our

preclinical stage programs, personnel, facilities, and other indirect costs not directly charged to

development programs.

(DKK million) 2024 2023 2022

Percentage

Change

2024/2023

Percentage

Change

2023/2022

Epcoritamab 2,854 1,323 801 116% 65%

Rina-S 319 – – N/A N/A

Tisotumab vedotin 263 285 319 (8)% (11)%

Acasunlimab 707 553 369 28% 50%

DuoBody-CD40x4-1BB 514 409 242 26% 69%

Other clinical stage programs 503 743 393 (32)% 89%

Total third-party costs for

clinical stage programs 5,160 3,313 2,124 56% 56%

Preclinical projects 1,491 1,132 830 32% 36%

Upfront payments – 3 155 (100)% (98)%

Personnel, unallocated costs

and overhead 3,097 3,182 2,453 (3)% 30%

Total research and

development expenses 9,748 7,630 5,562 28% 37%

Third-party costs for epcoritamab increased by

DKK 1,531 million, or 116%, in 2024 as compared

to 2023, primarily due to the advancement

and acceleration of the epcoritamab program

under Genmab’s collaboration with AbbVie.

Third-party costs for epcoritamab increased by

DKK 522 million, or 65%, in 2023 as compared

to 2022, primarily due to the advancement and

acceleration of the epcoritamab program under

Genmab’s collaboration with AbbVie.

Third-party costs for Rina-S were DKK 319 million

in 2024. Rina-S was acquired through the

acquisition of ProfoundBio in the second quarter

of 2024.

Third-party costs for tisotumab vedotin

decreased by DKK 22 million, or 8%, in 2024

as compared to 2023, primarily due to the

completion of certain clinical study activities in

2024. Third-party costs for tisotumab vedotin

decreased by DKK 34 million, or 11%, in 2023 as

compared to 2022, primarily due to the comple-

tion of certain clinical study activities in 2023.

Third-party costs for acasunlimab increased by

DKK 154 million, or 28%, in 2024 as compared

to 2023, primarily due to the continued

advancement of the program, which Genmab

obtained sole ownership during the third quarter

of 2024. Third-party costs for acasunlimab

increased by DKK 184 million, or 50%, in 2023

as compared to 2022, primarily due to the

continued advancement and expansion of the

program under Genmab’s prior collaboration with

BioNTech on this project.

Third-party costs for DuoBody-CD40x4-1BB

increased by DKK 105 million, or 26%, in 2024 as

compared to 2023, primarily due to the continued

advancement and expansion of the program

under Genmab’s collaboration with BioNTech.

Third-party costs for DuoBody-CD40x4-1BB

increased by DKK 167 million, or 69%, in 2023 as

compared to 2022, primarily due to the continued

advancement and expansion of the program

under Genmab’s collaboration with BioNTech.

Third-party costs for Genmab’s other clinical

stage programs decreased by DKK 240 million,

or 32%, in 2024 as compared to 2023, primarily

related to advancements of DuoBody-CD3xB7H4

and DuoBody-CD3xCD30 in 2024. Third-party

costs for Genmab’s other clinical stage programs

increased by DKK 350 million, or 89%, in

2023 as compared to 2022, primarily related

to advancements of DuoBody-CD3xB7H4 and

DuoBody-CD3xCD30 in 2023.

Research and development expenses related

to our preclinical projects increased by

DKK 359 million, or 32%, in 2024 as compared

to 2023, driven by the continued investment in

new and existing preclinical programs. An IND

was submitted for DuoBody-FAPαxDR4 and a

CTA was submitted for GEN1078. Research and

development expenses related to our preclinical

projects increased by DKK 302 million, or

36%, in 2023 as compared to 2022, driven by

the continued investment in new and existing

preclinical programs.

Upfront payments were not material in either

2024 or 2023 driven by a decrease in the number

of R&D license payments recorded as expense.

Upfront payments decreased by DKK 152 million,

or 98%, driven by a decrease in the number of

R&D license payments in 2023 as compared

to 2022.

Personnel, unallocated costs and overhead

decreased by DKK 85 million, or 3%, in 2024 as

compared to 2023, primarily due to travel costs,

which were higher in 2023 due to the upcoming

launch of EPKINLY in 2023. Our research and

development FTEs increased from 1,541 at

the end of 2023 to 1,886 at the end of 2024.

Personnel, unallocated costs and overhead

increased by DKK 729 million, or 30%, in 2023 as

compared to 2022, primarily due to an increase in

staffing levels and the expansion of our facilities

to accommodate our growth. Our research and

development FTEs increased from 1,193 at the

end of 2022 to 1,541 at the end of 2023.

Refer to Note 2.3, 3.1, 3.2 and 5.5 for further

details about staff costs, intangible assets,

property and equipment and the acquisition of

ProfoundBio.

Financial Review — Group

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Selling, General and

Administrative Expenses

Selling, general and administrative

expenses were DKK 3,790 million in 2024

compared to DKK 3,297 million in 2023 and

DKK 2,676 million in 2022. The increase from

2023 to 2024 of DKK 493 million, or 15%, was

driven by the continued expansion of Genmab’s

commercialization capabilities through the

increase in team members to support the

continued launch of EPKINLY in the U.S. and

Japan in 2023, and the investment in Genmab’s

broader organizational capabilities. Selling,

general and administration expense growth has

been moderating during 2024 reflecting a focus

on driving efficiency. We continue to increase

team members and commercial support in a

strategic manner. The increase from 2022 to

2023 of DKK 621 million, or 23%, was driven

by the continued expansion of Genmab’s

commercialization capabilities through the

increase in team members to support the

launch of EPKINLY in the U.S. and Japan in

2023, and the investment in Genmab’s broader

organizational capabilities.

DKK 1,813 million, or 48% of selling, general

and administrative expenses in 2024, was

related to compensation of Genmab team

members associated with selling, general

and administrative activities, as compared

to DKK 1,541 million, or 47% in 2023 and

DKK 1,065 million, or 40% in 2022.

Refer to Note 2.3 and 3.2 for further details

about staff costs and property and equipment.

Selling, general and administrative expenses

accounted for 28% of total research and

development expenses and selling, general

and administration expenses in 2024 compared

to 30% in 2023 and 32% in 2022.

Acquisition and Integration

Related Charges

Acquisition and integration related charges

for the acquisition of ProfoundBio were

DKK 300 million in 2024 compared to no

acquisition and integration related charges for

2023 or 2022 as there were no acquisitions

during these years.

Refer to Note 5.5 for further details about the

acquisition of ProfoundBio.

Operating Profit

Operating profit was DKK 6,703 million in 2024

compared to DKK 5,321 million in 2023, an

increase of DKK 1,382 million, or 26%. Operating

profit was DKK 5,321 million in 2023 compared

to DKK 6,267 million in 2022, a decrease of

DKK 946 million, or 15%.

Financial Income and Expense

Financial income and expense was comprised of the following:

(DKK million) 2024 2023 2022

Financial income:

Interest and other financial income 995 982 324

Gain on marketable securities 364 495 92

Gain on other investments 146 72 58

Foreign exchange rate gain 2,933 391 2,715

Total financial income 4,438 1,940 3,189

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

Interest Income

Interest 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.

Financial Review — Group

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Foreign Exchange Rate Gains and Losses

Foreign exchange rate gain, net of DKK 1,339 million in 2024 compared to the foreign exchange rate

loss, net of DKK 889 million in 2023 and foreign exchange rate gain, net of DKK 1,051 in 2022 were

primarily driven by foreign exchange movements impacting Genmab’s USD denominated marketable

securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as

follows for each period:

December 31, 2024 December 31, 2023 December 31, 2022

USD/DKK Foreign Exchange Rates 7.1429 6.7447 6.9722

% Increase/(Decrease) 6% (3)% 6%

Marketable Securities Gains and

Losses

Gain 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, net 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, net of DKK 680 million, or 188%

from 2022 to 2023, was primarily driven by

interest rate outlooks for the U.S. and Europe.

Other Investments

Gains 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’s investments

in certain strategic investment funds. The

losses in 2022 were primarily driven by the

change in fair value of Genmab’s investment in

common shares of CureVac.

Refer to Notes 4.2 and 4.5 for further details

regarding foreign currency risk and net financial

items, respectively.

Corporate Tax

Corporate tax expense was DKK 1,320 million in

2024 compared to DKK 1,285 million in 2023 and

DKK 1,493 million in 2022. Genmab’s estimated

annual effective tax rate was 14.4% in 2024

compared to 22.8% in 2023 and 21.5% in 2022.

The decrease from 2023 to 2024 in Genmab’s

effective tax rate was primarily due to the inte-

gration of ProfoundBio which allowed for the

deduction of previously unrecognized deferred

tax assets in 2024. The increase from 2022 to

2023 in Genmab’s effective tax rate was mainly

driven by the increase of unrecognized deferred

tax assets.

We anticipate that our effective tax rate should

be closer to the Danish statutory rate of 22%

going forward.

Refer to Note 2.4 for additional information

regarding the corporate tax, deferred tax assets

and deferred tax liabilities including manage-

ment’s significant judgements and estimates.

Net Profit

Net profit for 2024 was DKK 7,844 million

compared to DKK 4,352 million in 2023 and

DKK 5,452 million in 2022. The changes in net

profit for the periods were driven by the items

described above.

Liquidity and Capital

Resources

December 31,

(DKK million) 2024 2023

Marketable securities 11,243 13,268

Cash and cash equivalents 9,858 14,867

Shareholders’ equity 36,697 31,610

As of December 31, 2024, cash and cash

equivalents and marketable securities

denominated in USD represented 85% of

Genmab’s total cash and cash equivalents and

marketable securities compared to 90% as of

December 31, 2023.

Marketable securities are invested in highly

secure and liquid investments with short effective

maturities. As of December 31, 2024, 71% of

Genmab’s marketable securities were long-term

A rated or higher, or short-term rated A-1/P-1 by

S&P, Moody’s or Fitch compared to 72% as of

December 31, 2023.

As of December 31, 2024, DKK 9,858 million,

as compared to DKK 14,867 million as of

December 31, 2023, was held as cash and

cash equivalents, and as of December 31,

2024, DKK 11,243 million, as compared to

DKK 13,268 million as of December 31, 2023,

was held as liquid investments in short-term

government and other debt instruments.

Cash and cash equivalents included short-

term marketable securities of DKK 82 million

at the end of December 2024, compared to

DKK 1,353 million at the end of December 2023.

In accordance with Genmab’s accounting policy,

securities purchased with a maturity of less than

90 days at the date of acquisition are classified

as cash and cash equivalents.

Genmab requires cash to meet our operating

expenses and capital expenditures. We have

funded our cash requirements since inception,

including through December 31, 2024, primarily

with royalty and milestone payments from our

partners, upfront payments, and equity financing.

Genmab expects to continue to fund a significant

portion of our development costs for proprietary

product candidates as well as commercialization

activities with cash received from royalties and

milestone payments from partners, and net sales

of Genmab products.

During the fourth quarter of 2024, Genmab

entered into an unsecured three-year revolving

credit facility (“Credit Facility”) 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

Financial Review — Group

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

for an additional 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.

Genmab’s expenditures on current and future

preclinical and clinical development programs

are subject to numerous uncertainties in timing

and cost to completion. In order to advance our

product candidates toward commercialization,

the product candidates are tested in numerous

preclinical safety, toxicology and efficacy studies.

Genmab then conducts clinical trials for those

product candidates that take several years or

more to complete. The length of time varies

substantially based upon the type, complexity,

novelty and intended use of a product candidate.

The cost of clinical trials may vary significantly

over the life of a project as a result of a variety

of factors, including: the number of patients

required in the clinical trials; the length of

time required to enroll trial participants; the

number and location of sites included in the

trials; the costs of producing supplies of the

product candidates needed for clinical trials and

regulatory submissions; the safety and efficacy

profile of the product candidate; the use of CROs

to assist with the management of the trials; and

the costs and timing of, and the ability to secure,

regulatory approvals.

Genmab’s expenses also fluctuate from period

to period based on the degree of activities with

collaborative partners, timing of manufacturing

campaigns, numbers of patients enrolled in clinical

trials and the outcome of each clinical trial event.

As a result, Genmab is unable to determine with

any degree of certainty the anticipated completion

dates, duration and completion costs of research

and development projects, or when and to what

extent Genmab will receive cash inflows from

the commercialization and sale of any product

candidates. Genmab also cannot predict the actual

amount or timing of future royalties and milestone

payments, and these may differ from estimates.

Genmab expects to increase operating

expenditures and make additional capital

outlays over the next several years as Genmab

supports preclinical development, manufacturing,

clinical trial activities, product collaborations,

commercialization activities and additional hiring

of staff. As spending increases on research,

development, business development and /or

activities related to mergers and acquisitions,

and commercialization activities related to

product collaborations, Genmab may be required

to make certain capital outlays against which

Genmab expects to receive reimbursement to

the extent the outlay exceeds Genmab’s share

under the applicable collaboration agreement.

Genmab expects that the time-lag between the

expenditure by Genmab, and the reimbursement

by a partner of its relevant share, may increase

Genmab’s working capital needs. To the extent

Genmab’s capital resources are insufficient to

meet future capital requirements, Genmab will

need to finance operating requirements and

other cash needs through the use of the Credit

Facility, public or private equity offerings, debt

financings, or additional corporate collaboration

and licensing arrangements.

Refer to Notes 4.1, 4.2 and 4.4 for additional

information regarding our external source

of liquidity, financial, risks and marketable

securities, respectively.

Cash Flows

The following table provides information regarding Genmab’s cash flow for 2024, 2023 and 2022.

Cash Flow (DKK million) 2024 2023 2022

Cash provided by operating activities 7,771 7,380 3,912

Cash (used in) investing activities (9,907) (1,282) (2,761)

Cash (used in) financing activities (3,919) (606) (789)

Increase in cash and cash equivalents (6,055) 5,492 362

Exchange rate adjustments 1,046 (518) 574

Net cash provided by operating activities is

primarily related to our operating profit, changes

in operating assets and liabilities, reversal of

net financial items, and adjustments related

to non-cash transactions. Cash provided by

operating activities increased in 2024 compared

to 2023 primarily driven by an increase in net

profit before tax of DKK 3.5 billion, an increase in

non-cash transactions of DKK 368 million, and

a decrease in taxes paid of DKK 724 million in

2024 compared to 2023, partly offset by signif-

icant AbbVie milestones achieved during the

fourth quarter of 2022 with related cash received

during 2023 and an increase in DARZALEX

royalty receivables in the fourth quarter of 2024

compared to the fourth quarter of 2023. Cash

provided by operating activities increased in

2023 compared to 2022 primarily driven by

significant AbbVie milestones achieved during the

fourth quarter of 2022 with related cash received

during 2023, cash received for DARZALEX

royalties in 2023, and higher corporate tax

payments made in 2023 compared to 2022.

Net cash (used in) investing activities primarily

reflects cash used in making acquisitions,

differences between the proceeds received

from the sale and maturity of our investments

and amounts invested, and the cash paid for

investments in tangible and intangible assets.

The increase from 2023 to 2024 in net cash

(used in) investing activities is primarily driven by

the acquisition of ProfoundBio, partly offset by

the sales and maturities of marketable securities

exceeding purchases in 2024, compared to

purchases exceeding sales and maturities in

2023. The decrease from 2022 to 2023 in net

cash (used in) investing activities is primarily

driven by purchases of marketable securities

exceeding sales and maturities to a greater extent

during 2022 compared to 2023.

Net cash (used in) financing activities is primarily

related to the purchase of treasury shares, exercise

of warrants, lease payments, and payment of

withholding taxes on behalf of employees on net

settled Restricted Stock Units (RSUs). The increase

from 2023 to 2024 in net cash (used in) financing

activities is primarily driven by cash payments

for the purchase of treasury shares of DKK 3,879

million in 2024 compared to DKK 564 million in

2023. The decrease from 2022 to 2023 in net cash

(used in) financing activities is primarily driven by

cash payments for the purchase of treasury shares

of DKK 564 million in 2023 compared to DKK 908

million in 2022.

Financial Review — Group

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Exchange rate adjustments represent foreign

currency gains or losses on Genmab’s cash and

cash equivalents, primarily driven by our cash

and cash equivalents holdings denominated

in USD. The USD/DKK foreign exchange rate

increased 6% in 2024, decreased 3% in 2023

and increased 6% in 2022.

Balance Sheet

As of December 31, 2024, total assets

were DKK 45,811 million, compared to

DKK 35,289 million as of December 31, 2023. As of

December 31, 2024, assets are mainly comprised

of intangible assets of DKK 12,343 million,

primarily made up of intangible assets acquired in

the ProfoundBio acquisition, marketable securities

of DKK 11,243 million, current receivables of

DKK 6,590 million, cash and cash equivalents

of DKK 9,858 million and DKK 2,535 million of

goodwill related to the acquisition of ProfoundBio.

The current receivables consist primarily of

amounts related to royalties from our collaboration

agreements. The credit risk related to our

receivables is not material based on no historical

credit losses as well as the high-quality nature

of Genmab’s collaboration partners and limited

number of distributors with high credit standing.

Refer to Note 3.6 for additional information

regarding receivables and Note 5.5 for

additional details related to the acquisition of

ProfoundBio.

As of December 31, 2024, total liabilities were

DKK 9,114 million compared to DKK 3,679

million as of December 31, 2023. The increase

in total liabilities of DKK 5,435 million, or 148%,

was primarily driven by the DKK 2,359 million

deferred tax liability related to the acquisition

and integration activities for ProfoundBio, an

increase of DKK 1,656 million in corporate taxes

payable due to Genmab’s net profit before tax, an

increase of DKK 1,170 million in accruals related

to the expansion of our product pipeline, and an

increase in lease liabilities of DKK 259 million

driven by the commencement of a lease in the

U.S. with respect to office and laboratory space.

Shareholders’ equity as of December 31,

2024 was DKK 36,697 million compared to

DKK 31,610 million as of December 31, 2023.

The increase of DKK 5,087 million, or 16%,

was driven primarily by Genmab’s net profit

for the period and share-based compensation

expenses, partly offset by the purchase of

treasury shares. Genmab’s equity ratio was 80%

as of December 31, 2024 compared to 90% as of

December 31, 2023. The decrease was primarily

attributable to assets acquired in the acquisition

of ProfoundBio, net of cash paid, in addition to

the share buy-back completed in June 2024 that

offset Genmab’s net profit for the period.

Financial Review — Group

Legal Matters — J&J Binding

Arbitrations

In September 2020, Genmab commenced

arbitration against J&J with respect to two

different provisions of our license agreement

for daratumumab, 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 arbitration denying both of Genmab’s

claims. Genmab did not seek review of the

award. On June 9, 2022, Genmab commenced a

second arbitration against J&J under the license

agreement, in which Genmab sought additional

compensation from J&J with respect to SC

daratumumab based on Genmab’s position that

the award in favor of J&J in the first arbitration

was premised on that tribunal’s determination

that IV daratumumab and SC daratumumab were

separate “Licensed Products” as that term is

defined in the license agreement. Genmab’s claim

in that second arbitration was denied by the

tribunal on April 21, 2023 on the ground that it

should have been brought in the first arbitration,

and the dismissal was affirmed by an appellate

arbitrator on January 23, 2024.

In June 2024, Chugai Pharmaceutical Co., Ltd.

filed a lawsuit in the Tokyo District Court, Japan

against AbbVie’s and Genmab’s subsidiaries

in Japan asserting that their activities with

EPKINLY (epcoritamab) in Japan infringe two

Japanese patents held by Chugai, JP6278598

and JP6773929. Chugai is claiming damages and

injunctive relief.

Genmab and AbbVie believe that the two

Japanese patents are invalid and not infringed

and intend to vigorously defend against the

lawsuit, and thus no provision has been recorded

related to this matter.

Refer to Note 5.7 for further details about

contingencies.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Financial

Review —

Parent

Revenue

Genmab A/S’s revenue was DKK 22,167 million

in 2024 compared to DKK 17,126 million in

2023. The increase of DKK 5,041 million, or 29%,

was primarily driven by higher DARZALEX and

Kesimpta royalties achieved under our collab-

orations with J&J and Novartis, respectively.

Increased EPKINLY intercompany net product

sales, driven by a strong product launch in 2023

with a full year of net sales in 2024, also contrib-

uted to increased revenue in 2024.

Financial Income and

Expense

Genmab A/S’ financial income was DKK 17,404

million in 2024 compared to DKK 2,199 million in

2023. The increase of DKK 15,205 was primarily

driven by the DKK 13.0 billion of dividend income

Genmab A/S received related to the sale of

ProfoundBio US intangible assets to Genmab A/S.

Genmab A/S’ financial expense was DKK 12,239

million in 2024 compared to DKK 1,871 million in

2023. The increase of DKK 10,368 was primarily

driven by the DKK 10.4 billion impairment related

to Genmab A/S’ investment in subsidiaries.

Refer to Note 14 in the parent company financial

statements for further details related to the

transfer of ProfoundBio US intangible assets to

Genmab A/S.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

5. Ethics by Design

Controls to prevent harm and risks to

individuals should be built into the design of

data architecture and data processing

6. Responsible Data

Sharing

Data sharing should be based on processes that

actively and consistently consider, prioritize,

and protect individual rights

7. Responsibility and

Accountability

Data Ethics Principles should be operationalized

through effective governance, clear standards,

training, monitoring activities, and disciplinary

sanctions

Genmab has core facilities in five countries

that perform research and development

activities with clinical trials conducted around

the globe. We also have commercial and

sales organizations in the U.S. and Japan with

manufacturing support activities in Europe.

Through our activities, we are exposed to a

variety of risks, some of which are inherent

in our business and/or beyond our control

including sustainability- related risks. These

risks may have a significant impact on

our business if not properly assessed and

controlled. Maintaining a strong control

environment, with adequate procedures for

identification, prioritization and assessment

of risks and adhering to operational policies

designed to reduce such risks to an acceptable

level, is essential for the continued evolution

of Genmab. It is our policy to identify and

reduce the risks derived from our operations

and to establish insurance coverage and

other enterprise risk reduction and resilience

mechanisms to mitigate any residual risk,

wherever considered practicable. The Audit

and Finance Committee of the Board performs

a yearly review of Genmab’s Enterprise Risk

Program and relevant insurance coverage to

ensure that they are appropriate for Genmab.

For further information about the risks and

uncertainties that Genmab faces, refer to the

current Form 20-F filed with the SEC.

The use of data, as defined in the Danish

Financial Statements Act, both personal

and non-personal, is essential to fulfilling

Genmab’s core purpose; and Genmab is

committed to handling data with integrity

and in an ethical and compliant manner

considering the impact our actions may have

on individuals and society.

Genmab has a policy for Data Ethics in

compliance with Section 99d of the Danish

Financial Statements Act in which Genmab

adopted the Data Ethics principles of the

International Federation of Pharmaceutical

Manufacturers & Associations (IFPMA).

These principles complement and strengthen

already existing Genmab policies and procedures,

and they focus on the following areas:

Genmab will continue to focus on these

principles, particularly in the areas of

data privacy, DE&I, clinical trials, and the

application of new technologies (e.g., Artificial

Intelligence and Machine Learning), where

policies, processes, and training materials

will be aligned with the above-mentioned

principles. The Genmab Data Ethics policy

and its principles are anchored in the Genmab

Code of Conduct as part of the overall Genmab

Compliance program.

1. Autonomy

Respect individuals’ privacy, protect their rights,

and honor confidentiality

2. Transparency

Individuals should be able to understand how

their personal data is used

3. Data Quality

The best quality data available should be used

to make decisions

4. Fairness and

Non-discrimination

Data acquisition should be inclusive, equitable,

and seek to support the industry’s mission of

responding to the needs of all patients

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Business and

Products

The identification and development of

successful products is expensive and

includes time-consuming clinical trials with

uncertain outcomes and the risk of failure

to obtain regulatory approval in one or more

jurisdictions.

Genmab has a disciplined approach to investment, focusing

on areas with the potential to maximize success, including new

technologies and formats, scaling up to expand from early- to late-

stage development and commercialization. Genmab has established

various committees to ensure optimal selection of disease targets

and formats of our antibody candidates, and to monitor progress

of preclinical and clinical development. We strive to have a well-

balanced product pipeline, continuing to search for and identify new

product candidates, and closely monitoring the market landscape.

Genmab is dependent on the identification and

development of new proprietary technologies

and access to new third-party technologies.

This exposes us to safety issues as well as

other failures and setbacks related to use of

such new or existing technologies.

Genmab strives to identify and develop new antibody-based

products that harness new antibody technologies, such as the

DuoBody, HexaBody, DuoHexaBody and HexElect technology

platforms, ADC technology, and gain access to competitive and

complementary new third-party technologies. We closely monitor our

preclinical programs and clinical trials to mitigate any unforeseen

safety issues or other failures, or setbacks associated with the use of

these technology platforms.

Genmab faces ongoing uncertainty about

the successful commercialization of product

candidates. This is a result of factors including

immense competition on the basis of cost

and efficacy as well as rapid technological

change, which may result in others discovering,

developing or commercializing competing

products before and/or more successfully

than us.

From early in the research phase and throughout development,

commercial potential and product commercialization, associated

risks are assessed to ensure that final products have the potential

to be commercially viable. Genmab attempts to control commercial

risks in part by regularly monitoring and evaluating current market

conditions, competing products and new technologies, to potentially

gain access to new technologies and products that may supplement

our pipeline. Genmab also strives to ensure market exclusivity for

its own technologies and products by seeking patent protection.

Genmab engages with patients and caregivers to gather insights and

improve patient outcomes.

The following is a summary of Genmab’s

key risk areas, including sustainability-

related risks, and how we address and

mitigate such risks.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Business and

Products

(continued)

Genmab’s near- and mid-term prospects are

substantially dependent on continued clinical

and commercial success of DARZALEX.

The impact of DARZALEX patent expirations,

typically followed by the introduction of

competing generic, biosimilar or other

products could have an adverse impact on

Genmab’s future royalty revenue.

DARZALEX is subject to intense competition in

the multiple myeloma therapy market.

Genmab focuses on its three-pronged strategy of focusing on our core

competence, turning science into medicine and building a profitable

and successful biotech to develop a broad pipeline of unique best-in-

class or first-in-class antibody products with significant commercial

potential. In addition, Genmab maintains a strong cash position,

disciplined financial management, and a flexible and capital efficient

business model to mitigate potential setbacks related to DARZALEX.

To address the impact of DARZALEX loss of exclusivity, Genmab

intends to mitigate this risk through its strong foundation in science

and investments in launched medicines as well as its existing, and

potential acquisition of new, late-stage assets. Genmab manages

and maintains efficient operations through focused prioritization and

increased productivity.

Including DARZALEX there are eight commercialized medicines on the

market that drive significant recurring revenue for the company. In

2020, two additional Genmab-created antibody products, Kesimpta

and TEPEZZA, were approved by the U.S. FDA. In 2021, 2022, and

2023, respectively, Genmab’s bispecific DuoBody technology was

the basis for the DuoBody-based medicines RYBREVANT, TECVAYLI

and TALVEY, which were approved by the U.S. FDA and the EC. All

of these provide Genmab with additional recurring royalty revenue.

Tivdak, Genmab’s first medicine, in development with Pfizer, was

approved by the U.S. FDA and product sales of Tivdak commenced in

2021. EPKINLY/TEPKINLY, Genmab’s second medicine, in development

with AbbVie, was approved by the U.S. FDA, the Japan MHLW and the

EC and product sales of EPKINLY/TEPKINLY commenced in 2023. In

addition, we currently have two wholly owned programs, Rina-S and

acasunlimab, which moved into Phase 3 development in 2024.

Genmab has exposure to product liability

claims related to the use or misuse of our

products and technologies.

Product liability claims and/or litigation could materially affect our

business and financial position, and Genmab therefore strives to

maintain internal processes for the review, approval, and compliant

use of promotion materials and also maintains appropriate product

liability insurance for our clinical trials and our approved products and

other coverage required under applicable laws.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Business and

Products

(continued)

Our core research and manufacturing activities

are carried out at a limited number of locations.

Any event resulting in Genmab’s or our

vendors’/suppliers’ inability to operate these

facilities could materially disrupt our business.

Genmab employs oversight and quality risk management principles.

In addition, Genmab follows current Good Laboratory Practices

(cGLP) and current Good Manufacturing Practices (cGMP) and

requires that our vendors operate with the same standards.

Genmab’s quality assurance (QA) department ensures that high-

quality standards are set and monitors adherence to these practices.

If we are unable to effectively manage

Genmab’s fast-paced growth, or maintain

our commercialization and other capabilities

at adequate levels, and control operating

costs within the scope of our overall business

as well as properly integrate acquisitions,

financial condition and net profits may be

adversely affected. Any business disruption or

failure to properly manage growth, maintain

capabilities and transformation in a manner

that reflects and supports our organizational

strategies and priorities, while assuring ethical

business practices, prudent risk management,

and commercial compliance, could have a

material adverse effect on our business,

financial condition, results of operations and

cash flows.

We have experienced rapid growth over the last several years.

We anticipate additional growth as our pipeline advances and

we continue product commercialization activities. Such growth,

including maintaining and enabling R&D, commercialization,

and support functions, has placed significant demands on our

management and infrastructure, including new operational

and financial systems, as well as extending manufacturing and

commercial outsource arrangements. Our success will depend in part

upon our ability to manage and maintain operations and integrate

acquisitions effectively through leadership, focused prioritization,

increased productivity and talent management to maintain our

values-based, collaborative culture. As we continue to grow and

evolve, we must continuously improve our operational, commercial,

compliance, financial and management practices, and controls.

Genmab is subject to government regulations

on pricing/public reimbursement as well as

other healthcare payer cost-containment

initiatives; increased pressures by

governmental and third-party payers to reduce

healthcare costs.

Genmab strives to develop differentiated antibody medicines that

bring meaningful impact to patients and health systems and are well-

positioned to secure reasonable price reimbursement by government

healthcare programs and private health insurers. The impact our

science has on patients today and in the future, particularly those

with few treatment options, drives the value of our medicines.

Genmab’s U.S. Government Affairs & Policy department interacts

with U.S. federal and state policymakers to advance policies aimed

at improving patients’ lives through access to quality healthcare

and innovative science. Genmab’s U.S. Market Access department

educates payers on the value of our products and works across

the healthcare system to help ensure all appropriate patients gain

access to our innovative medicines.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Strategic

Collaborations

Genmab is dependent on existing partnerships

with major pharmaceutical or biotech

companies to support our business and

develop and extend the commercialization of

our products.

Our business may suffer if our collaboration partners do not

devote sufficient resources to our programs and products, do not

successfully maintain, defend and enforce their intellectual property

rights or do not otherwise have the ability to successfully develop or

commercialize our products, independently or in collaboration with

others. Our business may also suffer if we are not able to continue

our current collaborations or establish new collaborations. Genmab

strives to be an attractive and respected collaboration partner, and

to pursue a close and open dialogue with our collaboration partners

to share ideas and align on best practices and decisions within

clinical development and commercial operations to increase the

likelihood that we reach our goals.

Genmab is primarily dependent on one

contract manufacturing organization (CMO)

and individual sites at the CMO to produce and

supply our product candidates. Genmab is also

dependent on clinical research organizations

to conduct key aspects of our clinical trials,

and on collaboration partners to conduct some

of our clinical trials.

CMOs may be subject to or affected by various

U.S. legislation, executive orders, regulations,

or investigations.

Genmab oversees outsourcing and partnership relationships

to ensure consistency with strategic objectives and service

provider compliance with regulatory requirements, resources,

and performance. This includes assessment of contingency plans,

availability of alternative service providers and costs and resources

required to switch service providers. We continually evaluate

financial solvency and require our suppliers to abide by a code of

conduct consistent with Genmab’s Code of Conduct.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Regulation,

Legislation, and

Compliance

Genmab is subject to extensive legislative,

regulatory and other requirements during

preclinical and clinical development,

commercialization, and post-marketing

approval, including healthcare, marketing/

labelling/promotion, fraud and abuse,

competition/antitrust laws, and regulations,

as well as transparency, privacy and data

protection and other requirements.

Genmab is subject to strict disclosure

obligations under applicable laws and

regulations globally, including the EU Market

Abuse Regulation and the U.S. Inflation

Reduction Act (IRA). Being listed on the

Nasdaq Global Select Market, we are subject

to additional U.S. regulatory requirements,

including U.S. securities laws and the U.S.

Foreign Corrupt Practices Act, and may become

more exposed to U.S. class actions.

To ensure compliance with applicable healthcare laws and

regulations, Genmab has established a compliance program,

including a Code of Conduct that is regularly evaluated and sets

high ethical standards on which all colleagues receive regular

training. Genmab also maintains a Speak Up Policy and Hotline for

reporting and response to potential misconduct. Our head of Global

Compliance reports directly to the CEO.

Genmab is committed to transparency of clinical trial research and

has published our Clinical Trial Transparency Declaration. Genmab

is also committed to ensuring equal access to Genmab clinical trials

and that patients participating in our trials are representative of

those living with the disease being studied.

Genmab respects the privacy, protection, and appropriate use of

data by ensuring compliance with all applicable privacy and data

protection laws, regulations, and other standards. In support of this

commitment, Genmab established its Global Data Privacy Office

supported by a cross-functional team of privacy subject matter

experts, including a Data Protection Officer, who collaborate in

the development and maintenance of a forward-looking Global

Data Privacy Program that seeks address shifts in both the internal

and external environments, along with emerging challenges in the

privacy and data protection regulatory landscape. The Program,

through its policies, procedures, and centralized guidance

for processing personal data, seeks to drive organizational

accountability and empower Genmab colleagues, and our third

party partners, to handle personal data consistent with our values of

ethical behavior, integrity, fairness, inclusion, and transparency.

To further support compliance with regulatory, legal, and other

requirements applicable to our business and operations, including

current Good Laboratory Practices (cGLP), current Good Clinical

Practices (cGCP) and current Good Manufacturing Practices (cGMP),

Genmab’s QA department is staying abreast of and adhering to

regulatory and legislative changes relevant to quality standards.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Regulation,

Legislation,

and Compliance

(continued)

(continued) Genmab has also established relevant procedures and guidelines

to ensure transparency with respect to providing timely, adequate,

and correct information to the market and otherwise complying

with applicable securities laws and other legal and regulatory

requirements.

Genmab has an Internal Audit function that reports to the Audit and

Finance Committee of the Board and administratively reports to

the CFO.

Legislation, regulations, industry codes and

practices, and their application may change

from time to time.

To prevent unwarranted consequences of new and amended

legislation, regulations, etc., Genmab strives to stay current with

respect to all applicable legislation, regulations, industry codes and

practices by means of its internal compliance function and related

governance bodies as well as internal and external legal counsel.

Also, internal procedures for review and refinement of contracts

are ongoing to ensure contractual consistency and compliance with

applicable legislation, regulation, and other standards.

Intellectual

Property

Genmab is dependent on protecting our own

intellectual property rights to regain our

investments and protect our competitive

positions.

We may become involved in lawsuits to protect

or enforce our patents or other intellectual

property which could result in costly litigation

and unfavorable outcomes.

Claims may be asserted against us that we

infringe the intellectual property of third

parties, which could result in costly litigation

and unfavorable outcomes.

Genmab files and prosecutes patent applications to optimally

protect its products and technologies. To protect trade secrets and

technologies, Genmab maintains strict confidentiality standards and

agreements for employees and collaborating parties.

Genmab actively monitors third-party patent positions within our

relevant fields to avoid violating any third-party patent rights.

Finances

Genmab may need additional funding. Because Genmab’s future commercial potential and operating profits

are hard to predict, Genmab’s policy is to maintain a strong capital

base so as to maintain investor, creditor and market confidence,

and a continuous advancement of Genmab’s product pipeline and

business in general. Genmab also has access to revolving loan

facility totaling USD 300 million, with options to increase size of the

facility up to USD 500 million, which can be drawn down upon as

another source of additional funding.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Finances

(continued)

Genmab is exposed to different kinds of

financial risks, including currency exposure

and changes in interest rates as well as

changes in Danish, U.S. or foreign tax laws or

related compliance requirements.

Genmab has established financial risk management guidelines to

identify and analyze relevant risks, to set appropriate risk limits

and controls, and to monitor the risks and adherence to limits.

Please refer to Note 4.2 of the financial statements for additional

information regarding financial risks.

Management

and Workforce

Genmab may have an inability to attract and

retain suitably qualified team members as it

continues to evolve.

To attract and retain our highly skilled team, including the members

of Genmab’s Executive Management, Genmab offers competitive

remuneration packages, including share-based remuneration.

Genmab strives to create a positive, safe, and energizing working

environment. Genmab has strong core values that nourish high-

integrity and ethical behavior, respectful and candid tone and a

culture which prizes diversity, as well as trust and teamwork.

Genmab has implemented strategies such as diversifying

recruitment efforts, cross-training employees, fostering a culture of

knowledge sharing, investing in talent development programs, and

promoting a supportive work environment that values employee well-

being and career growth.

Please refer to Note 4.6 of the financial statements for additional

information regarding share-based compensation.

Cybersecurity

Genmab may be subject to malicious cyber

attacks, and with the increased use of artificial

intelligence within the biopharmaceutical

industry, can lead to the theft or leakage

of intellectual property, sensitive business

data, or personal employee or patient

data, with the result of significant business

disruptions, negative impacts to patient or

employee privacy, monetary loss or fines from

authorities, or reputational damage.

Genmab has implemented security controls and processes to

enhance the identification of potential data/systems security

issues and mitigate the risk of security breaches. Genmab makes

use of the National Institute of Standards and Technology (NIST)

Cybersecurity Framework and other security standards to define and

implement such security controls. Due to the continually changing

threat environment, regular assessments are executed to ensure

that implemented security controls and processes follow the threat

profile of the Company and effectively support Genmab’s ambitious

business strategy. The risk of security breaches is regarded as

enterprise risk and the Company’s threat profile, the security

program and security incidents are presented and discussed in

meetings of the Global Compliance and Risk Committee and the Audit

and Finance Committee of the Board.

Genmab’s Cybersecurity Program, in conjunction with Genmab’s

Global Data Privacy Program, collaborate to manage and mitigate

any cybersecurity and data privacy threats to the personal data

processed in our systems and by our third party partners.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Risk Management

Risk related to Risk areas Mitigation Risk trend

Environment

Genmab could face transitional risks by its

inability to manage the carbon footprint and

energy mix from our business operations and

physical risks from climate-related events that

may impact our business operations or that of

our third-party partners or suppliers.

Genmab has oversight and manages its carbon footprint Scope 1 and

2 emissions from its business operations. Genmab is committed to

tracking the Scope 3 emissions carbon footprint by partnering with

suppliers.

Genmab makes use of scenario analysis to evaluate risks and

opportunities due to the rapid pace of world climate change.

Genmab’s work with climate strategy, carbon reduction targets,

climate-related financial risk, relevant prevention, and mitigation

measures are presented to and reviewed by the Board biannually.

Refer to the sustainability statements for details of Genmab’s targets

in the future to mitigate risks.

Risk Level in Relation to Last Year: Unchanged Decreased Increased

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

As an international biotech company

dedicated to improving the lives of cancer

patients around the world, Genmab

operates within a heavily regulated

environment that exposes us to an ever-

evolving set of risks, some of which

are beyond our control. Genmab has

core facilities in five countries, conduct

activities in additional areas, and perform

an array of essential innovation, research,

development, manufacturing activities,

commercial operations, and support

functions, all of which pose risks to our

operations and success. Specifically, these

operations and activities expose us to

risks that include but may not be limited

to financial, research and development,

regulatory, IT/data/technology,

staffing, compliance, legal, and also

environmental risks.

In order to assure that we are positioned

to effectively identify and mitigate the

potential impacts of these risks, Genmab

has dedicated resources toward enabling

its ERM framework under the Global

Compliance & Risk function that reports

directly to the CEO. In concert with a

refreshed Code of Conduct, company

policies and procedures, Genmab has

chartered a Global Compliance and Risk

Governance Committee (GCRC) co-chaired

by the CEO and the head of Compliance

& Risk. Genmab has also updated its risk

model and framework to include enhanced

risk oversight, mitigation, governance, and

reporting, all of which we believe positions

us to better manage the risks associated

with our business, now and into the future.

Enterprise Risk Management

Effective ERM starts with strong governance

Board and Audit and

Finance Committee

Board delegates ERM/Risk oversight to the Audit and Finance

Committee but retains visibility of ERM progress. The Audit

and Finance Committee is accountable to ensure management

appropriately manages the risks to the business.

Executive

Management

Maintains ultimate ownership of and accountability for

management of top risks, enabling proper linkage of risk

management to strategic initiatives and business decisions.

GCRC Validates risk identification, prioritization, strategic and

tactical ownership of risk mitigation plans and reporting.

ERM Framework Routinely gathers risks, evaluates with risk sponsors,

prioritizes, and reports to the GCRC, Executive Management

and Board, driving risk discussions, and supporting risk

sponsors and management in facilitating ERM processes,

risk-intelligent decision-making, and key risk capabilities.

Risk Sponsors and

Business Champions

Manage risks in the normal course of business, executing risk

plans/mitigation activities, and monitoring and reporting key

risk information.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Corporate Governance

Genmab works diligently to improve its

guidelines and policies for corporate

governance, taking into account the recent

trends in international and domestic

requirements and recommendations.

Genmab’s commitment to corporate

governance is based on ethics and

integrity and forms the basis of its effort

to strengthen the confidence that existing

and future shareholders, partners,

employees, and other stakeholders have

in Genmab. The role of shareholders

and their interaction with Genmab is

important. Genmab believes that open and

transparent communication is necessary

to maintain the confidence of Genmab’s

shareholders and achieves this through

company announcements, investor

meetings and company presentations.

Genmab is committed to providing reliable

and transparent information about its

business, financial results, development

programs and scientific results in a clear

and timely manner.

All Danish companies listed on the Nasdaq

Copenhagen are required to disclose in

their annual reports how they address

the Recommendations for Corporate

Governance issued by the Committee on

Corporate Governance in December 2020

(the “Recommendations”), applying the

“comply-or-explain” principle.

Genmab follows the Recommendations, except

for one specific sub-area where Genmab’s

corporate governance principles differ from the

Recommendations:

• The Recommendations provide that according

to a company’s takeover contingency

procedures, the Board abstains from

countering any takeover bids by taking actions

that seek to prevent the shareholders from

deciding on the takeover bid, without the

approval of the general meeting. Genmab

does not have such a restriction in its takeover

contingency procedures and retains the right

in certain circumstances to reject takeover

bids without consulting the shareholders.

Genmab believes this provides the Board

with the needed flexibility to best respond to

takeover bids and to negotiate with bidders;

retaining this flexibility helps the Board meet

its objectives in protecting and creating value

in the interest of the shareholders. Actions

will be determined on a case-by-case basis

with due consideration of the interests of the

shareholders and other stakeholders.

Genmab publishes its statutory report on

Corporate Governance for the financial year

2024 cf. Article 107b of the Danish Financial

Statements Act (“Lovpligtig redegørelse for

virksomhedsledelse jf. årsregnskabslovens §

107 b”) on the Company’s website, including a

detailed description of the Board’s consideration

in respect of all the Recommendations. The

statutory report on Corporate Governance can be

found on Genmab’s website https://ir.genmab.

com/corporate-governance.

The Board of Directors

The Board is responsible for setting the overall

strategy and goals for Genmab and monitoring

its operations and results. Board duties include

establishing policies for strategy, accounting,

organization and finance and the appointment of

Executive Management members. The Board also

assesses Genmab’s capital and share structure

and is responsible for approving share issues and

the grant of warrants and RSUs.

The Board has established an annual process

whereby the Board’s performance is assessed

through self-evaluation to verify that the

Board is capable of fulfilling its function and

responsibilities. When performing these

evaluations external assistance is obtained every

year. The outcome of the Board‘s 2024 self-

assessment was positive with only minor areas

for improvement identified.

Board Committees

To support the Board in its duties, the Board

has established and appointed a Compensation

Committee, an Audit and Finance Committee,

a Nominating and Corporate Governance

Committee and a Scientific Committee. These

committees are charged with reviewing issues

pertaining to their respective fields that are due

to be considered at Board meetings. Written

charters specifying the tasks and responsibilities

for each of the committees are available on

Genmab’s website www.genmab.com.

For more details on the work, composition and

evaluation of the Board and its committees,

reference is made to the statutory report on

Corporate Governance.

Remuneration Policy

A Remuneration Policy applying to the

compensation of members of the Board and the

registered Executive Management of Genmab

A/S has been prepared in accordance with

Sections 139 and 139a of the Danish Companies

Act and was most recently considered and

adopted by the 2024 Annual General Meeting

pursuant to the Danish Companies Act (in

Danish “Selskabsloven”). The Remuneration

Policy contains an exhaustive description of the

remuneration components for members of the

Board and the registered Executive Management

and includes the reasons for choosing the

individual components of the remuneration

and a description of the criteria on which the

balance between the individual components of

the remuneration is based. The latest version can

be downloaded from Genmab’s website ht tps://

ir.genmab.com/compensation.

Compensation Report

In accordance with the Recommendations,

Genmab has prepared a compensation report

for the financial year 2024 that includes

information on the total remuneration received

by each member of the Board and the registered

Executive Management of Genmab A/S for the

last four years, including information on the most

important content of retention and resignation

arrangements and the correlation between the

remuneration and company strategy and relevant

related goals (the “Compensation Report”). The

Compensation Report can be found on Genmab’s

website https://ir.genmab.com/compensation.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Change of Control

The Danish Financial Statements Act (Section

107a) contains rules relating to listed companies

with respect to certain disclosures that may be

of interest to the stock market and potential

takeover bidders, in particular in relation to

disclosure of change of control provisions. In the

event of a change of control, change of control

clauses are included in some of our collaboration,

development, and license agreements as well as

in service agreements for certain employees.

Collaboration, Development and

License Agreements

Genmab has entered into collaboration,

development and license agreements with external

parties, which may be subject to renegotiation in

the case of a change of control event as specified in

the individual agreements. However, any changes

in the agreements are not expected to have

significant impact on our financial position.

Service Agreements with Executive

Management and Employees

The service agreements with each registered

member of the Executive Management may be

terminated by Genmab with no less than 12

months’ notice and by the registered member of

the Executive Management with no less than six

months’ notice. In the event of a change of control

of Genmab, the termination notice due to the

registered member of the Executive Management

is extended to 24 months. In the event of

termination by Genmab (unless for cause) or by

a registered member of Executive Management

as a result of a change of control of Genmab,

Genmab is obliged to pay a registered member

of Executive Management a compensation

equal to his/her existing total salary (including

benefits) for up to two years in addition to the

notice period.

In addition, Genmab has entered into service

agreements with a limited number of employees

according to which Genmab may become obliged

to compensate the employees in connection with

a change of control of Genmab. If Genmab, as a

result of a change of control, terminates the service

agreement without cause or changes the working

conditions to the detriment of the employee,

the employee shall be entitled to terminate the

employment relationship without further cause

with one month’s notice in which case Genmab

shall pay the employee a compensation equal to

one-half, one or two times the employee’s existing

annual salary (including benefits).

Change of control clauses related to our warrant

and RSU programs are outlined in Note 4.6.

Share capital

Information on share capital is included in

Note 4.7. Unless otherwise provided in the

Danish Companies Act, the adoption of any

resolution to amend Genmab A/S’ articles of

association shall be subject to the affirmative

vote of not less than two thirds of the votes cast,

as well as of the voting share capital represented

at the general meeting. Genmab A/S’ entire

articles of association can be found on our

website www.genmab.com.

Corporate Governance

Table of ContentsGenmab 2024 Annual Report

Other InformationFinancial StatementsManagement’s Review

Deirdre P. Connelly

Female, Hispanic/American, 64

Board Chair (Independent, elected by the General Meeting); Chair of

the Nominating and Corporate Governance Committee, Member of

the Audit and Finance Committee and the Compensation Committee

First elected 2017, current term expires 2025

Special Competencies and Qualifications

Deirdre P. Connelly has more than 30 years’ experience as a corporate

leader and board member in publicly traded companies with global

operations. She has comprehensive knowledge and experience with

business conduct, business turnaround and product development

and has successfully directed the launch of more than 20 new

pharmaceutical drugs. As a former HR executive, Deirdre P. Connelly

also has valuable insight in corporate culture transformation, talent

development and managing large organizations. She furthermore has

significant experience with the development of governance and other

sustainability related responsibilities from various leadership roles

and as a board member. Deirdre P. Connelly is former President of

U.S. Operations of Eli Lilly and Company and former President, North

America Pharmaceuticals for GlaxoSmithKline.

ESG Competencies: Social

•

Governance

Current Board Positions

• Member: Lincoln Financial Corporation

, Macy’s Inc.

1. Chair of Compensation Committee, Member of Audit Committee, Corporate

Governance Committee and Executive Committee

2. Chair of Nominating and Corporate Governance Committee, Member of

Compensation and Management Development Committee

Pernille Erenbjerg

Female, Danish, 57

Deputy Board Chair (Independent, elected by the General

Meeting); Chair of the Audit and Finance Committee, Member of the

Nominating and Corporate Governance Committee

First elected 2015, current term expires 2025

Special Competencies and Qualifications

Pernille Erenbjerg has broad executive management and business

experience from the telecoms, media, and tech industries. She has

extensive expertise with business conduct and in operation and

strategic transformation of large and complex companies, including

digital transformations and digitally based innovation, and has

been responsible for major transformation processes in complex

organizations including M&A. Pernille Erenbjerg furthermore has

significant IT and cybersecurity expertise and sustainability related

experience from various executive and non-executive positions. She

has a Certified Public Accountant background (no longer practicing)

and has a comprehensive all-around background within finance,

including extensive exposure to public and private equity and debt

investors. Pernille Erenbjerg is former CEO and President of TDC Group

A/S. Pernille Erenbjerg is an audit committee financial expert based

on her professional experience, including her background within

accounting, her service in senior finance leadership at TDC Group A/S

and as an audit committee chair or member at other public companies.

ESG Competencies: Environmental

•

Social

•

Governance

Current Board Positions

• Chair: KK Wind Solutions

• Member: RTL Group

, GlobalConnect

1. Chair of Audit Committee

Anders Gersel Pedersen, M.D., Ph.D.

Male, Danish, 73

Board Member (Non-independent, elected by the General Meeting);

Chair of the Compensation Committee and Member of the Scientific

Committee and the Nominating and Corporate Governance

Committee

First elected 2003, current term expires 2025

Special Competencies and Qualifications

Anders Gersel Pedersen has more than 30 years’ board and

management experience in publicly traded, international

pharmaceutical and biotech companies. He has significant

knowledge and expertise in discovery and development of the

product pipeline from preclinical activities to post-launch marketing

studies as well as solid business experience. Anders Gersel

Pedersen furthermore has extensive experience with the global

pharmaceutical market and has built comprehensive knowledge

and insight in governance, including business conduct, and

the development of other sustainability related responsibilities

from various leadership roles and as a board member. Anders

Gersel Pedersen is former Executive Vice President of Research &

Development of H. Lundbeck.

ESG Competencies: Environmental

•

Social

•

Governance

Current Board Positions

• Chair: Aelis Farma S.A.S.

• Deputy Chair: Bavarian Nordic A/S

• Member: Hansa Biopharma AB

, Bond 2 Development GP Limited

1. Member of Finance, Risk and Audit Committee, Member of Science,

Technology & Investment Committee

2. Chair of Scientific Committee, Member of Remuneration Committee

Board of Directors

Refer to our website: Board of Directors | Genmab for the Board of Directors diversity and skills matrix.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Paolo Paoletti, M.D.

Male, Italian/American, 74

Board Member (Independent, elected by the General Meeting);

Chair of the Scientific Committee and Member of the Compensation

Committee

First elected 2015, current term expires 2025

Special Competencies and Qualifications

Paolo Paoletti has extensive experience in research, development

and commercialization in the pharmaceutical industry, where he has

been responsible for the development of several medicines approved

globally and the related global commercial strategies. As an

executive, he has led cross-functional teams on the development and

registration of medicines and has been responsible for all compliance

aspects for the R&D organization. Paolo Paoletti has successfully

conducted submissions and approvals of new cancer drugs and new

indications in the U.S., in Europe and in Japan. He furthermore has

significant experience with governance, including business conduct,

from various leadership roles and as a board member. Paolo

Paoletti is former Vice President of Oncology Clinical Development

with Eli Lilly and Company, former President of GSK Oncology with

GlaxoSmithKline, and former CEO of GAMMADELTA Therapeutics.

ESG Competencies: Environmental

•

Social

•

Governance

Current Position, including Managerial Positions

• Member of the Investment Committee for Apollo

Therapeutics Limited

• Scientific Advisor for 3B Future Health Fund

Current Board Positions

• None

Rolf Hoffmann

Male, German/Swiss, 65

Board Member (Independent, elected by the General Meeting);

Member of the Audit and Finance Committee and the Scientific

Committee

First elected 2017, current term expires 2025

Special Competencies and Qualifications

Rolf Hoffmann has more than 30 years’ experience in senior

management and as a board member in the life science industry

worldwide. He has significant expertise with business conduct

and in creating and optimizing commercial opportunities in global

markets and has managed companies across multiple continents

with multibillion P&L and cross-functional accountability. Rolf

Hoffmann furthermore has knowledge and experience with

governance, compliance and ensuring organizational efficiency

from various management positions as well as from being a board

member. Rolf Hoffmann has held a variety of sales and marketing

and executive management positions with Eli Lilly and Company, and

is former Senior Vice President, International Commercial Operations

and former Senior Vice President, U.S. Commercial Operations

with Amgen.

ESG Competencies: Environmental

•

Social

•

Governance

Current Position, including Managerial Positions

• Adjunct Professor of Strategy and Entrepreneurship at University of

North Carolina Business School

Current Board Positions

• Member: Semdor Pharma, Sun Pharmaceutical Industries Ltd.

1. Member of Nomination and Remuneration Committee

Elizabeth A. O’Farrell

Female, American, 60

Board Member (Independent, elected by the General Meeting);

Member of the Audit and Finance Committee and the Compensation

Committee

First elected 2022, current term expires 2025

Special Competencies and Qualifications

Elizabeth O’Farrell has solid financial experience from her 25-year

career in finance leadership roles and as a board member. During

her career, she has led multiple strategy, planning and resource

allocation processes in multiple roles and in cross-functional teams.

Elizabeth O’Farrell has significant knowledge and expertise in

business conduct and with driving paradigm changing contributions

within finance and the enterprise through collaboration and

influence. In addition to experience at Price Waterhouse and Whipple

& Company Corporation, Elizabeth O’Farrell held various executive

management positions at Eli Lilly and Company, including as former

Chief Procurement Officer. Elizabeth O’Farrell is an audit committee

financial expert based on her professional experience, including her

service in senior finance leadership positions at Eli Lilly and as an

audit committee chair or member at other public companies.

ESG Competencies: Social

•

Governance

Current Board Positions

• Chair: PDL BioPharma

• Member: LENSAR

, Geron Corporation

, Karius

1. Chair of Compensation Committee, Member of Audit Committee, Member of

Cost Committee

2. Chair of Audit Committee

3. Chair of Audit Committee, Member of Strategic Committee

Board of Directors

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Takahiro Hamatani

Male, Japanese, 50

Board Member (Non-independent, elected by the employees)

First elected 2022, current term expires 2025

Special Competencies and Qualifications

Takahiro Hamatani has over 20 years’ experience in the

pharmaceutical industry in various roles including finance, sales,

marketing, and corporate strategy. He has extensive expertise in

strategic business planning and finance business partnering as

well as experience in successful product launches, geographical

expansions, and business development deals. Takahiro Hamatani

has previously worked in International Operations at Takeda

supporting commercial operations in North and South America and

is a Certified Public Accountant in the US.

ESG Competencies: Social

•

Governance

Current Position, including Managerial Positions

• Senior Director, Head of Finance Japan at Genmab

Martin Schultz

Male, Danish, 49

Board Member (Non-independent, elected by the employees)

First elected 2022, current term expires 2025

Special Competencies and Qualifications

Martin Schultz has broad experience within clinical project

management with a substantial understanding and knowledge of

research and development. He furthermore has specific expertise

in project management, strategic sourcing, vendor collaboration,

contract, and budget governance.

ESG Competencies: Social

•

Governance

Current Position, including Managerial Positions

• Senior Director, Head of Development Business Partnership &

Strategy at Genmab

Mijke Zachariasse, Ph.D.

Female, Dutch, 51

Board Member (Non-independent, elected by the employees)

First elected 2019, current term expires 2025

Special Competencies and Qualifications

Mijke Zachariasse has broad experience in people and business

management and expertise in building partnerships across

sectors, research funding landscape, operational excellence and

organizational strategy and change.

ESG Competencies: Environmental

•

Social

•

Governance

Current Position, including Managerial Positions

• Vice President, Head of Antibody Research Materials at Genmab

Board of Directors

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Jan G. J. van de Winkel, Ph.D.

Dutch, 63, Male

President & Chief Executive Officer

Special Competencies

Extensive antibody creation and

development expertise, broad

knowledge of the biotechnology

industry and executive

management skills.

ESG Competencies: Social

•

Governance

Anthony Pagano

American, 47, Male

Executive Vice President & Chief

Financial Officer

Special Competencies

Significant knowledge and experience

in the life sciences industry particularly

as it relates to corporate finance,

corporate development, strategic

planning, general management,

treasury, accounting, and corporate

governance.

ESG Competencies: Social

•

Governance

Judith Klimovsky, M.D.

Argentinian (U.S. Citizen), 68, Female

Executive Vice President & Chief

Development Officer

Special Competencies

Extensive expertise in oncology

drug development from early clinical

stages through to marketing approval,

experience in clinical practice and

leading large teams in pharmaceutical

organizations.

ESG Competencies: Social

•

Governance

Current Board Positions

• Member: Bio-Techne

Tahamtan Ahmadi, M.D., Ph.D.

Iranian-German (U.S. Citizen), 52, Male

Executive Vice President & Chief

Medical Officer, Head of Experimental

Medicines

Special Competencies

Significant expertise in global

regulatory and clinical drug

development across entire spectrum

from pre-IND to life cycle management;

drug discovery and translational

research.

ESG Competencies: Social

•

Governance

Birgitte Stephensen

Danish, 64, Female

Executive Vice President, Chief

Legal Officer

Special Competencies

Intellectual property and legal

expertise in the pharmaceutical and

biotechnology fields.

ESG Competencies: Social

•

Governance

Executive Management

As of December 31, 2024, there are nine members of Executive Management.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Christopher Cozic

American, 47, Male

Executive Vice President, Chief

People Officer

Special Competencies

Expertise in strategic leadership,

organization design, human

resource management, policy

development, employee relations,

organizational development, and a

heavy concentration in all aspects of

corporate growth and expansion.

ESG Competencies: Social

Martine J. van Vugt, Ph.D.

Dutch, 54, Female

Executive Vice President, Corporate

Strategy and Planning

Special Competencies

Extensive knowledge of and experience

in Corporate Strategy, Corporate

and Business Development, as well

as Portfolio, Project, and Alliance

Management.

ESG Competencies: Social

•

Governance

Rayne Waller

American, 57, Male

Executive Vice President & Chief

Technical Operations Officer

Special Competencies

Expertise in all elements of technical

operations from early-to-mid-stage

product development through global

manufacturing of both clinical and

commercial products.

ESG Competencies: Social

•

Governance

Brad Bailey

American, 57, Male

Executive Vice President & Chief

Commercial Officer

Special Competencies

Extensive experience in strategic and

operational commercial leadership

roles across specialty biopharma,

oncology, immunology, and other

serious diseases.

ESG Competencies: Social

Executive Management

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Ownership

Genmab is dual listed on the Nasdaq Copenhagen

and the Nasdaq Global Select Market in the U.S.

under the symbol GMAB. Our communication with

the capital markets complies with the disclosure

rules and regulations of these exchanges. As of

December 31, 2024, the number of registered

shareholders totaled 93,681 shareholders

holding a total of 64,844,223 shares, which

represented 98% of the total share capital

of 66,187,186.

The following shareholder is registered in

Genmab’s register of shareholders as being the

owner of a minimum of 5% of the voting rights or

a minimum of 5% of the share capital (one share

equals one vote) as of December 31, 2024:

• BlackRock, Inc., 50 Hudson Yards, New

York, New York 10001, United States of

America (6.8%)

Shareholders registered in the Company’s

shareholder registry may sign up for

electronic shareholder communications

via Genmab’s investor portal. The investor

portal can be accessed at Genmab’s website

www.genmab.com/investors. Electronic

shareholder communication enables Genmab to,

among other things, quickly and efficiently call

general meetings.

The charts included here illustrate the

performance of the Genmab share during 2024,

the performance of the Genmab share over

the last five years, from 2020 through the end

of 2024, and the geographical distribution of

our shareholders. As of December 30, 2024,

Genmab’s shares closed at DKK 1,492.50 and

ADSs closed at USD 20.77.

Shareholders and Share Information

The following table shows share data as of December 31, 2024.

Share Data Denmark U.S.

Number of shares at December 31, 2024 66,187,186 6,280,456 (represented by 62,804,560 American

Depository Shares (ADSs))

Listing Nasdaq Copenhagen Nasdaq Global Select Market, New York

Ticker Symbol GMAB GMAB

Index Membership OMX Nordic Large Cap Index

OMX Copenhagen Benchmark Index

OMX Copenhagen 25 Index (OMXC25)

Nasdaq Biotech Index

Stock Performance Comparison 2024

(Index 100 = stock price on December 31, 2023)

Stock Performance Comparison 5 Years

(Index 100 = stock price on December 31, 2019)

Geographical Shareholder Distribution*

* Based on Nasdaq Corporate Solutions aggregated data

per June 30, 2024 and July 31, 2023

** “Other” includes shares held in other countries and

shares not held in nominee accounts, including OTC

traded shares

100

110

120

Dec NovOctSepAugJulJunMayAprMarFebJan

Genmab OMXC25 Index

Nasdaq Biotech Index

100

150

200

250

Oct

2024

Jul

2024

Jan

2024

Apr

2024

Jul

2023

Oct

2023

Jan

2023

Apr

2023

Jul

2022

Oct

2022

Jan

2022

Apr

2022

Jul

2020

Oct

2020

Jan

2020

Apr

2020

Jul

2021

Oct

2021

Jan

2021

Apr

2021

Genmab OMXC25 Index

Nasdaq Biotech Index

22%

18%

July 31,

2023

June 30, 2024

20%

26%

46% 44%

USA

Denmark

Net herlands

Norway

Other**

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Shareholders and Share Information

Please refer to Note 4.7 of the financial

statements for additional information

regarding Genmab’s share capital including

authorizations to issue shares and purchase

its own shares.

Genmab is a Foreign Private Issuer as defined

in the SEC’s rules and regulations. The

determination of foreign private issuer status

is made annually. We plan to make our next

determination with respect to our foreign private

issuer status on June 30, 2025.

American Depositary Receipt

(ADR) Program

Genmab has a sponsored Level 3 ADR program

with Deutsche Bank Trust Company Americas. An

ADS is a share certificate representing ownership

of shares in a non-U.S. corporation. ADSs issued

under Genmab’s ADR Program are quoted and

traded in U.S. dollars on the Nasdaq Global

Select Market in the United States. Ten Genmab

ADSs correspond to one Genmab ordinary share.

Genmab’s ADR ticker symbol is GMAB. For more

information on Genmab’s ADR Program, visit

https://ir.genmab.com/adr-program.

Investor Relations

Genmab’s Investor Relations department aims to

ensure relevant, accurate and timely information

is available to our investors and the financial

community. We maintain an ongoing dialogue

with sell-side equity analysts, as well as major

institutional and retail shareholders. A list of

the current analysts covering Genmab can be

found at our website along with financial reports,

company announcements, current presentations,

fact sheets and other downloads.

Contact

For Media Relations:

Marisol Peron

Senior Vice President

Global Communications & Corporate Affairs

T: +1 609 524 0065; E: mmp@genmab.com

For Investor Relations:

Andrew Carlsen

Vice President

Head of Investor Relations

T: +45 33 77 95 58; E: acn@genmab.com

Annual General Meeting

Genmab’s Annual General Meeting will be held on March 12, 2025 at 2:00 PM CEST. Further details will

be included in the notice to convene the Annual General Meeting.

Financial Calendar for 2025

Annual General Meeting 2025 Wednesday, March 12, 2025

Publication of the Interim Report for the first quarter 2025 Thursday, May 8, 2025

Publication of the Interim Report for the first half 2025 Thursday, August 7, 2025

Publication of the Interim Report for the first nine months 2025 Thursday, November 6, 2025

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Management’s

Review:

Sustainability

Statements

In this section

82 General Information

94 Environmental

106 Social

124 Governance

131 Appendix A

Management’s Review

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report

Sustainability StatementsSustainability Statements

General

Information

Genmab recognizes that

sustainability is fundamental to

the way we work, and crucial for

protecting the planet, fostering

economic and social stability, and

ensuring a viable future for all. As

Genmab is committed to improving

patients’ lives through transformative

medicines, Genmab understands

the interconnectedness between

human health and the health of our

planet. By prioritizing sustainability

initiatives, such as reducing carbon

emissions, and fostering a diverse

and inclusive workplace, Genmab

ensures that its actions today

contribute to a healthier and more

equitable future for generations to

come. Moreover, sustainability is

integral to maintaining stakeholder

trust and securing long-term success

in an increasingly conscious global

marketplace.

Section Disclosure Requirements Content

Disclosure

Requirements # Reference/Report

1.1 Basis for preparation General basis for preparation of the sustainability

statement

BP-1 SUS

Disclosures in relation to specific circumstances BP-2 SUS

1.2 Governance The role of the administrative, management and

supervisory bodies

GOV-1 SUS, MR

Information provided to, and sustainability matters

addressed by the undertaking’s administrative,

management and supervisory bodies

GOV-2 SUS, MR

Sustainability-related performance in incentive

schemes

GOV-3, E1, S1 SUS

Statement on due diligence GOV-4 SUS

Risk management and internal controls over

sustainability reporting

GOV-5 SUS, MR

1.3 Strategy Strategy, business model and value chain SBM-1 SUS, MR, FS

Interests and views of stakeholders SBM-2 SUS

Material impacts, risks and opportunities and how

they interact with our strategy and business model

SBM-3 SUS

1.4 Impact, risk and opportunity

management

Process to identify and assess material impacts,

risks and opportunities

IRO-1 SUS

Disclosure requirements in ESRS covered by the

sustainability statement

IRO-2 SUS

SUS — Sustainability Statements

MR — Management’s Review

FS — Financial Statements

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

1.1

Basis for presentation

General basis for preparation of the

sustainability statement (BP-1)

Frameworks

The Corporate Sustainability Reporting Directive

(CSRD) directs public companies to report in

line with the European Sustainability Reporting

Standards (ESRS) starting on or after January 1,

2024. As a result, this 2024 annual report marks

the first year in which Genmab is reporting in

accordance with this directive and the underlying

reporting standards. Genmab’s sustainability

statements have been prepared in compliance

with the ESRS as required by sections 99a of the

Danish Financial Statements Act.

Consolidation

The sustainability statements have been

prepared on a consolidated basis in line with our

consolidated financial statements; therefore, the

disclosures comprise the Genmab A/S (parent

company) and its subsidiaries. The E1 disclosures

in particular have been consolidated on the basis

of both financial and operational control. The

sustainability statements cover Genmab’s own

operations and upstream and downstream value

chains, where material, specifically regarding

disclosures around impacts, risks and opportuni-

ties (IROs), policies, actions, targets and metrics.

Genmab has not omitted any specific pieces

of information corresponding to intellectual

property, know-how or the results of innova-

tion nor used the exemption from disclosure of

impending developments or matters in the course

of negotiation.

Disclosures in relation to specific

circumstances (BP-2)

Disclosures Stemming from

Other Regulation

Genmab’s sustainability statements also comply

with sections 99d and 107(d) of the Danish

Financial Statements Act. Refer to Appendix A for

a full overview.

Accounting Policies

Genmab’s accounting policies have been applied,

in all material respects, consistently in the

financial year and for comparative figures.

Key Accounting Estimates and Judgements

Genmab uses estimates and judgements for

the reporting of certain data points related to

our Scope 3 emissions, which are detailed in

the relevant accounting policies. Quantifying

greenhouse gas (GHG) emissions inherently

involves significant uncertainty due to the

complexity of natural and anthropogenic

systems. Measurement challenges arise from

factors such as variability in emissions sources,

accuracy of data and assumptions in emission

factors. We regularly reassess our use of

estimates and judgements based on experience,

the development of sustainability reporting,

and a number of other factors. Changes in

estimates are recognized in the period in which

the estimate in question is revised. In addition,

we make judgements when we apply the

accounting policies.

Refer to the quantitative data tables in the

sustainability statements for further informa-

tion on accounting policies, key estimates,

judgements, and assumptions applied.

Incorporation by Reference

Genmab’s management report consists of a

Management’s Review section and these sustain-

ability statements which reports disclosure

requirements from the ESRS. Our sustainability

statements are structured into four overall

sections: ‘General Information,’ ‘Environmental,’

‘Social,’ and ‘Governance.’ Genmab has chosen

to incorporate some of the strategy and gover-

nance disclosures from the cross-cutting

standard ESRS 2 in the Management’s Review

as we believe this information is best read in

close connection with our Financial Review and

overview of our activities. Where incorporation

by reference is used to refer outside of these

sustainability statements, it is clearly defined.

Genmab considers forward-looking information

including targets disclosed in the sustainability

statements to be uncertain.

1.2

Governance

The role of the administrative,

management and supervisory bodies

(GOV-1), and information provided

to, and sustainability matters

addressed by the undertaking’s

administrative, management and

supervisory bodies (GOV-2)

At Genmab, sustainability governance is

ingrained in our overall corporate governance

framework, reflecting our commitment to inte-

grating sustainable practices into all aspects of

our business. Genmab’s sustainability gover-

nance structure is robust, with clear roles and

responsibilities defined at various levels of the

organization.

At the highest level, the Board (which includes

0 executive members and 9 non-executive

members) oversees sustainability strategy and

performance, ensuring alignment with Genmab’s

long-term business objectives and stakeholder

expectations. The Board receives updates on CSR

and sustainability initiatives at least annually, has

oversight of material impacts, risks, and oppor-

tunities (IROs) and targets identified by Genmab,

and enables informed decision-making that incor-

porates environmental, social, and governance

(ESG) considerations.

It is the Board’s aim to maintain an equitable

gender representation in the Board. As of

December 31, 2024, the six shareholder-elected

board members are evenly split between 50%

male (three persons) and 50% female (three

persons) which constitutes equal gender

representation in accordance with the guidelines

from the Danish Business Authority. As of

December 31, 2024, at the Board level, five or

56%, are independent, and four or 44%, are

not independent. In accordance with the Danish

corporate governance recommendations, we

consider shareholder-elected board member

Anders Gersel Pedersen non-independent

solely by virtue of the length of his tenure on

our Board, following his election to the Board in

2003. Also, the three employee-elected board

members are non-independent.

Our Board’s Nominating and Corporate

Governance Committee oversees our corporate

governance, CSR, ESG and sustainability efforts

and provides recommendations to the Board on

corporate governance, CSR, ESG and sustain-

ability matters. Additionally, the Board’s Audit

and Finance Committee oversees our sustain-

ability reporting requirements.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Within the management structure, Genmab has

established a dedicated CSR & Sustainability

Committee, which is co-chaired by our CEO and

SVP of Global Communications and Corporate

Affairs and is comprised of senior leaders from

relevant functional areas, such as research

and development, operations, compliance and

risk, legal, human resources, and finance. This

committee is responsible for setting strategic

priorities, management of material IROs and

targets, and monitoring progress towards sustain-

ability goals. It also facilitates cross- functional

collaboration to drive innovation and continuous

improvement in sustainability performance.

Under the CSR & Sustainability Committee,

Genmab has established a Corporate Sustainability

Team comprised of Genmab employees respon-

sible for driving the double materiality assessment

process including the identification of material

impacts, risks and opportunities, targets/goals,

actions and metrics, and the collection and

documentation of relevant data for sustain-

ability reporting requirements. The Corporate

Sustainability Team coordinates with internal

stakeholders (other Genmab employees) respon-

sible for integrating sustainability strategy into

business operations. The Corporate Sustainability

Team is responsible for monitoring and reporting

on progress towards targets at least annually.

Sustainability reporting is approved annually

by Executive Management (which includes

9 executive members and 0 non-executive

members) and the Board. Executive Management

and the Board have significant global expertise

in the pharmaceutical, biotech and life

sciences industries with specific expertise in

Environmental, Social and Governance matters.

Further, Genmab has access to experts and has

utilized the expertise of outside consultants

in preparing its DMA and with regards to envi-

ronmental matters. Refer to the biographies

in the “Board of Directors” and “Executive

Management” sections in Management’s

Review for an understanding of the relevant

experience (including sustainability-

related expertise).

Genmab maintains transparent communication

channels with stakeholders, including investors

and proxy advisors, employees, customers,

suppliers, and the broader community, regarding

its sustainability efforts. Genmab regularly

discloses sustainability-related information

through various channels, such as annual

reports, investor presentations and engagement

sessions. By fostering dialogue and incorporating

feedback from stakeholders, Genmab ensures

that its sustainability initiatives are responsive to

evolving expectations and societal needs.

For Business Conduct matters, the leaders of our

Global Compliance, Data Privacy, and Enterprise

Risk Management Programs report directly to the

CEO and the Board.

Overall, sustainability governance at Genmab

is characterized by proactive leadership, robust

oversight, and stakeholder engagement,

reflecting our commitment to creating long-term

value while contributing positively to society and

the environment.

Refer to the “Corporate Governance” section in

Management’s Review for additional informa-

tion on governance structure.

Refer to section SBM-3 for a list of the material

impacts, risks and opportunities addressed by

management and those charged with gover-

nance during the reporting period.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Sustainability-related performance

in incentive schemes (GOV-3)

Per Genmab’s Remuneration Policy, the variable

compensation of the Executive Management

is based on the achievement of specific Key

Performance Indicators (KPIs) and performance

goals that relate to the performance of each

executive member and to Genmab A/S’ short and

long-term business results. The KPIs and perfor-

mance goals that the Board sets for the purposes

of Genmab A/S’ incentive arrangements — both

annual and share-based — are directly linked to

the business strategy and our annual business

plans. The KPIs/performance goals may be

financial, operational, and/or strategic and

organizational. The KPIs/performance goals are

recommended by the Compensation Committee

and approved by the Board.

Genmab grants restricted stock units (RSUs) to

Executive Management which are performance-

based and include sustainability- related

performance goals, whereas RSUs granted to the

Board are not performance-based and do not

include sustainability-related performance goals.

The key characteristics of the sustainability-

related performance goals are tied to Climate,

Diversity and Employee Well-Being targets with

equal weighting against the overall goals of 10%

for the 2024 and 2023 grants, and 15% for the

2022 grant. Share-based compensation granted

is at a 4x target multiplier with maximum oppor-

tunity of 6x multiplier with no cap in 2024 and

2023, compared to a 2.4x target multiplier with

4x maximum with a grant date fair value cap of

DKK 25 million in 2022. In 2025, Genmab plans

to remove gender diversity balance targets from

executive management performance criteria in

future grants.

Refer to sections E1-4 and S1-5 for targets

linked to Executive Management incentive

compensation.

Total remuneration to registered Executive

Management in 2024 was DKK 79.9 million.

The proportion of total remuneration to regis-

tered Executive Management in 2024 linked

to climate-related performance goals was

DKK 1.8 million, or 2%. Total variable remunera-

tion to registered Executive Management in 2024

was DKK 63.4 million and comprises annual cash

bonus and share-based compensation expense.

The proportion of variable remuneration to regis-

tered Executive Management in 2024 linked to

all sustainability-related performance goals was

DKK 5.7 million, or 9%.

Refer to Note 5.1 in the consolidated financial

statements for details.

Statement on due diligence (GOV-4)

The following table provides a mapping of the core elements of due diligence, for impacts on people

and the environment, to the relevant disclosures in Genmab’s sustainability statements:

Core elements of Due Diligence

Sections in the

Sustainability Statement

Does the disclosure relate to

people and/or the environment?

a) Embedding due diligence

in governance, strategy, and

business model

ESRS 2 GOV-1, GOV-2, GOV-3

ESRS 2 SBM-3:

People and Environment

Environment

b) Engaging with affected

stakeholders in all key steps of

the due diligence

ESRS 2 GOV-1, GOV-2

ESRS 2 SBM-2

ESRS 2 IRO-1

ESRS 2 MDR-P:

E1-2

People and Environment

Environment

c) Identifying and assessing

adverse impacts

ESRS 2 IRO-1:

E1 Environment

d) Taking actions to address

those adverse impact

ESRS 2 MDR-A:

E1-3 Environment

e) Tracking the effectiveness of

these efforts and communicating

ESRS 2 MDR-M:

E1-4

ESRS 2 MDR-T:

E1-4

Environment

Risk management and internal controls

over sustainability reporting (GOV-5)

Genmab assesses potential risks related

to sustainability mainly through our CSR &

Sustainability Committee but also as part of

Genmab’s Enterprise Risk Program led by our

Head of Global Compliance and Risk who reports

directly to our CEO, both of which are members

of the CSR & Sustainability Committee. Clearly

defined sustainability governance aids the

overall risk management process. The Board has

a supervisory duty and Executive Management

has overall responsibility for Genmab’s risk

management and internal controls in relation to

sustainability reporting processes.

Genmab evaluates how sustainability-related

risks could affect operations, reputation, and

financial performance. Genmab has also imple-

mented processes to ensure the accuracy and

reliability of sustainability data collected from

various internal stakeholders/departments,

which help maintain transparency and trace-

ability of reported information.

Genmab aligns its sustainability reporting

with recognized frameworks to ensure consis-

tency and comparability, and engages with

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

stakeholders to gather feedback and ensure

reporting meets their needs and expectations.

Internal and external audits are conducted of

sustainability reporting processes to assess

compliance with established controls and

processes. Genmab has an Internal Audit

function that reports to the Audit and Finance

Committee of the Board and administratively

reports to the CFO, and any findings would be

communicated through this channel at least

annually. The Corporate Sustainability Team

integrates the findings of its risk assessment

and internal controls regarding the sustainability

reporting process into relevant internal functions

and processes.

Genmab’s external auditor provides limited

assurance on Genmab’s sustainability

statements.

Genmab provides training to employees on

sustainability issues, related risk management

practices and reporting responsibilities to

foster a culture of accountability. These compo-

nents collectively help Genmab manage risks

effectively and ensure the integrity of its sustain-

ability reporting.

Refer to Risk Management section in

Management’s Review for the followed risk

assessment approach including the risk

prioritization methodology, details of risks

identified and mitigation strategies, and

related controls.

1.3

Strategy

Strategy, business model

and value chain (SBM-1)

A description of Genmab’s strategy including

our response/priorities to the main challenges

ahead, business model, value chain, products,

and customers in relation to sustainability

is provided in the following sections in

Management’s Review:

• Our Strategy

• Who We Are

• Business Model

• Value Chain

• Research and Development Capabilities

• Bringing Our Own Innovative Medicines

to Patients

• Antibody Discovery and Development

• Products and Technologies

Genmab’s sustainability-related goals have

been broken out into relevant targets in the

Environmental, Social and Governance sections

of these sustainability statements.

Refer to section S1-6 for information on

Genmab’s headcount by geographical areas.

Refer to Note 2.1 in the consolidated financial

statements for disclosures related to Genmab’s

revenue by type, collaboration partner and

product, and Note 2.2 for Genmab’s revenue

by geographical area. There are no additional

significant ESRS sectors beyond those reflected

in these disclosures. Genmab’s goals have

been broken out into relevant targets in the

Environmental, Social and Governance sections

of the sustainability statements.

Interests and views of

stakeholders (SBM-2)

As an international biotech company, Genmab

engages continuously with a diverse range

of stakeholders, all of whom have a vested

interest in our business practices. This engage-

ment is crucial to our success and reinforces

our commitment to benefiting both our direct

stakeholders and society as a whole. Through

ongoing dialogue, we seek to understand their

perspectives, concerns, and expectations. These

interactions inform our sustainability efforts,

due diligence processes and double materiality

assessments, ensuring that our actions align with

the needs and insights of those we serve.

The views and interests of affected key stake-

holders regarding our sustainability-related

impacts are regularly communicated to our CSR

& Sustainability Committee through periodic

meetings. For all key stakeholders listed in

the table, Genmab listens to the views of

stakeholders through engagement and takes

these views into account, which has led to the

outcomes disclosed.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Genmab’s Key Stakeholders Description Value Chain Location How Engagement is Organized Purpose of Engagement Outcome from Engagement

Academic and research

institutions

Partners contributing to early-stage

research, technology development,

and/or innovation.

Upstream ― Academic partnerships

― Scientific conferences and

workshops

― Sponsorship of academic

research

― Collaborative research programs

― Collaboration on research

― Access to innovation

― Training and knowledge sharing

― Accelerated innovation

― Enhanced scientific knowledge

― Strengthened reputation

― Talent development

Collaboration partners Companies that collaborate with

Genmab in co-development, licensing,

and/or commercialization.

Upstream,

Downstream

― Joint team meetings

― Steering committees

― Project reviews

― Innovation and development

― Strategic alignment

― Successful product development

and commercialization

― Shared knowledge and expertise

― Strengthened relationships

Communities As part of Genmab’s ongoing

commitment to Corporate Social

Responsibility (CSR), we aim to

contribute to and ensure the vibrancy

and sustainability of the communities

where we live and work.

Upstream,

Own Operations,

Downstream

― Community programs

― Partnerships with nonprofits

― Employee involvement

― Health education and awareness

― Social responsibility

― Building trust

― Positive community impact

― Increased employee satisfaction and

morale

― Stronger relationships and rapport

with the community

Contract manufacturing

organizations (CMOs)

CMOs manage the production of

Genmab’s antibody therapies, ensuring

that they meet quality standards and

are produced at scale.

Upstream ― Structured collaboration

― Regular communication

― Quality assurance processes

― Efficiency and flexibility to leverage

the expertise and capacity of CMOs

― Focus on core competencies

― Quality products

― Timely production

― Building long-term relationships with

CMOs fosters innovation

Employees Internal stakeholders involved at every

stage of our supply chain, from research

to commercialization, ensuring that

Genmab’s operations align with its

strategic goals. Our talented teams

are the cornerstone of our success

and fundamental to achieving our

2030 Vision.

Own Operations ― Surveys and workplace

assessments, including our

Global Engagement Survey

― Inclusion networks

― Employee-elected board

members

― Personal development dialogues

and trainings

― Employment relations and

occupational health and safety

representation

― Dutch Works Council

― Danish Employee Representative

Council

― Including employees’ perceptions

and experiences

― Contributing to a sustainable

workplace and working life

― Social dialogue with workers

councils

― Internal policy updates

― Improvement and action plans

― Communications from management

― Global initiatives and campaigns

― Employee engagement scores

Healthcare providers Physicians, nurses, pharmacists and

medical institutions that play a role in

recruiting patients for clinical trials and

prescribing/administering Genmab’s

therapies.

Upstream,

Downstream

― Clinical Trials

― Advisory Boards

― Educational Initiatives

― Feedback Mechanisms

― Understanding clinical needs

― Enhancing clinical research

― Improving patient outcomes

― Building relationships

― Refined clinical trials

― Increased adoption of therapies

― Enhanced safety and efficacy

― Stronger provider networks

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Genmab’s Key Stakeholders Description Value Chain Location How Engagement is Organized Purpose of Engagement Outcome from Engagement

Investors Shareholders interested in the entire

value chain, with a focus on how each

stage contributes to Genmab’s financial

health and growth potential. Genmab

has a diverse shareholder base with

investors from across a spectrum of size

and location. The support of Genmab’s

investors is essential to the success of

the Company.

Upstream,

Downstream

― Earnings calls and reports

― Investor conferences

― One-on-one meetings with

investors and proxy advisors

― Roadshows

― Transparency related strategy,

financial performance, and research

advancements

― Trust building

― Feedback gathering to understand

investor perspectives and concerns

― Increased investor confidence

― Enhanced market understanding

― Diverse shareholder base

Patients/patient

organizations

The end-users of Genmab’s therapies

or groups who represent them, whose

outcomes and feedback are vital to

develop and deliver better medicines.

Upstream,

Downstream

― Standing Patient Advisory

Council

― Survey and focus groups

― Support patient organizations

― Clinical trial participation

― Annual science day

― Patient-centric approach

― Feedback mechanisms

― Education and awareness

― Evaluate patient information of

Genmab medicines and clinical trials

― Insights on trial designs

― Enhanced communication

― Informed decision making

― Safer and more effective products

Payers Insurance companies, government

healthcare programs, and other

entities that reimburse or fund the cost

of therapies, influencing pricing and

market access.

Downstream ― Value assessment studies

― Direct meetings and

presentations

― Participation in advisory boards

― Collaboration with health

economists

― Market access

― Value demonstration

― Refine pricing strategies, improve

product offerings, and align with

market needs.

― Increased access

― Stronger relationships

― Enhanced value proposition

Quality assurance teams Both internal teams (employees)

and external partners ensure the

consistency and safety of the products

during manufacturing.

Own Operations,

Upstream

― Cross-functional teams ensuring

quality is integrated throughout

product lifecycle

― Regular audits and reviews

― Standard operating procedures

(SOPs)

― Trainings

― Regulatory compliance

― Product integrity

― Identifying continuous improvement

within processes

― High quality products

― Reduced risk of non-compliance

― Enhanced reputation

Regulatory agencies Bodies like the EMA (Europe), the

FDA (U.S.) and MHLW (Japan) are key

stakeholders, as they approve trial

designs, oversee progress, and ultimately

decide on the approval of new therapies.

Upstream, Downstream ― Regular meetings

― Submissions and reports

― Advisory committees

― Guidance consultation

― Regulatory compliance

― Gaining insights and

recommendations

― Risk mitigation

― Approval pathway clarity

― Streamlined development process

― Regulatory approvals

― Enhanced safety and efficacy data

― Stronger regulatory relationships

Scientists and research

partners

Internal teams (employees) and external

partners are critical in the early stages

of target identification and antibody

engineering. These include our own

antibody expert scientists as well

as academic institutions, research

organizations (including CROs) and

technology providers.

Own Operations,

Upstream

― Co-development of programs

― Licensing of our technology

platforms

― Involvement in clinical trials

including partnering with clinical

research organizations (CROs)

― Indirectly through work with

industry groups

― Access to technology

― Accelerated drug development

― Networking and community building

― Development of innovative/new

antibody therapeutics and other

treatment modalities

― Publications and patents

― Enhanced research capabilities

― Increased visibility and reputation

Suppliers Providers of raw materials and other

inputs necessary for the production of

antibody therapies.

Upstream ― Supplier selection and

qualification

― Collaboration and

communication

― Contracts and agreements

― Quality assurance

― Supply chain reliability

― Innovation and improvement

― Drive actions toward sustainability

related targets/goals

― Consistent quality

― Improved efficiency

― Strong relationships

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Sustainability Statements

Material impacts, risks, and

opportunities and how they

interact with our strategy and

business model (SBM-3)

The table describes Genmab’s material impacts,

risks and opportunities resulting from our double

materiality assessment (see section IRO-1),

including a description of where in our business

model, our own operations, and our value chain

these material impacts, risks and opportunities

are concentrated. We also describe whether our

impacts are positive or negative. All impacts are

actual impacts unless otherwise stated that they

are potential impacts.

More information on how we respond to the

effects of our impacts, risks and opportuni-

ties is included in the topical sections under

‘Environmental,’ ‘Social,’ and ‘Governance.’

There, we also expand on the linkage to our

sustainability strategy and business model,

expected time horizons and the nature of the

business relationship.

There is no significant risk of a material adjust-

ment within the next annual reporting period to

the carrying amounts of assets and liabilities

reported in the consolidated financial statements

linked to material risks and opportunities iden-

tified in our sustainability reporting. Genmab

has no material investment or disposal plans

currently linked to our material IROs or planned

sources of funding to implement our sustain-

ability strategy.

We have one entity specific IRO relating to

G1: Business Conduct, Cybersecurity. This is

Genmab’s first year of sustainability reporting and

therefore there are no changes since the previous

reporting period.

Section Material Topic Material Impact Value Chain Location Time Horizon Material Risk Material Opportunity

Environmental Climate Change

― Adaptation and

Mitigation

Emissions from value chain (negative) Upstream Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Environment

Partner with value chain to reduce

Scope 3 emissions

Emissions from own operations

(negative)

Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Environment

Renewable energy contracts (to

mitigate climate change risks)

Behavioral changes of employees

(labs, travel patterns)

Climate Change

― Energy

Energy consumption (negative) Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Environment

Increasing energy efficiency in the

procurement of new locations as

operations expand in the future and

major renovations to existing locations.

Generation of energy from onsite solar

panels (positive)

Own Operations Short, Medium,

Long-Term

Social Own Workforce

― Working Conditions

Employee well-being and vitality

(positive)

Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Management and

Workforce

Provide a voice to employees through

our global engagement survey

Safety in our facilities (positive) Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Management and

Workforce

Safety training/ongoing education in

our laboratories

Own Workforce

― Equal Treatment and

Opportunities for All

Career development through training

and skill building (positive)

Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Management and

Workforce

Providing employees with

opportunities to discuss their career at

Genmab

Diversity in the workplace (positive) Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Management and

Workforce

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Sustainability Statements

Section Material Topic Material Impact Value Chain Location Time Horizon Material Risk Material Opportunity

Social

(continued)

Consumers and End-Users

― Social inclusion of

consumers and/or

end-users

Access and integrity in clinical trials

(positive)

Downstream Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance

Market access programs to allow for

product availability for uninsured or

underinsured (positive)

Downstream Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Business and

Products

Assisting those having difficulty

affording Genmab products prescribed

to them

Consumers and End-Users

― Personal safety

and information of

consumers and/or end

users

Patient engagement programs

developed (positive)

Downstream Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Business and

Products

Clinical trial transparency (positive) Downstream Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance

Governance Business Conduct

― Corporate Culture

Healthy corporate culture aligned with

core values and purpose (positive)

Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance

Annual Code of Conduct training rollout

as mandatory for all employees, with

launch and completion rates monitored

by Global Compliance team

Business Conduct

― Privacy

Cybersecurity and Global Data Privacy

programs in place to protect the privacy

of our business, our own workforce,

patients and all individuals who entrust

us with their information (positive)

Upstream,

Own Operations,

Downstream

Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance and Cybersecurity

Business Conduct

― Protection of

whistle-blowers

Protection of whistleblowers through

anti-retaliation policies and procedures

(positive)

Upstream,

Own Operations,

Downstream

Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance

Business Conduct

― Animal Welfare

Animal welfare policy (positive) Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance

Business Conduct

― Management of

relationships with

suppliers (including

payment practices)

Strong management of suppliers,

focused on compliance with supplier

code of conduct (positive)

Upstream Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Strategic

Collaborations

Continue to partner with suppliers on

sustainability related commitments in

the future

Business Conduct

― Corruption and bribery

Ethical business culture and business

practices (positive)

Own Operations Short, Medium,

Long-Term

Refer to the Risk Management section of the

Annual Report for risks related to Regulation,

Legislation and Compliance, Strategic

Collaborations and Management and Workforce

Annual Code of Conduct training rollout

as mandatory for all employees, with

launch and completion rates monitored

by Global Compliance team

Genmab has the resources in place to manage the effects of the IROs on our business across the Environmental, Social and Governance areas.

Refer to the Environmental section of the sustainability statements for information on Genmab’s resilience analysis.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

1.4

Impact, risk and opportunity

management

Process to identify and assess

material impacts, risks and

opportunities (IRO-1)

A cornerstone element of the CSRD and ESRS

is the concept of double materiality for sustain-

ability matters. The concept of double materiality

means that a sustainability matter can have an

inside-out impact (i.e., an impact that Genmab

has or can have on people and/or the environ-

ment — this is called ‘impact materiality’) or

an outside-in impact (i.e., a (actual/potential)

financial impact (risk/opportunity) from a

sustainability matter on Genmab — this is called

‘financial materiality’).

Genmab performed a double materiality assess-

ment (DMA) for the first time as part of our 2024

sustainability reporting and we look forward

to incorporating our sustainability strategy in

our day-to-day business operations over the

coming year(s).

From a governance perspective, the Corporate

Sustainability Team drove the execution of the

DMA. The approach for and outcomes of the

double materiality were extensively discussed

with and approved by Executive Management

and our Board and its relevant Committees.

Refer to GOV-1 and GOV-2 for further details

on the governance structure with regards to

sustainability.

Scope

The scope of the DMA entailed the parent

company, Genmab A/S, and its subsidiaries on a

consolidated basis as well as our upstream and

downstream value chain.

Material topics

Genmab engaged a sustainability consultancy

firm to assist in the performance of a DMA in

accordance with the CSRD and the underlying

ESRS. During this process, which involved

numerous internal and external stakeholders,

we determined seven (7) topics, sub-topics

or sub-sub topics to be material for Genmab.

These seven material topics link to four (4) of the

standards (ESRS E1, S1, S4 and G1).

Non-material topics

Genmab screened site locations and assets

across Denmark, the Netherlands, the U.S.,

Japan and China including business activities

and considering all Application Requirement

16 topics, determined ESRS E2, E3, E4, E5, S1

(specific to other work-related rights), S2 and S3

to be not material from an impact or financial

perspective. In our analysis, we considered

our own operations and upstream and down-

stream value chain and were not aware of any

material matters to disclose in our sustainability

statements. We surveyed internal stakeholders

and external stakeholders and performed

desk research, held workshops and deep-dive

sessions, and noted no issues triggering these

topics to be material for Genmab. E4 followed

the same approach as above and as such we did

not perform a detailed assessment to identify

related IROs.

Impact of Genmab on People and the Environment

Double Material

E1 G1

S1 Working conditions

S1 Equal treatment and

opportunities for all

Environmental

E1: Climate Change

• Climate change adaptation/

Climate change mitigation (1)

• Energy (2)

E2: Pollution

E3: Water and Marine Resources

E4: Biodiversity & Ecosystems

E5: Circular Economy

Financial Impact on Genmab

Non-Material

E2 S1 Other work-related rights

E3 S2

E4 S3

Impact Material

Financial Material

Social

S1: Own Workforce

• Working Conditions (3)

• Equal treatment and

opportunities for all (4)

• Other work-related rights

S2: Workers in the value chain

S3: Affected communities

S4: Consumers & End-Users

• Social inclusion of consumers

and/or end-users (5)

• Personal safety and information

of consumers and/or

end-users (6)

Governance

G1: Business Conduct (7)

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Sustainability Statements

The process of how the DMA was performed, and

description of how we arrived at these material

topics is described below.

Value chain analysis and

stakeholder selection

As an initial step, Genmab defined our value

chain and key stakeholders, focusing both on our

own operations, as well as on our value chain.

We conducted desk research that included peer

reviews on sustainability topics and research

on the relevance of sustainability topics for the

pharmaceutical sector. Based on the outcomes

of this mapping exercise and desk research, we

determined initial topics for the longlist used in

the double materiality analysis.

We selected internal stakeholders from across

our business operations to provide coverage

across all ESRS topics, sub-topics, and sub-sub-

topics. Given the global scope of our business,

we included internal stakeholders from across all

our locations.

We interviewed external stakeholders repre-

senting at least one across each of the following:

patient associations, investors, collaboration

partners, sector organizations and civil society

organizations. The input of these external stake-

holders, combined with the expertise of the

internal stakeholders, provided valuable insights.

Longlist and validation

Following the analysis as described above, a

longlist of material topics was prepared. This

longlist was based on the guidance provided by

the ESRS (ESRS 1 — Application Requirement 16),

further complemented by insights from the value

chain and stakeholder analyses, other regulatory

frameworks, and desktop peer review.

Based on this longlist, both impact materiality

and financial materiality were assessed through

surveys, interviews, and workshops. The combi-

nation of these three methods ensured coverage

of the broad range of stakeholders and provided

room to finetune the outcomes to reflect any

(regional) nuances during the workshops.

The surveys provided input from a broad audience

and led to initial scoring. Internal and external

interviews conducted before the workshops and

after the workshops provided expert insight and

guidance to validate outcomes. Refer below for

further detail on the execution of the impact mate-

riality and financial materiality analyses.

Double Materiality

The ESRS prescribes companies to assess topics

that are material to the business from an impact

and/or financial perspective. The following para-

graphs describe the methodology Genmab used

to assess both impact and financial materiality.

Impact Materiality

ESRS 1, ‘General Requirements,’ highlights the

indicators that companies should consider in

assessing their impacts on sustainability matters.

The assessment of impacts is aligned with other

international standards, such as the United

Nations Guiding Principles on Business and

Human Rights (UNGP) and the Organization for

Economic Co-Operation and Development (OECD)

Guidelines. International standards prescribe

that impacts should be rated based on their

severity. The concept of severity is based on the

factors scale, scope, and irremediable character

of the impact. In case of positive impacts, scoring

irremediability is unnecessary. For Genmab, all

the mentioned individual factors were rated on a

scale of 1 to 5, based on which an average score

was calculated.

In case of potential impacts, participants also

rated likelihood on a scale of 0 to 1. For actual

impacts, the likelihood is automatically scored as

1 since the likelihood has already been proven.

For completeness’ sake, we note that for potential

negative impacts regarding human rights,

severity took precedence over likelihood as also

prescribed by the ESRS.

Other indicators that are prescribed by the ESRS

for the assessment of impact materiality include:

the topic’s location in the value chain (own opera-

tions, upstream or downstream), and whether the

impact pertains to the undertaking in the short-,

medium- or long-term scored as time horizons.

To summarize, all longlisted sustainability

matters were scored using the following

indicators:

(i) the topic’s location in the value chain (own

operations, upstream or downstream),

(ii) whether it is an actual or potential impact,

(iii) whether it is a positive or negative impact,

(iv) time horizons, and

(v) scale, scope and irremediability of

the impacts.

For a matter to be considered as impact material,

we have used a relative threshold — i.e., we

have used the average score for impact materi-

ality based on the five-point scale and set the

threshold a full point higher.

Financial Materiality

During the preparation of the longlist, as well as

during the workshops, we considered impacts

and dependencies with the risks and opportu-

nities that may arise from these impacts and

dependencies through extensively discussing the

sustainability topic at hand and what impact it

could have on Genmab and our business.

The scoring of financial materiality is largely

similar to impact materiality; however, instead

of focusing on impacts, financial materiality

is based on risks and opportunities. Risks

and opportunities are scored on the basis of

magnitude (scale of 1 to 5), and likelihood (scale

of 0 to 1). Participants also assess time horizons

and location in the value chain.

For a matter to be considered as financial

material, we initially used a similar relative

threshold as for impact materiality: the average

financial materiality score based on the five-point

scale plus a full point. Our final results used a mix

of qualitative and quantitative factors and our

financial statement materiality level to conclude

on material topics.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Validation

The survey outcomes were discussed with

internal stakeholders during the workshops and

deep-dive sessions. Where needed, changes

and/or nuances were made. To further align

and validate the outcomes of the DMA, these

were presented to external stakeholders and

internal interviews were conducted with subject

matter experts.

All identified sustainability-related risks have

been identified in prior year reporting under our

ERM framework and continue to be updated and

prioritized in line with other risks identified.

The final DMA for 2024 has been approved

and adopted by the Board with the filing of this

Annual Report.

Action

While conducting the DMA in 2024, we further

integrated the various aspects of the DMA into

our business. We focused on setting meaningful

and appropriate targets for our material topics

including defining the data gathering processes.

With our dedicated Corporate Sustainability

Team, we intend to monitor our performance

over the coming years, while remaining agile

and current with our double materiality assess-

ment (e.g., following acquisitions or other major

business changes).

Disclosure requirements in ESRS

covered by the sustainability

statement (IRO-2)

Following the outcome of our DMA, Genmab

compiled a list of disclosure requirements

including the page numbers and/or paragraphs

where the related disclosures are located in the

sustainability statements. This is presented as

content indexes in the General, Environmental,

Social and Governance sections of the sustain-

ability statements. Genmab has determined the

material information to be disclosed in relation

to the impacts, risks and opportunities assessed

to be material, utilizing a mix of qualitative and

quantitative factors and our financial statement

materiality level.

Genmab also included a table of datapoints

derived from other EU legislation in the appen-

dices to the sustainability statements.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Environmental

As a leading international biotech

company, we recognize the

responsibility we have to protect

our planet and its natural resources,

as well as the health and safety

of our team members, business

partners and society as a whole. By

conducting our business in a safe

and sustainable manner, we aim to

reduce our environmental impact

by refining our processes and

incorporating best practices into

our own operations and value chain,

where applicable. To achieve this,

our environmental strategy focuses

on monitoring and evaluating

targets for environmental activities,

measuring our impact and

communicating our progress.

Section Disclosure Requirement Content

Disclosure

Requirement #

E1 Climate Change

2.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy

and business model

SBM-3

2.1 E1 Climate Change Strategy Transition plan for climate change mitigation E1-1

2.2 E1 Climate Change

IRO management

Policies related to climate change mitigation and adaptation E1-2

Actions and resources in relation to climate change policies E1-3

2.3 E1 Climate Change

Metrics and Targets

Targets related to climate change mitigation and adaptation E1-4

Energy consumption and mix E1-5

Gross Scopes 1, 2, 3 and total GHG emissions E1-6

GHG removals and GHG mitigation projects financed through carbon credits E1-7*

Internal carbon pricing E1-8*

Anticipated financial effects from material physical and transition risks and

potential climate-related opportunities

E1-9**

EU Taxonomy

2.4 EU Taxonomy Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy

Regulation)

N/A

*Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.

**Genmab has adopted the phase-in for E1-9 and elected not to disclose for year 1 reporting.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

2.0

IROs

Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and business model (SBM-3)

Section Material Topic Material Impact Value Chain Location Material Risk Material Opportunity

Environmental Climate Change

― Adaptation and Mitigation

Emissions from value chain (negative) Upstream Genmab could face transitional risks by its

inability to manage the carbon footprint and

energy mix from our business operations and

physical risks from climate-related events

that may impact our business operations or

that of our third-party partners or suppliers.

Partner with value chain to reduce Scope 3

emissions

Emissions from own operations (negative) Own Operations

Refer to the Risk Management section of the

Annual Report under Environment for details

Renewable energy contracts (to mitigate

climate change risks)

Behavioral changes of employees (labs,

travel patterns)

Climate Change

― Energy

Energy consumption (negative) Own Operations Increasing energy efficiency in the

procurement of new locations as operations

expand in the future and major renovations to

existing locations.

Generation of energy from onsite solar

panels (positive)

Own Operations

All impacts, risks and opportunities have expected time horizons of short, medium and long-term.

Emissions from our value chain/

Emissions from our own operations

Climate change adaptation and mitigation is

material due to GHG emissions primarily in our

value chain, but also in our own operations,

which has a negative impact on the environment

with transitional and physical risks associated.

Genmab has adaptation and mitigation efforts

aligned with the Paris Agreement for a future

where warming is kept at 1.5°C. Genmab is

committed to reducing GHG emissions to limit the

global warming the planet is facing.

In line with our ambitions to reduce Scope 3

emissions through supplier engagement, Genmab

has an opportunity to reduce GHG emissions in

our upstream value chain by setting clear expec-

tations and requirements, providing incentives

and setting goals, which could lead to more

efficient production processes and cost savings

for both Genmab and its suppliers.

In terms of our own operations, Genmab plans

to reduce emissions by sourcing electricity from

renewable energy sources such as solar, wind,

hydroelectric, or geothermal power. Genmab has

an opportunity to reduce emissions by actively

investing in renewable energy procurement

through power purchase agreements (PPAs),

green tariffs, or direct ownership of renewable

energy assets which could mitigate climate

change risks relating to carbon taxation. Genmab

can decrease the carbon intensity of its electricity

consumption by contracting with renewable

energy providers or investing in onsite renewable

energy projects. This not only helps in reducing

emissions, but also supports the growth of

renewable energy markets and contributes to

broader sustainability goals.

Genmab has an opportunity to reduce GHG

emissions and promote health in the context

of climate change through various initiatives

targeting employee behavior and operational

practices. We aim to reduce energy consumption

and GHG emissions by implementing sustainable

practices in laboratories in line with MyGreenLab

recommendations. Additionally, we encourage

employees to minimize air travel to lower GHG

emissions while ensuring business continuity,

supported by guidelines that have been in place

for several years. Furthermore, establishing

remote work policies and promoting alternative

commuting methods, such as biking, carpooling,

and public transit, can contribute to decreasing

GHG emissions associated with employee

commuting, fostering a healthier environment for

all and could lead to cost savings.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Energy consumption

Genmab utilizes 61% renewable energy at our

state-of-the-art buildings; therefore, there is

a negative impact in terms of non- renewable

energy usage with risk associated with our

energy mix; however, there is room to achieve

100% renewable energy usage at all of

our locations.

Genmab has an opportunity to increase energy

efficiency in the procurement of new locations

as operations expand in the future and major

renovations to existing locations which could lead

to financial savings on operational expenses.

Refer to E1-5 for energy mix and

consumption table.

Generation of energy from

onsite solar panels

Genmab also has a positive impact from

generation of energy through solar panels at

our headquarters in Denmark and certain R&D

locations in the Netherlands.

Refer to E1-4 for climate change targets.

Genmab’s Resilience to Climate Change

Genmab’s resilience analysis was conducted

qualitatively in 2021, incorporating climate

scenarios based on key reports from authorita-

tive bodies such as the Intergovernmental Panel

on Climate Change (IPCC) and the International

Energy Agency (IEA). No material changes to

the analysis were identified in 2024, 2023 or

2022. The analysis was conducted by assessing

climate-related impacts across Genmab’s entire

value chain, including supply chains, operations,

energy consumption, and logistics.

This resilience analysis helps inform Genmab’s

strategic planning, risk management, and

financial planning processes, ensuring that

climate-related risks and opportunities are

integrated into the company’s Enterprise Risk

Management (ERM) framework.

Genmab utilized two scenarios to explore

potential transition and physical risks at a Paris

Agreement aligned 1.5–2°C and a high emissions

scenario at 4°C warming levels, considering both

short-term (2030) and medium-to-long-term

(2040/2050) time horizons in alignment with

Genmab’s strategic planning horizons and its

GHG emissions reduction targets.

• The 1.5–2°C scenario assumes a transition to a

low-carbon economy in line with global climate

targets. This scenario evaluates risks and

opportunities arising from regulatory actions

such as carbon taxation, low-carbon technology

adoption, and evolving consumer preferences

toward sustainability.

• The 4°C scenario represents a business-as-

usual pathway with high emissions and limited

global mitigation efforts, leading to more severe

physical risks such as extreme weather events,

flooding, and disruptions to supply chains.

The key assumptions for the resilience analysis

include the transition to a low-carbon economy,

macroeconomic trends, energy consumption and

mix, technology deployment and time horizons.

Based on the scenario analysis, Genmab iden-

tified several potential physical risks, transition

risks and opportunities for both the 1.5–2°C and

4°C warming scenarios across short-term and

medium/long-term time frames. The identified

physical and transition risks and opportunities

were evaluated based on likelihood, magnitude

and duration to Genmab’s operations and taking

into account Genmab’s physical geographical

locations at the time of conducting the analysis.

No aspects of Genmab’s business were identified

as incompatible with a transition to a climate

neutral economy.

• Key physical risks to Genmab’s business

activities and assets identified in the scenarios:

Disruption of supply chain and operations from

extreme weather events, increased cooling

costs from more frequent and severe heat

waves, increased costs of raw materials due

to changes in weather patterns and extreme

weather events, operations and supply chain

disruption from coastal flooding and damage to

physical assets and inventory.

• Key transition risks to Genmab’s business

activities identified in the scenarios: Global

carbon taxation and pricing impacting costs

and financial returns, investor focus on climate

performance limiting access to capital and

investment, competition for talent in scientific

and innovative fields becomes increasingly

linked to climate performance, and cost of

compliance with fragmented and drastic

regulatory intervention.

While the scenario analysis identified potential

physical and transition risks, the risk related to

the Environment was identified as the material

risk to Genmab. Refer to the Risk Management

section in Management’s Review for risks

related to the Environment.

Genmab has committed to a science-aligned

emissions reduction target aligned with the

Paris Agreement, aimed at reducing its GHG

emissions in line with the global goal to limit

warming to 1.5°C. This target plays a critical role

in mitigating both transition and physical risks

Financial Statements Other InformationManagement’s ReviewTable of ContentsGenmab 2024 Annual Report

Sustainability Statements

by guiding risk mitigation, reducing exposure

to physical risks and enhancing resilience to

market shifts.

Uncertainties within the resilience analysis

included climate projections under the scenarios

and regulatory evolution over time.

Genmab’s resilience analysis, underpinned by

qualitative scenario analysis and guided by a

science-aligned emissions reduction target, high-

lights the company’s preparedness by adapting

our strategy for both transition and physical

climate risks in the medium and long term. The

science-aligned emissions reduction target offers

a clear pathway for mitigating these risks while

also seizing opportunities associated with the

transition to a low-carbon economy. Through its

ongoing commitment to sustainability, Genmab

is not only reducing its exposure to climate

risks but also positioning itself for long-term

business success in an increasingly climate-

conscious world.

2.1

E1 Climate Change Strategy

Transition plan for climate

change mitigation (E1-1)

Genmab approaches climate change mitiga-

tion through a comprehensive transition plan,

addressing risks, setting targets, and engaging

stakeholders including suppliers. We have

assessed potential climate-related risks to our

own operations and our value chain — See the

Risk Management section in Management’s

Review for further details.

We have established science-aligned emissions

reductions targets for reducing GHG emissions

across our own operations and our value chain,

aligning with the goals of the Paris Agreement to

limit global warming to 1.5°C, and we have set

targets for GHG emission reduction.

Genmab plans to reduce GHG emissions by:

• engaging with suppliers and partners to ensure

ongoing decarbonization of our value chain,

• sourcing electricity from renewable energy

sources such as solar, wind, hydroelectric, or

geothermal power, and

• encouraging and inspiring behavioral changes

for our employees to reduce emissions

from lab operations, business travel and

employee commuting

Genmab’s transition plan is embedded in and

aligned with our overall business strategy

including our financial planning. Refer to “Our

Strategy” section in Management’s Review

for details.

The transition plan is reviewed through our

governance model and is approved by Executive

Management and Board.

Refer E1-4 for Genmab’s progress on the imple-

mentation of the transition plan.

2.2

E1 Climate Change IRO Management

Policies related to climate change

mitigation and adaptation (E1-2)

Genmab published its Corporate Social

Responsibility (CSR) Policy in 2023 which was

adopted by the Board and includes a focus on

environmental sustainability.

In 2024, Genmab published an overarching

Commitment to the Environment and

Sustainability to manage material environ-

mental sustainability matters including material

IROs covering climate change adaptation

and mitigation, and energy, and matters not

material to Genmab including water and circular

economy. The Commitment to the Environment

and Sustainability was adopted by the CSR &

Sustainability Committee on December 11, 2024.

Genmab’s Commitment to the Environment and

Sustainability applies to all employees and

contractors and all activities within Genmab’s

operations. It extends to all regions where

Genmab operates, recognizing diverse environ-

mental challenges and opportunities.

Genmab’s CSR & Sustainability Committee,

composed of cross-functional senior leaders, and

co-lead by our CEO and SVP Communications &

Corporate Affairs, is responsible for the oversight

of Genmab’s Commitment to the Environment &

Sustainability and implementation.

Genmab has included the perspectives of internal

and external key experts and stakeholders in

determining material environmental topics and

in formulating Genmab’s Commitment to the

Environment and Sustainability.

Genmab’s Commitment to the Environment and

Sustainability is available for our key stake-

holders including our employees on our website

(Genmab.com).

Refer to the Commitment to the Environment

and Sustainability on our website.

Actions and resources in relation

to climate change policies (E1-3)

Engaged with suppliers to encourage

them to set their own emissions targets

We engage in continuous dialogue on sustain-

ability with our key suppliers so Genmab may

meet our target as disclosed in E1-4.

In 2024, Genmab benchmarked the climate

ambitions of our top suppliers to provide a clear

baseline and identify actions and hotspots for

improvement. We had in-person and virtual

engagement with key suppliers identified as

significant sources of emissions. Genmab estab-

lished formalized processes governing supplier

engagement on climate change by incorporating

specific climate change topics in the supplier

onboarding and annual contract review.

Continued investment in Renewable

Energy Procurement

In 2024, Genmab renegotiated an electricity

contract to ensure that our sites continue towards

our ambition of sourcing 100% renewable elec-

tricity to help mitigate our Scope 2 emissions.

Refer to E1-5 and E1-6 for further details on

energy usage and mix, and GHG emissions.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

2.3

E1 Climate Metrics and Targets

Targets related to climate change

mitigation and adaptation (E1-4)

Genmab plans to minimize its carbon footprint

across our business to align with a future where

warming is kept at 1.5°C in line with the Paris

Agreement. Genmab has considered a diverse

range of climate scenarios when setting the

targets. Specific targets consistent with Genmab’s

GHG inventory are summarized below and relate

to the gross reduction of GHG emissions:

(1) Develop and execute on sustainable

climate-related strategy by 2025

The development and execution of a sustain-

able climate-related strategy by 2025 is critical

to ensuring that we align our operations with

global climate targets. By disclosing Scope 1,

2, and 3 emissions in the 2023 annual report-

ing, Genmab has already laid the groundwork

for transparency and accountability of our envi-

ronmental impact. Building on this foundation,

in 2024, Genmab achieved the development of

a comprehensive climate strategy, with a clear

commitment to climate targets aligned with

the Paris Agreement. Executing this strategy

will involve taking tangible actions toward GHG

emissions reductions, with partial progress on

Scope 1 and 2 reductions expected by the end

of 2025. By executing these steps, Genmab

plans to not only meet regulatory expecta-

tions but also contribute to global efforts to

combat climate change toward a sustainable

future for both our operations and the planet.

1. Executive Management received RSU grants in 2023 with performance linked to developing and executing on a sustainable climate-related strategy.

2. Executive Management received RSU grants in 2024 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2021 base year. The grant occurred prior to our base year update to 2024 due to significant

changes in our structure and corresponding emissions (ProfoundBio acquisition in May 2024) and achievement will be assessed prior to base year update.

3. Executive Management received RSU grants in 2024 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.

(2) Reduce Scope 1 and Scope 2 emissions

by 42% through a reduction in Scope 2

emissions by 2030 from a 2024 base year

Genmab intends to achieve a 42% reduction

in Scope 1 and Scope 2 (market-based)

GHG emissions by 2030 compared to a

2024 baseline year by sourcing renewable

electricity at our facilities.

(3) Ensure 70% of suppliers by spend covering

upstream purchases goods and services,

capital goods and upstream transportation

commit to have Science Based Targets

(SBT) by 2030

Genmab intends to indirectly mitigate GHG

emission impacts to the environment by

2030 through supplier engagement and

responsible sourcing practices by ensuring at

least 70% of our largest suppliers by spend

(operating expenses), covering upstream

purchased goods and services, capital goods

and upstream transportation, commit to have

science-based targets by 2030.

(4) Reduce Scope 1 and 2 emissions by 90% by

2050 from a 2024 base year

Genmab intends to reduce Scope 1 and 2

(market-based) GHG emissions by 90% by

2050 from a 2024 base year to contribute

to the obtainment of the ambitions laid out

in the 2015 Paris Agreement by sourcing

renewable electricity and switching to cleaner

heating sources.

Refer to section GOV-3 for climate related targets related to Executive Management incentive

compensation.

In 2022, Executive Management was granted RSUs linked to Genmab’s climate target to ensure

100% renewable electricity was achieved across all major operating sites, which at the time

of grants included our headquarters in Denmark and sites in the Netherlands, the U.S. and

Japan. As of December 31, 2024, all major operating sites under the RSU grant achieved 100%

renewable electricity.

Energy consumption and mix (E1-5)

Energy consumption and mix 2024

1 Total fossil energy consumption MWh

4,616

Share of fossil sources in total energy consumption % 38%

2 Consumption from nuclear sources MWh 92

Share of consumption from nuclear sources in total energy consumption % 1%

3 Fuel consumption for renewable sources, including biomass (also

comprising industrial and municipal waste of biologic origin, biogas,

renewable hydrogen, etc.) MWh

–

4 Consumption of purchased or acquired electricity, heat, steam, and

cooling from renewable sources MWh

7,414

5 The consumption of self-generated non-fuel renewable energy MWh 77

6 Total renewable energy consumption

MWh 7,491

Share of renewable sources in total energy consumption % 61%

Total energy consumption

MWh 12,199

1. Total renewable energy consumption (MWh) (calculated as the sum of lines 3 to 5)

2. Total energy consumption (MWh) (calculated as the sum of lines 1, 2 and 6)

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Accounting Policies

Total energy consumption is accounted for by

combining both renewable and non-renewable

energy sources used across our operations. We

measure energy consumption in megawatt-hours

(MWh), incorporating data from energy manage-

ment systems and utility invoices to ensure

accuracy. Renewable energy includes wind, solar,

hydro and other sustainable sources which are

supported by contractual agreements such as

Energy Attribute Certificates (EACs), while non-

renewable energy encompasses fossil fuels and

grid electricity. This comprehensive approach

allows us to monitor our overall energy usage

effectively and conduct annual reviews of our

consumption data to validate its completeness

and reliability, ensuring compliance with relevant

reporting standards and reinforcing our commit-

ment to sustainability.

Gross Scopes 1, 2, 3 and total GHG emissions (E1-6)

Genmab calculates its Scope 1, 2 and 3 GHG emissions in accordance with the requirements of ESRS E1 Climate Change, considering the principles, require-

ments and guidance provided by the GHG Protocol.

Base Year

2024

Milestones and Target Years

2023 % Change 2030 2050

Annual %

Target/

Base Year

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO

eq) 534 317 68% 534 54 0%

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions (tCO

eq) 2,705 1,200 125% – – –

Gross market-based Scope 2 GHG emissions (tCO

eq) 1,163 238 389% 450 116 7%

Total Scope 1 and market-based Scope 2 GHG emissions (tCO

eq) 1,697 555 206% 984 170 7%

Significant Scope 3 GHG emissions

Total Gross indirect (Scope 3) GHG emissions (tCO

eq)

1 – Purchased Goods and services 164,449 127,237 29%

2 – Capital goods 5,519 10,045 (45)%

3 – Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,078 411 162%

4 – Upstream transportation and distribution 5,425 4,737 15%

6 – Business travel 10,559 7,675 38%

7 – Employee commuting 946 803 18%

Total Scope 3 GHG emissions 187,976 150,908 25%

Total GHG emissions

Total GHG emissions (location-based) (tCO

eq) 191,215 152,425 25%

Total GHG emissions (market-based) (tCO

eq) 189,673 151,463 25%

1. Percentage of Scope 1 GHG emissions from regulated emission trading schemes not applicable to Genmab.

2. Scope 3 GHG emissions categories excluded from the inventory include 5 – Waste generated in operations as it is included in category 1, 8 – Upstream leased assets,

9 – Downstream transportation and distribution, 10 – Processing of sold products, 11 – Use of products sold, 13 – Downstream leased assets and 14 – Franchises as they

are all not applicable to Genmab, and 12 – End-of-life treatment of sold products and 15 – Investments as they are not material. Further, there are no emission reduction

target percentages for Scope 3 GHG emissions. Refer to E1-4 for environmental targets.

3. Annual % Target/Base Year represents the actual reduction target for 2030 (or 42%) over six years.

Table of Contents Financial Statements Other InformationGenmab 2024 Annual Report Management’s Review

Sustainability Statements

Accounting Policies

Scope 1 GHG Emissions

Scope 1 GHG emissions refer to the direct GHG

emissions from sources that are financially

or operationally (as required by ESRS 1)

controlled by Genmab at our headquarters,

office, laboratory and preclinical development

space across all Genmab locations. Direct GHG

emissions is comprised of the sum of greenhouse

gases, which are converted to CO

equivalents

(CO

eq). The GHG emissions arise from the

combustion of fuel products and leakage of

refrigerants. To calculate GHG emissions the

newest version of DEFRA GHG Conversion

factors (2024) has been used.

Scope 2 GHG Emissions

Scope 2 GHG emissions refer to the indirect

GHG emissions resulting from the generation

of purchased energy that is used by Genmab

at our headquarters, office, laboratory and

preclinical development space across all Genmab

locations. Scope 2 GHG emissions occur at the

facility where the energy is generated, thus being

classified as indirect GHG emissions. The GHG

emissions are linked to the electricity and district

heating consumption.

Scope 2 location-based GHG emissions are calcu-

lated by taking consumed energy multiplied with

relevant location-based national emission factors

provided by the International Energy Agency (IEA)

(2023) and the Association of Issuing Bodies

(AIB) (2023).

Scope 2 market-based emissions are calculated

by taking consumed energy multiplied with

market-specific emission factors provided directly

from the energy supplier. Renewable energy

purchases and certificates are considered, when

accounting for indirect GHG emissions, using the

market-based approach.

Scope 3 GHG Emissions

Genmab has identified six categories, out of the

15 categories of Scope 3 GHG emissions defined

by the GHG protocol, as relevant. The remaining

nine categories are not separately reported on

as they are either not applicable to Genmab or

GHG emissions have been included in the other

emission categories. Zero percent of Genmab’s

Scope 3 GHG emissions are measured using

primary data obtained from suppliers or other

value chain partners. For spend-based calcula-

tions, all spend in foreign currencies has been

converted into USD using the average exchange

rate for the year.

Category 1 — Purchased goods and services

Purchased goods and services include GHG

emissions related to all spend from external

suppliers, except for investment (CapEx), travel,

and transportation and distribution spend,

which are included in other Scope 3 catego-

ries. Spend is converted into CO

eq emissions

using the spend-based method by applying the

Environmentally Extended Input-Output (EEIO)

model with US EPA emission factors (2022) to

estimate GHG emissions (CO

eq).

Category 2 — Capital goods

Capital goods include GHG emissions related to

investments in tangible assets (CapEx). Spend is

converted into CO

eq emissions using the spend-

based method by applying the Environmentally

Extended Input-Output (EEIO) model with US

EPA emission factors (2022) to estimate GHG

emissions (CO

eq).

Category 3 — Fuel and energy-

related activities

Fuel and energy-related activities include all

upstream Well-to-Tank (WTT) CO

eq emissions of

purchased fuel and electricity and Transmission

and Distribution (T&D) Loss of purchased

electricity (beyond Scope 1 and 2 GHG

emissions). Electricity and fuel consumption are

multiplied by DEFRA’s emission factors (2023

for fuel and 2021 for electricity) to estimate

GHG emissions (CO

eq). The category primarily

comprises upstream WTT and T&D emissions

from electricity and WTT emissions from

natural gas.

Category 4 — Upstream

transportation and distribution

Upstream transportation and distribution

include GHG emissions related to spend from

external suppliers related to transportation

and distribution of goods. Spend is converted

into CO

eq emissions using the spend-based

method by applying the Environmentally

Extended Input-Output (EEIO) model with US

EPA emission factors (2022) to estimate GHG

emissions (CO

eq).

Category 6 — Business travel

Business travel includes GHG emissions related

to spend from external suppliers related to

flights, ground transportation, hotel stays

and meals in connection with business travel.

Spend is converted into CO

eq emissions using

the spend-based method by applying the

Environmentally Extended Input-Output (EEIO)

model with US EPA emission factors (2022) to

estimate GHG emissions (CO

eq).

Category 7 — Employee Commuting

Employee commuting includes GHG emissions

related to employees’ commuting between their

homes and the Genmab sites. GHG emissions are

estimated using the average data method and

based on assumptions across our locations.

2024

GHG intensity per net revenue

Total GHG emissions (location-based) per

net revenue (tCO

eq/DKK million ) 8.88

Total GHG emissions (market-based) per

net revenue (tCO

eq/DKK million ) 8.81

Refer to Note 2.1 in the consolidated financial

statements for disclosures related to

Genmab’s revenue.

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Sustainability Statements

2.4

EU Taxonomy

Disclosures pursuant to Article 8

of Regulation (EU) 2020/852

The EU Taxonomy is a classification system

designed to provide a framework for identi-

fying sustainable economic activities. It helps

companies and investors distinguish between

activities that contribute to environmental

sustainability by establishing a common

language for defining what constitutes “green” or

sustainable business practices. The EU Taxonomy

plays a role in supporting the transition towards a

more sustainable economy.

In line with Article 8 of the EU Taxonomy and

the Disclosure Delegated Act (EU) 2021/2178,

Genmab is required to report on the sustainability

profile of its activities, specifically focusing on

the eligibility and alignment of its Turnover,

Capital Expenditures (CapEx) and Operating

Expenditures (OpEx).

Eligibility:

We screened our economic activities against

those outlined in the Taxonomy, identifying

eligible Turnover, CapEx and OpEx.

• Turnover — We assessed turnover based on the

net product sales of pharmaceutical products.

We concluded that turnover from the sale of

EPKINLY qualifies under the Manufacture of

Medicinal Products (#1.2) activity, in line with

the Taxonomy criteria for Pollution Prevention

and Control (PPC). We did not include turnover

from the sale of EPKINLY as eligible activities in

2023 as EPKINLY launched in the U.S. in May

2023 and Japan in September 2023.

• CapEx — Our assessment focused on

investments that align with Taxonomy-eligible

activities. We identified one eligible project

under Renovation of Buildings (#7.2) in line

with the Taxonomy criteria for Climate Change

Mitigation (CCM).

• OpEx — We evaluated the eligibility of our OpEx

by reviewing the eligible economic activities

outlined in its Statement of Profit or Loss and

examining the data available to us from our ERP

system. Based on this evaluation, we did not

identify eligible OpEx.

Alignment:

We assessed whether any of our Taxonomy-

eligible Turnover or CapEx for economic activities

1.2 and 7.2 could be considered Taxonomy-

aligned; however, we were not able to obtain

enough evidence to conclude alignment with the

‘Substantial contribution’ and ‘Do No Significant

Harm’ (DNSH) criteria.

Accounting Policies

Turnover:

Total Turnover consists of total revenue as

disclosed in Note 2.1 in the consolidated

financial statements. The Turnover KPI represents

the ratio of net product sales from taxonomy-

eligible or taxonomy-aligned economic activities

to the total revenue in a fiscal year.

CapEx:

Total CapEx consists of additions to intangible

assets, tangible assets and right-of-use assets

during the fiscal year (refer to Notes 3.1, 3.2 and

3.3, respectively) and considered before depre-

ciation, amortization, and any re-measurements,

including those resulting from revaluations and

impairments, for the relevant financial year,

excluding any fair value changes. Furthermore,

total CapEx consists of any additions to tangible

and intangible assets resulting from business

combinations. The CapEx KPI represents the

share of CapEx that is taxonomy-eligible or

taxonomy-aligned divided by the total CapEx.

OpEx:

Total OpEx includes direct non-capitalized

costs that relate to research and development,

building renovation measures, short-term lease,

maintenance and repair, and any other direct

expenditures relating to the day-to-day servicing

of assets of property, plant and equipment by

the undertaking or third party to whom activities

are outsourced that are necessary to ensure

the continued and effective functioning of such

assets. OpEx does not include amortization,

depreciation, or impairments.

To avoid double counting related to the economic

activities, Turnover, CapEx and OpEx are

distinctly allocated to ensure that there is no

overlap across these financial metrics.

101

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Sustainability Statements

Economic Activities — Turnover

TURNOVER

Codes

Absolute Turnover

Proportion of Turnover

Substantial Contribution Criteria

DNSH criteria

(‘Does Not Significantly Harm’)

Taxonomy Aligned Proportion

of Total Turnover, 2024

Taxonomy Aligned Proportion

of Turnover, 2023

Category (Enabling Activity)

Category (Transitional Activity)

Economic Activities

Climate Change Mitigation

Climate Change Adaptation

Water

Pollution

Circular Economy

Biodiversity and ecosystems

Climate Change Mitigation

Climate Change Adaptation

Water

Pollution

Circular Economy

Biodiversity

Minimum Safeguards

DKK

million

% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

None – 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/A

Turnover of environmentally sustainable activities

(Taxonomy-aligned) (A.1) – 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/A

A.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Manufacture of medicinal products. PPC 1.2 1,743 8%

Turnover of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities) (A.2) 1,743 8%

Total (A.1+A.2) 1,743 8%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities 19,783 92%

Total (A+B) 21,526 100%

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Sustainability Statements

Economic Activities — CapEX

CAPEX

Codes

Absolute CapEx

Proportion of CapEx

Substantial Contribution Criteria

DNSH criteria

(‘Does Not Significantly Harm’)

Taxonomy Aligned Proportion

of Total CapEx, 2024

Taxonomy Aligned Proportion

of CapEx, 2023

Category (Enabling Activity)

Category (Transitional Activity)

Economic Activities

Climate Change Mitigation

Climate Change Adaptation

Water

Pollution

Circular Economy

Biodiversity and ecosystems

Climate Change Mitigation

Climate Change Adaptation

Water

Pollution

Circular Economy

Biodiversity

Minimum Safeguards

DKK

million

% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

None – 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/A

CapEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1) – 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/A

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

Renovation of existing buildings CCM 7.2 80 1%

CapEx of Taxonomy-eligible but not environmentally

sustainable activities (not Taxonomy-aligned activities) (A.2) 80 1%

Total (A.1+A.2) 80 1%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities 12,486 99%

Total (A+B) 12,566 100%

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Sustainability Statements

Economic Activities — OpEx

OpEx

Codes

Absolute OpEx

Proportion of OpEx

Substantial Contribution Criteria

DNSH Criteria

(Does Not Significantly Harm)

Taxonomy Aligned Proportion

of Total OpEx, 2024

Taxonomy Aligned Proportion

of OpEx, 2023

Category (Enabling Activity)

Category (Transitional Activity)

Economic Activities

Climate Change Mitigation

Climate Change Adaptation

Water

Pollution

Circular Economy

Biodiversity and ecosystems

Climate Change Mitigation

Climate Change Adaptation

Water

Pollution

Circular Economy

Biodiversity

Minimum Safeguards

DKK

million

% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

None – 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/A

OpEx of environmentally sustainable activities

(Taxonomy-aligned) (A.1) – 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/A

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

None – 0%

OpEx of Taxonomy-eligible but not environmentally sustainable

activities (not Taxonomy-aligned activities) (A.2) – 0%

Total (A.1+A.2) – 0%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities 9,501 100%

Total (A+B) 9,501 100%

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Sustainability Statements

Annex XII

Row Nuclear energy related activities

1 The undertaking carries out, funds or has exposures to research, development,

demonstration and deployment of innovative electricity generation facilities

that produce energy from nuclear processes with minimal waste from the

fuel cycle.

2 The undertaking carries out, funds or has exposures to construction and

safe operation of new nuclear installations to produce electricity or process

heat, including for the purposes of district heating or industrial processes

such as hydrogen production, as well as their safety upgrades, using best

available technologies.

3 The undertaking carries out, funds or has exposures to safe operation of

existing nuclear installations that produce electricity or process heat, including

for the purposes of district heating or industrial processes such as hydrogen

production from nuclear energy, as well as their safety upgrades.

Fossil gas related activities

4 The undertaking carries out, funds or has exposures to construction or

operation of electricity generation facilities that produce electricity using fossil

gaseous fuels.

5 The undertaking carries out, funds or has exposures to construction,

refurbishment, and operation of combined heat/cool and power generation

facilities using fossil gaseous fuels.

6 The undertaking carries out, funds or has exposures to construction,

refurbishment and operation of heat generation facilities that produce heat/

cool using fossil gaseous fuels.

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Sustainability Statements

Social — Own Workforce

Genmab is dedicated to making a meaningful impact in the

lives of patients and caregivers by developing innovative

treatments to transform cancer care and address other

serious diseases. We prioritize understanding the needs of

patients and their families, ensuring that their experiences

and insights guide our research, development and

commercialization efforts.

Our workforce is our greatest asset; the dedication and

innovation of our team members are essential to our success.

The Genmab Commitment, our employee value proposition,

grounds our culture and brings our vision, purpose, and core

values to life. Team members, or full-time equivalents (FTEs)

at Genmab are defined as all employees on our payroll, both

full-time and part-time, as well as active and on-leave. All

individuals have been included by reflecting the proportion of

an FTE they represent based on their contractual agreement.

Non-employees at Genmab include contingent workers and

consultants provided by third party undertakings who are

primarily engaged in employment activities.

We prioritize attracting and retaining qualified individuals

who align with our core mission of improving patient lives.

Teamwork and respect are central to our culture, fostering

an inclusive, open, and supportive environment across our

global locations. We believe that workplace diversity —

encompassing social, educational, cultural, national,

age, and gender differences — is crucial for our continued

success. By recruiting employees with the right skills and

competencies, we create interactive teams that drive our

goals and ensure Genmab’s ongoing impact in healthcare,

ultimately benefiting the patients and care partners we serve.

Below are the list of Disclosure Requirements as it pertains to ESRS S1 — Own Workforce:

Section Disclosure requirement content Disclosure requirement #

3.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy and

business model

SBM-3

3.1 Own

Workforce IRO

Management

Policies related to own workforce S1-1

Processes for engaging with own workers and workers’ representatives about impacts S1-2

Processes to remediate negative impacts and channels for own workers to raise

concerns

S1-3

Taking action on material impacts on own workforce, and approaches to mitigating

material risks and pursuing material opportunities related to own workforce, and

effectiveness of those actions

S1-4

3.2 Own

Workforce Metrics

and Targets

Targets related to managing material negative impacts, advancing positive impacts, and

managing material risks and opportunities

S1-5

Characteristics of the Company’s employees S1-6

Characteristics of non-employee workers in the Company’s own workforce S1-7*

Collective bargaining coverage and social dialogue S1-8

Diversity metrics S1-9

Adequate wages S1-10

Social protection S1-11

Persons with disabilities S1-12*

Training and skills development metrics S1-13

Health and safety metrics S1-14

Work-life balance metrics S1-15*

Compensation metrics (pay gap and total compensation) S1-16

Incidents, complaints and severe human rights impacts S1-17

*Genmab has adopted the phase-in for S1-7, S1-12 and S1-15 and elected not to disclose for year 1 reporting.

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Sustainability Statements

3.0

IROs

The table describes Genmab’s material impacts, risks and opportunities related to our material Social topics on own workforce:

Section Material Topic Material Impact Value Chain Location Material Risk Material Opportunity

Social Own Workforce

― Working Conditions

Employee well-being and vitality

(positive)

Own Operations Genmab may have an inability to attract and retain suitably

qualified team members

Provide a voice to employees through our

global engagement survey

Safety in our facilities (positive) Own Operations

Refer to the Risk Management section of the Annual Report

under Management and Workforce for details

Safety training/ongoing education in our

laboratories

Own Workforce

― Equal Treatment and

Opportunities for All

Career development through training and

skill building (positive)

Own Operations Providing employees with opportunities to

discuss their career at Genmab

Diversity in the workplace (positive) Own Operations

All impacts, risks and opportunities have expected time horizons of short, medium and long-term.

Employee well-being and vitality

Prioritizing employee well-being and vitality is

not just a moral imperative but also a strategic

investment in the success and sustainability

of Genmab. It promotes a positive work envi-

ronment, improves employee morale and

engagement, enhances productivity, reduces

turnover, and helps maintain compliance with

legal requirements. Therefore, prioritizing

the health and safety of our teams demon-

strates our commitment to our most valuable

asset — our people.

Promoting work-life balance is not just beneficial

for employees, it also positively impacts Genmab

by fostering a more productive, engaged, and

satisfied workforce. It contributes to a positive

organizational culture, supports recruitment and

retention efforts, and ultimately enhances the

overall performance and success of Genmab.

Genmab has a significant opportunity to enhance

its workplace culture by providing a voice to our

employees through ongoing initiatives aimed at

improving employee engagement. By leveraging

platforms such as our annual global engage-

ment survey, Genmab can foster an environment

where employees feel valued, motivated, and

committed to both their work and the organiza-

tion’s goals. This focus on engagement is likely

to lead to improved talent retention and overall

employee well-being.

With both local and global surveys conducted

annually or biennially, Genmab gathers valuable

insights into employee satisfaction, including

both physical and mental workplace conditions.

The results of these surveys provide a foun-

dation for actionable improvements, with the

Human Resources team facilitating the process

and Genmab leaders taking ownership of the

outcomes. By actively addressing areas of

concern highlighted in the surveys, Genmab can

create a more supportive and responsive work

environment, ultimately empowering employees

to share their feedback, concerns, and ideas

effectively.

Safety in our facilities

Safety in facilities at Genmab is essential not only

for complying with legal requirements, but also

for protecting employees, enhancing productivity,

reducing costs, maintaining a positive reputation,

and supporting overall business success and

sustainability. It reflects Genmab’s commitment

to the well-being of its employees and its

responsibility as a corporate citizen within the

broader community.

We have instituted mandatory safety training

and ongoing education in all workplace areas,

especially related to the proper handling of

hazardous materials and chemicals in our labs to

enhance productivity and reduce costs.

Career development through

training and skill building

Employees with advanced skills contribute to

higher productivity and efficiency, improving

the overall performance of the organization.

Organizations that invest in their employees’

development tend to have higher retention rates,

as employees feel valued and are more likely to

stay with Genmab. Companies known for their

commitment to employee development attract

top talent, as professionals seek employers who

offer growth opportunities. A focus on continuous

learning fosters a culture of growth and develop-

ment, enhancing teamwork, collaboration, and

overall morale.

Genmab provides employees with opportunities

to discuss their future career at Genmab which

should increase employee retention, provide for

the ability to attract top talent and achieve higher

productivity and efficiency. This is done formally

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through the year-end performance reviews, but

also informally through ad hoc discussions with

the manager, as needed. Employees are provided

with several internal resources related to the

performance process.

Diversity in the workplace

We strive to create, nurture, and maintain a

global, inclusive culture where differences

drive innovative solutions to meet the needs of

patients, care partners, families, and employees.

Our teams give Genmab its strength. We are

committed to championing a corporate culture

that accepts and promotes uniqueness and

empowers each team member to bring their

authentic self to work in a safe, open, and

respectful environment. Our diversity, equity,

and inclusion (“DE&I”) strategy aims to make

Genmab an Extra[not]ordinary™ employer

and inclusive workplace with DE&I efforts

centered on gender, age and nationality.

Genmab has team members representing

over 75 nationalities.

Genmab also has several initiatives in place

to connect employees across the company,

including employee resource groups (ERGs),

sharing individual and group experiences

to create an inclusive and supporting work

environment and to continuously improve

employee engagement.

Refer to S1-5 for targets related to our Own

Workforce and S1-9 for diversity metrics

including gender and age.

3.1

Own workforce IRO management

Policies related to own workforce (S1-1)

Genmab has a number of policies that address

our material IROs for the topic of Working

Conditions, and related to all of its own

workforce, including the following:

• Code of Conduct

• Global Speak Up Policy

• Human Rights Commitment

• Global Diversity, Equity & Inclusion Policy

• Corporate Social Responsibility (CSR)

• Global Lab Occupational Health and

Safety Policy

Genmab has other processes and systems

in place including our Workplace Accident

Prevention Management System and Employee

Value Proposition.

Code of Conduct

The Code of Conduct policy aims to promote

ethical and compliant conduct in all aspects of

our business. Our Code of Conduct applies to

everyone in our Company, at every level, including

employees, managers, and board members. We

expect our alliance partners and third parties,

including agents, consultants, contingent workers,

and suppliers, to act in a way that is consistent

with our values and our Code of Conduct when

conducting business on behalf of Genmab. As

noted in the Code of Conduct, #11 — Genmab

proactively seeks to foster a values-based

performance culture and a safe and healthy

workplace environment of mutual respect, dignity

and inclusion, one that assures we can attract,

develop and retain a highly talented, diverse

workforce of engaged employees driven to deliver

superior business outcomes. We are committed

to equal opportunity and fair treatment of our

employees. All forms of harassment and retalia-

tion are unacceptable and counter to everything

we stand for as a Company.

The Code of Conduct can be mapped to the

following positive impacts:

• Employee well-being and vitality

• Career development through training and

skill building

Genmab’s Head of Global Compliance is respon-

sible for this policy and reports directly to the

CEO, and both are members of the CSR and

Sustainability Committee.

Refer to the Code of Conduct on our website.

Global Speak Up Policy

Enabling employees and external stakeholders

to speak up when they observe potential miscon-

duct or have concerns about matters relating

to our business is vital to retaining our strong

Genmab culture and to doing the right thing. The

Genmab Global Speak Up Policy allows for confi-

dential and (where allowed) anonymous reports

that will be directed to Genmab Compliance for

initial triage and handling. This approach renders

the reporting process more accessible and easier

to navigate. All reports made under this Policy

will be received and treated sensitively and

seriously, and will be dealt with promptly, fairly,

and objectively. Any investigations commenced

will be conducted in a timely manner and will be

fair and independent from any persons to whom

the report relates.

Importantly, our policy also extends protections

not only to our regular employees, but also

contingent staff, part-timers, temp staff, trainees,

interns (both current and former) and others who

choose to report their concerns.

All employees, in addition to the new hire

onboarding training, are required to complete

annual Code of Conduct training and attest

to their commitment to adhere to our ethical

standards. This training also reviews among other

topics, the Global Speak Up Policy concepts.

The Global Speak Up Policy can be mapped to

the positive impact of Employee well-being and

vitality. Genmab’s Head of Global Compliance is

responsible for this policy and reports directly to

the CEO, and both are members of the CSR and

Sustainability Committee.

Refer to the Global Speak Up Policy on

our website.

Human Rights Commitment

We recognize and support human rights and are

dedicated to conducting business in a way that

respects the dignity of all people. Our Human

Rights Commitment is guided by current human

rights laws and the United Nations Guiding

Principles on Business and Human Rights. Our

Guiding Principles refer to the International

Bill of Human Rights, which consists of the

Universal Declaration of Human Rights and

the two Covenants that implement it, as well

as the International Labour Organization’s

(ILO) Declaration on Fundamental Rights and

Principles at Work and the core conventions that

underpin it, and we are in alignment with these

instruments. We are committed to respecting

human rights, including labor rights in our own

operations and complying with the laws of the

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countries in which we do business. As part of

our commitment, we seek to identify, prevent,

and address any potential and actual adverse

human rights impacts that our business may

contribute to or cause. Further, as disclosed in

our Human Rights Commitment, privacy rights of

our employees, patients, healthcare providers,

customers and other stakeholders are protected.

Additionally, per the Human Rights Commitment

policy we ensure fair, non-discriminatory

employment practices and the prohibition of any

form of human trafficking, forced, indentured,

slave or child labor. We ensure that the policy is

publicly available to all affected stakeholders by

publishing it on our website.

In 2024, through periodic checks and audits,

we continued to provide assurance that our

policies, procedures, and operations align with

our Human Rights Commitment. Our Supplier

Code of Conduct addresses human rights and

labor relations to ensure suppliers understand

our commitment to compliance with local human

and labor laws and recognize the importance

we place on human rights. The Supplier Code

of Conduct includes provisions in line with the

applicable ILO standards addressing the safety

of all workers including those in precarious work,

human trafficking and the use of forced labour

or child labour. The Global Speak Up Policy and

Hotline covers the measures provided to enable

remedy for human rights impacts.

The Human Rights Commitment policy can be

mapped to the positive impact of Employee

well-being and vitality. Under the leadership of

our Chief People Officer, our Human Resources

function is responsible for ensuring our compli-

ance with this Commitment.

Refer to the Human Rights Commitment on our

website. Refer also to the Corporate Global

Supplier Code of Conduct Policy on our website.

Global Diversity, Equity

& Inclusion Policy

At Genmab, prioritizing DE&I means creating

richer solutions, obtaining better results, and

maximizing productivity, innovation, and

creativity. Diversity allows for a variety of

perspectives, and inclusion takes different

ideas and perspectives into account, while

equity ensures fair opportunities to succeed. We

embrace each employee’s unique contribution to

our culture by valuing differences including age,

disabilities, gender, Genmab heritage, nation-

ality, professional specialization race/ethnicity,

problem-solving style, sexual orientation, and

social class. Genmab’s Global Diversity, Equity

& Inclusion Policy covers inclusion for groups

that may be at particular risk of vulnerability

including all employees, regardless of gender,

race, ethnicity, religion, age, disability, and other

characteristics.

By ensuring equal treatment and opportunity,

Genmab has a positive impact on people in

its workforce and value chain. Diversity in the

workplace and harboring a safe workplace for

all leads to innovation, creating the opportunity

for Genmab to gather multiple perspectives into

one place. Similarly, a lack of diversity can impact

company performance negatively and hinder

innovative solutions to support patients.

With regards to our people and measures against

violence and harassment in the workplace,

as noted in our Code of Conduct, all forms of

harassment and retaliation are unacceptable and

counter to everything we stand for as a Company.

The Global Diversity, Equity & Inclusion Policy

(most recently adopted by the Board of Directors

on June 12, 2024) can be mapped to the positive

impact of Diversity in the workplace. The DE&I

Council (made up of senior leaders at Genmab)

is responsible for ensuring our compliance with

this policy.

Refer to the Global Diversity, Equity & Inclusion

Policy on our website.

Corporate Social Responsibility

(CSR) Policy

As noted in the CSR Policy under No. #2, we care

for our employees’ health, well-being, safety, and

development and promote a collaborative culture

that fosters passion for innovation, integrity, and

respect. We believe that diversity, equity, and

inclusion are fundamental to achieving our vision

and are committed to championing a corporate

culture that accepts and promotes uniqueness

and empowers each team member to bring

their authentic self to work in a safe, open, and

respectful environment.

The CSR Policy is mapped to the positive impact

of Career development through training and

skill building. The Nominating and Corporate

Governance Committee of Genmab A/S’ Board

of Directors oversees all aspects of Genmab’s

CSR efforts.

Refer to the Corporate Social Responsibility

(CSR) Policy on our website.

Global Lab Occupational

Health and Safety Policy

Genmab has an internal Global Lab Occupational

Health and Safety Policy specific to our R&D labs

across our locations. Formal committees respon-

sible for monitoring and improving health and

safety at each of our locations continued their

work. Each committee reports to site operations

and to the local management team to address

and escalate any issues. Health and safety

prevention workers continue to monitor and

improve health and safety at our R&D labs. This

policy is mapped to the positive impact of Safety

in our facilities. Under the leadership of our Chief

Medical Officer, our committees are responsible

for ensuring our compliance with the policy.

Workplace Accident Prevention

Management System

Genmab adheres to processes, assessments,

inspections, and staff trainings and has reporting

in place to prevent, monitor and manage

any workplace accidents. We aim to create a

workplace accident prevention policy over the

coming years. Mandatory workplace assessments

are conducted in compliance with local regula-

tions. This strategy is mapped to the positive

impact of Safety in our facilities. Under the lead-

ership of our Chief People Officer, our Human

Resources function is responsible for ensuring

our compliance with this Commitment.

Employee Value Proposition

Genmab has developed the Genmab Commitment,

which is our employee value proposition that is

published internally and the essence of it is used

across in our internal and external communica-

tions and social media platforms.

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The Commitment is what grounds our culture

in the day-to-day work and brings our vision,

purpose, and core values to life.

Our Commitment is made up of four key ingre-

dients that illustrate how “We are extra[not]

ordinary™”:

• Empowerment

• Care

• Authenticity

• Impact

These principles capture the culture we aspire

to — engaging our team members to go beyond

business as usual and to be remarkable,

unique, and authentic. We offer an extra[not]

ordinary rewards and opportunities package

that empowers team members to succeed and

enhances their well-being.

Processes for engaging with own

workers and workers’ representatives

about impacts (S1-2)

Genmab promotes an environment that fosters

individual empowerment that allows team

members to achieve their maximum potential.

Genmab encourages active dialogue directly

between employees and management. Genmab

drives initiatives that engage, develop, and

inspire employees as a part of our overall Total

Rewards strategy.

Genmab facilitates active dialogue between our

team members and management on workplace

issues and other topics of concern through HR

business partners, Employee Representative

Council and Works Council.

• Danish Employee Representative Council

presents topics of interest and concern to

employees during the year (at least once a

year) through meetings to enable us to gain

insight into the perspectives of our workforce

and to ensure we remain a preferred workplace.

Team members in Denmark have furthermore

exercised their right to elect representatives

to the Board of Directors in accordance with

Danish legislation, and three group employees

were elected to the Board under a voluntary

scheme allowing employees from other sites

to be elected. This employee representation

strengthens the involvement and decision-

making process at Genmab.

• Dutch Works Council is a statutory body with

the legal right and obligation to monitor and

work for the proper functioning of the Company

in all its objectives. This advocacy group

represents team members in the Netherlands

to bring concerns from the workforce to

management during the year (at least once a

year). Under the Dutch Works Councils Act, our

Council must consent on topics that directly

affect employees’ everyday work and must be

involved in, and consulted for, advice on major

organizational changes and determine the

impact on the local workforce.

While the U.S., Japan and China do not have Work

Councils, employee engagement occurs globally

for all employees through surveys and workplace

assessments including our annual global engage-

ment survey, inclusion networks, personal

development dialogues, employee-elected board

positions, employment relations and occupa-

tional health and safety representation.

A Global Employee Engagement Survey is

conducted on an annual basis. The results of the

survey help us keep a pulse on Genmab’s areas

of strength and opportunity. Focus groups are

conducted to generate further insights on critical

engagement issues. The organization shares

results with all team members and encourages

all people leaders to review feedback with

their teams and develop actions to improve

the overall employee experience. In addition,

Executive Management reviews results as a

group to analyze key findings, themes, reflect

on areas of strengths and opportunities for

employee engagement.

To inform teams on our business and our

progress, Genmab hosts functional and/or

regional town hall updates.

Under the leadership of our Chief People Officer,

our Human Resources function is responsible for

ensuring engagement with our own workers and

workers’ representatives.

Refer to SBM-2 for summary table of key

stakeholder engagement.

Processes to remediate negative

impacts and channels for own

workers to raise concerns (S1-3)

While we have not identified any material

negative impacts regarding our team members,

we do promote and encourage our people to

speak up to report concerns, share feedback,

address compliance issues, and express ethical

dilemmas to promoting transparency and foster a

culture of openness and accountability by raising

awareness of potential risks or challenges that

could affect the organization.

Employees can raise concerns through their

immediate managers or a Human Resource

colleague, who will track and monitor such

concerns, and raise the issue as needed to the

appropriate management to resolve it.

Employees can also raise concerns through

our 24/7 full-service Speak Up (whistleblower)

compliance hotline.

Speak Up Compliance Hotline

24/7 — Online or by Phone

GenmabSpeakUp.ethicspoint.com

Denmark: 80-83-01-69

Netherlands: 0800-020-1556

United States: 1-844-942-3289

Japan: 0800-123-0136

China: 400 125 3055

Refer to the Global Speak Up Policy in S1-1

and on our website. Refer to G1-1 for details

of Genmab’s anti-retaliation policies and

procedures and how Genmab tracks and

monitors issues raised.

Taking action on material impacts

on own workforce, and approaches

to mitigating material risks and

pursuing material opportunities

related to own workforce, and

effectiveness of those actions (S1-4)

The following actions were taken around

Genmab’s material impacts on our own workforce

in 2024:

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Employee Well-Being and Vitality

Genmab’s well-being pillars were implemented in

2024 which include:

• Emotional well-being: thrive every day

Supporting resilience and mental health

through manager training and tools

• Financial well-being: enjoy security

and freedom

Promoting financial security with initiatives like

Global Money Week

• Physical well-being: feel your best

Offering on-site and virtual fitness

opportunities

• Social well-being: live connected

Facilitating volunteer opportunities to connect

employees with the community

Programs

Global Well-Being: In 2023, we created a

strategic roadmap to help establish an effective

Global Well-Being (GWB) Program to support our

team members. Our roadmap was developed

based on feedback from key stakeholders and

the insights of well-being experts who use

research-based best practices to design and

implement a custom GWB program for our organi-

zation. The program that Genmab offered in 2024

and 2023 included the following workshops:

• Care for you as the caregiver

• Leading with love — celebrating and affirming

LGBTQ+ young people

• Creating financial well-being plan

• Design your work/life webinar

• International self-care day article posted on

Everyday intranet

Emotional and Mental Health: Genmab offered

multiple programs, including self-care applica-

tions, in 2024 and 2023 and resources at each

location to support emotional and mental health

needs. A weeklong series on Well-being for

employees that provided resources for managers

to leverage in support of their employees’

mental health in 2024 and 2023 included the

following workshops:

• Resilience: protecting your mental health in

stressful times

• How to maximize your day

• Stress busting: run from the bear

• The importance of unplugging

• Boundaries before burnout

Volunteering

Genmab organizes events throughout the year to

connect with each other and our communities.

In 2024, 688 team members volunteered 2,952

hours on Global Volunteer Day compared to 571

team members and 2,668 hours in 2023.

Self-Care Applications

In 2023, we launched our own mental health

application, GenCare, which is used by our team

members globally. The app uses several learning

approaches and preferences to support neurodi-

versity. GenCare evolved in 2024 with updated

content and a focus on improved well-being.

Work-life Balance

Genmab continued to provide four additional

days off and four meeting-free days throughout

the year in both 2024 and 2023. Genmab

recognizes the importance of time away from

work and offers all employees paid time off, as

well as leave of absence policies, to support

our teams members through extended periods

away from work on a paid and/or unpaid basis.

Genmab offers family-related leave to all full-time

employees across all our Genmab entities

following statutory provisions as stated by the

relevant local jurisdiction.

Total Rewards & Opportunities

As Genmab continues to grow, we’ve been

enhancing systems to support transparency,

understanding, and empowerment regarding

employees’ Total Rewards & Opportunities

which includes all of the tangible and intangible

elements available to employees in return for

helping Genmab fulfill our purpose and live

our values.

In 2024, we introduced a new feature in our

Human Resources Information System (HRIS)

providing more information about employee

salary and growth potential. Employees have

the ability to view salary ranges and market

ratios for comparable roles in the Biotech/Life

Sciences industry. These ranges were created

following consultation and alignment with leaders

throughout Genmab to ensure that the market

data leveraged was the most appropriate for

the skills and responsibilities our employees

possess. As a result, this exercise exemplifies

our rigorous, data-driven processes to ensure

our salaries are internally consistent as well as

externally attractive — for both new hires and

current employees.

Genmab also awards new hires with equity grants

in the form of warrants and restricted stock units,

allowing our team members the opportunity to

become part owners in Genmab.

Lastly, Genmab offers a variety of market

competitive benefits to our employees including

physical, social, professional, emotional and

financial well-being.

Refer to Note 4.6 in the consolidated financial

statements for details related to grants of

share-based instruments in 2024 and 2023.

Safety in Our Facilities

Our Safe & Sound and Sustainability Week recog-

nizes the successes of workplace health and

safety programs and provides information on

how to keep our lab workers safe while bringing

awareness to our sustainability footprint.

As part of the program for the weeks in 2024

and 2023, we highlighted important lab safety

topics specifically for the laboratories in the

Netherlands and the U.S. This included CPR

certification to equip our team members with

life-saving skills, eyewash demonstrations,

management of expired/unused chemicals, fire

extinguisher training and biosafety. We also cele-

brated our team members’ efforts in identifying

and reporting potential hazards.

We have instituted mandatory safety training

and ongoing education in all workplace areas,

especially related to the proper handling of

hazardous materials and chemicals in our labs.

We are fully aware of the impact that chemicals

can have on employee and patient health and

safety. We are committed to ensuring that our

chemical management practices comply with

all relevant regulations and standards, and

that we minimize the potential for harm to our

workers, customers, and the environment. Risk

assessments of chemicals used by Genmab in

its operations indicate that many pose low or no

hazard. However, we constantly monitor the use

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of chemicals with high risk factors, such as being

corrosive, reactive, mutagenic or carcinogenic,

and are constantly promoting investigation into

their potential replacement or process enhance-

ments. In alignment with our stringent safety

protocols and adherence to legal requirements,

our labs recorded no chemical-related incidents

resulting in injuries requiring beyond basic first

aid treatment or significant chemical emissions.

Career Development through

Training and Skill Building

Global Employee Engagement Survey

As standard practice, Genmab reviews the survey

results with the Executive Committee to reflect on

employee feedback, current engagement strategy

and understand future actions that could support

the employee experience. It is also encouraged

for people leaders to review survey results

directly with their employees to discuss the

feedback and establish any actions to improve

the employee experience. Lastly, Genmab trans-

parently displays survey results with the broader

employee population by publishing them on the

Company’s internal secured network.

In 2024 and 2023, Genmab conducted the

survey with areas of focus including: diversity

and inclusion, immediate manager, work environ-

ment, innovation, engagement, camaraderie &

teamwork, thriving, communication effectiveness,

work-life balance, career development, senior

leadership, performance management and orga-

nization effectiveness. Team members scored

Genmab on these areas of focus which helps us

keep a pulse on areas of concern.

The engagement score, which measures favor-

ability, is influenced by certain questions

specifically designed to measure overall

employee engagement on a five point rating

scale. In 2024, we achieved a 79% engage-

ment score and a 90% global participation rate

compared to an 83% engagement score and

an 88% global participation rate in 2023. Our

results in 2024 and 2023 exceeded life sciences

industry benchmarks of 78% engagement score

and 80% participation rate.

Refer to S1-5 for targets related to the global

employee engagement survey.

Learning & Development

In 2024, Genmab created multiple skills-based

learning paths for team members focusing on

specific skill development with focus areas

including digital and AI, feedback, strategic

planning, advance excel skills, leading different

generations, informal leadership, and business

communications.

In 2023, Genmab focused its efforts to continue

building our learning culture, including curation

and development of new virtual learning content

through our GenSpire platform, as well as initi-

ating custom, targeted learning programs. We

continued to implement our cloud-based learning

management system, together with an e-learning

library of courses to help team members develop

their skills while working remotely.

AI in learning

In 2024, Genmab focused on the usage of AI in

learning to increase usability, course suggestions,

and our collaboration with our learning providers.

Global Mentorship Program

In 2024, Genmab launched a Global Mentor

Program, to ensure an inclusive and supporting

environment. This new mentor program can

impact the sense of belonging, as employees

connect with other colleagues outside their area

of expertise as well as connecting with leaders

that can provide insights and feedback that is not

linked to any performance plan. The feedback can

be used to develop skills and traits important to

that specific individual.

Diversity in the Workplace

Employee Satisfaction

We achieved an overall satisfaction score of 88%

or greater on Diversity and Inclusion in the Global

Employee Engagement Survey in 2024 and 2023.

DE&I Council

Our DE&I Council guides the alignment of our

DE&I strategy with our overall business strategy.

The Council includes representation of senior

leaders, DE&I team, Internal Communication, and

presidents of our ERGs, and meets to discuss

cultural activities, employee feedback and future

DE&I needs.

DE&I Trainings

Our DE&I team updates Genmab DE&I training

each year to respond to the growth and diversity

in Genmab as well as the geopolitical situation in

the global environment. We conducted multiple

trainings in 2024 and 2023. The trainings offered

were a combination of culture Workshops, culture

masterclasses and DE&I workshops with basic

concepts and definitions.

Employee Resource Groups (ERGs)

Genmab currently has six (6) Employee Resource

Groups (ERGs). ERGs are employee led, self-

directed voluntary groups that enhance culture

and aim to bring better business outcomes

through leveraging diversity and inclusion by

offering opportunities to network internally,

attracting a diverse employee base, providing

the inclusion of ideas and solutions, and creating

opportunities for career development. ERGs are

overseen by the DE&I team, under the Human

Resource function. All ERGs are open to all

employees of Genmab.

Talent Acquisition and Fair &

Equal Hiring Practices

In 2024, we attended two (2) diversity career

fairs. In 2023, our Talent Acquisition team,

including 100% of our recruiters, received

additional implicit bias training on eliminating

bias in the hiring process. In partnership with

the National Black MBA Association, Inc and

Disability IN, in the U.S., as well as Women in

Tech in Brussels, we continued outreach and

relationship building in historically underserved

communities to better understand their needs

and identify ways to support local prosperity

and the development of potential talent for our

Company. We plan to continue to participate in

three to four diversity career fairs annually, with

the focus on expanding the talent pipeline and

ensuring that diverse talent has access to apply

for vacant positions.

Compliance with the Dutch Participation Act

We employ three individuals with disabilities who

were trained, mentored, and coached on the job

to support this law that aims to help everyone

find work in the Netherlands, including people

with disabilities.

Refer to S1-5 for targets linked to diversity.

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Sustainability Statements

Targets related to managing material

negative impacts, advancing positive

impacts, and managing material

risks and opportunities (S1-5)

Targets related to Employee

well-being and vitality

Genmab continues to promote an environment

that fosters individual empowerment that allows

team members to achieve their maximum

potential, and drive initiatives that engage,

develop and inspire employees as a part of

our overall Total Rewards strategy. Specific

target identified by the HR function related to

promoting employee well-being and vitality is

indicated below:

• Meet or exceed the global benchmark

for (1) employee engagement score and

(2) participation rate for the Global Employee

Engagement Survey in 2025 (annual target)

The target is measured annually after the

administration of the Global Employee

Engagement Survey. Genmab will compare

the engagement score, which measures the

favorability rate, and the participation rate for

the Company’s engagement in comparison to

the life sciences industry average. Focusing on

top-down governance, the survey results are

reviewed with the Executive Committee. During

the discussion, the team will reflect on any

actions needed to maintain or improve overall

employee engagement.

Refer to S1-4 which shows how Genmab’s

Global Employee Engagement Survey results

in 2024 and 2023 outpaced life sciences

industry benchmarks.

1. Executive Management received RSU grants in 2022, 2023 and 2024 with performance linked to sustaining at or better than the global benchmark for employee engagement.

2. Executive Management received RSU grants in 2022, 2023 and 2024 with performance linked to gender diversity balance targets in director and above level roles. The range of payout varies based on gender splits (see GOV-3).

Targets related to Career development

through training & skill building

The Genmab Learning & Development (L&D) team

within the Global Talent Management strives to

be data centric. The L&D team measures learning

completion records for required learning, optional

learning, and self-assigned learning. Aside from

completion measures the team also measures

the communication channels effectiveness.

Specifically, L&D has set annual required career

development, training & skill building targets

as follows:

• 100% of eligible employees are

provided access to Genmab’s end of year

performance process

The Global Talent Management team at

Genmab will ensure that all eligible employees

are provided full access to the year-end

performance process at Genmab, including

providing internal resources and early

engagement to the employees. This is set as an

annual target for 2025.

• 100% of employees are provided access to

training programs that meet the development

needs across various career stages and

learnings styles

The Global Talent Management team at Genmab

will ensure that professional development skills

trainings are offered to all employees. This is set

as an annual target for 2025.

• Launch sustainability awareness training

by 2025

The Corporate Sustainability Team at Genmab

plans to launch sustainability awareness

training for team members in 2025.

Targets related to Diversity

in the Workplace

Diversity targets are determined by the DE&I

Council (made up of senior executives) and

adopted by the Board of Directors. They are

as follows:

(1) Maintain between 40% to 60% gender

representation at a director level and above

The Board of Directors has committed to

maintaining an annual target of balanced

gender representation, at a director level and

above level positions by 2025. In order to

provide equal employment and advancement

opportunities to all individuals, employment

decisions at Genmab are based on merit. The

Company is committed to equal opportunity

in the conduct of all our business activities.

Genmab does not discriminate on the basis

of race, color, creed, religion, gender, national

origin, age, marital status, disability, sexual

orientation, gender identity or expression,

status with regard to public assistance or

any other classification protected by appli-

cable law.

As of December 31, 2024, the gender split

in director level and above was 52% female

and 48% male as disclosed in the table in

section S1-9.

(2) Target between 40% to 60% gender repre-

sentation by 2025 in the Other Management

Levels at Genmab A/S only in accordance

with the guidelines from the Danish

Business Authority

As of December 31, 2024, the gender split

in the Other Management Levels, as defined

in the Danish Companies Act, was 33%

female managers (six persons) and 67%

male managers (12 persons) for Genmab A/S

(Danish Parent only). As we do not currently

have an equal share of men and women in

the Other Management Levels at Genmab

A/S as defined by the Danish Companies Act,

the Board of Directors has committed to a

target ratio of 40% to 60% for female and

male splits in the Other Management Levels

of Genmab A/S by 2025, or the target that

comes closest to this target and which still

constitutes an equal gender composition

in accordance with the guidelines from the

Danish Business Authority.

To pursue the fulfillment of the set target

and to continue working towards and main-

taining diversity and equal opportunities for

employees at all management levels in the

Genmab Group, we have implemented several

initiatives related to, among other things,

recruitment, employment terms and talent

development. We also offer participation in

internal network groups and focus on raising

awareness of bias throughout the organiza-

tion by conducting regular internal training.

Taking into account these initiatives and

the existing composition of the Other

Management Levels of Genmab A/S, the

target is expected to be met by 2025.

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Sustainability Statements

Characteristics of the undertaking’s employees (S1-6)

December 31,

2024* 2023 2022

Female Male Total Total Total

Employees (Headcount)

Denmark 326 228 554 495 410

Netherlands 490 335 825 740 600

U.S. 642 432 1,074 887 643

Japan 55 131 186 140 58

China 55 56 111 – –

Total Headcount 1,568 1,182 2,750 2,262 1,711

December 31,

2024* 2023 2022

Female Male Total Total Total

Employees (FTEs) Female Male Total Total Total

Permanent 1,498 1,136 2,634 2,159 1,627

Temporary 28 20 48 45 33

Total FTEs 1,526 1,156 2,682 2,204 1,660

December 31,

2024 2023 2022

FTEs (R&D vs. SG&A)

Research and development FTE 1,886 1,541 1,193

Selling, general and administrative FTE 796 663 467

2024 2023 2022

Turnover

# of FTEs leaving Genmab 190 157 119

Turnover Rate — Overall 7% 8% 8%

Turnover Rate — Voluntar y 6% 5% 6%

* 2024 is a baseline year for female/male headcount and FTE reporting. Splits were not previously disclosed in prior year

Annual Reports.

As of December 31, 2024, the total number of FTEs was 2,682 compared to 2,204 as of December 31,

2023. The increase was primarily driven by the expansion and acceleration of our pipeline, as well as

the investment in the expansion of Genmab’s commercialization capabilities, including support for

EPKINLY in the U.S. and Japan post launch activities, and broader organizational capabilities and the

acquisition of ProfoundBio.

Accounting Policies

Number of Employees

FTEs are defined as all employees on our payroll, both full-time and part-time, as well as active and

on-leave. All individuals have been included by reflecting the proportion of an FTE they represent

based on their contractual agreement.

Headcount are defined as all employees on our payroll, both full-time and part-time, as well as active

and on-leave. All individuals have been included by reflecting a 1 equivalent per person.

Turnover Rate

Turnover rate is calculated by the overall number of FTEs leaving since the beginning of the year

divided by the average FTE for the year.

Temporary

Includes interns, student workers, post Doctorate (post doc) and fixed term employees.

Refer to the Note 2.3 Staff Costs for cross reference to FTEs reported in Genmab’s

financial statements.

Collective bargaining coverage and social dialogue (S1-8)

There are no employees covered by collective bargaining agreements at Genmab. There are workers

councils in Denmark and the Netherlands. Refer to S1-2 for details of the work councils.

Coverage Rate

Collective Bargaining Coverage

Employees — EEA

Social Dialogue

Workplace representation (EEA only)

0–19%

20–39%

40–59%

60–79%

80–100% Denmark, Netherlands

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Diversity metrics (S1-9)

Diversity metrics as of December 31:

2024 2023 2022

Female Male Total Female Male Total Female Male Total

Board of Directors, Shareholder-Elected 3 3 6 3 3 6 3 3 6

% of total 50% 50% 100% 50% 50% 100% 50% 50% 100%

Board of Directors, Including Employee-Elected 4 5 9 4 5 9 4 5 9

% of total 44% 56% 100% 44% 56% 100% 44% 56% 100%

Executive Management 3 6 9 3 5 8 2 5 7

% of total 33% 67% 100% 38% 63% 100% 29% 71% 100%

2024 2023 2022

Female Male Total Female Male Total Female Male Total

Genmab Group 1,525 1,157 2,682 1,270 934 2,204 964 696 1,660

% of total 57% 43% 100% 58% 42% 100% 58% 42% 100%

Director Level and Above 547 507 1,054 449 414 863 348 332 680

% of total 52% 48% 100% 52% 48% 100% 51% 49% 100%

Below Director Level 978 650 1,628 821 520 1,341 616 364 980

% of total 60% 40% 100% 61% 39% 100% 63% 37% 100%

2024 2023 2022

Age

< 30 11% 13% 14%

30–50 63% 63% 62%

> 50 26% 24% 24%

100% 100% 100%

Adequate wages (S1-10)

All of Genmab’s employees receive adequate

wages. We have a dedicated compensation &

benefits team at Genmab that ensures that we are

paying our people in line with local legal require-

ments and with peer and similar companies

through benchmark analysis.

Social protection (S1-11)

All of Genmab’s employees are covered by

social protection, through public programs or

through benefits offered by Genmab, against

loss of income due to any of the following major

life events including sickness, unemployment,

employment injury and acquired disability,

parental leave and retirement.

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Sustainability Statements

Training and skills development metrics (S1-13)

Genmab provides all employees training and skills development related activities within the context of

continuous professional growth, to upgrade employees’ skills and facilitate continued employability.

2024

Female Male

Training and skills development metrics

% of Employees Who Have Completed Performance Reviews/Career Conversations 100% 100%

% of Employees Who Have Not Completed Performance Reviews/Career Conversations 0% 0%

Average Number of Training Hours 10 8

Health and safety metrics (S1-14)

The health and safety of 100% of Genmab’s

employees and non-employees are covered by

legal requirements and recognized standards

and guidelines. There were no fatalities in 2024

or 2023 as a result of work-related injuries and

work-related ill health. In 2024, there were no

work-related accidents. In 2023, we had one

occupational incident that resulted in lost time

at work in the U.S. We will continue our ongoing

preventative health and safety activities to

reinforce policies and procedures to all team

members globally.

Remuneration metrics (pay gap

and total remuneration) (S1-16)

The below table shows the percentage gap in pay

between all our female and male employees and

the ratio between the remuneration of our CEO

and the median remuneration of our employees.

2024

Gender pay gap — Overall 12%

Gender pay gap — E xcluding

Executive Management 5%

CEO pay ratio 64

Accounting Policies

Gender pay gap

Genmab calculates the gender pay gap for

employees as the difference of average pay

levels (gross hourly pay) between female and

male employees, expressed as percentage

of the average pay level of male employees.

The calculation relies on a single variable

(gender) and excludes other factors that would

typically be included in a pay analysis, such as

job level, amount of experience, performance

rating, education level, typical market pay for a

position, etc.

CEO pay ratio

Genmab calculates the CEO pay ratio for

employees as the annual total remuneration

ratio of the highest paid individual (our CEO)

to the median annual total remuneration for all

employees (excluding our CEO). Remuneration

includes base salary, defined contribution plans,

other benefits, annual cash bonus and share-

based compensation. Refer to Note 5.1 in the

consolidated financial statements for details of

CEO pay for 2024.

Incidents, complaints and severe

human rights impacts (S1-17)

During 2024, there were no work-related

incidents of discrimination, including harassment,

substantiated. No cases of severe human rights

incidents (e.g., forced labor, human trafficking, or

child labor) were identified during 2024.

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Sustainability Statements

Below is the list of Disclosure Requirements as it pertains to ESRS S4 — Consumers and/or End-users:

Section Disclosure requirement content Disclosure requirement #

4.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy

and business model

SBM-3

4.1 IRO Management Policies related to consumers and end-users S4-1

Processes for engaging with consumers and end-users about impacts S4-2

Processes to remediate negative impacts and channels for consumers and

end-users to raise concerns

S4-3

Taking action on material impacts on consumers and end-users, and approaches

to managing material risks and pursuing material opportunities related to

consumers and end-users, and effectiveness of those actions

S4-4

4.2 Consumers & End-Users Metrics

and Targets

Targets related to managing material negative impacts, advancing positive

impacts, and managing material risks and opportunities

S4-5

Social —

Consumers

and End-users

Genmab’s consumers include

healthcare providers, pharmaceu-

tical distributors, and end-users are

its patients. Our consumers and/or

end-users are dependent on accurate

and accessible product-related infor-

mation, such as manuals and product

labels, to avoid potentially damaging

use of a product. We also have a

small group of pediatric consumers/

end-users who are participating in

a pediatric study, who are particu-

larly vulnerable to health or privacy

impacts or impacts from marketing

and sales strategies due to the

inherent nature of young age-group.

At Genmab, our work is anchored in

our core purpose: to improve the lives

of patients through innovative and

differentiated antibody therapeutics.

Driven by this purpose, we are

transforming the way patients fight

cancer while creating long-term value

for all our stakeholders.

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4.0

IROs

The below table describes Genmab’s material impacts, risks and opportunities related to our material Social topics for Consumers and End-Users:

Section Material Topic Material Impact Value Chain Location Material Risk Material Opportunity

Social Consumers and End-Users

― Social inclusion of consumers

and/or end-users

Access and integrity in clinical trials

(positive)

Downstream Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance

Market access programs to allow for

product availability for uninsured or

underinsured (positive)

Downstream Refer to the Risk Management section of the Annual Report

for risks related to Business and Products

Assisting those having difficulty affording

Genmab products prescribed to them

Consumers and End-Users

― Personal safety and

information of consumers and/

or end users

Patient engagement programs

developed (positive)

Downstream Refer to the Risk Management section of the Annual Report

for risks related to Business and Products

Clinical trial transparency (positive) Downstream Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance

All impacts, risks and opportunities have expected time horizons of short, medium and long-term.

Access and integrity in

Clinical trials (positive)

We strive to enroll patients who will benefit

from our clinical studies and Genmab is subject

to extensive legislative, regulatory and other

requirements which pose a risk to Genmab;

however, Genmab is committed to ensuring equal

access to Genmab clinical trials. We have DE&I

initiatives to ensure we enroll diverse patients

who represent the communities we serve.

Market access programs to allow for

product availability for uninsured

or underinsured (positive)

MyNavCare Patient Support is designed to

provide comprehensive resources and support

to help patients access EPKINLY (epcoritam-

ab-bysp) throughout their treatment journey.

Recognizing the challenges faced by uninsured

or underinsured patients, Genmab has created a

robust program through MyNavCare to provide

financial assistance and free medicine for eligible

patients struggling to afford their prescribed

treatments. Without effective market access

programs, Genmab could lose market share from

competition.

Assisting those having difficulty affording

Genmab products prescribed to them is an iden-

tified opportunity for Genmab and can lead to

market growth in a competitive pharmaceutical

landscape. Through MyNavCare, Genmab assists

eligible patients with coverage for co-pays,

co-insurance, and deductibles, helping to ensure

that financial challenges do not become barriers

to accessing life-changing therapies. This initia-

tive reflects Genmab’s commitment to reducing

disparities in healthcare access and empowering

patients to focus on their treatment journey.

Patient engagement programs

developed (positive)

Genmab is elevating the voices of patients and

care partners by incorporating their perspectives

into all aspects of our work — from early-stage

R&D to clinical trials and commercialization.

These insights are vital to our ability to innovate

and to support people impacted by our medicines

as they navigate the complex aspects of a

serious illness. Without our patient engagement

programs, there is risk of increased competi-

tion and decreased overall patient experience.

Genmab engages with patients and caregivers to

gather insights and improve patient outcomes.

The goal of these programs is to effectively and

efficiently bring medicines to patients that incor-

porate the patient voice across the continuum of

clinical development, including ensuring clinical

protocols and informed consents have the patient

insights required to attract and retain patients in

the trials while meeting regulatory requirements.

Clinical trial transparency (positive)

As there is risk associated with transparency in

our business, increased transparency in clinical

trials is a key factor for advancing medical

research and improving patient outcomes. As

Genmab develops antibody therapeutics for

cancer treatment and other serious diseases,

increased transparency can have the following

material impacts:

• Help patients find trials that match their

eligibility criteria and preferences, increasing

the recruitment and retention rates of

participants.

• Empower patients to make informed decisions

about their health, enhancing their trust

and satisfaction with the trial process and

the Company.

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• Improve the evidence base for clinical care,

allowing clinicians and scientists to access

and evaluate the safety and efficacy of

new treatments.

• Prevent duplication of unsuccessful

trials, saving time and resources for the

research community.

• Contribute to efficient design of clinical trials,

enabling Genmab and the research community

to learn and optimize new trial protocols

and outcomes.

Increased transparency in clinical trials benefits

Genmab by facilitating development of innovative

and effective therapies for patients with cancer

or other serious diseases and ensuring their

optimal use.

4.1

Consumers and End-Users IRO

management

Policies related to Consumers

and End-Users (S4-1)

Human Rights Commitment

Our Human Rights Commitment includes

policies around our patient’s safety and privacy

rights of our patients, healthcare providers and

other customers.

Refer to section S1-1 for additional disclosures

on our Human Rights Commitment and the

Human Rights Commitment on our website.

Commitment to Quality

Our goal is to safeguard patient safety through

state-of-the-art monitoring systems, stringent

processes, and industry best practices. Our

comprehensive safety program is designed

to identify and mitigate potential risks asso-

ciated with our products, and to ensure that

our products are safe and effective for their

intended use.

We work closely with regulatory agencies to

ensure that our products meet all safety and

efficacy standards. We also collaborate with

healthcare providers and patient advocacy

groups to ensure that patients have access to

the information they need to make informed

decisions about their treatment. Under the lead-

ership of our Chief Development Officer, our

functions are responsible for ensuring compli-

ance with Commitment to Quality.

Refer to the Commitment to Quality on

our website.

Clinical Trial Transparency

Genmab is committed to transparency of clinical

trial research. We recognize the scientific and

ethical value of sharing clinical trial information

in a non-biased and timely manner to benefit

diverse audiences. Transparency in clinical trials

helps patients and healthcare providers to make

well-informed decisions about patients’ health.

Transparency is also about building and main-

taining public trust in clinical research. We are

committed to sharing clinical trial information

and results in a language understandable also for

non-scientists, as part of our ongoing transpar-

ency efforts.

Our commitments apply to all Genmab-sponsored

interventional clinical trials, Phase 1 and beyond,

conducted worldwide. To the extent applicable,

our commitments also apply to Genmab-

sponsored non-interventional clinical studies

and expanded access programs. The most senior

level in Genmab that is accountable for the policy

is the Chief Development Officer.

The Genmab Clinical Trial Transparency

Declaration can be mapped to the positive impact

of Clinical trial transparency and is publicly

available via the website. The Declaration is also

referenced in the onboarding program of new

Development Operations employees.

Refer to the Clinical Trial Transparency

Declaration on our website.

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Sustainability Statements

Code of Conduct

Within Genmab’s Code of Conduct, there is a

section (#5) specifically on Clinical Trials, which is

publicly available via Genmab’s website.

Our research and clinical trials are always guided

by Our Purpose: to improve the lives of patients

through innovative and differentiated antibody

therapeutics. We are committed to conducting our

research, development, and related data collec-

tion with scientific integrity and disclosing results

in a timely manner.

Genmab’s Code of Conduct also describes

our 20 ethical standards and covers respon-

sible marketing practices. We at Genmab are

committed to conducting all aspects of our

business with integrity, and in an ethical, honest,

and transparent manner. These standards

and our associated corporate policies provide

further guidance for our people with respect

to this commitment. Genmab’s Head of Global

Compliance is responsible for this policy

and reports directly to the CEO, and both

are members of the CSR and Sustainability

Committee. The Code of Conduct can be mapped

to our positive impact of Access and integrity in

clinical trials.

Refer to the Code of Conduct on our website.

Commitment to Patients

Across Genmab, our talented and dedicated team

works every day to improve the lives of patients

through innovative and differentiated antibody

therapeutics. Genmab’s Commitment to Patients

describes how our work is guided by doing what’s

best for patients. Through our Patient Advisory

Council, patients contribute their insights ranging

from how we design and conduct our clinical

trials to how we may help to educate and support

patients who have been prescribed our products.

We are focused on understanding the many indi-

viduals who may support a patient throughout

their disease experience and tailoring resources

to the needs of these care partners to better

facilitate their role in the care journey. Our goal is

to conduct clinical research that reflects the real-

world demographics of the diseases we study,

and we strive to ensure our trials are patient

centric and accessible for patients of all back-

grounds to participate. We aim to ensure that all

patients who are prescribed our medicines have

timely access to them. We work with stakeholders

across the healthcare system and have patient

support services (PSS) in place to address patient

access to our medications once prescribed. We

aim to facilitate transparency in our work and

interactions.

The Commitment to Patients can be mapped to

the positive impacts of patient engagement and

market access programs developed to allow for

product availability for uninsured or underin-

sured. The Senior Vice President Communications

and Corporate Affairs is responsible for the policy

and reports directly to CEO.

Refer to the Commitment to Patients on

our website.

Global Compliance Policy

Genmab has an internal Global Compliance

Policy and playbook. The Global Compliance

Policy covers interactions and engagements

with healthcare professionals, healthcare

organizations, patients, patient association

groups and government officials (stakeholders).

Genmab’s Head of Global Compliance is respon-

sible for this policy and reports directly to the

CEO, and both are members of the CSR and

Sustainability Committee.

Processes for engaging with consumers

and end-users about impacts (S4-2)

Genmab’s engagement with consumers and

end-users is a multi-faceted strategy that prior-

itizes patient safety, ethical marketing, and

transparent communication.

Patient Engagement Programs

Genmab’s mission to improve the lives of patients

with cancer and serious diseases is realized

through its commitment to patient engagement

programs. These efforts include clinical trials,

advocacy initiatives, and also through tailored

support programs like MyNavCare Patient

Support™, which provides, with respect to

Genmab products approved in the U.S., person-

alized assistance for patients and their care

partners, as well as support for HCPs for the

ultimate benefit of patients.

The MyNavCare Patient Support™ program offers

comprehensive support, including insurance

navigation, and financial support, designed

to facilitate access to therapies for all eligible

patients. The program supports, among others,

those who are uninsured or underinsured,

ensuring equitable access to treatment while alle-

viating the burdens associated with navigating

complex healthcare systems. When someone

has enrolled in the MyNavCare program, which

is optional, they can call and engage with

MyNavCare team members to discuss any

questions or issues they have.

Genmab values patient input and actively

involves patients in its decision-making

processes through initiatives like the Patient

Advisory Council. This council enables patients

to share their experiences and insights, influ-

encing how clinical trials are designed and how

medicines are delivered. By listening to patient

feedback, Genmab can better understand their

needs and concerns, ultimately enhancing both

the science behind its therapies and the support

services offered, thereby contributing to the

decision-making processes ranging from how we

design and conduct our clinical trials to the way

we deliver our medicines.

Engagement occurs on a regular basis, from early

development through commercial. The Senior

Vice President Communications and Corporate

Affairs is responsible for ensuring this engage-

ment and reports directly to CEO.

Clinical Trial Transparency

Transparency in clinical trials is another key focus

for Genmab. Genmab engages on a regular basis

with patient advocacy groups and healthcare

professionals to ensure that the perspectives

of consumers and end-users are integrated into

trial design and execution. Genmab publishes

its Clinical Trial Transparency Declaration on its

website, keeping patients and other stakeholders

informed about trial processes and expectations.

The Development Operations team, organized

under the Chief Development Officer, oversees

this engagement, and ensures the effective

planning, execution, and public disclosure of

clinical trials.

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Sustainability Statements

Safety and Compliance

The Global Drug Safety team plays a crucial

role in ensuring that Genmab’s products meet

stringent safety and efficacy standards. They

work closely with regulatory agencies to maintain

compliance but do not engage directly with

patients. This team’s efforts are complemented

by a comprehensive safety monitoring program

designed to identify and mitigate potential risks

associated with Genmab’s therapies. Trust in the

safety and quality of these products is essential,

as any breach of trust can adversely affect the

Company’s reputation and core business. Under

the leadership of our Chief Development Officer,

our internal functions are responsible for ensuring

safety and compliance.

Ethical Marketing Practices

Genmab emphasizes responsible marketing

practices in all interactions with healthcare

providers and stakeholders. Genmab has estab-

lished a Code of Conduct that sets high ethical

standards for employees, reinforced through

regular training. This ensures that all marketing

and sales efforts align with local and national

regulations, which may limit direct engagement

with consumers and end-users. Ethical marketing

practices are the responsibility of our Chief

Commercial Officer.

Processes to remediate negative

impacts and channels for consumers

and end-users to raise concerns (S4-3)

While we have not identified any material

negative impacts regarding our consumers and

end-users, we do promote and encourage our

consumers and end-users to speak up to report

concerns, share feedback, address compli-

ance issues, and enable remedy for human

rights impacts. We believe our consumers and

end-users trust the channels described in this

section as we receive questions and requests

from these channels.

Clinical Trials

Consumers and end-users can raise questions

or concerns via Genmab’s publicly available

mailbox, ClinicalTrial@genmab.com. This

mailbox is provided along with all registered trials

on disclosure platforms such as ClinicalTrials.

gov and the EU CTIS public portal. At time of

enrollment, the trial participants are provided

an Informed Consent Form (ICF) to sign before

joining a trial. The ICF contains additional

information on channels to raise questions or

concerns. The requests received are reviewed

and assessed to ensure they are addressed by

the appropriate Genmab function, while ensuring

that personal information is handled securely and

in compliance with privacy regulations.

MyNavCare

Patients enrolled in the MyNavCare program have

access to dedicated team members who address

their concerns, answer questions, and provide

personalized assistance. The Patient Engagement

Liaisons (PELs) serve as trusted points of contact,

offering tailored support without providing

medical advice or working under the direction

of the prescribing healthcare providers. PELs

are dedicated to helping patients and care

partners by:

• Providing information about the patient’s

condition and what to expect while

on treatment

• Connecting them with external organizations

• Offering resources tailored for the needs of both

patients and care partners

This optional program ensures that patients feel

supported and informed, creating a compas-

sionate framework that prioritizes patient

empowerment while respecting the role of health-

care providers in treatment decisions.

The effectiveness of our work is tracked via

regular meetings with our MyNavCare team

members and through scheduled updates with the

other cross functional teams leadership meetings.

The Patient Services Steering Committee, made of

senior U.S. Market leaders, meets every quarter to

review the patient services program operational

metrics and effectiveness.

Reporting a Side Effect or a Quality Concern

We take patient safety seriously. Reports of side

effects and quality concerns enable us to ensure

the safety of our medicines and the patients who

take them. Genmab has a public number that

patients may call. We state on all our resources

the following:

You are encouraged to report side effects to

the FDA at (800) FDA-1088 or www.fda.gov/

medwatch or to Genmab US, Inc. at 1-855-

4GENMAB (18554436622).

The company systematically monitors and

evaluates adverse events and other safety-

related information associated with its therapies

post-approval. This ongoing surveillance

helps identify and respond to potential safety

concerns promptly.

Speak Up Hotline

If patients or caregivers have concerns, they

can raise them through the Speak Up Hotline.

Our 24/7 full-service Speak Up (whistle-

blower) compliance hotline enables the

anonymous reporting of illegal, unethical, and/

or non-compliant behavior and related concerns

in connection with our organization. Our

Compliance team regularly reviews these matters,

and supports investigations as warranted,

reporting to both management and the Audit &

Finance Committee.

Refer to the Global Speak Up Policy and Hotline

on our website, and S1-3 for further details.

Taking action on material impacts

on consumers and end-users, and

approaches to managing material

risks and pursuing material

opportunities related to consumers

and end-users, and effectiveness

of those actions (S4-4)

Genmab has safety measures in place for

products, patients, and healthcare providers.

Genmab believes that patient safety plays a

critical role in our business operations. Genmab

has a Comprehensive Safety Program that is

designed to identify and mitigate potential risks

associated with our products, and to ensure

that our products are safe and effective for their

intended use. We work closely with regulatory

agencies to ensure that our products meet all

safety and efficacy standards.

Genmab provided annual training programs on

pharmacovigilance for global drug safety and

pharmacovigilance (GDS&PV) staff, including

regular updates and assessments to ensure

continuous learning and compliance with the

latest regulations. Also, Genmab developed

and distributed educational materials on safety

requirements to stakeholders and organized

workshops to enhance their understanding

and implementation of safety protocols. These

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actions are linked to the personal safety and

information of consumers and end-users.

The following actions were taken around

Genmab’s material impacts on our consumers

and end-users for 2024:

Access and integrity in clinical trials

We have a Patient Advisory Council and a Study

Coordinator Advisory Council who provide input

to our clinical trials. In addition, our clinical trials

are reviewed by institutional review boards,

ethics committees, regulatory authorities, and

data and safety monitoring boards.

As of December 31, 2024, there was a total of

25 ongoing Genmab-sponsored clinical trials, all

registered on ClinicalTrials.gov. Our clinical trials

are taking place in 37 countries worldwide with

620 patients enrolled during the year.

Genmab complies with all applicable industry

regulations, guidelines, and standards globally

for drug development, such as cGLP, cGCP,

cGMPs and good animal practice as defined

by the Federation of European Laboratory

Animal Science Associations (FELASA). We also

monitor and comply with all relevant legislation

and regulations, including guidelines issued

by international regulatory authorities such

as the European Medicines Agency (EMA), the

U.S. Food and Drug Administration (FDA), the

Pharmaceuticals and Medical Devices Agency

(PMDA) and others. It is important to acknowl-

edge our relationship with Japan PMDA, as it

reflects our global strength. Our operations were

periodically audited by relevant authorities.

Clinical trials generate the data necessary

to evaluate the safety and efficacy of drugs,

providing insight on how to use a therapy and

which patients are most likely to benefit from

treatment. Even with the advancements in

understanding the incidence of different cancers

between genders and racial or ethnic groups,

inequities persist, resulting in underrepresenta-

tion in clinical trials.

Genmab’s DE&I in Clinical Trials Project Team

is responsible for defining and implementing

a framework to deliver Genmab’s intentions to

provide clinical trial treatment options to patients

in a wider community and generate clinical trial

data from currently underrepresented popu-

lations. The Project Team works to ensure all

Genmab registration studies have a clear strategy

and process for Diversity Plan success.

Genmab has been working to implement diversity

in our pivotal clinical trials. In 2024, Genmab

introduced a Diversity Action Plan (DAP) SOP and

DAP template to be implemented for all pivotal

trials. The inaugural Diversity Action Plan was

submitted to the U.S. FDA in 2024. With the U.S.

FDA final guidance expected in 2025 we will

ensure compliance with the agency’s new rules

and implement diversity in all applicable pivotal

studies where appropriate.

Genmab systematically monitors and evaluates

adverse events and other safety-related informa-

tion associated with its therapies post-approval.

This ongoing surveillance helps identify and

respond to potential safety concerns promptly.

Our cross functional team regularly reviews

matters, and supports investigations as

warranted. We have a mix of internal and external

committees that regularly monitors clinical trial

data to track and assess the effectiveness of

these actions mentioned above.

Market Access Programs to

Allow for Product Availability for

Uninsured or Underinsured

All Market Access colleagues undergo compre-

hensive annual compliance training to ensure

adherence to regulatory standards and ethical

practices. Here is a list of some of the key compli-

ance training modules they complete:

• Data Privacy

• U.S. FDA guidelines

• The PhRMA code and Ad Promotion rules

• Compliance issues including Anti-bribery

and Speak Up modules (including

whistleblower training)

• Pharmacovigilance

• Sunshine Act (and various other

transparency laws)

• Conflict of interest

The MyNavCare team also trains annually on

specific compliance related PSS polices and

business rules.

These training modules ensure that colleagues in

the Market Access group remain informed about

the latest regulatory requirements and ethical

standards, thereby safeguarding the Company’s

reputation and ensuring the continued availability

of their products to patients. The tracking of the

completion rates are monitored by the Global

Compliance team.

Patient Engagement Programs Developed

Genmab is elevating the voices of patients and

care partners by incorporating their perspectives

into all aspects of our work from early-stage

R&D to clinical trials and commercialization.

These insights are vital to our ability to innovate

and to support patients as they navigate the

complex aspects of a serious illness. The effec-

tiveness of these patient engagement programs

are tracked via regular meetings with our

patient advisory council and through scheduled

updates with other internal teams. Our patient

advocacy team facilitated multiple touchpoints

with key stakeholders throughout the year to

provide opportunities for mutual learning and

insight sharing:

• Our Patient Advisory Council, formed in

2023, which consisted of 16 members as

of December 31, 2024 compared to 13

members as of December 31, 2023, met

nine times in 2024 and four times in 2023. In

2024, topics discussed included feedback on

patient materials, such as brand messaging

and caregiver resources, the global and U.S.

websites, and review of clinical trial materials,

including informed consent forms, protocol, and

lay summary. In 2023, topics discussed were

around clinical trial recruitment and diversity

in clinical trials, providing patient perspective

on the cancer experience and how Genmab

can better serve patients and care partners.

Members of the Council represent people with a

variety of tumor types, ages, geographies, and

socioeconomic backgrounds.

• Our third annual Science Day in 2024 brought

together 29 leaders from 24 organizations and

six patient advisors for 1.5 days of scientific

discussion and knowledge exchange. Our second

annual Science Day in 2023 brought together

32 representatives from patient advocacy and

professional groups, our Patient Advisory Council

and Genmab team members to share information

about our respective work to inform how we

can best address the needs of patients and

their care partners. Topics included AI, and the

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cancer journey for patients and care partners.

We understand the need for broad stakeholder

education to help break down barriers and reach

underrepresented populations, along with the

need to support the patient and care partner to

address the psychosocial impacts of living with

cancer, such as feelings of depression, anxiety,

and fear. The actionable insights gained from

Science Day are key to shaping our future patient

engagement and education efforts.

MyNavCare

We are bringing life-changing medicines

and support services to patients through

MyNavCare Patient Support. Since the 2023

launch of EPKINLY in the U.S., through 2024,

we have supported patients directly through

MyNavCare Patient Support, our robust patient

support program, and continuously worked with

stakeholders across the healthcare system to

ensure rapid and sustainable access to appro-

priate patients.

In the U.S., MyNavCare supports each patient’s

unique needs alongside the needs of care

partners. We support:

• Patients and care partners through case

management, insurance navigation and

financial assistance, among other services

• HCPs through navigating access, including

reimbursement education, and billing and

coverage information, among other resources

with the overarching goal of supporting

patients needs

We also provide access support for eligible

patients who are uninsured or underinsured

through our Patient Assistance Program, which

minimizes the burden of applying for assistance

and quickly determines eligibility.

We aim to take great care and consideration to

help ensure rapid and sustainable access for all

appropriate patients who may benefit from our

therapies as we look to bring our own medicines

to additional markets in the future. We remain

focused in our pursuit to turn innovative science

into medicine that creates value and delivers

meaningful impact to patients, their care partners

and the HCPs who serve them.

Under the leadership of our Vice President, U.S.

Market Access, our market access function is

responsible for oversight of MyNavCare.

The effectiveness of our work is tracked via

regular meetings with our MyNavCare team

members and through scheduled updates

with the other cross functional teams leader-

ship meetings.

Clinical Trial Transparency

To ensure access to quality information for

patients, consumers, and end-users, Genmab has

taken the following action in 2024:

• Offered trial descriptions in the ClinicalTrials.gov

registration that are clear and understandable

for non-scientists, benefiting potential trial

participants.

Tracking and assessment is done by reviewing

requests received from consumers and end-users

via Genmab’s publicly available mailbox,

ClinicalTrial@genmab.com. The received

requests are triaged to ensure they are addressed

by the appropriate Genmab function.

Continuous Improvement

• Genmab is committed to continuous

improvement in patient engagement and

safety monitoring. The Company regularly

evaluates feedback from

advocacy groups and

utilizes social media to

assess the effectiveness

of its communications.

By fostering a culture

of open dialogue and

ethical conduct, Genmab

not only meets regulatory

requirements but also builds

trust with the patients and

healthcare providers it serves.

• Genmab is actively working to

reduce the clinical trial burden for

patients. Engaging our Patient Advisory

Council to review protocols and integrating

patient feedback into our trials, and developing

health-literate materials are some of the ways

in which we help to increase access to our

clinical trials.

• Our Clinical Trial Transparency Declaration

acknowledges our strong commitment to the

scientific and ethical aspects of increasing

the transparency of clinical trial research. In

alignment with the Declaration, we disclosed

information and results from our clinical trials

through publicly accessible study registries/

databases such as ClinicalTrials.gov, and the

European Union Clinical Trials Information

System (EU CTIS), to ensure compliance with

global and national laws in the evolving area of

transparency.

4.2

Consumers and End-Users Metrics

and Targets

Targets related to managing material

negative impacts, advancing positive

impacts, and managing material

risks and opportunities (S4-5)

As there are no identified negative impacts in this

area, no targets were set, which is aligned with

our strategy/priority for 2025.

Refer to Our Strategy in Management’s Review

for details.

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Business Conduct

Below are the list of disclosure requirements as it pertains to ESRS G1 — Business Conduct:

Section Disclosure requirement content Disclosure requirement #

5.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy

and business model

SBM-3

5.1 Business Conduct IRO Management Business conduct policies and corporate culture G1-1

Management of relationships with suppliers G1-2

Prevention and detection of corruption and bribery G1-3

5.2 Business Conduct Metrics and Targets Incidents of corruption or bribery G1-4

Political influence and lobbying activities G1-5*

Payment practices G1-6

*Disclosure requirement G1-5 is not material for Genmab.

Governance

Genmab’s oversight of sustainability

is designed to ensure that our

commitments are integrated as a

core part of our business and aligned

with international best practice.

We are dedicated to complying

with all laws, codes, and standards

applicable to our business and

operations, as well as ensuring

transparency in our sustainability

disclosures.

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5.0

IROs

Material Impacts, Risks and Opportunities and their interaction with strategy and business model (SBM-3)

The table describes Genmab’s material impacts, risks and opportunities related to our material business conduct matters:

Section Material Topic Material Impact Value Chain Location Material Risk Material Opportunity

Governance Business Conduct

― Corporate Culture

Healthy corporate culture aligned

with core values and purpose

(positive)

Own Operations Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance

Annual Code of Conduct training rollout as

mandatory for all employees, with launch

and completion rates monitored by Global

Compliance team

Business Conduct

― Privacy

Cybersecurity and Global Data

Privacy programs in place to

protect the privacy of our business,

our own workforce, patients and

all individuals who entrust us with

their information (positive)

Upstream,

Own Operations,

Downstream

Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance

and Cybersecurity

Business Conduct

― Protection of whistle-blowers

Protection of whistleblowers

through anti-retaliation policies

and procedures (positive)

Upstream,

Own Operations,

Downstream

Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance

Business Conduct

― Animal Welfare

Animal welfare policy (positive) Own Operations Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance

Business Conduct

― Management of relationships

with suppliers (including

payment practices)

Strong management of suppliers,

focused on compliance with

supplier code of conduct (positive)

Upstream Refer to the Risk Management section of the Annual Report

for risks related to Strategic Collaborations

Continue to partner with suppliers on

sustainability related commitments in

the future

Business Conduct

― Corruption and bribery

Ethical business culture and

business practices (positive)

Own Operations Refer to the Risk Management section of the Annual Report

for risks related to Regulation, Legislation and Compliance,

Strategic Collaborations and Management and Workforce

Annual Code of Conduct training rollout as

mandatory for all employees, with launch

and completion rates monitored by Global

Compliance team

No actions were taken in 2024 across the business conduct section as no negative impacts were identified. Further, there were no instances of corruption and

bribery (see G1-4) or late payments resulting in fines, penalties or litigation (see G1-6).

Other than the metrics disclosed in G1-4 and G1-6, no other metrics were determined to be relevant for reporting in 2024. One target across the business

conduct section was identified related to suppliers (see G1-2) and is in collaboration with our environmental strategy/priorities for 2025 and the future. No

other targets were identified due to the fact that there were no negative impacts identified.

All impacts, risks and opportunities have expected time horizons of short, medium and long-term.

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Healthy corporate culture aligned

with core values and purpose

In our quest to turn science into medicine, we

use these guideposts to transform the future of

cancer treatment:

• Passion for innovation

• Determination — being the best at what we do

• Integrity — we do the right thing

• We work as one team and respect each other

Without maintaining a healthy corporate culture,

Genmab is exposed to compliance and other

risks. Genmab has an opportunity to provide

annual training to employees on key business

conduct matters. Annual Code of Conduct training

is mandatory for all employees, with launch

and completion rates monitored by the Global

Compliance team. The Code of Conduct training

should decrease behaviors that go against our

Code of Conduct that could lead to compliance or

other issues.

Cybersecurity programs in place to

protect the privacy of our business,

our own workforce and patients

We focus on privacy and protection of personal

data at Genmab, covering several data catego-

ries, such as the data of patients, employees,

business partners, HCPs, and other stakeholders.

Genmab acknowledges the risk related to cyber-

security breaches that could occur within our

value chain. We have taken solid measures to

protect personal data in compliance with the EU

General Data Protection Regulation (GDPR) and

other applicable personal data protection legisla-

tion and requirements. All our team members are

educated in the GDPR.

The Global Information Security and Risk

Management team reports to the Board on a

quarterly basis. No security incidents with critical

or material business impact have been reported

in 2024.

Accounting policies

Genmab has a security incident management

process and a separate security incident system

which security incidents are processed. Incidents

are entered through a number of channels

including Genmab’s security monitoring partner,

by employees through Genmab’s internal

systems and by Genmab’s security operations

team. Security incidents are analyzed and rated

according to different priority categories ranging

from priority 1 (critical) to priority 4 (low). We

perform an analysis of the number of incidents

with business impact utilizing the financial

statement materiality threshold. Incidences with

material impact are reported to Genmab’s Board

on a quarterly basis.

Protection of whistleblowers through

anti-retaliation policies and procedures

Genmab’s 24/7 full-service Speak Up (whis-

tleblower) compliance hotline enables the

anonymous reporting of illegal, unethical, and/

or non-compliant behavior and related concerns

in connection with our organization. Our

Compliance team regularly reviews these matters

which pose legal and regulatory risks to Genmab,

and supports investigations as warranted,

reporting to both management and the Audit &

Finance Committee.

Animal welfare policy

Genmab understands the legal and regulatory

risks associated with working with animals in

our business, and our animal welfare policy

represents Genmab’s commitment to sound

practices that aim to replace, reduce, and refine

the use of animals in Genmab’s research and

development.

Strong management of suppliers,

ensuring compliance with Genmab’s

Global Supplier Code of Conduct

Supplier relationship management is a key

business initiative that aims to build mutually

beneficial relationships between the company

and suppliers. Well-designed programs help

companies to increase collaboration by identi-

fying the right suppliers. Genmab understands

the risk of being dependent on existing part-

nerships, and has mitigation efforts in place to

address these risks.

Genmab has a real opportunity to partner with

suppliers on Sustainability related commitments

around the environment and our Supplier Code

of Conduct which could lead to cost savings and

stronger relationships in the future.

Refer to E1-4 for environmental targets linked to

supplier engagement.

Ethical business culture and

business practices

We are committed to operating all aspects of

our business with the utmost integrity. We have

an established global compliance program and

incorporate compliance, ethics and transpar-

ency considerations into our business practices,

policies, and procedures. We hold ourselves

accountable to high ethical standards, promoting

our Code of Conduct to employees and engaging

with partners and suppliers committed to the

same level of ethics in their operations. We

are committed to conducting all aspects of our

business in an ethical, honest, and transparent

manner, and understand there are various regula-

tory, legislative and compliance risks.

All employees and contractors are required to

complete annual training and attest to their

commitment to adhere to our ethical standards.

The Code of Conduct training provides an

overview of our Ethical Standards, Company

Values, and incorporates training vignettes that

illustrate ethical approaches to common business

practices. This training also reviews relevant anti-

bribery and anti-corruption, regulatory, conflicts

of interest, and Speak Up concepts. Compliance

team members receive regular compliance

training on key aspects of our compliance policies

and procedures.

Refer to GOV-1 for details of the role and

expertise of the administrative, management

and supervisory bodies related to business

conduct matters.

5.1

Business conduct IRO management

Business conduct policies and

corporate culture (G1-1)

Our Code of Conduct and 20 ethical standards

embody Genmab’s commitment to doing the right

thing and ensure that the ways in which we work

reflect the highest standards of integrity and

compliance with applicable laws and regulations.

We continue to mature our compliance, risk, and

data privacy program foundations as we grow

and evolve to further strengthen our culture of

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integrity, business continuity and corporate resil-

ience. These steps help us assure a risk-based

approach to our business, giving us the confi-

dence to make the right decisions, drive value for

patients and unite behind shared Company goals.

The leader of our Global Compliance and

Enterprise Risk Management programs reports

directly to the CEO and the Board.

Genmab’s policies on business conduct related

matters linked to material IROs disclosed in

section G1-1 include the following:

• Code of Conduct

• Global Compliance Policy

• Global Speak Up Policy

• Anti-Fraud Policy

• Data Ethics Policy

• Cybersecurity Program

• Animal Welfare Policy

Code of Conduct

Genmab’s Code of Conduct sets high ethical

standards for all employees and the Board when

conducting business on behalf of Genmab. The

Code of Conduct encourages team members

to conduct themselves in a manner reflecting

our core values, determination, integrity, inno-

vation, and teamwork when representing the

Company. All employees are required to complete

annual training and attest to their commitment

to adhere to our ethical standards. The Code of

Conduct training provides an overview of our

Ethical Standards, Company Values, and incor-

porates training vignettes that illustrate ethical

approaches to common business practices.

This training also reviews relevant anti-bribery

and anti-corruption, regulatory, conflicts of

interest, and Speak Up concepts. Our head of

Global Compliance is responsible for the Code

of Conduct and reports directly to our CEO, and

both are members of the CSR & Sustainability

Committee. The Global Compliance team

monitors completion of the annual Code of

Conduct training and provides progress updates

to function leaders and the Global Compliance

and Risk Committee. The Code of Conduct can

be mapped to the positive impact of a healthy

corporate culture aligned with core values and

purpose. Refer to the Code of Conduct on

our website.

Global Compliance Policy

Our internal Global Compliance Policy, owned

by our head of Global Compliance, outlines our

standards on interactions and engagements

with HCPs, healthcare organizations, patients,

patient association groups and government

officials consistent with applicable industry

codes and standards. The policy aligns with the

values and principles articulated in our Code of

Conduct and is complemented by an associated

Global Fair Market Value Policy and a Compliance

Playbook tool to ensure stakeholder engagement

is conducted in an ethical, compliant manner.

As a result of the commercialization our first

co-owned medicines including TIVDAK (2021)

and EPKINLY (2023), we have expanded our

compliance program to assure ethical market-

based and customer-focused business practices.

Genmab maintains a Global Compliance Program

staffed by compliance professionals who monitor

adherence to the policy.

Global Speak Up Policy

Genmab maintains a Speak Up (whistleblower)

program featuring an independently operated

hotline service available globally intended to

provide anyone with information about potential

misconduct related to Genmab or its business

activities the opportunity to report the miscon-

duct. Genmab’s Speak Up program is intended

to accommodate information from any group

with information including all Genmab’s current

and former employees, directors, contractors,

customers, suppliers, and other third parties

wishing to report concerns.

All reports made through the Genmab Speak Up

program are assessed and considered by the

Genmab Global Compliance team in a prompt,

fair, and compliant manner. Genmab has estab-

lished procedures to protect whistleblowers and

ensure they do not suffer retaliation for their

report. On a quarterly basis, Genmab’s Audit and

Finance Committee receives a summary of all

reports made under the Speak Up program along

with additional information about any material

incidents raised. Summaries of all reports

made to the Speak Up program are provided to

Genmab’s Global Compliance and Risk Committee

(GCRC) annually.

All Genmab employees and contractors are

required to take Speak Up training, and comple-

tion metrics are monitored by the Compliance

team. Speak Up program training is a mandatory

component of employee onboarding and also an

annual requirement.

Genmab has zero tolerance for any retaliation

against anyone who raises concerns or partic-

ipates in investigations. Retaliation includes

any conduct or treatment that could discourage

someone from speaking up. Genmab will protect

the identity of people who participate in the

Speak Up program as appropriate and consistent

with applicable law. Genmab utilizes a number of

methods (determined by the scenario) to protect

whistleblowers from retaliation or detriment

including but not limited to discrimination,

harassment, physical or psychological harm,

isolation, impact to employee performance and/

or compensation, damaging property, or varying

employee’s role or duties.

The Global Speak Up Policy can be mapped to the

positive impact of protection of whistleblowers

through anti-retaliation policies and procedures.

Refer to the Global Speak Up Policy on our

website, and S1-3 for further details. Refer to

G1-3 for Genmab’s procedures to investigate

business conduct matters.

Anti-Fraud Policy

Genmab has an internal Anti-Fraud Policy that

communicates anti-fraud principles and program

elements, and management’s responsibility for

detecting and responding to fraud and miscon-

duct. This Policy applies to all employees,

officers, directors of Genmab, and management

regardless of legal entity or work location, and

anyone supervising the performance of services

for or on behalf of Genmab, including contractors,

contingent workers, agents, suppliers, and consul-

tants (collectively “Genmab Person”). Genmab’s

Corporate Controller is responsible for the anti-

fraud policy and reports to the CFO. Genmab

monitors through Internal Audit assessing the

potential for fraud risk when planning indi-

vidual audits. On an annual basis, a fraud risk

assessment is prepared with the participation of

management. This annual fraud risk assessment

is presented to the Audit & Finance Committee.

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Data Ethics Policy

The use of data, both personal and non- personal,

is essential to fulfilling our core purpose,

and we are committed to handling data with

integrity and in an ethical and compliant manner.

Genmab has developed a global data privacy

program supported by a cross-functional team of

global data privacy subject matter experts and

appointed an external Data Privacy Officer (DPO)

dedicated to GDPR compliance and oversight.

Our Data Ethics Policy complies with Section

99d of the Danish Financial Statements Act,

and we adopted the Data Ethics principles of

the International Federation of Pharmaceutical

Manufacturers & Associations (IFPMA). As part of

this commitment to ethical and responsible use

of data and overall transparency, Genmab has

made this Data Ethics Policy publicly available

to all external stakeholders. Refer to the Data

Ethics Policy on our website.

The policy and its principles are anchored in our

Code of Conduct as part of our overall Compliance

program, and has been communicated to our

management so they can share and consider

it with team members. Over the past year, we

focused on further embedding these principles

into our operations, particularly in the areas of

data privacy, DE&I, clinical trials, and the applica-

tion of new technologies such as AI and machine

learning. This goal was supported by efforts to

evolve our data privacy governance model into a

forward-looking and comprehensive global data

privacy program. Genmab, in 2025, will continue

to optimize and enhance its approach to respon-

sible and ethical use of data in its operations

through continued transformation of and invest-

ment in its global data privacy program. There

were no substantiated complaints concerning

breaches of data privacy from individuals or data

protection authorities in 2024 or 2023.

Cybersecurity Program

We maintain a comprehensive cybersecurity

program based on the National Institute of

Standards and Technology’s NIST 800 Special

Publication Information Security standard (“NIST

standard”) for managing cybersecurity activities,

including formulation of global objectives of the

cybersecurity program and risk identification and

mitigation activities.

Our Global Cybersecurity Program is under the

leadership of the vice president and global head

of cybersecurity and IT risk management who

reports to the senior vice president, global head of

IT & digital. The program is overseen by the Global

Compliance and Risk Committee (co-chaired by

our CEO and our global head of compliance and

risk) and the Audit and Finance Committee.

The program includes activities and projects in

all five functions of the NIST standard with the

goal of further improving our security profile

and adapting, where needed, to changes in the

business strategy and threat environment of

Genmab. Input for the program comes from the

annual attack and penetration test, periodic

threat landscape and security maturity assess-

ments, as well as requirements of applicable

cybersecurity regulations.

We have established a Cyber Response Task

Force responsible for responding to potential

cyber crisis situations that could have an impact

on our Company, partners, or patients we serve.

The Task Force provides assurance that our

incident response and recovery capability is

effective in increasing our ability to prevent,

detect and respond to potential cyberattacks.

We regard the protection of the Company against

cybersecurity attacks as a task for everyone

in the organization. Therefore, employees are

provided with information about cybersecurity

risks and how to detect and report security

incidents in online trainings and quarterly

security events. The Cybersecurity Program can

be mapped to the positive impact of cybersecu-

rity and global data privacy programs in place

to protect the privacy of our business, our own

workforce, patients and all individuals who

entrust us with their information.

Animal Welfare Policy

At Genmab, we use research animals for the

purpose of addressing important scientific

questions or to fulfill a regulatory requirement.

Animals have intrinsic value and experiments on

animals are only carried out when no appropriate

alternative method is available.

Genmab has established an internal animal

welfare policy and animal welfare management

procedures for its locations in the U.S., Europe,

Japan, and China that incorporate local laws and

regulations and that reflect our high standards.

We plan to harmonize these ways of working

between our sites in 2025.

Our policies reflect our responsible and humane

use of animals in research. We actively continue

to drive the implementation of the 3Rs principles

(Replacement, Reduction and Refinement) in all

that we do. A dedicated animal welfare officer

monitors animal welfare policies and practices,

ensuring we continuously refine the care and use

of the animals involved in our research.

In 2023, we implemented the use of low-stress

handling techniques for mice, the use of optimized

nesting material and started an ongoing effort to

use minimally invasive techniques for the identifi-

cation (marking) of rodents to improve the welfare

of animals in our daily care.

In 2024, we launched a Global Animal Welfare

Committee who owns the policies, to explore

3R opportunities, to advise on animal welfare

matters and to work towards enhancing our trans-

parency regarding the use of animals in research.

In addition, we started to develop internal

policies describing all the elements of working

with animals.

Genmab provides continuing education to

team members working with animals on ethical

treatment of animals.

Genmab performs animal welfare audits at

external contractors, when required, to ensure

contractors maintain comparable high standards

for animal use and care as we do internally. All

animal studies performed, whether internally

or externally, are Genmab’s moral and ethical

responsibility and we strive to apply our high

standards in all that we do.

Refer to G1-2 for details of the Global

Procurement Policy and Global Supplier Code

of Conduct.

Refer to G1-3 for details of the Anti-Corruption

Anti-Bribery Policy which includes disclosure of

functions within Genmab that are most at risk in

respect of corruption and bribery.

Other Genmab policies disclosed on our

website or internal Genmab policies include

the Enterprise Risk Management and Resilience

Policy, International Trade Controls Policy, and

Tax Policy.

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Sustainability Statements

Management of relationships

with suppliers (G1-2)

Genmab’s Global Procurement functions which

include, R&D Contract Management, Lab

Purchase Management, CMC Commercial Supply

Chain and Global Procurement (collectively

known as “Procurement”) are created to be a

trusted value adding partner to both internal and

external stakeholders across the entire Genmab

value chain.

Global Procurement Policy

Genmab’s Global Procurement Policy is an import-

ant tool utilized by our team members to steer

the procurement practices and increase financial

cost control and transparency within Genmab.

Furthermore, the Policy helps assess and miti-

gate risk, ensure selection and maintenance of

high quality, regulatory compliant third parties,

through a transparent, fair, and compliant pro-

cess. Genmab’s CFO is responsible for the policy,

which is available on Genmab’s intranet.

The Global Procurement Policy states that

suppliers have to be on-boarded prior to

engaging in a commercial relationship to ensure

timely payment. The use of purchase orders,

which is also mandated by the Procurement

Policy, furthermore, facilitates approval of

invoiced spend, ensuring that the agreed upon

payment terms are being met. Suppliers that

self-identify to Genmab as small and medium

enterprises (SMEs), have 30 days net as a

standard payment term unless contractually

agreed otherwise in writing, which is clearly

stated in the Global Procurement Policy.

The procurement process is set up to facili-

tate on-time payments, starting with proper

on-boarding of the suppliers prior to engaging

in a commercial relationship, followed by a

mandatory use of Purchase Requisitions and

Purchase Orders (with an exception list), ensuring

that, when an invoice is received it will be paid in

a timely manner.

Supplier Code of Conduct

Our Supplier Code of Conduct articulates expec-

tations for all third parties conducting work on

our behalf, minimizing risks to Genmab posed

by our suppliers’ activities. The Supplier Code of

Conduct addresses topics that include, but are

not limited to, anti-bribery and anti-corruption,

privacy, trade compliance, conflicts of interest,

human and labor rights, diversity, compliance

with environmental laws and regulations, supply

chain and animal welfare, protecting information

and intellectual property, protecting physical

and digital security and product compliance and

quality. Our VP, Head of Global Procurement who

reports to our CFO is responsible for the policy. In

2024 and 2023, all new Genmab suppliers have

been required to attest to our Supplier Code of

Conduct annually as part of the onboarding and

contracting process.

Our Global Procurement function implemented

a dedicated supplier vetting tool which serves

as a single point of entry for all new suppliers.

Information technology & digital, quality

assurance, compliance and risk, and legal

functions are involved when the risk score is

elevated based on a fact-based approach. Our

vetting process focuses on financial health, inter-

national sanctions, regulatory and reputational

risks, and other key issues. Suppliers in sanctioned

countries are subject to additional legal review

before payments may be processed.

In 2023, we established a supplier diversity

program in the U.S., working closely with entities

such as the Veterans Administration to align on

targets. Genmab defines a diverse supplier as a

>51% women, minority, or veteran-owned small

business. The Supplier Master Registry in SAP has

been updated in 2024 with a specific field to allow

Genmab to monitor supplier diversity for the U.S.

We have created our first-ever Company-wide

supplier governance best practices guide to

improve how we work together across lines of

business, and how we partner with suppliers

so all teams can successfully execute against

their goals. In January 2024, contract managers,

sourcing managers, procurement leads and

alliance managers have been trained on how

and when to apply these best practices in

support of our lines of businesses’ priorities and

goals. A Vendor Risk Manager is planned to be

on-boarded in 2025 to ensure proper documen-

tation and tracking of the initiative.

All the Genmab suppliers are vetted against

unethical business practices, including adverse

media, U.S. and EU Sanctions lists and the

Global Corruption Index as well as a review of

the financial health of the third party.

The Global Procurement Policy and Supplier Code

of Conduct can be mapped to the positive impact

of our strong management of suppliers, focused

on compliance with supplier code of conduct, and

targets set are the responsibility of our global

procurement team.

Targets for supplier management:

• Acceptance of Genmab’s Supplier Code

of Conduct by 80% of suppliers by spend

by 2025

The target specifically supports important gover-

nance topics covered in the Supplier Code of

Conduct including areas like legal compliance,

anti-corruption and bribery, labor practices,

human rights, supply chain, animal welfare,

protection of information and intellectual

property/security. Genmab will monitor, review

and report metrics related to this target in the

next annual report.

Refer to E1-4 for details of Genmab’s engage-

ment plans with suppliers on Scope 3 emission

reductions targets.

Prevention and detection of

corruption and bribery (G1-3)

Anti-Bribery and Anti-

Corruption (ABAC) Policy

As a global company, we implement policies to

mitigate risks related to bribery and corruption.

Our Anti-Bribery and Anti-Corruption (ABAC)

Policy educates team members on recognizing

risks, emphasizes our zero-tolerance stance, and

outlines reporting mechanisms for suspected

misconduct. All employees receive annual ABAC

training, and we are enhancing due diligence and

monitoring activities for better oversight. In 2023,

we updated our Quarterly Financial Disclosure

Questionnaire to improve management disclo-

sures regarding potential bribery and corruption.

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Sustainability Statements

Management identifies the primary bribery and

corruption risks as payments or gifts intended to

secure preferential treatment for the company.

Employees interacting with public officials or

regulatory representatives face heightened risks,

as do those dealing with healthcare providers

and third parties on Genmab’s behalf, especially

due to limited oversight of third-party anti-

corruption practices.

Reports of bribery or corruption are reviewed

by the Global Compliance Program, which

reports directly to the CEO. Annual summaries

are provided to the Global Compliance and

Risk Committee and the Board, detailing all

reported incidents.

We consider all functions within the business to

be potentially subject to corruption and bribery

and as such, 100% of Genmab employees,

contractors, and Board members must complete

annual Code of Conduct training, which covers

ABAC, regulatory issues, conflicts of interest,

and reporting mechanisms. New hires also

receive ABAC training. Our Compliance program

maintains a SharePoint site for business conduct

policies and uses the company intranet to

communicate key concepts.

Every two years, business functions assess their

vulnerability to corruption and report findings

to the Compliance organization, which may

implement further controls. Our Internal Audit

function also conducts an annual fraud assess-

ment. The Anti-Bribery and Anti-Corruption Policy

can be mapped to the positive impact of our

ethical business culture and business practices.

5.2

Business conduct metrics

and targets

Incidents of corruption or bribery

(G1-4)

Genmab defines bribery as acts designed to

influence individuals to act dishonestly in the

performance or discharge of their duty, and

corruption as the misuse of office or power

or influence for private gain. Genmab has a

zero- tolerance policy for any acts of bribery

or corruption by employees, contingent staff,

management, officers, directors, or third-party

agents or representatives. Genmab’s 24/7 Speak

Up Compliance Hotline enables the anonymous

reporting of behavior indicative of corruption

or bribery. Our compliance team reviews these

reports and supports investigations as warranted.

A review of all hotline reported incidents indicates

no submissions related to a Genmab employee,

contingent staff, management, officer, director, or

third-party agent or representative performing an

act of bribery or corruption in 2024 or 2023, thus

no incidents of corruption or bribery.

Payment practices (G1-6)

Standard payment terms are 45 days net.

For certain categories of suppliers there are other

possible payment terms, for example 30 days net

allowed for Small and Medium Enterprises (SMEs)

and 7 days net for Grants/Sponsorships and

Government organizations.

Genmab defines SMEs as enterprises which

employ fewer than 10 persons or which have

an annual turnover not exceeding EUR/USD

10 million.

There were no legal proceedings for late

payments in 2024, including payments to SMEs.

Currently, Genmab does not have a process to

track actual payment terms by main category of

suppliers. However, the average time Genmab

takes to pay an invoice for all suppliers with

varying payment terms from the date when the

contractual or statutory term of payment starts to

be calculated, in number of days was 46 in 2024.

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS 2 GOV-1 Board’s gender diversity

paragraph 21 (d)

Indicator number 13 of

Table #1 of Annex 1

Commission Delegated

Regulation (EU)

2020/1816, Annex II

Material GOV-1 Section

ESRS 2 GOV-1 Percentage of board

members who are independent

paragraph 21 (e)

Delegated Regulation (EU)

2020/1816, Annex II

Material GOV-1 Section

ESRS 2 GOV-4 Statement on due

diligence paragraph 30

Indicator number 10

Table #3 of Annex 1

Material GOV-4 Section

ESRS 2 SBM-1 Involvement in activities

related to fossil fuel activities

paragraph 40 (d) i

Indicators number 4

Table #1 of Annex 1

Article 449a Regulation

(EU) No 575/2013;

Commission Implementing

Regulation (EU)

2022/2453 Table 1:

Qualitative information

on Environmental risk

and Table 2: Qualitative

information on Social risk

Delegated Regulation (EU)

2020/1816, Annex II

Not Material

ESRS 2 SBM-1 Involvement in activities

related to chemical production

paragraph 40 (d) ii

Indicator number 9

Table #2 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II

Not Material

ESRS 2 SBM-1 Involvement in activities

related to controversial weapons

paragraph 40 (d) iii

Indicator number 14

Table #1 of Annex 1

Delegated Regulation (EU)

2020/1818, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

Not Material

ESRS 2 SBM-1 Involvement in activities

related to cultivation and production of

tobacco paragraph 40 (d) iv

Delegated Regulation (EU)

2020/1818, Article 12(1)

Delegated Regulation (EU)

2020/1816, Annex II

Not Material

ESRS E1-1 Transition plan to

reach climate neutrality by 2050

paragraph 14

Regulation (EU)

2021/1119, Ar ticle 2(1)

Material ESRS E1-1 Section

Appendix A (Derived from ESRS 2 Appendix B)

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS E1-1 Undertakings excluded

from Paris-aligned Benchmarks

paragraph 16 (g)

Article 449a Regulation

(EU) No 575/2013;

Commission Implementing

Regulation (EU)

2022/2453 Template 1:

Banking book – Climate

Change transition risk:

Credit quality of exposures

by sector, emissions and

residual maturity

Delegated Regulation (EU)

2020/1818, Article12.1 (d)

to (g), and Article 12.2

Not Material

ESRS E1-4 GHG emission reduction

targets paragraph 34

Indicator number 4

Table #2 of Annex 1

Article 449a Regulation

(EU) No 575/2013;

Commission Implementing

Regulation (EU)

2022/2453 Template 3:

Banking book – Climate

change transition risk:

alignment metrics

Delegated Regulation (EU)

2020/1818, Article 6

Material ESRS E1-4 Section

ESRS E1-5 Energy consumption from

fossil sources disaggregated by

sources (only high climate impact

sectors) paragraph 38

Indicator number 5

Table #1 and Indicator n. 5

Table #2 of Annex 1

Not Material

ESRS E1-5 Energy consumption and mix

paragraph 37

Indicator number 5

Table #1 of Annex 1

Material ESRS E1-5 Section

ESRS E1-5 Energy intensity associated

with activities in high climate impact

sectors paragraphs 40 to 43

Indicator number 6

Table #1 of Annex 1

Not Material

ESRS E1-6 Gross Scope 1, 2, 3 and Total

GHG emissions paragraph 44

Indicators number 1 and 2

Table #1 of Annex 1

Article 449a; Regulation

(EU) No 575/2013;

Commission Implementing

Regulation (EU)

2022/2453 Template 1:

Banking book – Climate

change transition risk:

Credit quality of exposures

by sector, emissions and

residual maturity

Delegated Regulation (EU)

2020/1818, Article 5(1), 6

and 8(1)

Material ESRS E1-6 Section

Appendix A (Derived from ESRS 2 Appendix B)

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS E1-6 Gross GHG emissions

intensity paragraphs 53 to 55

Indicators number 3

Table #1 of Annex 1

Article 449a Regulation

(EU) No 575/2013;

Commission Implementing

Regulation (EU)

2022/2453 Template 3:

Banking book – Climate

change transition risk:

alignment metrics

Delegated Regulation (EU)

2020/1818, Article 8(1)

Material ESRS E1-6 Section

ESRS E1-7 GHG removals and carbon

credits paragraph 56

Regulation (EU)

2021/1119, Ar ticle 2(1)

Not Material

ESRS E1-9 Exposure of the benchmark

portfolio to climate-related physical

risks paragraph 66

Delegated Regulation

(EU) 2020/1818, Annex II

Delegated Regulation (EU)

2020/1816, Annex II

Not Material

ESRS E1-9 Disaggregation of monetary

amounts by acute and chronic

physical risk paragraph 66 (a) ESRS

E1-9 Location of significant assets at

material physical risk paragraph 66 (c).

Article 449a Regulation

(EU) No 575/2013;

Commission

Implementing Regulation

(EU) 2022/2453

paragraphs 46 and 47;

Template 5: Banking

book — Climate change

physical risk: Exposures

subject to physical risk.

Not Material

ESRS E1-9 Breakdown of the

carrying value of its real estate

assets by energy-efficiency classes

paragraph 67 (c).

Article 449a Regulation

(EU) No 575/2013;

Commission

Implementing Regulation

(EU) 2022/2453

paragraph 34;Template

2:Banking book -Climate

change transition risk:

Loans collateralised by

immovable proper ty —

Energy efficiency of the

collateral

Not Material

ESRS E1-9 Degree of exposure of

the portfolio to climate-related

opportunities paragraph 69

Delegated Regulation (EU)

2020/1818, Annex II

Not Material

Appendix A (Derived from ESRS 2 Appendix B)

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS E2-4 Amount of each pollutant

listed in Annex II of the E- PRTR

Regulation (European Pollutant Release

and Transfer Register) emitted to air,

water and soil, paragraph 28

Indicator number 8 Table

#1 of Annex 1 Indicator

number 2 Table #2 of

Annex 1 Indicator number

1 Table #2 of Annex 1

Indicator number 3 Table

#2 of Annex 1

Not Material

ESRS E3-1 Water and marine resources

paragraph 9

Indicator number 7

Table #2 of Annex 1

Not Material

ESRS E3-1 Dedicated policy

paragraph 13

Indicator number 8 Table 2

of Annex 1

Not Material

ESRS E3-1 Sustainable oceans and

seas paragraph 14

Indicator number 12

Table #2 of Annex 1

Not Material

ESRS E3-4 Total water recycled and

reused paragraph 28 (c)

Indicator number 6.2

Table #2 of Annex 1

Not Material

ESRS E3-4 Total water consumption in

m3 per net revenue on own operations

paragraph 29

Indicator number 6.1

Table #2 of Annex 1

Not Material

ESRS 2 — SBM 3 — E4 paragraph 16 (a) i Indicator number 7

Table #1 of Annex 1

Not Material

ESRS 2 — SBM 3 — E4 paragraph 16 (b) Indicator number 10

Table #2 of Annex 1

Not Material

ESRS 2 — SBM 3 — E4 paragraph 16 (c) Indicator number 14

Table #2 of Annex 1

Not Material

ESRS E4-2 Sustainable land/agriculture

practices or policies paragraph 24 (b)

Indicator number 11

Table #2 of Annex 1

Not Material

ESRS E4-2 Sustainable oceans/seas

practices or policies paragraph 24 (c)

Indicator number 12

Table #2 of Annex 1

Not Material

ESRS E4-2 Policies to address

deforestation paragraph 24 (d)

Indicator number 15

Table #2 of Annex 1

Not Material

ESRS E5-5 Non-recycled waste

paragraph 37 (d)

Indicator number 13

Table #2 of Annex 1

Not Material

ESRS E5-5 Hazardous waste and

radioactive waste paragraph 39

Indicator number 9

Table #1 of Annex 1

Not Material

Appendix A (Derived from ESRS 2 Appendix B)

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS 2- SBM3 — S1 Risk of incidents of

forced labour paragraph 14 (f)

Indicator number 13

Table #3 of Annex I

Not Material

ESRS 2- SBM3 — S1 Risk of incidents of

child labour paragraph 14 (g)

Indicator number 12

Table #3 of Annex I

Not Material

ESRS S1-1 Human rights policy

commitments paragraph 20

Indicator number 9

Table #3 and Indicator

number 11 Table #1 of

Annex I

Material ESRS S1-1 Section

ESRS S1-1 Due diligence policies on

issues addressed by the fundamental

International Labor Organisation

Conventions 1 to 8, paragraph 21

Delegated Regulation (EU)

2020/1816, Annex II

Material ESRS S1-1 Section

ESRS S1-1 processes and measures for

preventing trafficking in human beings

paragraph 22

Indicator number 11

Table #3 of Annex I

Material ESRS S1-1 Section

ESRS S1-1 workplace accident

prevention policy or management

system paragraph 23

Indicator number 1

Table #3 of Annex I

Material ESRS S1-1 Section

ESRS S1-3 grievance/complaints

handling mechanisms paragraph 32 (c)

Indicator number 5

Table #3 of Annex I

Material ESRS S1-3 Section

ESRS S1-14 Number of fatalities and

number and rate of work-related

accidents paragraph 88 (b) and (c)

Indicator number 2

Table #3 of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

Material ESRS S1-14 Section

ESRS S1-14 Number of days lost to

injuries, accidents, fatalities or illness

paragraph 88 (e)

Indicator number 3

Table #3 of Annex I

Material ESRS S1-14 Section

ESRS S1-16 Unadjusted gender pay gap

paragraph 97 (a)

Indicator number 12

Table #1 of Annex I

Delegated Regulation (EU)

2020/1816, Annex II

Material ESRS S1-16 Section

ESRS S1-16 Excessive CEO pay ratio

paragraph 97 (b)

Indicator number 8

Table #3 of Annex I

Material ESRS S1-16 Section

ESRS S1-17 Incidents of discrimination

paragraph 103 (a)

Indicator number 7

Table #3 of Annex I

Material ESRS S1-17 Section

Appendix A (Derived from ESRS 2 Appendix B)

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS S1-17 Non-respect of UNGPs on

Business and Human Rights and OECD

Guidelines paragraph 104 (a)

Indicator number 10

Table #1 and Indicator n.

14 Table #3 of Annex I

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818 Art 12 (1)

Not Material

ESRS 2- SBM3 – S2 Significant risk

of child labour or forced labour in the

value chain paragraph 11 (b)

Indicators number 12 and

n. 13 Table #3 of Annex I

Not Material

ESRS S2-1 Human rights policy

commitments paragraph 17

Indicator number 9

Table #3 and Indicator n.

11 Table #1 of Annex 1

Not Material

ESRS S2-1 Policies related to value

chain workers paragraph 18

Indicator number 11 and n.

4 Table #3 of Annex 1

Not Material

ESRS S2-1 Non-respect of UNGPs on

Business and Human Rights principles

and OECD guidelines paragraph 19

Indicator number 10

Table #1 of Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818, Art 12 (1)

Not Material

ESRS S2-1 Due diligence policies on

issues addressed by the fundamental

International Labor Organisation

Conventions 1 to 8, paragraph 19

Delegated Regulation (EU)

2020/1816, Annex II

Not Material

ESRS S2-4 Human rights issues and

incidents connected to its upstream

and downstream value chain

paragraph 36

Indicator number 14

Table #3 of Annex 1

Not Material

ESRS S3-1 Human rights policy

commitments paragraph 16

Indicator number 9

Table #3 of Annex 1 and

Indicator number 11

Table #1 of Annex 1

Not Material

ESRS S3-1 non-respect of UNGPs

on Business and Human Rights,

ILO principles or OECD guidelines

paragraph 17

Indicator number 10

Table #1 Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818, Art 12 (1)

Not Material

ESRS S3-4 Human rights issues and

incidents paragraph 36

Indicator number 14

Table #3 of Annex 1

Not Material

Appendix A (Derived from ESRS 2 Appendix B)

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Disclosure Requirement

and related datapoint SFDR Reference Pillar 3 Reference

Benchmark Regulation

Reference EU Climate Law Reference Material/Not Material

Section, Paragraph or

Page Reference

ESRS S4-1 Policies related

to consumers and end-users

paragraph 16

Indicator number 9 Table

#3 and Indicator number

11 Table #1 of Annex 1

Material ESRS S4-1 Section

ESRS S4-1 Non-respect of UNGPs on

Business and Human Rights and OECD

guidelines paragraph 17

Indicator number 10

Table #1 of Annex 1

Delegated Regulation

(EU) 2020/1816, Annex II

Delegated Regulation (EU)

2020/1818, Art 12 (1)

Not Material

ESRS S4-4 Human rights issues and

incidents paragraph 35

Indicator number 14

Table #3 of Annex 1

Not Material

ESRS G1-1 United Nations Convention

against Corruption paragraph 10 (b)

Indicator number 15

Table #3 of Annex 1

Not Material

ESRS G1-1 Protection of whistle-

blowers paragraph 10 (d)

Indicator number 6

Table #3 of Annex 1

Material ESRS G1-1 Section

ESRS G1-4 Fines for violation of anti-

corruption and anti-bribery laws

paragraph 24 (a)

Indicator number 17

Table #3 of Annex 1

Delegated Regulation (EU)

2020/1816, Annex II)

Material ESRS G1-4 Section

ESRS G1-4 Standards of anti-corruption

and anti-bribery paragraph 24 (b)

Indicator number 16

Table #3 of Annex 1

Not Material

Appendix A (Derived from ESRS 2 Appendix B)

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Financial

Statements

In this section

139 Financial Statements for the Genmab Group

183 Financial Statements of the Parent Company

197 Directors’ and Management’s Statement on the

Annual Report

198 Independent Auditor’s Reports

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Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Financial

Statements

for the

Genmab Group

Introduction

The financial statements in the

2024 Annual Report are grouped

into the following sections: Primary

Statements; Basis of Presentation;

Results for the Year; Operating Assets

and Liabilities; Capital Structure,

Financial Risk and Related Items; and

Other Disclosures.

Each note to the financial statements

includes information about the

accounting policies applied and

significant management judgements

and estimates in addition to the

financial numbers.

Table of Contents

Primary Statements

140 Consolidated Statements of

Comprehensive Income

141 Consolidated Balance Sheets

142 Consolidated Statements of Cash Flows

143 Consolidated Statements of Changes

in Equity

Section 1

Basis of Presentation

144 1.1 Nature of the Business and Material

Accounting Policies

147 1.2 New Accounting Policies and

Disclosures

147 1.3 Management’s Judgements and

Estimates under IFRS

148 1.4 Revision of Prior Period Financial

Statements

Section 2

Results for the Year

149 2.1 Revenue

151 2.2 Information about Geographical

Areas

151 2.3 Staff Costs

152 2.4 Corporate and Deferred Tax

153 2.5 Profit Per Share

Section 3

Operating Assets and Liabilities

154 3.1 Other Intangible Assets and

Goodwill

156 3.2 Property and Equipment

158 3.3 Leases

158 3.4 Other Investments

159 3.5 Inventories

159 3.6 Receivables

160 3.7 Contract Liabilities

160 3.8 Other Payables

Section 4

Capital Structure, Financial Risk and

Related Items

161 4.1 Capital Management

161 4.2 Financial Risk

163 4.3 Financial Assets and Liabilities

165 4.4 Marketable Securities

166 4.5 Financial Income and Expenses

167 4.6 Share-Based Instruments

172 4.7 Share Capital

Section 5

Other Disclosures

174 5.1 Remuneration of the Board

of Directors and Executive

Management

177 5.2 Related Party Disclosures

177 5.3 Commitments

177 5.4 Fees to Auditors Appointed at the

Annual General Meeting

178 5.5 Acquisition of Businesses

180 5.6 Collaborations and Licenses

182 5.7 Contingencies

182 5.8 Subsequent Events

139

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Primary

Statements

Consolidated Statements of

Comprehensive Income

Income Statement

(DKK million) Note 2024 2023 2022

Revenue 2.1, 2.2 21,526 16,474 14,505

Cost of product sales 2.3 (985) (226) –

Research and development expenses 2.3, 3.1, 3.2 (9,748) (7,630) (5,562)

Selling, general and administrative expenses 2.3, 3.2 (3,790) (3,297) (2,676)

Acquisition and integration related charges 5.5 (300) – –

Total costs and operating expenses (14,823) (11,153) (8,238)

Operating profit 6,703 5,321 6,267

Financial income 4.5 4,438 1,940 3,189

Financial expenses 4.5 (1,977) (1,624) (2,511)

Net profit before tax 9,164 5,637 6,945

Corporate tax 2.4 (1,320) (1,285) (1,493)

Net profit 7,844 4,352 5,452

Other comprehensive income:

Amounts which may be re-classified to the income statement:

Exchange differences on translation of foreign operations 430 (38) 17

Total comprehensive income 8,274 4,314 5,469

Basic net profit per share 2.5 122.21 66.64 83.38

Diluted net profit per share 2.5 121.36 66.02 82.59

Financial Statements for the Genmab Group

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Primary

Statements

Consolidated Balance Sheets

(DKK million) Note December 31, 2024 December 31, 2023

Assets

Goodwill 3.1, 5.5 2,535 –

Other intangible assets 3.1, 5.5 12,343 101

Property and equipment 2.2, 3.2 978 955

Right-of-use assets 2.2, 3.3 913 686

Receivables 2.2, 3.6 52 62

Deferred tax assets 2.4 908 212

Other investments 3.4 228 134

Total non-current assets 17,957 2,150

Corporate tax receivable 2.4 101 –

Inventories 3.5 62 57

Receivables 3.6 6,590 4,947

Marketable securities 4.2, 4.4 11,243 13,268

Cash and cash equivalents 9,858 14,867

Total current assets 27,854 33,139

Total assets 45,811 35,289

Shareholders’ Equity and Liabilities

Share capital 4.7 66 66

Share premium 4.7 12,590 12,461

Other reserves 490 60

Retained earnings 23,551 19,023

Total shareholders’ equity 36,697 31,610

Lease liabilities 3.3 937 680

Contract liabilities 3.7 480 480

Deferred tax liabilities 2.4 2,359 –

Other payables 3.8 30 35

Total non-current liabilities 3,806 1,195

Corporate tax payable 2.4 1,710 54

Lease liabilities 3.3 92 90

Contract liabilities 3.7 24 33

Other payables 3.8 3,482 2,307

Total current liabilities 5,308 2,484

Total liabilities 9,114 3,679

Total shareholders’ equity and liabilities 45,811 35,289

Financial Statements for the Genmab Group

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Primary

Statements

Consolidated Statements of

Cash Flows

(DKK million) Note 2024 2023 2022

Cash flows from operating activities:

Net profit before tax 9,164 5,637 6,945

Financial income 4.5 (4,438) (1,940) (3,189)

Financial expenses 4.5 1,977 1,624 2,511

Adjustment for non-cash transactions

Share-based compensation expense 2.3, 4.6 721 586 439

Depreciation 3.2, 3.3 335 272 222

Amortization 3.1 78 23 140

Impairment charges 3.1 115 – –

Change in operating assets and liabilities

Receivables 3.6 (1,590) 797 (2,123)

Inventories 3.5 (5) (57) –

Other payables 3.8 857 622 283

Cash flows from operating activities before financial items 7,214 7,564 5,228

Interest received 935 908 283

Interest elements of lease payments 3.3 (35) (24) (15)

Interest paid – (1) (1)

Corporate taxes paid (343) (1,067) (1,583)

Net cash provided by operating activities 7,771 7,380 3,912

Cash flows from investing activities:

Acquisition of business, net of cash acquired 5.5 (12,246) – –

Investment in intangible assets 3.1 (117) (10) –

Investment in tangible assets 3.2 (187) (366) (317)

Marketable securities bought 4.3, 4.4 (8,581) (10,876) (9,659)

Marketable securities sold 4.3, 4.4 11,279 10,001 7,254

Other investments bought 3.4 (55) (31) (39)

Net cash (used in) investing activities (9,907) (1,282) (2,761)

Cash flows from financing activities:

Warrants exercised 4.6, 4.7 129 152 280

Principal elements of lease payments 3.3 (60) (91) (73)

Purchase of treasury shares 4.7 (3,879) (564) (908)

Payment of withholding taxes on behalf of employees on net settled RSUs (109) (103) (88)

Net cash (used in) financing activities (3,919) (606) (789)

Changes in cash and cash equivalents (6,055) 5,492 362

Cash and cash equivalents at the beginning of the period 14,867 9,893 8,957

Exchange rate adjustments 1,046 (518) 574

Cash and cash equivalents at the end of the period 9,858 14,867 9,893

Cash and cash equivalents include:

Bank deposits 9,776 13,514 9,299

Short-term marketable securities 82 1,353 594

Cash and cash equivalents at the end of the period 9,858 14,867 9,893

Financial Statements for the Genmab Group

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Primary

Statements

Consolidated Statements of

Changes in Equity

(DKK million)

capital

premium

Translation

reserves

Retained

earnings

Shareholders’

equity

Balance at December 31, 2021 66 12,029 81 9,931 22,107

Net profit – – – 5,452 5,452

Other comprehensive income – – 17 – 17

Total comprehensive income – – 17 5,452 5,469

Transactions with owners:

Exercise of warrants – 280 – – 280

Purchase of treasury shares – – – (908) (908)

Share-based compensation expenses – – – 439 439

Withholding taxes on behalf of employees

on net settled RSUs – – – (88) (88)

Tax on items recognized directly in equity – – – (17) (17)

Balance at December 31, 2022 66 12,309 98 14,809 27,282

Net profit – – – 4,352 4,352

Other comprehensive income – – (38) – (38)

Total comprehensive income – – (38) 4,352 4,314

Transactions with owners:

Exercise of warrants – 152 – – 152

Purchase of treasury shares – – – (564) (564)

Share-based compensation expenses – – – 586 586

Withholding taxes on behalf of employees

on net settled RSUs – – – (103) (103)

Tax on items recognized directly in equity – – – (57) (57)

Balance at December 31, 2023 66 12,461 60 19,023 31,610

Net profit – – – 7,844 7,844

Other comprehensive income – – 430 - 430

Total comprehensive income – – 430 7,844 8,274

Transactions with owners:

Exercise of warrants – 129 – – 129

Purchase of treasury shares – – – (3,879) (3,879)

Share-based compensation expenses – – – 721 721

Withholding taxes on behalf of employees

on net settled RSUs – – – (109) (109)

Tax on items recognized directly in equity – – – (49) (49)

Balance at December 31, 2024 66 12,590 490 23,551 36,697

Financial Statements for the Genmab Group

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Section 1

Basis of Presentation

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 “Genmab” or the “Company.”

This section describes Genmab’s general

accounting policies including management’s

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 Policies

Genmab A/S is a publicly traded, international

biotechnology company that was founded in

1999 and specializes in the creation and devel-

opment of differentiated antibody therapeutics

for the treatment of cancer and other diseases.

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.

Section 2

Results for the Year

2.1 Revenue

2.2 Information about Geographical Areas

2.3 Staff Costs

2.4 Corporate and Deferred Tax

2.5 Profit per Share

Section 3

Operating Assets and Liabilities

3.1 Intangible Assets and Goodwill

3.2 Property and Equipment

3.3 Leases

3.4 Other Investments

3.5 Inventories

3.6 Receivables

3.8 Other Payables

Section 4

Capital Structure, Financial

Risk and Related Items

4.3 Financial Assets and Liabilities

4.4 Marketable Securities

4.5 Financial Income and Expenses

4.6 Share-Based Instruments

Section 5

Other Disclosures

5.5 Acquisition of Businesses

Materiality

Genmab’s 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.

Financial Statements for the Genmab Group

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Consolidated Financial Statements

The 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’s consolidated financial statements

have been prepared on the basis of the financial

statements of the parent company and subsid-

iaries — prepared under Genmab’s accounting

policies — 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’ equity.

Subsidiaries are consolidated from the date when

control is transferred to the Group.

Items included in the financial statements of

Genmab’s 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’s

presentation currency are translated into

Genmab’s 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’ equity

at the beginning of the year and exchange rate

differences arising as a result of foreign subsid-

iaries’ income statements being translated at

average exchange rates are recorded in transla-

tion reserves in shareholders’ equity.

Functional and Presentation Currency

The consolidated financial statements have

been prepared in Danish Kroner (DKK), which is

the functional and presentation currency of the

parent company.

Foreign Currency

Transactions 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 Statement

Cost of Product Sales

Cost 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’s

Collaboration Agreement with AbbVie.

Financial Statements for the Genmab Group

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Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Research and Development Expenses

Research and development expenses primarily

include salaries, benefits and other employee-

related costs of Genmab’s 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’s research and development activities.

Refer to Note 3.1 for a more detailed description

on the treatment of Genmab’s research and

development expenses.

Selling, General and

Administrative Expenses

Selling, 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 Charges

Acquisition 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’s Acquisition and Integration costs

related to the acquisition of ProfoundBio.

Government Grants

Government 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 Flows

The 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 Shares

The 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 Agreements

Collaborations and License Agreements

Genmab 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’s 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.

Financial Statements for the Genmab Group

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Collaborative Agreements

Genmab 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’s 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’s significant Research

Collaborations, License Agreements and

Collaborative Agreements.

1.2

New Accounting Policies and

Disclosures

New Accounting Policies and

Disclosures for 2024

Genmab has, with effect from January 1,

2024, implemented the following standards

and amendments:

• Amendments to IFRS 16 Leases: Lease Liability

in a Sale and Leaseback

• Amendments to IAS 1 Presentation of Financial

Statements: Classification of Liabilities as

Current or Non-current, Classification of

Liabilities as Current or Non-current — Deferral

of Effective Date, and Non-current Liabilities

with Covenants, and

• Amendments to IAS 7 Statement of Cash Flows

and IFRS 7 Financial Instruments: Disclosures:

Supplier Finance Arrangements

The 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 Later

Furthermore, 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 ‘Presentation and

Disclosure in Financial Statements’ 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’s Judgements and

Estimates under IFRS

In preparing financial statements under IFRS,

certain provisions in the standards require

management’s 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.

Financial Statements for the Genmab Group

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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 goodwill

1.4

Revision of Prior Period Financial

Statements

To 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’s 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.

Financial Statements for the Genmab Group

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Section 2

Results for the Year

This section includes disclosures

related to revenue, information about

geographical areas, staff costs,

corporate and deferred tax, and

profit per share.

2.1

Revenue

(DKK million) 2024 2023 2022

Revenue 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 –License revenue 2 – 6Total 21,526 16,474 14,505

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 – 692Total19,783 16,053 14,505

Royalties by product:

DARZALEX 13,922 11,265 9,966Kesimpta 2,222 1,494 779TEPEZZA 737 704 7963Other471 242 41Total 17,352 13,705 11,582

1. Pzifer acquired Seagen in December 2023

2. Excludes Genmab’s Net product sales

3. Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

Accounting Policies

Genmab 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’s 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’s license

and collaboration agreements. As a result,

Genmab recognizes revenue when the related

sales occur.

Financial Statements for the Genmab Group

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Reimbursement Revenue for R&D Services:

Genmab’s research collaboration agreements

include provisions for reimbursement or cost

sharing for R&D services and payment for full

time equivalents (“FTEs”) at contractual rates.

R&D services are performed and satisfied over

time given that the customer simultaneously

receives and consumes the benefits provided

by Genmab and revenue for research services

is recognized over time rather than at a point

in time.

Milestone Revenue: Certain of Genmab’s 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’s 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’s 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’s

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’s collaboration

partner is determined to be the principal in sales

to end customers, Genmab’s 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’s 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’s significant Research

Collaborations, License Agreements and

Collaborative Agreements.

Refer to Note 1.3 for management’s judgements

and estimates related to revenue recognition.

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2.2

Information about Geographical Areas

Genmab is managed and operated as one business unit, which is reflected in the organizational

structure and internal reporting. No separate lines of business or separate business entities have been

identified with respect to any licensed products, 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’s 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 – 767 – 874 – 793United States 902 3,196 380 378 – 442Japan 841 100 41 56 – 70China – 48 – – – –Total 21,526 16,821 16,474 1,804 14,505 1,516

Out 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 Policies

Geographical information is presented for Genmab’s 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.

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 2,583

Staff costs are included in the Consolidated Statements of

Comprehensive Income as follows:

Cost of product sales 11 3 –Research and development expenses 2,520 2,004 1,518Selling, general and administrative expenses 1,813 1,541 1,065Total 4,344 3,548 2,583

Average number of FTE 2,535 2,011 1,460

Number of FTE at year-end 2,682 2,204 1,660

Refer 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 Policies

Staff Costs

Wages 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’s 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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2.4

Corporate and Deferred Tax

Taxation — Income Statement & Shareholders’ 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’ 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’ 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 — Balance Sheet

Significant components of the deferred tax

(liabilities) assets are as follows:

(DKK million) 2024 2023Share-based instruments 270 41Deferred revenue 120 113Intangible assets (2,478) –Other temporary differences 637 58Total at December 31 (1,451) 212

Genmab 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 Policies

Corporate Tax

Corporate 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’ 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.

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Deferred Tax

Deferred 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’s Judgements

and Estimates

Deferred Tax

Genmab 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’s 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’s product pipeline and other matters.

As such, changes in estimates of future taxable

income could impact Genmab’s 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.

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 82.59

In 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 Policies

Basic Net Profit per Share

Basic 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 Share

Diluted 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.

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Section 3

Operating Assets and

Liabilities

This section covers the operating

assets and related liabilities that

form the basis for Genmab’s

activities. Deferred tax assets and

liabilities are included in Note 2.4.

Assets related to Genmab’s financing

activities are shown in section 4.

3.1

Other Intangible Assets and Goodwill

Intangible Assets

The 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 to

Note 5.5 for additional details.

Licenses Total and Technology Acquired Intangible (DKK million) GoodwillPatentsPlatformIPR&DAssets2024Cost at the beginning of the year – 901 – – 901Additions during the year 2,436 163 1,243 10,577 14,419Effect of exchange rate adjustment 99 – 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 – 800 – – 800Amortization for the year – 25 53 – 78Impairment losses for the year – 76 – – 76Amortization and impairment losses at the end of the year – 901 53 – 954Carrying amount at the end of the year 2,535 163 1,234 10,946 14,8782023Cost at the beginning of the year – 891 – – 891Additions during the year – 10 – – 10Cost at the end of the year – 901 – – 901Amortization and impairment losses at the beginning of the year – 745 – – 745Amortization for the year – 55 – – 55Amortization and impairment losses at the end of the year – 800 – – 800Carrying amount at the end of the year – 101 – – 101

Impairment 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.

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Goodwill

The 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’s goodwill was

allocated. There was no goodwill balance as of

December 31, 2023.

Accounting Policies

Research and Development Projects

Internal 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.

Goodwill

Goodwill represents the excess of purchase

price over the fair value of net identifiable assets

acquired and liabilities assumed in a business

combination accounted for by the acquisition

method of accounting. Goodwill is allocated

to each of the group’s 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 Measurement

Intangible 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 will

be 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.

Amortization

Intangible 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.

Impairment

Goodwill 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’s 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’s Judgments

and Estimates

Impairment Assessment of Goodwill

and Other Intangible Assets

CGUs 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’s 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’s 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’s 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

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the entire Group (level 1 observable input), a

high-level comparison between Genmab’s 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’s 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:

• Development of a competing drug

• Realized sales trending below predicted sales

• Inconsistent or unfavorable clinical readouts

• Changes in the legal framework covering

patents, rights, and licenses

• Advances in medicine and/or technology that

affect the medical treatments

• Adverse impact on reputation and/or

brand names

3.2

Property and Equipment

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 – 52Transfers between the classes 10 38 (48) –Disposals for the year (5) (86) (4) (95)Exchange rate adjustment 16 9 – 25Cost at December 31 721 991 103 1,815Accumulated depreciation and impairment at January 1 (194) (482) – (676)Depreciation for the year (75) (158) – (233)Exchange rate adjustment (7) (4) – (11)Accumulated depreciation on disposals 5 78 – 83Accumulated depreciation and impairment at December 31 (271) (566) – (837)Carrying amount at December 31 450 425 103 978

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Equipment, 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) –Disposals for the year – – (6) (6)Exchange rate adjustment (10) (4) – (14)Cost at December 31 684 908 39 1,631Accumulated depreciation and impairment at January 1 (132) (363) – (495)Depreciation for the year (64) (121) – (185)Exchange rate adjustment 2 2 – 4Accumulated depreciation and impairment at December 31 (194) (482) – (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 233 185 146

Capital expenditures in 2024 were primarily related to the expansion Genmab’s 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 Policies

Property 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.

Depreciation

Depreciation 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 3–5 yearsLeasehold improvements 15 years or the lease term, if shorter

Depreciation 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.

Impairment

If circumstances or changes in Genmab’s 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.

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3.3

Leases

Genmab 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 88

1. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for

contractual restoration obligations related to leases of Genmab offices.

Variable lease payments, 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 Policies

All 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’s right to use an

underlying asset for the lease term and lease

liabilities represent Genmab’s obligation to

make lease payments arising from the lease. The

ROU asset is depreciated over the shorter of the

asset’s 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’s 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.

3.4

Other Investments

(DKK million) 2024 2023Publicly traded equity securities 38 47Fund investments 176 87Privately held equity securities 14 –Total at December 31 228 134

Other 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.

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Accounting Policies

Other 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’s share of the fair value of

these fund investments is determined based

on the valuation of the underlying investments

included in the fund. Investments in publicly

traded equity securities included in these

strategic investment funds are valued based

at the most recent sale price or official closing

price reported on the exchange or over-the-

counter market on which they trade, while

investments in non-publicly traded equity

securities are based on other factors, including

but not limited to, type of the security, the size

of the holding, the initial cost of the security,

the price and extent of public trading in similar

securities of the comparable companies, an

analysis of the company’s or issuer’s financial

statements and with respect to debt securities,

the maturity and creditworthiness. As such, these

fund investments have been characterized as

Level 3 investments as fair values are based on

significant unobservable inputs.

3.5

Inventories

(DKK million) 2024 2023Raw materials 4 14Work in progress – –Finished goods 79 59Total inventories (gross) at December 31 83 73Allowances at year end (21) (16)Total inventories (net) at December 31 62 57

In 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’s

Consolidated Statements of Comprehensive

Income and was subsequently reversed upon

receiving U.S. FDA approval during the second

quarter of 2023.

Accounting Policies

Inventories 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’s 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.

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 5,009

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’s 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.

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Accounting Policies

Initially, 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’s 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.

3.7

Contract Liabilities

Genmab has recognized the following liabilities

related to the AbbVie collaboration agreement.

(DKK million) 2024 2023Contract liabilities at January 1 513 513Payment received – –Revenue recognized during the year (9) –Total at December 31 504 513Non-current contract liabilities 480 480Current contract liabilities 24 33Total at December 31 504 513

Contract 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’s 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.

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 Policies

Other 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 Payable

Accounts payable are measured in the

Consolidated Balance Sheets at amortized cost.

Other Liabilities

Other 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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Section 4

Capital Structure, Financial

Risk and Related Items

This section includes disclosures

related to how Genmab manages

its capital structure, cash position

and related risks and items. Genmab

is primarily financed through

partnership collaborations.

4.1

Capital Management

Genmab’s 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’s 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’s growth over the longer term. Most

of Genmab’s 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’s

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 (“Credit Facility”) 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’s capital

resources support its strategic goals.

Neither Genmab A/S nor any of its subsid-

iaries are subject to externally imposed capital

requirements.

4.2

Financial Risk

The financial risks of Genmab are

managed centrally.

The overall risk management guidelines have

been approved by the Board of Directors

and include the Group’s investment policy

related to our marketable securities. The Group’s

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’s policy

not to actively speculate in financial risks. The

Group’s financial risk management is directed

solely towards monitoring and reducing

financial risks which are directly related to

Genmab’s operations.

The primary objective of Genmab’s 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’s marketable securities are administered

by external investment managers. The investment

guidelines and managers are reviewed regularly

to reflect changes in market conditions, Genmab’s

activities and financial position. Genmab’s

investment policy allows investments in debt

rated BBB- or greater by S&P or Fitch and in debt

rated Baa3 or greater by Moody’s. 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.

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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:

• credit risk;

• foreign currency risk; and

• interest rate risk

All of Genmab’s 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 Risk

Genmab is exposed to credit risk and losses on

marketable securities, bank deposits and receiv-

ables. The maximum credit exposure related

to Genmab’s 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’s receiv-

ables was DKK 6,642 million as of December 31,

2024 compared to DKK 5,009 million as of

December 31, 2023.

Marketable Securities

To manage and reduce credit risks on our securi-

ties, Genmab’s 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’s FitchShort-term A-2 P-2 F-2Long-term BBB- Baa3 BBB-

Genmab’s 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’s marketable securities were

long-term A rated or higher, or short-term A-1/P-1

rated by S&P, Moody’s 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 Equivalents

To reduce the credit risk on our bank deposits,

Genmab’s 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.

Receivables

The credit risk related to our receivables is not

significant based on the high-quality nature of

Genmab’s collaboration partners. As disclosed

in Note 2.2, J&J, Novartis, Roche, AbbVie and

BioNTech are Genmab’s 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 Risk

Genmab’s presentation currency is the DKK;

however, Genmab’s 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’s cash flows,

profit (loss) and/or financial position in DKK.

The majority of Genmab’s 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’s

revenue in USD was 79% of total revenue in 2024

as 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 the

annual Currency Hedge Rate will result in changes

to royalties due to Genmab impacting net profit

before tax and cash flows.

There is also exposure that exchange rate fluctu-

ations may impact equity as part of the currency

translation adjustments required to convert the

investments in foreign subsidiaries from their

respective functional currencies to the presen-

tation currency during consolidation, however

any such fluctuations would be immaterial. The

foreign subsidiaries are not significantly affected

by currency risks as both revenues and expenses

are primarily settled in the foreign subsidiaries’

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’ liability exposures in these currencies.

Assets and Liabilities in Foreign Currency

Genmab’s 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’s 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

Financial Statements for the Genmab Group

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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’s 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’s 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’s 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’s EUR

exposure is not material.

Genmab’s GBP currency exposure is mainly related

to contracts and marketable securities denomi-

nated in GBP. As of December 31, 2024 and 2023,

Genmab’s GBP exposure is not material.

Interest Rate Risk

Genmab’s exposure to interest rate risk is

primarily related to marketable securities, as

Genmab currently does not have significant

interest-bearing debts.

Marketable Securities

The 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’s 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 – 6,7422025 5,000 3,7172026 3,209 2,1752027 2,314 2322028 329 1432029+ 391 259Total at December 31 11,243 13,268

4.3

Financial Assets and Liabilities

Categories of Financial Assets and Liabilities

December 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 Measurement

December 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 – – 11,243 13,268 – – 13,268Other investments 3.4 38 14 176 228 47 – 87 134

Financial Statements for the Genmab Group

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Marketable Securities

Substantially 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 Investments

Other investments primarily consist of invest-

ments in certain strategic investment funds.

Genmab’s share of the fair value of these

fund investments is determined based on the

valuation of the underlying investments included

in the fund. Investments in publicly traded equity

securities included in these strategic investment

funds are valued based at the most recent sale

price or official closing price reported on the

exchange or over-the-counter market on which

they trade, while investments in non-publicly

traded equity securities are based on other

factors, including but not limited to, type of the

security, the size of the holding, the initial cost

of the security, the price and extent of public

trading in similar securities of the comparable

companies, an analysis of the company’s or

issuer’s financial statements and with respect

to debt securities, the maturity and 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 Policies

Classification Of Categories Of

Financial Assets And Liabilities

Genmab classifies its financial assets held into

the following measurement categories:

• those to be measured subsequently at fair value

(either through other comprehensive income, or

through profit or loss), and

• 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 Measurement

Genmab 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:

• In the principal market for the asset or

liability, or

• In the absence of a principal market, in the most

advantageous market for the asset or liability.

The principal or the most advantageous market

must be accessible by Genmab.

The fair value of an asset or a liability is measured

using the assumptions that market participants

would use when pricing the asset or liability,

assuming that market participants act in their

economic best interest.

Genmab uses valuation techniques that are

appropriate in the circumstances and for which

sufficient data are available to measure fair value,

maximizing the use of relevant observable inputs

and minimizing the use of unobservable inputs.

For financial instruments that are measured in

the balance sheet at fair value, IFRS 13 requires

disclosure of fair value measurements by level of

the following fair value measurement hierarchy:

• Level 1 — Quoted prices (unadjusted) in active

markets for identical assets or liabilities

• Level 2 — 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)

• Level 3 — 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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4.4

Marketable Securities

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 13,268

Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.

Accounting Policies

Marketable 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:

• 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.

• 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.

• 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’s 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’s 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.

Financial Statements for the Genmab Group

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4.5

Financial Income and Expenses

(DKK million) 2024 2023 2022

Financial income:

Interest and other financial income 995 982 324

Gain on marketable securities 364 495 92

Gain on other investments 146 72 58

Foreign exchange rate gain 2,933 391 2,715

Total financial income 4,438 1,940 3,189

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

Interest Income

Interest 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 Losses

Foreign 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’s 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’s USD

denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign

exchange rates were as follows for each period:

December 31, 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 Losses

Gain 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 Investments

Gains 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’s investments in certain

strategic investment funds. The losses in 2022

were primarily driven by the change in fair value

of Genmab’s investment in common shares

of CureVac.

Accounting Policies

Financial 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.

Financial Statements for the Genmab Group

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4.6

Share-Based Instruments

Restricted Stock Unit Program

Genmab A/S has established an RSU program

(equity-settled share-based payment transac-

tions) as an incentive for Genmab’s employees,

members of the Executive Management, and

members of the Board of Directors. RSUs granted

to Executive Management are performance-

based (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’s RSU programs:

RSUs Granted in PeriodsKey Terms December 2019–February 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 — 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’s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (“net settlement”). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares.1Leaver Leavers — Forfeit all unvested RSUs except Good-Leavers — May maintain a pro-rata when due to retirement, death, serious portion of unvested RSUs.sickness, or serious injury, in which case 2Bad-Leavers — Forfeit all unvested RSUs.granted but not yet vested RSUs shall remain outstanding and will be settled in Death — 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 — RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.

1. “Good-Leaver” — Dismissal without cause or termination of employment due to Genmab’s material breach of the RSU

or Warrant holder’s 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’s death.

2. “Bad-leaver” — Dismissed for cause or during the employment probationary period.

The RSU program contains anti-dilution provisions if changes occur in Genmab’s 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.

Financial Statements for the Genmab Group

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RSU Activity in 2024, 2023 and 2022

Number 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 — RSUs RSUs Granted — of DirectorsManagementheld by employeesand employees Total RSUsGranted — 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) – (13,749) 16,117 –Forfeited (653) – (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 – 12,918 (55,103) 42,185 –Forfeited – (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 – (19,924) (37,348) 57,272 –Forfeited – (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.

Financial Statements for the Genmab Group

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Warrant Program

Genmab A/S has established a warrant program

(equity-settled share-based payment trans-

actions) as an incentive for all the Genmab

Group’s employees.

Warrants are granted by the Board of Directors

in accordance with authorizations given to it by

Genmab A/S’ shareholders.

Following Genmab’s 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’s warrant programs:

Warrants Granted in PeriodsKey Terms April 2012–March 2017 March 2017–February 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 — Forfeit all unvested warrants; however, will be Good-Leavers — 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 — For feit all unvested warrants.Death — Forfeit all unvested warrants.Voluntary leavers forfeit all unvested warrants.Lapse 7th anniversary of grant date

The warrant program contains anti-dilution provisions if changes occur in Genmab’s 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.

Financial Statements for the Genmab Group

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Warrant Activity in 2024, 2023 and 2022

Number 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 — by the Board of by the Executive warrants held by Board of Directors average exercise price at exercise % of DirectorsManagementemployeesand employees Total warrantsprice — DKKdate — DKKShare CapitalOutstanding at January 1, 2022 10,658 159,634 739,000 59,159 968,451 1,501.49Granted* 1,541 – 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 – – – – – –Forfeited – – (13,670) (32,654) (46,324) 2,029.00Transfers (8,721) – (25,373) 34,094 – –Outstanding 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 – 198,001 10,973 209,377 2,632.02Exercised – (11,900) (74,672) (26,390) (112,962) 1,341.40 2,657.76Expired – – (1,200) (117) (1,317) 1,225.18Forfeited – – (32) (43,143) (43,175) 2,274.50Transfers – 21,295 (103,396) 82,101 – –Outstanding 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 – 354,255 14,898 369,847 1,974.71Exercised – (63,811) (31,721) (17,119) (112,651) 1,143.29 1,877.19Expired – – (155) (132) (287) 1,032.00Forfeited – – (73) (39,564) (39,637) 2,300.10Transfers – 555 (53,903) 53,348 – –Outstanding 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 – 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.

Financial Statements for the Genmab Group

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Weighted Average Outstanding

Warrants at December 31, 2024

As 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 Policies

Share-Based Compensation Expenses

Share-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’

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’s Judgements

and Estimates

Share-Based Compensation Expenses

The 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:

• The expected stock price volatility, which is

based upon the historical volatility of Genmab’s

stock price;

• 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;

• 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 2022

The 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

Financial Statements for the Genmab Group

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4.7

Share Capital

The 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’s 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’ articles of association. Further,

Genmab’s 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 – 585,692 500,000Warrants reissued – 41,143 81,684Warrants available for issue 750,000 164,308 –Warrants available for reissue – 4,550 –

Share Premium

The share premium reserve is comprised of the amount received, attributable to shareholders’ equity,

in excess of the nominal amount of the shares issued at the parent company’s 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 2024

The 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 66.2

1. New shares were subscribed at share prices in connection with the exercise of warrants under Genmab’s

warrant program.

Financial Statements for the Genmab Group

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Treasury Shares

Proportion 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 5,449

Share Repurchases

As of December 31, 2024, Genmab’s 2021 and 2023 authorizations have shares available for repur-

chase, whereas Genmab’s 2019 authorization has expired. In addition, at Genmab’s Annual General

Meeting on March 13, 2024, a new authorization to acquire treasury shares up to a nominal amount of

DKK 3,500,000 was granted.

2024 2023 2021 AuthorizationAuthorizationAuthorization1Number of shares authorized for repurchase3,500,000 500,000 500,000Actual shares repurchased under authorization 1,821,853 – 450,000Shares available for repurchase as of December 31, 2024 1,678,147 500,000 50,000

1. Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 Authorizations

Financial Statements for the Genmab Group

As announced on February 14, 2024, and

March 15, 2024, Genmab initiated two share

buy-back programs. The purpose of the share

buy-back program announced on February 14,

2024, was to honor Genmab’s commitments

under the RSU program. The share buy-back

program announced on March 15, 2024, was in

support of Genmab’s capital allocation strategy.

During 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’ 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’ 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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Section 5

Other Disclosures

This section is comprised of various

statutory disclosures or notes that

are of secondary importance for the

understanding of Genmab’s financials.

5.1

Remuneration of the Board of Directors and Executive Management

The 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’s 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’s 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’s

share-based compensation programs and

accounting policies.

Financial Statements for the Genmab Group

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Remuneration to the Board of Directors

Base 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’Farrell0.6 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 – – – 1.0 0.5 0.4 1.6 1.1 1.02Martin Schultz0.6 0.6 0.5 – – – 0.8 0.2 – 1.4 0.8 0.52Takahiro Hamatani0.6 0.6 0.5 – – – 0.8 0.2 – 1.4 0.8 0.53Peter Storm Kristensen– – 0.1 – – – – – 0.1 – – 0.23Rima Bawarshi Nassar– – 0.1 – – – – – 0.1 – – 0.2Total 6.3 6.3 6.2 2.5 2.3 2.1 10.1 5.6 4.3 18.9 14.2 12.6

1. Elizabeth O’Farrell 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 “Board of Directors” in Management’s Review for additional information regarding the Board.

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Remuneration to the Executive Management

Share-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 – – – 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 – – 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 – – 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 – – – 2.8 2.9 2.8 17.9 12.1 7.7 25.8 19.8 15.21Birgitte Stephensen2.9 2.6 – 0.3 0.3 – – – – 1.7 1.5 – 8.3 5.7 – 13.2 10.1 –1Christopher Cozic3.4 3.3 – 0.1 0.1 – – – – 2.0 2.0 – 11.1 7.8 – 16.6 13.2 –2Martine van Vugt2.9 2.5 – 0.7 0.6 – 0.1 0.1 – 1.6 1.6 – 5.7 4.1 – 11.0 8.9 –4Brad Bailey3.9 – – 0.1 – – 0.6 – – 2.4 – – 4.1 – – 11.1 – –4Rayne Waller1.7 – – 0.1 – – 3.8 – – 0.9 – – 0.8 – – 7.3 – –Total 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 65.6 243.2 159.4 114.4

1. 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 “Executive Management”

in Management’s Review for additional informa-

tion regarding the Executive Management.

Severance Payments

In 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’s 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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5.2

Related Party Disclosures

Genmab’s 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.

5.3

Commitments

Purchase Obligations

Genmab 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 license

and 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.

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 – 0.1 –Total 12.9 9.6 7.8

Genmab changed auditors from

PricewaterhouseCoopers Statsautoriseret

Revisionspartnerselskab (PwC) to Deloitte

Statsautoriseret Revisionspartnerselskab

(Deloitte) as Genmab’s 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 2022

Fees 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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5.5

Acquisition of Businesses

On May 21, 2024 (Acquisition Date), Genmab

completed the previously announced acquisition

of all of the outstanding shares of ProfoundBio,

resulting in ProfoundBio becoming a wholly

owned subsidiary of Genmab. The acquisition

of ProfoundBio gave Genmab worldwide rights

to three candidates in clinical development,

including ProfoundBio’s lead drug candidate,

rinatabart sesutecan (Rina-S). In addition,

Genmab acquired ProfoundBio’s novel ADC

technology platforms. Rina-S is a clinical-stage,

FRαtargeted, 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 FRα-expressing solid tumors. Based

on the data from the ongoing Phase 1/2 clinical

trial Genmab intends to broaden the development

plans for Rina-S within ovarian cancer and other

FRαexpressing solid tumors. In January 2024, the

U.S. FDA granted Fast Track designation to Rina-S

for the treatment of patients with FRα-expressing

high-grade serous or endometrioid platinum-

resistant ovarian cancer.

In addition to payment of USD 1.72 billion

(DKK 11.80 billion) for all of the outstanding

shares of ProfoundBio, Genmab also made a

USD 199 million (DKK 1,368 million) payment

to holders of outstanding ProfoundBio equity

awards for settlement of such vested and

non-vested awards. Of the USD 199 million (DKK

1,368 million) payment, USD 187 million (DKK

1,289 million) related to the portion of awards

where the vesting period was completed prior to

the Acquisition Date. This portion of the payment

was therefore determined to be attributable

to the pre-combination period and included in

purchase consideration. The remaining USD

11 million (DKK 79 million) payment related

to the portion of awards with future vesting

conditions, and therefore is attributable to post-

combination services. The amount attributable to

the post-combination service does not form part

of the consideration and was therefore instead

recognized as Acquisition and integration related

charges in Genmab’s Consolidated Statements of

Comprehensive Income.

The acquisition has been accounted for using the

acquisition method of accounting which requires

that assets acquired and liabilities assumed

be recognized at their fair values as of the

Acquisition Date and consolidated into Genmab’s

Consolidated Balance Sheets. The results of

operations for ProfoundBio have been included in

Genmab’s consolidated financial statements from

the Acquisition Date. A fair value measurement

has been performed and the purchase price has

been allocated to intangible assets, associated

deferred tax liabilities, other assets and 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 to

12 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 12,246

The purchase price allocation resulted in the following amounts being allocated to the assets acquired

and liabilities assumed at the Acquisition Date based upon their respective fair values 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 liabilities

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The 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’s 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’s 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’s operations post-acqui-

sition. Additionally, prior to the Acquisition Date, Genmab

recorded DKK 113 million in Acquisition and integration

related charges in Genmab’s Consolidated Statements

of Comprehensive Income related to professional due

diligence procedures in connection with the acquisition

of ProfoundBio. 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’s 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 7,622

The 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 indicative

of future results of operations. The unaudited pro

forma information reflects certain adjustments

that were directly attributable to the acquisition

of ProfoundBio, including additional amortization

adjustments for the fair value of the technology

platform intangible asset acquired.

As of December 31, 2024, Cash and cash equiv-

alents in Genmab’s 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 Policies

Business Combinations

The acquisition method of accounting is used

to account for all acquisitions where the target

company meets the definition of a business in

accordance with IFRS 3 (Business Combinations).

The purchase price for a business is comprised

of the fair value of the assets transferred and

liabilities owned to the former owners, including

option holders, of the acquired business and the

fair value of any asset or liability resulting from

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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 relationships

are 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’s Judgements

and Estimates — Other Intangible

Assets and Goodwill

Fair Value and Impairment Assessment of

Other Intangible Assets and Goodwill

The application of the acquisition method

involves the use of significant estimates because

the identifiable net assets of the acquiree are

recognized at their fair values for which observ-

able market prices are typically not available. This

is particularly relevant for intangible assets which

require use of valuation techniques typically

based on estimates of present value of future

uncertain cash flows. The significant 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).

5.6

Collaborations and Licenses

Collaborations

Genmab enters into collaborations with

biotechnology and pharmaceutical companies

to advance the development and commercial-

ization of Genmab’s 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’s 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’s annual net product sales

with J&J reducing such royalty payments for

Genmab’s share of J&J’s 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’s

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 to

decline 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’s claims. Genmab

did 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’s royalty payments to Halozyme for its

technology used in the daratumumab SC product.

The tribunal based its ruling on the finding that

DARZALEX FASPRO constitutes a new licensed

product under the license agreement.

On April 21, 2023, the arbitral tribunal dismissed

Genmab’s claims regarding the second 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’s

claims in the second arbitration is now final.

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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’s 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’s 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’s

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’ 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 an

aggregate 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 exercise

and success-based milestones.

In May 2023, epcoritamab received initial

approval from the U.S. FDA and is marketed under

the 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.

Financial Statements for the Genmab Group

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The allocation of the transaction price to the

performance obligations is summarized below:

• Delivery of licenses for the three programs: USD

672 million (DKK 4,398 million)

• 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.

BioNTech

In May 2015, Genmab entered into an agreement

with BioNTech to jointly research, develop and

commercialize bispecific antibody products using

Genmab’s 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’s 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’ existing

License and Collaboration Agreement for reasons

related to BioNTech’s 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’s 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.

5.7

Contingencies

Legal Contingency

In 2024, Chugai filed a lawsuit in the Tokyo

District Court, Japan against AbbVie’s and

Genmab’s subsidiaries in Japan asserting that

their activities with EPKINLY (epcoritamab) in

Japan infringe two Japanese patents held by

Chugai, JP6278598 and JP6773929. Chugai is

claiming damages and injunctive relief.

Genmab and AbbVie believe that the two

Japanese patents are invalid and not infringed

and intend to vigorously defend against the

lawsuit, and thus no provision has been

recognized related to this matter.

Financial Guarantees

As 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’

strong financial position and history of fulfilling

lease payments. Accordingly, no provision has

been recognized related to this matter.

5.8

Subsequent Events

Management 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 of

the underlying USD transactions, triggered by the

commercialization 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.

Financial Statements for the Genmab Group

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Financial

Statements

of the Parent

Company

Table of Contents

Financial Statements of the Parent

Company

184 Income Statements

185 Balance Sheets

186 Statements of Cash Flows

187 Statements of Changes in Equity

Notes to the Financial Statements of

the Parent Company

188 1 Accounting Policies

189 2 Revenue

189 3 Staff Costs

189 4 Corporate and Deferred Tax

190 5 Intangible Assets

191 6 Property and Equipment

192 7 Leases

192 8 Other Investments

192 9 Inventories

193 10 Receivables

193 11 Contract Liabilities

193 12 Other Payables

193 13 Marketable Securities

194 14 Financial Income and Expenses

194 15 Remuneration of the Board

of Directors and Executive

Management

195 16 Related Party Disclosures

195 17 Investments in Subsidiaries

196 18 Commitments and Contingencies

196 19 Fees to Auditors Appointed at the

Annual General Meeting

183

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Financial

Statements

of the Parent

Company

Income Statements

(DKK million) Note 2024 2023

Revenue 2 22,167 17,126

Cost of product sales (502) (86)

Research and development expenses 3, 5, 6 (10,358) (8,826)

Selling, general and administrative expenses 3, 6 (1,949) (2,521)

Integration related charges (30) –

Total costs and operating expenses (12,839) (11,433)

Operating profit 9,328 5,693

Financial income 14, 17 17,404 2,199

Financial expenses 14, 17 (12,239) (1,871)

Net profit before tax 14,493 6,021

Corporate tax 4 (2,626) (1,277)

Net profit 11,867 4,744

184

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Financial

Statements

of the Parent

Company

Balance Sheets

(DKK million) Note December 31, 2024 December 31, 2023

Assets

Intangible assets 5 13,369 378

Property and equipment 6 109 129

Right-of-use assets 7 239 232

Investments in subsidiaries 17 6,114 3,308

Receivables 10 22 49

Deferred tax assets 4 – 198

Other investments 8 179 87

Total non-current assets 20,032 4,381

Corporate tax receivable 4 101 –

Inventories 9 10 31

Receivables 10 5,726 4,528

Receivables from subsidiaries 10 964 650

Marketable securities 13 11,243 13,268

Cash and cash equivalents 8,993 14,467

Total current assets 27,037 32,944

Total assets 47,069 37,325

Shareholders’ Equity and Liabilities

Share capital 66 66

Share premium 12,590 12,461

Retained earnings 28,940 20,347

Total shareholders’ equity 41,596 32,874

Lease liabilities 7 235 227

Deferred revenue 11 480 480

Deferred tax liabilities 4 2,359 –

Other payables 12 20 20

Total non-current liabilities 3,094 727

Corporate tax payable 4 – 45

Payable to subsidiaries 12 887 2,525

Lease liabilities 7 16 19

Deferred revenue 11 24 33

Other payables 12 1,452 1,102

Total current liabilities 2,379 3,724

Total liabilities 5,473 4,451

Total shareholders’ equity and liabilities 47,069 37,325

185

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Financial

Statements

of the Parent

Company

Statements of Cash Flows

(DKK million) Note 2024 2023

Cash flows from operating activities:

Net profit before tax 14,493 6,021

Financial Income 14 (17,404) (2,199)

Financial Expenses 14 12,239 1,871

Adjustment for non-cash transactions

Share-based compensation expense 88 84

Depreciation 40 32

Amortization 36 29

Impairment charges 282 –

Change in operating assets and liabilities

Receivables (1,173) 1,062

Inventories 22 (31)

Other Payables 352 207

Cash provided by operating activities before financial items 8,975 7,076

Interest received 905 888

Interest elements of lease payments 7 (10) (9)

Interest paid – (1)

Corporate taxes (paid)/received (317) (1,056)

Net cash provided by operating activities 9,553 6,898

Cash flows from investing activities:

Transactions with subsidiaries (14,198) 868

Investment in intangible assets 5 (198) (82)

Investment in tangible assets 6 (6) (117)

Marketable securities bought (8,581) (10,876)

Marketable securities sold 11,279 10,001

Other investments bought (42) (30)

Net cash (used in) investing activities (11,746) (236)

Cash flows from financing activities:

Warrants exercised 129 152

Principal elements of lease payments 7 (13) (15)

Purchase of treasury shares (3,879) (564)

Payment of withholding taxes on behalf of employees on net settled RSUs (109) (103)

Net cash (used in) financing activities (3,872) (530)

Changes in cash and cash equivalents (6,065) 6,132

Cash and cash equivalents at the beginning of the period 14,467 8,830

Exchange rate adjustments 591 (495)

Cash and cash equivalents at the end of the period 8,993 14,467

Cash and cash equivalents include:

Bank deposits 8,911 13,114

Short-term marketable securities 82 1,353

Cash and cash equivalents at the end of the period 8,993 14,467

186

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Financial

Statements

of the Parent

Company

Statements of Changes

in Equity

(DKK million)

capital

premium

Retained

earnings

Shareholders’

equity

Balance at December 31, 2022 66 12,309 15,741 28,116

Net profit – – 4,744 4,744

Exercise of warrants – 152 – 152

Purchase of treasury shares – – (564) (564)

Share-based compensation expenses – – 586 586

Withholding taxes on behalf of employees on net settled RSUs – – (103) (103)

Tax on items recognized directly in equity – – (57) (57)

Balance at December 31, 2023 66 12,461 20,347 32,874

Net profit – – 11,867 11,867

Exercise of warrants – 129 – 129

Purchase of treasury shares – – (3,879) (3,879)

Share-based compensation expenses – – 721 721

Withholding taxes on behalf of employees on net settled RSUs – – (109) (109)

Tax on items recognized directly in equity – – (7) (7)

Balance at December 31, 2024 66 12,590 28,940 41,596

Distribution of the Year’s Profit

The Board proposes that the parent company’s 2024 net profit of DKK 11,867 million (2023: net profit of DKK 4,744 million)

be carried forward to next year by transfer to retained earnings.

187

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Notes to the

Financial

Statements

of the Parent

Company

Accounting Policies

The financial statements of the parent company

have been prepared in accordance with the

IFRS Accounting Standards as issued by the

International Accounting Standards Board (IASB)

and in accordance with IFRS as endorsed by the

EU and further disclosure requirements for listed

companies in Denmark.

A number of new or amended standards

became applicable for the current reporting

period. Genmab A/S did not have to change its

accounting policies as a result of the adoption of

these standards.

Refer to Note 1.2 in the consolidated financial

statements for a description of new accounting

policies and disclosures of the Group.

Refer to Note 1.3 in the consolidated financial

statements for a description of management’s

judgements and estimates under IFRS.

Refer to Note 1.4 in the consolidated financial

statements for additional information regarding

the immaterial reclassifications and revisions

of the Group financial statements.

Supplementary Accounting

Policies for the Parent Company

Investments in Subsidiaries

The cost method is used for measuring the

investments in subsidiaries. Under the cost

method, investments in subsidiaries are

measured at historical cost. Equity interests in

foreign currencies are translated to the reporting

currency by use of historical exchange rates

prevailing at the time of investment.

Additions to the carrying value of investment in

subsidiaries include capital contributions made

by the parent and share-based payment trans-

actions related to employees of the respective

subsidiaries based on where the employee has

rendered service.

Distributions from the investment are recog-

nized as income when declared, if any. If the

distribution exceeds the current period income

or if circumstances or changes in Genmab’s oper-

ations indicate that the carrying amount of the

subsidiary may not be recoverable, the carrying

amount is tested for impairment. Where the

recoverable amount of the investments is lower

than cost, the investments are written down to

this lower value.

Refer to Note 1.1 in the consolidated financial

statements for a description of the accounting

policies of the Group.

188

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Revenue

(DKK million) 2024 2023

Revenue by type:

Royalties 17,352 13,705

Reimbursement revenue — External 996 864

Reimbursement revenue — Intercompany 1,140 937

Milestone revenue 1,000 1,177

Collaboration revenue 433 307

License revenue 2 –

Net product sales — Intercompany 1,244 136

Total 22,167 17,126

Revenue by collaboration partner:

Janssen 14,422 11,949

AbbVie 394 732

Roche 741 704

Novartis 2,822 1,511

BioNTech 869 784

Pfizer

533 373

Other 2 –

Total

19,783 16,053

Royalties by product:

DARZALEX 13,922 11,265

Kesimpta 2,222 1,494

TEPEZZA 737 704

Other

471 242

Total 17,352 13,705

1. Pzifer acquired Seagen in December 2023

2. Excludes Genmab’s intercompany revenue

3. Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

Refer to Note 2.1 in the consolidated financial statements for additional information regarding

revenue of the Group.

Staff Costs

(DKK million) 2024 2023

Wages and salaries 566 500

Share-based compensation 88 84

Defined contribution plans 48 39

Other social security costs 2 9

Total 704 632

Staff costs are included in the income statement as follows:

Research and development expenses 539 501

Selling, general and administrative expenses 165 131

Total 704 632

Average number of FTE 492 440

Number of FTE at year-end 519 465

Refer to Note 2.3 in the consolidated financial statements for additional information regarding staff

costs of the Group.

Corporate and Deferred Tax

Taxation — Income Statement & Shareholders’ Equity

(DKK million) 2024 2023

Current tax:

Current tax on profit 82 1,288

Deferred taxes 2,544 (11)

Total tax for the period in the income statement 2,626 1,277

Notes to the Financial Statements of the Parent Company

189

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

A reconciliation of Genmab’s effective tax rate relative to the Danish statutory tax rate is as follows:

(DKK million) 2024 2023

Net profit before tax 14,493 6,021

Tax at the Danish statutory corporation tax rate of 22% for

all periods 3,188 1,325

Tax effect of:

Net of non-taxable income over non-deductible expenses (659) (52)

Other current and deferred taxes adjustments 97 4

Total tax effect (562) (48)

Total tax for the period in the income statement 2,626 1,277

Total tax for the period in shareholders’ equity 7 57

Effective Tax Rate 18.1% 21.2%

Taxation — Balance Sheet

Significant components of the deferred tax (liabilities) assets are as follows:

(DKK million) 2024 2023

Share-based instruments 39 37

Deferred revenue 120 113

Intangible Assets (2,874)

Other temporary differences 356 48

Total deferred tax (liabilities) assets (2,359) 198

Refer to Note 2.4 in the consolidated financial statements for additional information regarding

corporate and deferred tax of the Group.

Intangible Assets

(DKK million)

Licenses and

Patents

Technology

Platform

Acquired

IPR&D

Total

Intangible

Assets

2024

Cost at the beginning of the year 1,093 – – 1,093

Additions during the year 244 1,237 11,789 13,270

Cost at the end of the year 1,337 1,237 11,789 14,363

Amortization and impairment losses at

the beginning of the year 715 – – 715

Amortization for the year 33 3 – 36

Impairment losses for the year 243 – – 243

Amortization and impairment losses at

the end of the year 991 3 – 994

Carrying amount at the end of the year 346 1,234 11,789 13,369

2023

Cost at the beginning of the year 1,011 – – 1,011

Additions during the year 82 – – 82

Cost at the end of the year 1,093 – – 1,093

Amortization and impairment losses at

the beginning of the year 654 – – 654

Amortization for the year 61 – – 61

Amortization and impairment losses at

the end of the year 715 – – 715

Carrying amount at the end of the year 378 – – 378

Parent Company intangible assets include IPR&D, a technology platform asset and licenses and rights

primarily to gain access to targets and technologies identified by third parties as well as subsidiaries.

Refer to Note 3.1 in the consolidated financial statements for additional information regarding

intangible assets of the Group. Refer to Note 17 in the parent financial statements for additional

information regarding the intangible assets and goodwill acquired through the ProfoundBio

acquisition.

Notes to the Financial Statements of the Parent Company

190

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Intangible Assets

The increase in the gross carrying value of intan-

gible assets during 2024 was primarily due to

the addition of approximately DKK 11,789 million

of IPR&D and DKK 1,237 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. These

intellectual property rights were transferred from

ProfoundBio US to Genmab A/S during the fourth

quarter of 2024.

Impairment expenses related to licenses and

patents were DKK 243 million in 2024 and were

not material in 2023. Impairment expenses were

recorded in Research and development expenses

in the Parent Company Income Statements.

Amortization expense was DKK 36 million and

DKK 61 million for 2024 and 2023, respectively,

which was recorded in Research and develop-

ment expenses in the Income Statements of the

Parent Company.

Property and Equipment

(DKK million)

Leasehold

improvements

Equipment,

furniture and

fixtures

Assets under

construction

Total property and

equipment

2024

Cost at January 1 78 82 – 160

Additions for the year – 2 2 4

Transfers between the classes – 1 – 1

Disposals for the year (4) (9) (2) (15)

Cost at December 31 74 76 – 150

Accumulated depreciation and impairment at January 1 (7) (24) – (31)

Depreciation for the year (4) (19) – (23)

Disposals for the year 4 9 – 13

Accumulated depreciation and impairment at December 31 (7) (34) – (41)

Carrying amount at December 31 67 42 – 109

2023

Cost at January 1 4 24 17 45

Additions for the year 5 10 100 115

Transfers between the classes 69 48 (117) –

Disposals for the year – – – –

Cost at December 31 78 82 – 160

Accumulated depreciation and impairment at January 1 (4) (15) – (19)

Depreciation for the year (3) (9) – (12)

Disposals for the year – – – –

Accumulated depreciation and impairment at December 31 (7) (24) – (31)

Carrying amount at December 31 71 58 – 129

(DKK million)

2024 2023

Depreciation and impairment included in the income statement as follows:

Research and development expenses 18 6

Selling, general and administrative expenses 5 6

Total 23 12

Refer to Note 3.2 in the consolidated financial statements for additional information regarding property and equipment of the Group.

Notes to the Financial Statements of the Parent Company

191

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Leases

The parent company has entered into lease agreements with respect to office and laboratory space.

The leases are non-cancellable over various periods through 2038.

(DKK million) 2024 2023

Right-of-use assets

Balance at January 1 232 9

Additions to right-of-use assets

24 242

Depreciation charge for the year (17) (19)

Balance at December 31 239 232

Lease liabilities

Current 16 19

Non-current 235 227

Total at December 31 251 246

Cash outflow for lease payments 23 24

1. Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for

contractual restoration obligations related to leases of Genmab offices.

Variable lease payments, lease interest expense, and low-value assets are immaterial.

Future minimum payments under leases are as follows:

(DKK million) 2024 2023

Payment due

Less than 1 year 27 23

1 to 3 years 53 45

More than 3 years but less than 5 years 54 45

More than 5 years 186 202

Total at December 31 320 315

Refer to Note 3.3 in the consolidated financial statements for additional information regarding

leases of the Group.

Other Investments

(DKK million) 2024 2023

Fund Investments 165 87

Privately held equity securities 14 –

Total at December 31 179 87

Refer to Note 3.4 to the consolidated financial statements for additional information on other

investments of the Group.

Inventories

(DKK million) 2024 2023

Raw materials 4 14

Work in progress – –

Finished goods 6 19

Total inventories (gross) at December 31 10 33

Allowances at year end – (2)

Total inventories (net) at December 31 10 31

Refer to Note 3.5 in the consolidated financial statements for additional information regarding

inventories of the Group.

Notes to the Financial Statements of the Parent Company

192

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Receivables

(DKK million) 2024 2023

Receivables related to collaboration agreements 5,434 4,148

Prepayments 107 121

Receivables from subsidiaries 964 650

Interest receivables 135 149

Other receivables 72 159

Total at December 31 6,712 5,227

Non-current receivables 22 49

Current receivables 6,690 5,178

Total at December 31 6,712 5,227

Refer to Note 3.6 in the consolidated financial statements for additional information regarding

receivables of the Group.

Contract Liabilities

(DKK million) 2024 2023

Contract liabilities at January 1 513 513

Customer payment received – –

Revenue recognized during the year (9) –

Total at December 31 504 513

Non-current contract liabilities 480 480

Current contract liabilities 24 33

Total at December 31 504 513

Refer to Note 3.7 in the consolidated financial statements for additional information regarding

contract liabilities of the Group.

Other Payables

(DKK million) 2024 2023

Liabilities related to collaboration agreements 126 47

Staff cost liabilities 91 106

Accounts payable 187 107

Payable to subsidiaries 887 2,525

Other liabilities 1,068 862

Total at December 31 2,359 3,647

Non-current other payables 20 20

Current other payables 2,339 3,627

Total at December 31 2,359 3,647

Refer to Note 3.8 in the consolidated financial statements for additional information regarding

other payables of the Group.

Marketable Securities

Refer to Note 4.4 in the consolidated financial statements for additional information on marketable

securities of the Group.

Notes to the Financial Statements of the Parent Company

193

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Financial Income and Expenses

(DKK million) 2024 2023

Financial income:

Dividend income from subsidiaries 13,026 –

Interest and other financial income 964 962

Interest from subsidiaries 6 1

Gain on marketable securities 364 495

Gain on other investments 121 6

Foreign exchange rate gain 2,923 735

Total financial income 17,404 2,199

Financial expenses:

Impairment of investment in subsidiaries (10,402) –

Interest and other financial expenses (95) (55)

Interest to subsidiaries (7) (10)

Loss on marketable securities (147) (175)

Loss on other investments (7) (14)

Foreign exchange rate loss (1,581) (1,617)

Total financial expenses (12,239) (1,871)

Net financial items 5,165 328

During the fourth quarter of 2024, ProfoundBio US (an indirect subsidiary of Genmab A/S) sold its

intangible assets to Genmab A/S. Following this transaction, Genmab A/S ultimately received dividend

income. The dividend income received of DKK 13.0 billion was recognized as Financial Income in the

financial statements of the parent company.

As a result of the above, due to the significant deterioration in the value of Genmab A/S’ indirect

investment in ProfoundBio US, Genmab A/S ultimately recorded a DKK 10.4 billion loss on impairment

of its investment in subsidiaries. The difference between the dividend income received by Genmab

A/S in this transaction and the loss on impairment of investment in subsidiaries relates to goodwill

retained at the subsidiary level. The DKK 10.4 billion impairment loss was recognized as Financial

Expense in the financial statements of the parent company.

Refer to Note 5.5 in the consolidated financial statements for additional information regarding the

acquisition of ProfoundBio and Note 17 in the parent company financial statements for additional

information related to investment in subsidiaries.

Remuneration of the Board of Directors and Executive Management

Remuneration of the Board for the parent, excluding employee elected board members not directly

employed by the parent, is the same as the Group.

Remuneration of Executive Management not directly employed by the parent company is between 10%

and 20% of their total compensation, as defined in their individual service agreement and as reported

in Note 5.1 in the consolidated financial statements.

Refer to Note 5.1 in the consolidated financial statements for additional information regarding the

remuneration of the Board of Directors and Executive Management.

Notes to the Financial Statements of the Parent Company

194

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Related Party Disclosures

Genmab A/S’ related parties are the parent company’s subsidiaries, Board, Executive Management,

and close members of the family of these persons.

Transactions With Subsidiaries

Genmab B.V., Genmab Holding B.V., Genmab US, Inc., Genmab K.K., ProfoundBio, Inc., ProfoundBio,

US Co., Profound Limited, ProfoundBio co., Ltd., ProfoundBio Shanghai Branch, Co., Ltd., and Bejing

Puyifang Biotechnology Co., Ltd. are 100% (directly or indirectly) owned subsidiaries of Genmab

A/S and are included in the consolidated financial statements. During 2024, various intercompany

transactions and services between the aforementioned companies took place in the field of product

sales, research and development, selling, general and administration, finance and management.

All intercompany transactions have been eliminated in the consolidated financial statements of the

Genmab Group.

(DKK million) 2024 2023

Transactions with subsidiaries:

Income statement:

Net product sales 1,244 136

Reimbursement revenue 1,140 937

Cost of product sales (28) (62)

Service fee costs (5,752) (5,326)

Milestone costs (545) (893)

Impairment investment in subsidiaries (10,402) –

Dividend income 13,026 –

Financial income 6 1

Financial expense (7) (10)

Balance sheet:

Intangible assets 1,029 291

Current receivables 964 650

Current payables (887) (2,525)

Genmab A/S has placed at each subsidiary’s disposal a credit facility (denominated in local currency)

that the subsidiary may use to draw from in order to secure the necessary funding of its activities.

Refer to Note 5.2 to the consolidated financial statements for additional information regarding

transactions with related parties of the Group.

Investments in Subsidiaries

(DKK million) 2024 2023

Cost at January 1 5,237 4,735

Additions 13,208 502

Cost at December 31 18,445 5,237

Impairment at January 1 (1,929) (1,929)

Impairment for the year (10,402) –

Impairment at December 31 (12,331) (1,929)

Carrying amount at December 31 6,114 3,308

Additions primarily related to the DKK 12.5 billion capital contribution to Genmab US, for the acquisi-

tion of ProfoundBio.

A DKK 10.4 billion impairment loss was recorded related to Genmab A/S’ indirect investment in

ProfoundBio US.

Refer to Note 1.1 in the consolidated financial statements for a listing of subsidiaries owned by

Genmab A/S, Note 5.5 in the consolidated financial statements of the group for additional infor-

mation regarding the acquisition of ProfoundBio and Note 14 in the parent company financial

statements for further details related to the transfer of ProfoundBio US intangible assets to

Genmab A/S.

Notes to the Financial Statements of the Parent Company

195

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Notes to the Financial Statements of the Parent Company

Commitments and Contingencies

Purchase Obligations

Genmab A/S has entered into a number of agreements related to research and development activities

that contain various obligations. These contractual obligations amounted to approximately DKK 2,867

million as of December 31, 2024 (2023: approximately DKK 3,145 million).

Genmab A/S also has certain contingent commitments under our license and collaboration agree-

ments that may become due in the future. As of December 31, 2024, these contingent commitments

amounted to approximately DKK 12,304 million (USD 1,723 million) in potential future development,

regulatory and commercial milestone payments to third parties under license and collaboration agree-

ments for our preclinical and clinical stage development programs as compared to approximately

DKK 9,991 million (USD 1,481 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 triggering such payments or obligations have not yet occurred.

In addition to the above obligations, Genmab A/S enters into a variety of agreements and financial

commitments in the normal course of business. The terms generally allow us the option to cancel,

reschedule and adjust our requirements based on our business needs prior to the delivery of goods

or performance of services. It is not possible to predict the maximum potential amount of future

payments under these agreements due to the conditional nature of our obligations and the unique

facts and circumstances involved in each particular agreement.

Financial Guarantees

As of December 31, 2024 and December 31, 2023, Genmab A/S 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 A/S’s strong financial

position and history of fulfilling lease payments. Accordingly, no provision has been recognized related

to this matter.

Refer to Note 5.3 in the consolidated financial statements for additional information regarding

commitments of the Group and Note 5.7 in the consolidated financial statements for additional

information regarding contingencies of the Group.

Fees to Auditors Appointed at the Annual General Meeting

(DKK million) 2024 2023

Audit fees 10.4 6.1

Audit-related fees 2.3 3.4

Total 12.7 9.5

Fees for other services than statutory audit of the financial statements provided by Deloitte Statsautoriseret

Revisionspartnerselskab amounted to DKK 2.3 million in 2024 (DKK 3.4 million in 2023 provided by

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab. These services primarily include

agreed-upon procedures, other assurance assessments and reports, and accounting advice.

Refer to Note 5.4 in the consolidated financial statements for additional information regarding fees

to auditors of the Group.

196

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

The Board of Directors and the Executive

Management have today considered and

approved the Annual Report of Genmab

A/S for the financial year January 1 to

December 31, 2024.

The Annual Report has 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.

In our opinion, the Consolidated Financial

Statements and the Parent Company Financial

Statements give a true and fair view of the

Group’s and the Parent Company’s financial

position at December 31, 2024 as well as of

the results of their operations and the Group’s

cash flows for the financial year January 1 to

December 31, 2024.

In our opinion, the Management Review is

prepared in accordance with relevant laws and

regulations and contains a fair review of the

development of the Group’s and the Parent

Company’s business and financial matters, the

results for the year and of the Parent Company’s

financial position and the financial position as a

whole of the entities included in the Consolidated

Financial Statements, together with a description

of the principal risks and uncertainties that the

Group and the Parent Company face.

The Sustainability Statements are prepared in

accordance with the European Sustainability

Reporting Standards (ESRS) as required by

the Danish Financial Statements Act as well as

article 8 in the EU Taxonomy regulation.

In our opinion, the Annual Report of

Genmab A/S for the financial year

January 1 to December 31, 2024, with the

file name Genmab-2024-12-31-0-en.zip is

prepared, in all material respects, in compliance

with the ESEF Regulation.

We recommend that the Annual Report be

adopted at the Annual General Meeting.

Copenhagen, February 12, 2025

Directors’ and Management’s Statement on the Annual Report

Executive Management

Jan van de Winkel

(President & CEO)

Anthony Pagano

(Executive Vice President & CFO)

Board Of Directors

Deirdre P. Connelly

(Chair)

Pernille Erenbjerg

(Deputy Chair)

Anders Gersel Pedersen Rolf Hoffmann Paolo Paoletti

Elizabeth O’Farrell Mijke Zachariasse

(Employee elected)

Takahiro Hamatani

(Employee elected)

Martin Schultz

(Employee elected)

197

Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Report on the consolidated

financial statements and the

parent financial statements

To the shareholders of Genmab A/S

Opinion

We have audited the consolidated financial

statements and the parent financial state-

ments of Genmab A/S for the financial year

January 1, 2024–December 31, 2024, which

comprise balance sheet, statements of cash

ﬂow, statement of changes in equity and notes,

including material accounting policy information

for the Group as well as the Parent, statement

of comprehensive income of the Group and

income statement of the Parent. The consol-

idated financial statements and the parent

financial statements are prepared in accordance

with IFRS Accounting Standards as endorsed by

the EU and additional disclosure requirements

for listed entities in Denmark.

In our opinion, the consolidated financial state-

ments and the parent financial statements

give a true and fair view of the Group’s and the

Parent’s financial position at December 31,

2024, and of the results of its operations and

cash ﬂows for the financial year January 1,

2024–December 31, 2024 in accordance with

IFRS Accounting Standards as endorsed by the

EU and additional disclosure requirements for

listed entities in Denmark.

Our opinion is consistent with our Long Form

Audit Report issued to the Audit & Finance

Committee and the Board of Directors.

Basis for opinion

We conducted our audit in accordance with

International Standards on Auditing (ISAs)

and the additional requirements applicable

in Denmark. Our responsibilities under those

standards and requirements are further

described in the “Auditor’s responsibilities

for the audit of the consolidated financial

statements and the parent financial state-

ments” section of this auditor’s report. We are

independent of the Group in accordance with

the International Ethics Standards Board for

Accountants’ International Code of Ethics for

Professional Accountants (IESBA Code) and

the additional ethical requirements applicable

in Denmark, and we have fulfilled our other

ethical responsibilities in accordance with these

requirements and the IESBA Code. We believe

that the audit evidence we have obtained is

suﬃcient and appropriate to provide a basis for

our opinion.

To the best of our knowledge and belief, we

have not provided any prohibited non-audit

services as referred to in Article 5(1) of

Regulation (EU) No 537/2014.

We were appointed auditors of Genmab A/S

for the first time on March 13, 2024, for the

financial year 2024.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance

in our audit of the consolidated financial statements and the parent financial statements for the

financial year January 1, 2024–December 31, 2024. These matters were addressed in the context of

our audit of the consolidated financial statements and the parent financial statements as a whole,

and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter

How our audit addressed the

key audit matter

Valuation of Acquired IPR&D Assets in the

ProfoundBio, Inc. Acquisition

Refer to Notes 3.1 and 5.5 to the financial statements.

The Company completed the acquisition of ProfoundBio,

Inc. (“ProfoundBio”) for USD 1.72 billion (DKK 11.8 billion)

on May 21, 2024. The Company accounted for the

acquisition as a business combination and, accordingly,

has performed procedures to identify all assets and

liabilities and allocated the purchase price to the assets

acquired and liabilities assumed based on their respective

estimated fair values as of the date of acquisition.

Intangible assets acquired primarily included the

in-process research and development intangible assets

(“Acquired IPR&D assets”). The Company estimated the

fair value of the Acquired IPR&D assets using an income

approach. The fair value determination of the Acquired

IPR&D assets required the Company to make significant

estimates and assumptions related to the forecasted

future cash flows, such as probabilities of technical

and regulatory success, and the determination of the

discount rates.

We identified the valuation of Acquired IPR&D assets

for the ProfoundBio acquisition as a key audit matter

because of the high level of complexity and management

judgement involved in determining the above outlined

significant estimates and assumptions used by the

Company to determine the fair value of these assets.

This required a high degree of auditor judgement

and an increased extent of effort when performing

audit procedures to evaluate the reasonableness of

management’s estimates and assumptions.

We tested the effectiveness of controls over

the valuation of the Acquired IPR&D assets,

including the Company’s controls over the

significant estimates and assumptions

related to the forecasted future cash flows,

such as probabilities of technical and

regulatory success, and the determination

of the discount rates.

We assessed the reasonableness of the

Company’s probabilities of technical and

regulatory success used in determination

of the fair value of the Acquired IPR&D

assets by comparing to internal and external

market studies and certain peer companies/

products in the industry.

We assessed the reasonableness of the

Company’s forecasts of future cash flows

used in determination of the fair value of the

Acquired IPR&D assets by comparing the

forecasts to historical results of operations,

certain peer companies within comparable

industries, and internal and external

market studies.

With the assistance of our valuation

specialists, we evaluated the reasonableness

of the discount rates by testing the source

information and inputs underlying the

determination of the discount rates, including

in relation to publicly available information

for comparable companies and testing the

mathematical accuracy of the calculation.

Independent Auditor’s Reports

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Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Key audit matter

How our audit addressed the

key audit matter

Revenue recognition of royalty revenue

Refer to Note 2.1 to the financial statements.

The Company recognized royalty revenue, where revenue

is recognized based on net sales by collaboration

partners. The Company uses net sales provided by its

collaboration partners as an input to their calculation

of the amount of royalty revenue to recognize in each

period. The preliminary net sales data provided by the

collaboration partner may change once final net sales data

is available.

We identified the revenue recognition of royalty contracts

as a key audit matter because of the significant estimation

uncertainty related to the net sales data provided by

collaboration partners. Specifically, the collaboration

partner’s estimate of net sales could change based

on the final net sales impacting the royalty revenue

recognized in each period. This required a high degree

of auditor judgement and an increased extent of effort

when performing audit procedures to evaluate the

reasonableness of management’s estimates of the

net sales.

We tested the effectiveness of controls

relating to the evaluation for reasonableness

of the estimated net sales used in the

determination of royalty revenue recognition.

We tested the overall reasonableness of

the estimated net sales reported by the

collaboration partners by assessing the

historical accuracy of the estimates.

We obtained external confirmations

from selected collaboration partners

on the estimated and actual net sales

amounts reported.

Statement on Management’s Review

Management is responsible for the

Management Review.

Our opinion on the consolidated financial state-

ments and the parent financial statements does

not cover the Management Review, and we do

not as part of the audit express any form of

assurance conclusion thereon.

In connection with our audit of the consolidated

financial statements and the parent financial

statements, our responsibility is to read the

Management Review and, in doing so, consider

whether the Management Review is materially

inconsistent with the consolidated financial state-

ments and the parent financial statements or our

knowledge obtained in the audit or otherwise

appears to be materially misstated.

Moreover, it is our responsibility to consider

whether the Management Review provides the

information required by the Danish Financial

Statements Act. This does not include the

requirements in paragraph 99a related to the

Sustainability Statement covered by the separate

auditor’s limited assurance report hereon.

Based on the work we have performed, in our

view, the Management Review is in accordance

with the consolidated financial statements and

the parent financial statements and has been

prepared in accordance with the requirements

of the Danish Financial Statements Act except

for the requirements in paragraph 99a related

to the Sustainability Statement, see above. We

did not identify any material misstatement of the

Management Review.

Management’s responsibilities for

the consolidated financial statements

and the parent financial statements

Management is responsible for the preparation

of consolidated financial statements and parent

financial statements that give a true and fair view

in accordance with IFRS Accounting Standards as

endorsed by the EU and additional requirements

of the Danish Financial Statements Act, and for

such internal control as Management determines

is necessary to enable the preparation of consol-

idated financial statements and parent financial

statements that are free from material misstate-

ment, whether due to fraud or error.

In preparing the consolidated financial state-

ments and the parent financial statements,

Management is responsible for assessing the

Group’s and the Parent’s ability to continue as

a going concern, for disclosing, as applicable,

matters related to going concern, and for

using the going concern basis of accounting in

preparing the consolidated financial statements

and the parent financial statements unless

Management either intends to liquidate the Group

or the Entity or to cease operations, or has no

realistic alternative but to do so.

Independent Auditor’s Reports

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Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Auditor’s responsibilities for the

audit of the consolidated financial

statements and the parent

financial statements

Our objectives are to obtain reasonable

assurance about whether the consolidated

financial statements and the parent financial

statements as a whole are free from material

misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes

our opinion. Reasonable assurance is a high

level of assurance, but is not a guarantee that an

audit conducted in accordance with ISAs and the

additional requirements applicable in Denmark

will always detect a material misstatement when

it exists. Misstatements can arise from fraud or

error and are considered material if, individually

or in the aggregate, they could reasonably be

expected to inﬂuence the economic decisions

of users taken on the basis of these consoli-

dated financial statements and these parent

financial statements.

As part of an audit conducted in accordance with

ISAs and the additional requirements applicable

in Denmark, we exercise professional judgement

and maintain professional scepticism throughout

the audit. We also:

• Identify and assess the risks of material

misstatement of the consolidated financial

statements and the parent financial statements,

whether due to fraud or error, design and

perform audit procedures responsive to

those risks, and obtain audit evidence that is

suﬃcient and appropriate to provide a basis

for our opinion. The risk of not detecting a

material misstatement resulting from fraud

is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override

of internal control.

• Obtain an understanding of internal control

relevant to the audit in order to design

audit procedures that are appropriate in the

circumstances, but not for the purpose of

expressing an opinion on the eﬀectiveness of

the Group’s and the Parent’s internal control.

• Evaluate the appropriateness of accounting

policies used and the reasonableness of

accounting estimates and related disclosures

made by Management.

• Conclude on the appropriateness of

Management’s use of the going concern basis

of accounting in preparing the consolidated

financial statements and the parent financial

statements, and, based on the audit evidence

obtained, whether a material uncertainty

exists related to events or conditions that may

cast significant doubt on the Group’s and the

Parent’s ability to continue as a going concern.

If we conclude that a material uncertainty

exists, we are required to draw attention in

our auditor’s report to the related disclosures

in the consolidated financial statements and

the parent financial statements or, if such

disclosures are inadequate, to modify our

opinion. Our conclusions are based on the

audit evidence obtained up to the date of our

auditor’s report. However, future events or

conditions may cause the Group and the Entity

to cease to continue as a going concern.

• Evaluate the overall presentation, structure and

content of the consolidated financial statements

and the parent financial statements, including

the disclosures in the notes, and whether the

consolidated financial statements and the

parent financial statements represent the

underlying transactions and events in a manner

that gives a true and fair view.

• Plan and perform the group audit to obtain

suﬃcient and appropriate audit evidence

regarding the financial information of the

entities or business units within the group

as a basis for forming an opinion on the

consolidated financial statements and the

parent financial statements. We are responsible

for the direction, supervision and review of the

audit work performed for purposes of the group

audit. We remain solely responsible for our

audit opinion.

We communicate with those charged with

governance regarding, among other matters,

the planned scope and timing of the audit and

significant audit findings, including any significant

deficiencies in internal control that we identify

during our audit.

We also provide those charged with governance

with a statement that we have complied with

relevant ethical requirements regarding inde-

pendence, and to communicate with them all

relationships and other matters that may reason-

ably be thought to bear on our independence,

and, where applicable, safeguards put in place

and measures taken to eliminate threats.

From the matters communicated with those

charged with governance, we determine those

matters that were of most significance in the

audit of the consolidated financial statements

and the parent financial statements of the current

period and are therefore the key audit matters.

We describe these matters in our auditor’s report

unless law or regulation precludes public disclo-

sure about the matter or when, in extremely

rare circumstances, we determine that a matter

should not be communicated in our report

because the adverse consequences of doing so

would reasonably be expected to outweigh the

public interest benefits of such communication.

Independent Auditor’s Reports

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Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

Report on compliance with

the ESEF Regulation

As part of our audit of the consolidated financial

statements and the parent financial statements of

Genmab A/S we performed procedures to express

an opinion on whether the annual report for the

financial year January 1, 2024–December 31,

2024, with the file name Genmab-2024-12-31-

0-en.zip, is prepared, in all material respects,

in compliance with the Commission Delegated

Regulation (EU) 2019/815 on the European

Single Electronic Format (ESEF Regulation), which

includes requirements related to the preparation

of the annual report in XHTML format and iXBRL

tagging of the consolidated financial statements

including notes.

Management is responsible for preparing an

annual report that complies with the ESEF

Regulation. This responsibility includes:

• The preparing of the annual report in

XHTML format;

• The selection and application of appropriate

iXBRL tags, including extensions to the

ESEF taxonomy and the anchoring thereof

to elements in the taxonomy, for financial

information required to be tagged using

judgement where necessary;

• Ensuring consistency between iXBRL tagged

data and the consolidated financial statements

presented in human readable format; and

• For such internal control as Management

determines necessary to enable the preparation

of an annual report that is compliant with the

ESEF Regulation.

Our responsibility is to obtain reasonable

assurance on whether the annual report is

prepared, in all material respects, in compliance

with the ESEF Regulation based on the evidence

we have obtained, and to issue a report that

includes our opinion. The nature, timing and

extent of procedures selected depend on the

auditor’s judgement, including the assessment of

the risks of material departures from the require-

ments set out in the ESEF Regulation, whether

due to fraud or error. The procedures include:

• Testing whether the annual report is prepared in

XHTML format;

• Obtaining an understanding of the company’s

iXBRL tagging process and of internal control

over the tagging process;

• Evaluating the completeness of the iXBRL

tagging of the consolidated financial statements

including notes;

• Evaluating the appropriateness of the

company’s use of iXBRL elements selected

from the ESEF taxonomy and the creation of

extension elements where no suitable element

in the ESEF taxonomy has been identified;

• Evaluating the use of anchoring of

extension elements to elements in the ESEF

taxonomy; and

• Reconciling the iXBRL tagged data with

the audited consolidated and parent

financial statements.

In our opinion, the annual report of Genmab

A/S for the financial year January 1, 2024–

December 31, 2024, with the file name

Genmab-2024-12-31-0-en.zip, is prepared, in

all material respects, in compliance with the

ESEF Regulation.

Copenhagen, February 12, 2025

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR no 33 96 35 56

Sumit Sudan

State Authorised Public Ac

countant

mne33716

Niels Skannerup Vendelbo

State Authorised Public Ac

countant

mne34532

Independent Auditor’s Reports

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Independent auditor’s

limited assurance report on

Sustainability Statements

To the stakeholders of Genmab A/S

Limited assurance conclusion

We have conducted a limited assurance engage-

ment on the Sustainability Statements of Genmab

A/S (the “Group”) included in the Management’s

Review (the “Sustainability Statements”), for the

financial year January 1–December 31, 2024.

Based on the procedures we have performed

and the evidence we have obtained, nothing

has come to our attention that causes us to

believe that the Sustainability Statements is not

prepared, in all material respects, in accordance

with the Danish Financial Statements Act section

99a, including:

• compliance with the European Sustainability

Reporting Standards (ESRS), including that

the process carried out by the management

to identify the information reported in the

Sustainability Statements (the “Process”) is in

accordance with the description set out in 1.4

Impact, risk, and opportunity management; and

• compliance of the disclosures in subsection 2.4

EU Taxonomy within the environmental section

of the Sustainability Statements with Article

8 of EU Regulation 2020/852 (the “Taxonomy

Regulation”).

Basis for conclusion

We conducted our limited assurance engage-

ment in accordance with ISAE 3000 (Revised),

Assurance engagements other than audits or

reviews of historical financial information, and

additional requirements applicable in Denmark.

The procedures in a limited assurance engage-

ment vary in nature and timing from, and are

less in extent than for, a reasonable assurance

engagement. Consequently, the level of assurance

obtained in a limited assurance engagement is

substantially lower than the assurance that would

have been obtained had a reasonable assurance

engagement been performed.

We believe that the evidence we have obtained

is sufficient and appropriate to provide a basis

for our conclusion. Our responsibilities under this

standard are further described in the “Auditor’s

responsibilities for the assurance engagement”

section of our report.

Our independence and

quality management

We are independent of the Group in accordance

with the International Ethics Standards Board

for Accountants’ International Code of Ethics for

Professional Accountants (IESBA Code) and the

additional ethical requirements applicable in

Denmark. We have also fulfilled our other ethical

responsibilities in accordance with these require-

ments and the IESBA Code.

Deloitte Statsautoriseret Revisionspartnerselskab

applies International Standard on Quality

Management 1, ISQM1, which requires the firm

to design, implement and operate a system

of quality management including policies or

procedures regarding compliance with ethical

requirements, professional standards and appli-

cable legal and regulatory requirements.

Other matter

The comparative information included in the

Sustainability Statements of the Group was not

subject to an assurance engagement. Our conclu-

sion is not modified in respect of this matter.

Inherent limitations in preparing

the Sustainability Statements

In reporting forward-looking information in

accordance with ESRS, management is required

to prepare the forward-looking information on

the basis of disclosed assumptions about events

that may occur in the future and possible future

actions by the Group. Actual outcomes are likely

to be different since anticipated events frequently

do not occur as expected.

Management’s responsibilities for

the Sustainability Statements

Management is responsible for designing and

implementing a process to identify the informa-

tion reported in the Sustainability Statements

in accordance with the ESRS and for disclosing

this Process in 1.4 Impact, risk, and opportunity

management of the Sustainability Statements.

This responsibility includes:

• understanding the context in which the Group’s

activities and business relationships take place

and developing an understanding of its affected

stakeholders;

• the identification of the actual and potential

impacts (both negative and positive) related

to sustainability matters, as well as risks and

opportunities that affect, or could reasonably

be expected to affect, the Group’s financial

position, financial performance, cash flows,

access to finance or cost of capital over the

short-, medium-, or long-term;

• the assessment of the materiality of the

identified impacts, risks and opportunities

related to sustainability matters by selecting

and applying appropriate thresholds; and

• making assumptions that are reasonable in the

circumstances.

Management is further responsible for the

preparation of the Sustainability Statements, in

accordance with the Danish Financial Statements

Act section 99a, including:

• compliance with the ESRS;

• preparing the disclosures in subsection 2.4 EU

Taxonomy within the environmental section of

the Sustainability Statements, in compliance

with Article 8 of the Taxonomy Regulation;

• designing, implementing and maintaining such

internal control that management determines

is necessary to enable the preparation of the

Sustainability Statements that is free from

material misstatement, whether due to fraud or

error; and

• the selection and application of appropriate

sustainability reporting methods and making

assumptions and estimates that are reasonable

in the circumstances.

Independent Auditor’s Reports

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Independent Auditor’s Reports

Auditor’s responsibilities for

the assurance engagement

Our objectives are to plan and perform the

assurance engagement to obtain limited

assurance about whether the Sustainability

Statements is free from material misstatement,

whether due to fraud or error, and to issue a

limited assurance report that includes our conclu-

sion. Misstatements can arise from fraud or

error and are considered material if, individually

or in the aggregate, they could reasonably be

expected to influence decisions of users taken

on the basis of the Sustainability Statements as

a whole.

As part of a limited assurance engagement in

accordance with ISAE 3000 (Revised) we exercise

professional judgement and maintain profes-

sional scepticism throughout the engagement.

Our responsibilities in respect of the

Process include:

• Obtaining an understanding of the Process but

not for the purpose of providing a conclusion on

the effectiveness of the Process, including the

outcome of the Process;

• Considering whether the information

identified addresses the applicable disclosure

requirements of the ESRS, and

• Designing and performing procedures to

evaluate whether the Process is consistent

with the Group’s description of its Process,

as disclosed in 1.4 Impact, risk, and

opportunity management.

Our other responsibilities in respect of the

Sustainability Statements include:

• Identifying disclosures where material

misstatements are likely to arise, whether due

to fraud or error; and

• Designing and performing procedures

responsive to disclosures in the Sustainability

Statements where material misstatements

are likely to arise. The risk of not detecting a

material misstatement resulting from fraud

is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override

of internal control.

Summary of the work performed

A limited assurance engagement involves

performing procedures to obtain evidence about

the Sustainability Statements.

The nature, timing and extent of procedures

selected depend on professional judgement,

including the identification of disclosures

where material misstatements are likely to

arise, whether due to fraud or error, in the

Sustainability Statements.

In conducting our limited assurance engagement,

with respect to the Process, we:

• Obtained an understanding of the Process by

performing inquiries to understand the sources

of the information used by management; and

reviewing the Group’s internal documentation of

its Process; and

• Evaluated whether the evidence obtained from

our procedures about the Process implemented

by the Group’s was consistent with the

description of the Process set out in 1.4 Impact,

risk, and opportunity management.

In conducting our limited assurance engagement,

with respect to the Sustainability Statements, we:

• Obtained an understanding of the Group’s

reporting processes relevant to the preparation

of its Sustainability Statements including

the consolidation processes by obtaining

an understanding of the Group’s control

environment, processes and information

systems relevant to the preparation of the

Sustainability Statements but not evaluating the

design of particular control activities, obtaining

evidence about their implementation or testing

their operating effectiveness;

• Evaluated whether material information

identified by the Process is included in the

Sustainability Statements;

• Evaluated whether the structure and the

presentation of the Sustainability Statements

are in accordance with the ESRS;

• Performed inquiries of relevant personnel and

analytical procedures on selected information

in the Sustainability Statements;

• Performed substantive assurance

procedures on selected information in the

Sustainability Statements;

• Evaluated methods, assumptions and data for

developing material estimates and forward-

looking information and how these methods

were applied;

• Obtained an understanding of the

process to identify taxonomy-eligible and

taxonomy-aligned economic activities

and the corresponding disclosures in the

Sustainability Statements.

Copenhagen, February 12, 2025

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR no 33 96 35 56

Sumit Sudan

State Authorised Public Accountant

mne33716

Niels Skannerup Vendelbo

State Authorised Public Accountant

mne34532

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Table of Contents Management’s Review Other InformationGenmab 2024 Annual Report Financial Statements

This Annual Report contains forward looking

statements. The words “believe,” “expect,”

“anticipate,” “intend” and “plan” and similar

expressions identify forward looking state-

ments. Actual results or performance may

differ materially from any future results or

performance expressed or implied by such

statements. The important factors that could

cause our actual results or performance

to differ materially include, among others,

risks associated with product discovery

and development, uncertainties related to

the outcome and conduct of clinical trials

including unforeseen safety issues, uncer-

tainties related to product manufacturing, our

inability to manage growth, the competitive

environment in relation to our business area

and markets, our inability to attract and retain

suitably qualified personnel, the unenforce-

ability or lack of protection of our patents

and proprietary rights, our relationships with

affiliated entities, changes and developments

in technology which may render our products

obsolete, and other factors. Additional factors

that could cause our actual results or perfor-

mance to differ materially could also include

and are not limited to the risk and uncertainties

related to regulatory action, reimbursement,

market adoption by physicians or lack of

market acceptance of our products, the risk

that the Company or our collaborators may be

delayed or unsuccessful in planned clinical

trial initiations, enrollment and planned regu-

latory submissions and approvals in the U.S.

and other countries. For a further discussion

of these risks, please refer to the section “Risk

Management” in this Annual Report and the

risk factors included in Genmab’s 2024 Annual

Report on Form 20-F and other filings with

the U.S. Securities and Exchange Commission

(SEC). Genmab does not undertake any obli-

gation to update or revise forward looking

statements in this Annual Report nor to confirm

such statements to reflect subsequent events

or circumstances after the date made or in

relation to actual results, unless required

by law.

Genmab A/S and/or its subsidiaries own the

following trademarks: Genmab

; the Y-shaped

Genmab logo

; Genmab in combination

with the Y-shaped Genmab logo

; HuMax

;

DuoBody

; DuoBody in combination with

the DuoBody logo

; HexaBody

in combination with the HexaBody logo

;

DuoHexaBody

, HexElect

; KYSO

and

MyNavCare™. ProfoundBio™ and Rina-S™

are trademarks of ProfoundBio, US Co. and

ProfoundBio (Suzhou) Co., Ltd. Tivdak

and CeMe™ are trademarks of Seagen Inc.;

Arzerra

is a trademark of Novartis Pharma AG.

Kesimpta

and Sensoready

are trademarks

of Novartis AG or its affiliates; DARZALEX

DARZALEX FASPRO

, RYBREVANT

, TECVAYLI

and TALVEY

are trademarks of Johnson &

Johnson; EPCORE

, EPKINLY

, TEPKINLY

and their designs are trademarks of AbbVie

Biotechnology Ltd.; TEPEZZA

is a trademark

Photograph credits:

Andrei Jackamets

Stijn Doors

Tuala Hjarnø

Rob Walbers

3FX, Inc.

About Genmab A/S

Genmab is an international biotechnology

company with a core purpose of guiding its

unstoppable team to strive toward improving

the lives of patients with innovative and

differentiated antibody therapeutics. For

more than 25 years, its passionate, innovative

and collaborative team has invented next-

generation antibody technology platforms and

leveraged translational, quantitative and data

sciences, resulting in a proprietary pipeline

including bispecific T-cell engagers, antibody-

drug conjugates, next-generation immune

checkpoint modulators and effector function-

enhanced antibodies. By 2030, Genmab’s

vision is to transform the lives of people with

cancer and other serious diseases with knock-

your-socks-off (KYSO) antibody medicines

Established in 1999, Genmab is headquartered

in Copenhagen, Denmark, with international

presence across North America, Europe, and

Asia Pacific. For more information, please visit

Genmab.com and follow us on LinkedIn and X.

Forward Looking Statement

Other

Information

204

Table of Contents Management’s Review Financial StatementsGenmab 2024 Annual Report Other Information

Genmab A/S

Carl Jacobsens Vej 30

2500 Valby

Denmark

T. +45 70 20 27 28

Genmab US, Inc.

777 Scudders Mill Road

Plainsboro, NJ 08536

USA

T. +1 609 430 2481

Genmab QC Lab

Baltorpvej 154

2750 Ballerup

Denmark

T. +45 70 20 27 28

Genmab B.V. & Genmab

Holding B.V.

Uppsalalaan 15

3584 CT Utrecht

The Netherlands

T. +31 30 2 123 123

Genmab K.K.

35F Midtown Tower

9-7-1 Akasaka, Minato-ku

Tokyo 107-6235

Japan

T. +81 3 5403 6330

ProfoundBio Co. Ltd.*

Suite 101 & 102

Building 1

Phase 3A of BioBAY

No. 1 Xinze Road

Suzhou

Industrial Park

Suzhou, China 215021

T. +86 512 6799 1868

* ProfoundBio was acquired by

Genmab in May 2024

LEI Code 529900MTJPDPE4MHJ122 www.genmab.com

Contact Information

205

Table of Contents Management’s Review Financial StatementsGenmab 2024 Annual Report Other Information