Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 1/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 2/44 CVR no. 2102 3884 |
(USD million) | Revised Guidance | Revised Mid-Point | Previous Guidance | Guidance Mid-Point |
Revenue | 3,500 - 3,700 | 3,600 | 3,340 - 3,660 | 3,500 |
Royalties | 2,945 - 3,090 | 3,017 | 2,785 - 3,015 | 2,900 |
Net product sales/Collaboration revenue* | 425 - 465 | 445 | 415 - 460 | 438 |
Milestones/Reimbursement revenue | 130 - 145 | 138 | 140 - 185 | 162 |
Gross profit** | 3,280 - 3,460 | 3,370 | 3,120 - 3,420 | 3,270 |
Operating expenses** | (2,055) - (2,225) | (2,140) | (2,055) - (2,225) | (2,140) |
Operating profit | 1,055 - 1,405 | 1,230 | 895 - 1,365 | 1,130 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 3/44 CVR no. 2102 3884 |
CONTENTS | |
MANAGEMENT’S REVIEW | |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 4/44 CVR no. 2102 3884 |
(USD million, unless otherwise indicated) | Three Months Ended June 30, | Six Months Ended June 30, | Full Year | |||||||
Income Statement | 2025 | 2024 | 2025 | 2024 | 2024 | |||||
Revenue | $925 | $779 | $1,640 | $1,382 | $3,121 | |||||
Cost of product sales | (57) | (28) | (99) | (55) | (143) | |||||
Research and Development expenses | (364) | (361) | (723) | (696) | (1,414) | |||||
Selling, general and administrative expenses | (144) | (129) | (270) | (243) | (560) | |||||
Acquisition and integration related charges | — | (25) | — | (36) | (32) | |||||
Total costs and operating expenses | (565) | (543) | (1,092) | (1,030) | (2,149) | |||||
Operating profit | 360 | 236 | 548 | 352 | 972 | |||||
Net financial items | 63 | 71 | 119 | 204 | 354 | |||||
Net profit | $336 | $203 | $531 | $395 | $1,133 | |||||
Balance Sheet | ||||||||||
Marketable securities | $1,603 | $1,637 | $1,603 | $1,637 | $1,574 | |||||
Cash and cash equivalents | 1,296 | 622 | 1,296 | 622 | 1,380 | |||||
Total non-current assets | 2,554 | 2,395 | 2,554 | 2,395 | 2,514 | |||||
Total assets | 6,464 | 5,544 | 6,464 | 5,544 | 6,414 | |||||
Shareholders' equity | 5,302 | 4,445 | 5,302 | 4,445 | 5,137 | |||||
Share capital | $10 | $10 | $10 | $10 | $10 | |||||
Cash Flow Statement | ||||||||||
Net cash provided by operating activities | $62 | $219 | $349 | $438 | $1,126 | |||||
Net cash provided by (used in) investing activities | 26 | (1,270) | (17) | (1,480) | (1,447) | |||||
Net cash (used in) financing activities | (406) | (440) | (419) | (525) | (566) | |||||
Investment in intangible assets | — | — | (18) | — | (17) | |||||
Investment in tangible assets | $(10) | $(4) | $(22) | $(8) | $(27) | |||||
Financial Ratios and Other Information | ||||||||||
Basic net profit per share | $5.44 | $3.15 | $8.47 | $6.09 | $17.74 | |||||
Diluted net profit per share | $5.42 | $3.13 | $8.45 | $6.05 | $17.61 | |||||
Period-end share market price (DKK per share) | 1,315 | 1,745 | 1,315 | 1,745 | 1,493 | |||||
Price / book value | $2.48 | $3.93 | $2.48 | $3.93 | $2.91 | |||||
Shareholders' equity per share | $530.20 | $444.50 | $530.20 | $444.50 | $513.70 | |||||
Equity ratio | 82% | 80% | 82% | 80% | 80% | |||||
Shares outstanding | 64,154,254 | 66,136,909 | 64,154,254 | 66,136,909 | 66,187,186 | |||||
Average number of employees (FTE*) | ||||||||||
Number of employees (FTE) at the end of the period | 2,639 | 2,526 | 2,639 | 2,526 | 2,682 | |||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 5/44 CVR no. 2102 3884 |
(USD million) | Revised Guidance | Revised Mid-Point | Previous Guidance | Guidance Mid-Point |
Revenue | 3,500 - 3,700 | 3,600 | 3,340 - 3,660 | 3,500 |
Royalties | 2,945 - 3,090 | 3,017 | 2,785 - 3,015 | 2,900 |
Net product sales/Collaboration revenue* | 425 - 465 | 445 | 415 - 460 | 438 |
Milestones/Reimbursement revenue | 130 - 145 | 138 | 140 - 185 | 162 |
Gross profit** | 3,280 - 3,460 | 3,370 | 3,120 - 3,420 | 3,270 |
Operating expenses** | (2,055) - (2,225) | (2,140) | (2,055) - (2,225) | (2,140) |
Operating profit | 1,055 - 1,405 | 1,230 | 895 - 1,365 | 1,130 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 6/44 CVR no. 2102 3884 |
Approved Product | Target | Developed By | Disease Indication2 | |
EPKINLY (epcoritamab- bysp, epcoritamab) TEPKINLY (epcoritamab) | CD3xCD20 | Co-development Genmab/AbbVie | Approved in multiple territories including in the U.S. and Europe for adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more lines of systemic therapy and in Japan for adult patients with certain types of relapsed or refractory large B-cell lymphoma (LBCL) after two or more lines of systemic therapy | |
Approved in multiple territories including the U.S., Europe and Japan for adult patients with relapsed or refractory FL after two or more lines of systemic therapy | ||||
Tivdak (tisotumab vedotin-tftv, tisotumab vedotin) | Tissue factor (TF) | Co-development Genmab/Pfizer | Approved in the U.S., Europe and Japan for adult patients with recurrent/metastatic cervical cancer with disease progression on or after chemotherapy |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 7/44 CVR no. 2102 3884 |
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 non-Hodgkin lymphoma (NHL) | |||||||||||||
Relapsed/refractory chronic lymphocytic leukemia (CLL) & Richter's Syndrome | |||||||||||||
Aggressive mature B-cell neoplasms in pediatric patients | |||||||||||||
Tisotumab vedotin | Co-development Genmab / Pfizer | TF | Antibody-drug conjugate (ADC) | Solid tumors | |||||||||
Rinatabart Sesutecan (Rina-S, PRO1184) | Genmab | Folate receptor alpha (FRα) | ADC | Platinum resistant ovarian cancer (PROC) | |||||||||
Solid tumors | |||||||||||||
Acasunlimab (GEN1046) | Genmab | Programmed death ligand 1 (PD-L1), 4-1BB | DuoBody | Non-small cell lung cancer (NSCLC) | |||||||||
Advanced melanoma | |||||||||||||
Solid tumors | |||||||||||||
GEN1042 (BNT312) | Co-development Genmab / BioNTech SE (BioNTech) | CD40, 4-1BB | DuoBody | Solid tumors | |||||||||
GEN1059 (BNT314) | Co-development Genmab / BioNTech | Epithelial cell adhesion molecule (EpCAM), 4-1BB | DuoBody | Solid tumors | |||||||||
GEN1160 (PRO1160) | Genmab | CD70 | ADC | Advanced solid and liquid tumors | |||||||||
GEN1107 (PRO1107) | Genmab | Protein tyrosine kinase 7 (PTK7) | ADC | Advanced solid tumors | |||||||||
GEN1057 | Genmab | Fibroblast activation protein alpha (FAPα), death receptor 4 (DR4) | DuoBody | Malignant solid tumors | |||||||||
GEN1286 (PRO1286) | Genmab | Epidermal growth factor receptor (EGFR), cellular- mesenchymal epithelial transition factor receptor tyrosine kinase (cMET) | ADC | Advanced solid tumors | |||||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 8/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 9/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 10/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 11/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 12/44 CVR no. 2102 3884 |
Approved Product | Discovered and/or Developed & Marketed By | Disease Indication(s)2 | |
DARZALEX (daratumumab)/ DARZALEX FASPRO (daratumumab and hyaluronidase- fihj) | J&J (Royalties to Genmab on global net sales) | Multiple myeloma Light-chain (AL) Amyloidosis | |
Kesimpta (ofatumumab) | Novartis (Royalties to Genmab on global net sales) | Relapsing multiple sclerosis (RMS) | |
TEPEZZA (teprotumumab-trbw) | Amgen Inc. (Amgen) (under sublicense from Roche, royalties to Genmab on global net sales) | Thyroid Eye Disease (TED) | |
RYBREVANT (amivantamab/amivantamab-vmjw) | J&J (Royalties to Genmab on global net sales) | Advanced NSCLC with certain epidermal growth factor receptor (EGFR) mutations | |
TECVAYLI (teclistamab/teclistamab-cqyv) | J&J (Royalties to Genmab on global net sales) | Relapsed and refractory multiple myeloma | |
TALVEY (talquetamab/talquetamab-tgvs) | J&J (Royalties to Genmab on global net sales) | Relapsed and refractory multiple myeloma |
Product | Technology | Discovered and/or Developed By | Disease Indications | Most Advanced Development Phase | |||||||
Preclinical | 1 | 2 | 3 | ||||||||
Daratumumab | UltiMAb* | J&J | Multiple myeloma | ||||||||
AL Amyloidosis | |||||||||||
Teprotumumab | UltiMAb | Amgen | TED | ||||||||
Amivantamab | DuoBody | J&J | NSCLC | ||||||||
Advanced or metastatic colorectal cancer | |||||||||||
Recurrent/metastatic head and neck cancer | |||||||||||
Teclistamab | DuoBody | J&J | Multiple myeloma | ||||||||
Talquetamab | DuoBody | J&J | Multiple myeloma | ||||||||
Amlenetug (Lu AF82422) | UltiMAb | Lundbeck | Multiple system atrophy | ||||||||
Inclacumab | UltiMAb | Pfizer | Sickle cell disease | ||||||||
Mim8 | DuoBody | Novo Nordisk | Hemophilia A | ||||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 13/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 14/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 15/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 16/44 CVR no. 2102 3884 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Royalties | $789 | $659 | $1,378 | $1,111 | |||||
Reimbursement revenue | 13 | 42 | 36 | 82 | |||||
Milestone revenue | 1 | — | 13 | 50 | |||||
Collaboration revenue | 21 | 16 | 37 | 30 | |||||
Net product sales | 101 | 62 | 176 | 109 | |||||
Total revenue | $925 | $779 | $1,640 | $1,382 | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
DARZALEX | $638 | $538 | $1,088 | $885 | |||||
Kesimpta | 108 | 80 | 198 | 144 | |||||
TEPEZZA | 20 | 23 | 45 | 49 | |||||
Other | 23 | 18 | 47 | 33 | |||||
Total royalties | $789 | $659 | $1,378 | $1,111 | |||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 17/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 18/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 19/44 CVR no. 2102 3884 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Interest and other financial income | $25 | $42 | $58 | $88 | |||||
Gain on marketable securities | 43 | 50 | 69 | 119 | |||||
Gain on other investments, net | 3 | 6 | 1 | 5 | |||||
Foreign exchange rate gain | 83 | 19 | 125 | 72 | |||||
Total financial income | $154 | $117 | $253 | $284 | |||||
Interest and other financial expenses | $(9) | $(3) | $(14) | $(7) | |||||
Loss on marketable securities | (5) | (26) | (12) | (49) | |||||
Foreign exchange rate loss | (77) | (17) | (108) | (24) | |||||
Total financial expenses | $(91) | $(46) | $(134) | $(80) | |||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 20/44 CVR no. 2102 3884 |
Net financial items | $63 | $71 | $119 | $204 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 21/44 CVR no. 2102 3884 |
June 30, 2025 | December 31, 2024 | ||||
Marketable securities | $1,603 | $1,574 | |||
Cash and cash equivalents | $1,296 | $1,380 | |||
Shareholders' equity | $5,302 | $5,137 |
Six Months Ended June 30, | |||||||
2025 | 2024 | Change | |||||
Cash provided by operating activities | $349 | $438 | $(89) | ||||
Cash (used in) investing activities | $(17) | $(1,480) | $1,463 | ||||
Cash (used in) financing activities | $(419) | $(525) | $106 | ||||
Increase (decrease) in cash and cash equivalents | $(87) | $(1,567) | $1,480 | ||||
Exchange Rate adjustments | $3 | $(15) | $18 | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 22/44 CVR no. 2102 3884 |
Six Months Ended June 30, | |||||
Team Members | 2025 | 2024 | |||
Research and development team members | 1,830 | 1,774 | |||
Selling, general and administrative team members | 809 | 752 | |||
Total team members | 2,639 | 2,526 | |||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 23/44 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 24/44 CVR no. 2102 3884 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
(USD million) | Note | 2025 | 2024* Restated | 2025 | 2024* Restated | ||||
Revenue | 3 | $ | $ | $ | $ | ||||
Cost of product sales | ( | ( | ( | ( | |||||
Research and development expenses | ( | ( | ( | ( | |||||
Selling, general and administrative expenses | ( | ( | ( | ( | |||||
Acquisition and integration related charges | 2 | ( | ( | ||||||
Total costs and operating expenses | $( | $( | $( | $( | |||||
Operating profit | $ | $ | $ | $ | |||||
Financial income | 6 | ||||||||
Financial expenses | 6 | ( | ( | ( | ( | ||||
Net profit before tax | $ | $ | $ | $ | |||||
Corporate tax | ( | ( | ( | ( | |||||
Net profit | $ | $ | $ | $ | |||||
Other comprehensive income: | |||||||||
Amounts which may be re-classified to the income statement: | |||||||||
Exchange differences on translation of foreign operations | ( | ( | |||||||
Total comprehensive income | $ | $ | $ | $ | |||||
Basic net profit per share | $ | $ | $ | $ | |||||
Diluted net profit per share | $ | $ | $ | $ | |||||
*Effective January 1, 2025, the Company changed its presentation currency from DKK to USD. Accordingly, prior year balances have been re-presented retrospectively. Refer to Note 1 for more information. | |||||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 25/44 CVR no. 2102 3884 |
June 30, 2025 | ||||||
(USD million) | Note | |||||
ASSETS | ||||||
Goodwill | 4 | $ | $ | |||
Other intangible assets | 4 | |||||
Property and equipment | ||||||
Right-of-use assets | 9 | |||||
Receivables | ||||||
Deferred tax assets | ||||||
Other investments | 5 | |||||
Total non-current assets | $ | $ | ||||
Corporate tax receivable | ||||||
Inventories | ||||||
Receivables | ||||||
Marketable securities | 5 | |||||
Cash and cash equivalents | ||||||
Total current assets | $ | $ | ||||
Total assets | $ | $ | ||||
SHAREHOLDERS’ EQUITY AND LIABILITIES | ||||||
Share capital | ||||||
Share premium | ||||||
Other reserves | ( | ( | ||||
Retained earnings | ||||||
Total shareholders' equity | $ | $ | ||||
Lease liabilities | 9 | |||||
Contract liabilities | 3 | |||||
Deferred tax liabilities | ||||||
Other payables | ||||||
Total non-current liabilities | $ | $ | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 26/44 CVR no. 2102 3884 |
Corporate tax payable | ||||||
Lease liabilities | 9 | |||||
Contract liabilities | 3 | |||||
Other payables | ||||||
Total current liabilities | $ | $ | ||||
Total liabilities | $ | $ | ||||
Total shareholders' equity and liabilities | $ | $ | ||||
Share-based payments | 7 | |||||
Related parties | 8 | |||||
Contingencies | 10 | |||||
Subsequent events to the balance sheet date | 11 | |||||
*Effective January 1, 2025, the Company changed its presentation currency from DKK to USD. Accordingly, prior year balances have been re-presented retrospectively. Refer to Note 1 for more information. | ||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 27/44 CVR no. 2102 3884 |
Six Months Ended June 30, | ||||||
(USD million) | Note | 2025 | 2024* Restated | |||
Net profit before tax | $ | $ | ||||
Financial income | ( | ( | ||||
Financial expenses | ||||||
Adjustments for non-cash transactions | ||||||
Share-based compensation expense | 7 | |||||
Depreciation | ||||||
Amortization | 4 | |||||
Impairment charges | 4 | |||||
Change in operating assets and liabilities: | ||||||
Receivables | ( | ( | ||||
Inventories | ( | |||||
Other payables | ||||||
Cash flows from operating activities before financial items | $ | $ | ||||
Interest received | ||||||
Interest elements of lease payments | 9 | ( | ( | |||
Corporate taxes paid | ( | ( | ||||
Net cash provided by operating activities | $ | $ | ||||
Acquisition of business, net of cash acquired | ( | |||||
Investment in intangible assets | 4 | ( | ||||
Investment in tangible assets | ( | ( | ||||
Marketable securities bought | ( | ( | ||||
Marketable securities sold | ||||||
Other investments bought | ( | ( | ||||
Net cash (used in) investing activities | $( | $( | ||||
Warrants exercised | ||||||
Principal elements of lease payments | ( | ( | ||||
Purchase of treasury shares | 7 | ( | ( | |||
Payment of withholding taxes on behalf of employees on net settled RSUs | ( | ( | ||||
Net cash (used in) financing activities | $( | $( | ||||
Change in cash and cash equivalents | $( | $( | ||||
Cash and cash equivalents at the beginning of the period | ||||||
Exchange rate adjustments | ( | |||||
Cash and cash equivalents at the end of the period | $ | $ | ||||
Cash and cash equivalents include: | ||||||
Bank deposits | ||||||
Short-term marketable securities | ||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 28/44 CVR no. 2102 3884 |
Cash and cash equivalents at the end of the period | $ | $ | ||||
*Effective January 1, 2025, the Company changed its presentation currency from DKK to USD. Accordingly, prior year balances have been re-presented retrospectively. Refer to Note 1 for more information. | ||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 29/44 CVR no. 2102 3884 |
Share | Share | Translation | Retained | Shareholders' | ||||||||
(USD million) | Note | capital | premium | reserves | earnings | equity | ||||||
Balance at December 31, 2023 | $ | $ | $( | $ | $ | |||||||
Net profit | ||||||||||||
Other comprehensive income | ( | ( | ||||||||||
Total comprehensive income | $ | $ | $( | $ | $ | |||||||
Transactions with owners: | ||||||||||||
Exercise of warrants | ||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||
Share-based compensation expenses | ||||||||||||
Withholding taxes on behalf of employees on net settled RSUs | ( | ( | ||||||||||
Balance at June 30, 2024 | $ | $ | $( | $ | $ | |||||||
Balance at December 31, 2024 | $ | $ | $( | $ | $ | |||||||
Net profit | ||||||||||||
Other comprehensive income | ||||||||||||
Total comprehensive income | ||||||||||||
Transactions with owners: | ||||||||||||
Exercise of warrants | 7 | |||||||||||
Purchase of treasury shares | 7 | ( | ( | |||||||||
Share-based compensation expenses | 7 | |||||||||||
Share capital reduction | 7 | ( | ||||||||||
Withholding taxes on behalf of employees on net settled RSUs | ( | ( | ||||||||||
Balance at June 30, 2025 | $ | $ | $( | $ | $ | |||||||
*Effective January 1, 2025, the Company changed its presentation currency from DKK to USD. Accordingly, prior year balances have been re-presented retrospectively. Refer to Note 1 for more information. | ||||||||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 30/44 CVR no. 2102 3884 |
Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
Average rate | 0.1456 | 0.1443 | 0.1472 | 0.1433 |
Closing rate | 0.1450 | 0.1435 | 0.1502 | 0.1400 |
Previously reported in DKK | Reported in USD | ||
December 31, 2024 | Presentation currency change | December 31, 2024 | |
Total assets | 45,811 | (39,397) | 6,414 |
Total liabilities | 9,114 | (7,837) | 1,277 |
Total shareholders' equity | 36,697 | (31,560) | 5,137 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 31/44 CVR no. 2102 3884 |
Previously reported in DKK | Reported in USD | ||
June 30, 2024 | Presentation currency change | June 30, 2024 | |
Net profit | 1,408 | (1,205) | 203 |
Comprehensive income | 1,534 | (1,361) | 173 |
Previously reported in DKK | Reported in USD | ||
June 30, 2024 | Presentation currency change | June 30, 2024 | |
Net profit | 2,733 | (2,338) | 395 |
Comprehensive income | 2,907 | (2,638) | 269 |
Previously reported in DKK | Reported in USD | ||
Cash provided by (used in): | June 30, 2024 | Presentation currency change | June 30, 2024 |
Operating activities | 3,026 | (2,588) | 438 |
Investing activities | (10,134) | 8,654 | (1,480) |
Financing activities | (3,646) | 3,121 | (525) |
Previously reported in DKK | Reported in USD | ||
June 30, 2024 | Presentation currency change | June 30, 2024 | |
Earnings per share - basic | 21.85 | (18.70) | 3.15 |
Earnings per share - diluted | 21.7 | (18.57) | 3.13 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 32/44 CVR no. 2102 3884 |
Previously reported in DKK | Reported in USD | ||
June 30, 2024 | Presentation currency change | June 30, 2024 | |
Earnings per share - basic | 42.13 | (36.04) | 6.09 |
Earnings per share - diluted | 41.85 | (35.80) | 6.05 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 33/44 CVR no. 2102 3884 |
Total Consideration | ||
Cash paid for outstanding shares | 1,718 | |
Cash for equity compensation attributable to pre-combination service | 187 | |
Total consideration | 1,905 | |
Cash acquired | (122) | |
Cash used for acquisition of business | 1,783 |
Cash and cash equivalents | 122 | |
Other current assets* | 4 | |
Property and equipment | 6 | |
IPR&D | 1,540 | |
Technology platform intangible asset | 181 | |
Other non-current assets** | 3 | |
Non-current deferred tax liability | (292) | |
Other current liabilities*** | (13) | |
Total identifiable net assets | 1,551 | |
Goodwill | 354 | |
Total consideration | 1,905 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 34/44 CVR no. 2102 3884 |
Condensed Consolidated Statements of Comprehensive Income: | Acquisition Date through June 30, 2024 |
Research and development expenses | 10 |
Selling, general and administrative expenses | 1 |
Acquisition and integration related charges* | 20 |
Total | 31 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 35/44 CVR no. 2102 3884 |
Six Month Period Ended June 30, 2024 | |
Revenue | 1,382 |
Net Profit | 364 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Revenue by type: | ||||||||
Royalties | $789 | $659 | $1,378 | $1,111 | ||||
Reimbursement revenue | 13 | 42 | 36 | 82 | ||||
Milestone revenue | 1 | — | 13 | 50 | ||||
Collaboration revenue | 21 | 16 | 37 | 30 | ||||
Net product sales | 101 | 62 | 176 | 109 | ||||
Total | $925 | $779 | $1,640 | $1,382 | ||||
Revenue by collaboration partner: | ||||||||
J&J | $656 | $554 | $1,137 | $915 | ||||
Roche | 21 | 23 | 46 | 49 | ||||
Novartis | 109 | 81 | 200 | 145 | ||||
BioNTech | 11 | 37 | 30 | 74 | ||||
Pfizer | 22 | 20 | 41 | 37 | ||||
AbbVie | 5 | 2 | 8 | 53 | ||||
Other | — | — | 2 | — | ||||
Total* | $824 | $717 | $1,464 | $1,273 | ||||
Royalties by product: | ||||||||
DARZALEX | $638 | $538 | $1,088 | $885 | ||||
Kesimpta | 108 | 80 | 198 | 144 | ||||
TEPEZZA | 20 | 23 | 45 | 49 | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 36/44 CVR no. 2102 3884 |
Other** | 23 | 18 | 47 | 33 | ||||
Total | $789 | $659 | $1,378 | $1,111 |
Goodwill | Licenses and Patents | Technology Platform | Acquired IPR&D | Total Intangible Assets | ||||||
June 30, 2025 | ||||||||||
Cost at the beginning of the period | $355 | $149 | $180 | $1,532 | $2,216 | |||||
Additions during the period | — | 32 | — | — | 32 | |||||
Cost at the end of the period | $355 | $181 | $180 | $1,532 | $2,248 | |||||
Amortization and impairment losses at the beginning of the period | — | 126 | 7 | — | 133 | |||||
Amortization for the period | — | 1 | 6 | — | 7 | |||||
Impairment losses for the period | — | 1 | — | — | 1 | |||||
Amortization and impairment losses at the end of the period | — | 128 | 13 | — | 141 | |||||
Carrying amount at the end of the period | $355 | $53 | $167 | $1,532 | $2,107 | |||||
December 31, 2024 | ||||||||||
Cost at the beginning of the year | $— | $126 | $— | $— | $126 | |||||
Additions during the year | 341 | 23 | 174 | 1,481 | 2,019 | |||||
Effect of exchange rate adjustment | 14 | — | 6 | 51 | 71 | |||||
Cost at the end of the year | $355 | $149 | $180 | $1,532 | $2,216 | |||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 37/44 CVR no. 2102 3884 |
Amortization and impairment losses at the beginning of the year | — | 112 | — | — | 112 | |||||
Amortization for the year | — | 3 | 7 | — | 10 | |||||
Impairment losses for the year | — | 11 | — | 0 | 11 | |||||
Amortization and impairment losses at the end of the year | — | 126 | 7 | — | 133 | |||||
Carrying amount at the end of the year | $355 | $23 | $173 | $1,532 | $2,083 |
June 30, 2025 | December 31, 2024 | |||||
Percent | ||||||
USD | 75 | % | 76 | % | ||
DKK | 16 | % | 15 | % | ||
EUR | 8 | % | 8 | % | ||
GBP | 1 | % | 1 | % | ||
Total | 100 | % | 100 | % | ||
June 30, 2025 | December 31, 2024 | |||||||
Assets Measured at Fair Value | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Marketable securities | 1,603 | — | — | 1,603 | 1,574 | — | — | 1,574 |
Other investments | 8 | 2 | 25 | 35 | 5 | 2 | 25 | 32 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 38/44 CVR no. 2102 3884 |
Other Investments | |
Fair value at December 31, 2023 | 13 |
Acquisitions | 3 |
Fair value changes | 5 |
Fair value at June 30, 2024 | 21 |
Acquisitions | 3 |
Fair value changes | 1 |
Fair value at December 31, 2024 | 25 |
Acquisitions | 3 |
Fair value changes | (3) |
Fair value at June 30, 2025 | 25 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 39/44 CVR no. 2102 3884 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Financial income: | ||||||||
Interest and other financial income | $25 | $42 | $58 | $88 | ||||
Gain on marketable securities | 43 | 50 | 69 | 119 | ||||
Gain on other investments, net | 3 | 6 | 1 | 5 | ||||
Foreign exchange rate gain | 83 | 19 | 125 | 72 | ||||
Total financial income | $154 | $117 | $253 | $284 | ||||
Financial expenses: | ||||||||
Interest and other financial expenses | $(9) | $(3) | $(14) | $(7) | ||||
Loss on marketable securities | (5) | (26) | (12) | (49) | ||||
Foreign exchange rate loss | (77) | (17) | (108) | (24) | ||||
Total financial expenses | $(91) | $(46) | $(134) | $(80) | ||||
Net financial items | $63 | $71 | $119 | $204 | ||||
Six Months Ended | ||||
June 30, | ||||
2025 | 2024 | |||
RSUs granted | 636,825 | 452,485 | ||
Weighted average fair value per RSU granted (DKK) | 1,601.95 | 2,010.05 | ||
RSUs vested | 180,822 | 130,579 | ||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 40/44 CVR no. 2102 3884 |
Six Months Ended | ||||
June 30, | ||||
2025 | 2024 | |||
Warrants granted | 530,330 | 345,079 | ||
Weighted average exercise price per warrant granted (DKK) | 1,604.81 | 2,006.50 | ||
Weighted average Black-Scholes fair value per warrant granted (DKK) | 500.33 | 650.72 | ||
Warrants exercised | 43,921 | 62,374 | ||
Weighted average exercise price on date of grant per warrant exercised (DKK) | 1,057.95 | 1,208.46 | ||
% change in share capital - warrants exercised | 0.07% | 0.09% | ||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 41/44 CVR no. 2102 3884 |
June 30, 2025 | December 31, 2024 | |||
Right-of-use assets | ||||
Properties | $125 | $128 | ||
Total right-of-use assets | $125 | $128 | ||
Lease liabilities | ||||
Current | $16 | $13 | ||
Non-current | 132 | 131 | ||
Total lease liabilities | $148 | $144 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 42/44 CVR no. 2102 3884 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Depreciation charge of right-of-use assets | |||||||
Properties | $4 | $4 | $8 | $7 | |||
Total depreciation charge of right-of-use assets | $4 | $4 | $8 | $7 | |||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 40 Page 43/44 CVR no. 2102 3884 |
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Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: |