Net cash used in investing activities primarily reflects differences between the proceeds received from the sale
and maturity of our investments and amounts invested, and the cash paid for investments in tangible and
intangible assets. The $1,388 million decrease in net cash used in investing activities is primarily driven by the
acquisition of ProfoundBio during the second quarter of 2024, partly offset by the sales and maturities of
marketable securities exceeding purchases in the first nine months of 2024 compared to purchases of
marketable securities exceeding sales and maturities during the first nine months of 2025.
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 $124 million decrease in net cash used in financing activities between the periods is primarily
driven by $130 million decreased cash paid for the purchase of treasury shares during the first nine months of
2025 compared to the first nine months of 2024 due to the timing of share repurchases. This decrease was
partly offset by lower proceeds from the exercise of warrants of $2 million, with $16 million received in the first
nine months of 2025 as compared to $18 million in the first nine months of 2024.
Genmab’s USD denominated marketable securities represented 75% of Genmab’s total marketable securities
as of September 30, 2025, compared to 76% as of December 31, 2024.
Cash and cash equivalents included short-term marketable securities of $140 million as of September 30, 2025,
compared to $11 million as of December 31, 2024. In accordance with our accounting policy, securities
purchased with a maturity of less than ninety days at the date of acquisition are classified as cash and cash
equivalents.
Refer to Note 5 - Financial Instruments in this interim report for further details about our marketable securities.
Balance Sheet
As of September 30, 2025, total assets were $7,021 million compared to $6,414 million on December 31, 2024 .
The increase of $607 million, or 9% was primarily driven by an increase in cash and cash equivalents of $381
million due to the continued rebuild of Genmab’s cash post acquisition of ProfoundBio in May 2024 and an
increase in current receivables of $123 million due to higher DARZALEX and Kesimpta royalties achieved under
our collaborations with J&J and Novartis, respectively in Q3 2025 as compared to Q4 2024. As of September
30, 2025, assets were mainly comprised of $355 million of goodwill and $1,748 million of other intangible
assets, primarily made up of assets acquired in the ProfoundBio acquisition, marketable securities of $1,650
million, current receivables of $1,046 million, and cash and cash equivalents of $1,761 million. The current
receivables consist primarily of amounts related to royalties from our collaboration agreements.
As of September 30, 2025, total liabilities were $1,270 million compared to $1,277 million on December 31,
2024. The decrease in total liabilities of $7 million was primarily driven by a decrease of $119 million in
corporate taxes payable primarily due to Genmab’s lower annual effective tax rate, partially offset by an
increase in current other payables of $113 million, primarily related to accruals related to the expansion of our
product pipeline.
Shareholders’ equity as of September 30, 2025, was $5,751 million compared to $5,137 million on December
31, 2024. The increase of $614 million, or 12%, was primarily driven by Genmab’s net profit for the period and
share-based compensation expenses, partly offset by the purchase of treasury shares. Genmab’s equity ratio
increased to 82% as of September 30, 2025 compared to 80% as of December 31, 2024.
Team Members
As of September 30, 2025, the total number of team members was 2,681 compared to 2,635 as of September
30, 2024. The increase was primarily driven by the continued expansion of our product portfolio, as well as the
