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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-435": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "genmab:DecreaseIncreaseThoughTaxOnItemsRecognizedDirectlyInEquity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-436": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "genmab:DecreaseIncreaseThoughTaxOnItemsRecognizedDirectlyInEquity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-437": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-438": { "value": "1920000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-439": { "value": "-181000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-440": { "value": "4098000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-441": { "value": "5847000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-442": { "value": "
These consolidated financial statements include Genmab A/S (parent
company) and subsidiaries over which the parent company has control.
The\u00a0Genmab consolidated Group is referenced herein as \u201cGenmab\u201d or
the\u00a0\u201cCompany.\u201d
This section describes Genmab\u2019s general accounting policies including Management\u2019s judgements and
estimates under IFRS Accounting Standards as issued by the International Accounting Standards Board
(IASB) and endorsed by the EU (IFRS Accounting Standards). The specific accounting policies are
described in each note in conjunction with supplementary disclosures of the specific item with the
aim\u00a0to\u00a0provide a more understandable description of each accounting area.
(In all accompanying tables, amounts of dollars are expressed in millions, except per share amounts,
unless otherwise noted).
1.1 - Nature of the Business and Accounting Policies
Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and
specializes in the creation and development of differentiated antibody therapeutics for the treatment
of\u00a0cancer and other diseases. Genmab has seven approved products commercialized by third parties, two
approved products that are jointly commercialized with a collaboration partner, a broad clinical
and\u00a0preclinical 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\u00a0IFRS
Accounting Standards 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 17, 2026. Except as outlined in Note 1.2, the consolidated financial statements have
been prepared using the same accounting policies as 2024.
Please refer to the overview below to see in which note/section the detailed accounting policy is\u00a0included.
Materiality
Genmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information
that is considered material and relevant to the users of the consolidated financial statements. The
consolidated financial statements consist of a large number of transactions. 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 aggregated with other items of similar nature in the consolidated
financial statements or in the notes.
Genmab provides these specific required disclosures unless the information is considered immaterial to the
economic decision-making of the readers of the consolidated financial statements or not applicable.
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,\u00a0variable 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
investments either directly or indirectly in the following subsidiaries:
Name
Domicile
Ownership
and votes
2025
Ownership
and votes
2024
Genmab B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding II B.V.
Utrecht, the Netherlands
100%
N/A\u00b2
Genmab US,\u00a0Inc.
Delaware, USA
100%
100%
Genmab K.K.
Tokyo, Japan
100%
100%
Genmab Germany GmbH
Munich, Germany
100%
N/A\u00b2
Genmab UK Ltd
London, United Kingdom
100%
N/A\u00b2
Genmab France SAS
Paris, France
100%
N/A\u00b2
Genmab Finance LLC.
Delaware, USA
100%
N/A\u00b2
ProfoundBio Inc.
Delaware, USA
100%
100%
ProfoundBio US Co.
Delaware, USA
100%
100%
ProfoundBio Limited
Hong Kong, China
100%
100%
Genmab (Suzhou) Co., Ltd.
Suzhou, China
100%
100%
Genmab (Beijing) Co., Ltd.
Beijing, China
100%
100%
Merus B.V.
Utrecht, the Netherlands
100%
N/A\u00b9
Merus US Inc.
Massachusetts, USA
100%
N/A\u00b9
1. These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.
2. These subsidiaries were created during 2025.
Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements
of the parent company and subsidiaries \u2013 prepared under Genmab\u2019s accounting policies \u2013 by combining
similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,
intercompany receivables and payables, and unrealized gains and losses on transactions between the
consolidated companies are eliminated.
The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the
proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is
transferred to the Group.
Items included in the financial statements of Genmab'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\u2019s presentation currency are translated into
Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are translated at the
exchange rate in effect at the balance sheet date.
Exchange rate differences arising from the translation of foreign subsidiaries shareholders\u2019 equity at the
beginning of the year and exchange rate differences arising as a result of foreign subsidiaries\u2019 income
statements being translated at average exchange rates are recorded in translation reserves in
shareholders\u2019 equity.
Functional and Presentation Currency Change
Management has determined it is appropriate to change both the functional currency of the Genmab A/S
legal entity and the presentation currency of the consolidated financial statements from DKK\u00a0to
USD\u00a0effective January 1, 2025. The change in functional currency was triggered by the expansion of
commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of
the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in
presentation currency is applied retrospectively and was made to better reflect the Company\u2019s financial
position. Comparative figures for prior periods have been restated accordingly.
The consolidated statements of comprehensive income and the consolidated statements of cash flows
have been translated into the presentation currency using the average exchange rates prevailing during
each reporting period. In the consolidated balance sheets, all assets and liabilities have been translated
using the period-end exchange rates, and all resulting exchange differences have been recognized in other
comprehensive income for the relevant year and accumulated in translation reserves in equity.
Shareholders\u2019 equity balances have been translated using historical rates in effect on the date of the
transactions.
The DKK/USD exchange rates used to reflect the change in presentation currency were as\u00a0follows:
2020
2021
2022
2023
Average rate
0.1530
NA
0.1415
0.1451
Closing rate
N/A
0.1524
0.1434
0.1483
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2024
Average rate
0.1456
0.1443
0.1472
0.1433
0.1452
Closing rate
0.1450
0.1435
0.1502
0.1400
0.1400
The change in presentation currency resulted in the following impact on the December 31, 2024
consolidated balance sheet:
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
The change in presentation currency resulted in the following impact on the January 1, 2024 consolidated
balance sheets:
Previously
reported in DKK
Reported in USD
January 1, 2024
Presentation
currency change
January 1, 2024
Total assets
35,289
(30,057)
5,232
Total liabilities
3,679
(3,134)
545
Total shareholders' equity
31,610
(26,923)
4,687
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Net profit
7,844
(6,711)
1,133
Comprehensive income
8,274
(7,365)
909
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Net profit
4,352
(3,721)
631
Comprehensive income
4,314
(3,544)
770
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2024
Presentation
currency change
December 31,
2024
Operating activities
7,771
(6,645)
1,126
Investing activities
(9,907)
8,460
(1,447)
Financing activities
(3,919)
3,353
(566)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2023
Presentation
currency change
December 31,
2023
Operating activities
7,380
(6,309)
1,071
Investing activities
(1,282)
1,097
(185)
Financing activities
(606)
517
(89)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Earnings per share - basic
122.21
(104.55)
17.66
Earnings per share - diluted
121.36
(103.83)
17.53
The change in presentation currency resulted in the following impact on the 12 months ended December
31, 2023 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Earnings per share - basic
66.64
(56.97)
9.67
Earnings per share - diluted
66.02
(56.44)
9.58
Foreign Currency
Transactions in foreign currencies are translated at the exchange rates in effect at the date of the
transaction.
Except for foreign currency differences related to tax balances, exchange rate gains and losses arising
between the transaction date and the settlement date are recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0financial
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\u00a0of
product sales. Also included in cost of product sales are royalty payments on commercialized\u00a0products.
Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners
for\u00a0the\u00a0sale 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 US and Japan pursuant to the Collaboration Agreement
with\u00a0AbbVie.
Aside from these items, there are no other costs included within cost of product sales.
Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration
Agreement with AbbVie.
Research and Development Expenses
Research and development expenses primarily include salaries, benefits and other employee-related costs
of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical
trials, contractors and outside service fees, amortization and impairment of licenses and rights related to
intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the
extent that such costs are related to the Group\u2019s research and development activities.
Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development
expenses.
Selling, General and Administrative 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 departments. In addition, depreciation of property and equipment and depreciation of\u00a0right-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\u00a0Comprehensive
Income in the period to which they relate.
Acquisition and Integration Related Charges
Acquisition and integration related charges for the acquisitions of Merus N.V. (\"Merus\") and ProfoundBio
which occurred during the fourth quarter of 2025 and second quarter of 2024, respectively.
Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the
acquisition of Merus and 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\u00a0value 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 liabilities, interest paid and received,
interest elements of lease payments and corporate taxes paid or received. Operating\u00a0assets\u00a0and 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\u00a0liabilities 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 intangible\u00a0assets 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 repayments of borrowings
including installments on loans, notes and 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 agreements.
These arrangements often include upfront payments, expense reimbursements or payments to the
collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain
future events linked to the success of the asset in development.
In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain
final\u00a0decision-making authority over the relevant activities and as such no joint control exists.
Refer to Note 2.1 for additional information related to revenue from these parties.
Collaborative Agreements
Genmab has entered into a number of joint collaborative agreements. These agreements 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.
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 2025 , Genmab\u2019s more significant collaboration
agreements are with AbbVie (epcoritamab) and Pfizer (tisotumab vedotin).
Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "Genmab A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "Genmab A/S", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
1.1 - Nature of the Business and Accounting Policies
Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and
specializes in the creation and development of differentiated antibody therapeutics for the treatment
of\u00a0cancer and other diseases. Genmab has seven approved products commercialized by third parties, two
approved products that are jointly commercialized with a collaboration partner, a broad clinical
and\u00a0preclinical 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\u00a0IFRS
Accounting Standards 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 17, 2026. Except as outlined in Note 1.2, the consolidated financial statements have
been prepared using the same accounting policies as 2024.
Please refer to the overview below to see in which note/section the detailed accounting policy is\u00a0included.
Materiality
Genmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information
that is considered material and relevant to the users of the consolidated financial statements. The
consolidated financial statements consist of a large number of transactions. 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 aggregated with other items of similar nature in the consolidated
financial statements or in the notes.
Genmab provides these specific required disclosures unless the information is considered immaterial to the
economic decision-making of the readers of the consolidated financial statements or not applicable.
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,\u00a0variable 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
investments either directly or indirectly in the following subsidiaries:
Name
Domicile
Ownership
and votes
2025
Ownership
and votes
2024
Genmab B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding II B.V.
Utrecht, the Netherlands
100%
N/A\u00b2
Genmab US,\u00a0Inc.
Delaware, USA
100%
100%
Genmab K.K.
Tokyo, Japan
100%
100%
Genmab Germany GmbH
Munich, Germany
100%
N/A\u00b2
Genmab UK Ltd
London, United Kingdom
100%
N/A\u00b2
Genmab France SAS
Paris, France
100%
N/A\u00b2
Genmab Finance LLC.
Delaware, USA
100%
N/A\u00b2
ProfoundBio Inc.
Delaware, USA
100%
100%
ProfoundBio US Co.
Delaware, USA
100%
100%
ProfoundBio Limited
Hong Kong, China
100%
100%
Genmab (Suzhou) Co., Ltd.
Suzhou, China
100%
100%
Genmab (Beijing) Co., Ltd.
Beijing, China
100%
100%
Merus B.V.
Utrecht, the Netherlands
100%
N/A\u00b9
Merus US Inc.
Massachusetts, USA
100%
N/A\u00b9
1. These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.
2. These subsidiaries were created during 2025.
Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements
of the parent company and subsidiaries \u2013 prepared under Genmab\u2019s accounting policies \u2013 by combining
similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,
intercompany receivables and payables, and unrealized gains and losses on transactions between the
consolidated companies are eliminated.
The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the
proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is
transferred to the Group.
Items included in the financial statements of Genmab'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\u2019s presentation currency are translated into
Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are translated at the
exchange rate in effect at the balance sheet date.
Exchange rate differences arising from the translation of foreign subsidiaries shareholders\u2019 equity at the
beginning of the year and exchange rate differences arising as a result of foreign subsidiaries\u2019 income
statements being translated at average exchange rates are recorded in translation reserves in
shareholders\u2019 equity.
Functional and Presentation Currency Change
Management has determined it is appropriate to change both the functional currency of the Genmab A/S
legal entity and the presentation currency of the consolidated financial statements from DKK\u00a0to
USD\u00a0effective January 1, 2025. The change in functional currency was triggered by the expansion of
commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of
the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in
presentation currency is applied retrospectively and was made to better reflect the Company\u2019s financial
position. Comparative figures for prior periods have been restated accordingly.
The consolidated statements of comprehensive income and the consolidated statements of cash flows
have been translated into the presentation currency using the average exchange rates prevailing during
each reporting period. In the consolidated balance sheets, all assets and liabilities have been translated
using the period-end exchange rates, and all resulting exchange differences have been recognized in other
comprehensive income for the relevant year and accumulated in translation reserves in equity.
Shareholders\u2019 equity balances have been translated using historical rates in effect on the date of the
transactions.
The DKK/USD exchange rates used to reflect the change in presentation currency were as\u00a0follows:
2020
2021
2022
2023
Average rate
0.1530
NA
0.1415
0.1451
Closing rate
N/A
0.1524
0.1434
0.1483
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2024
Average rate
0.1456
0.1443
0.1472
0.1433
0.1452
Closing rate
0.1450
0.1435
0.1502
0.1400
0.1400
The change in presentation currency resulted in the following impact on the December 31, 2024
consolidated balance sheet:
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
The change in presentation currency resulted in the following impact on the January 1, 2024 consolidated
balance sheets:
Previously
reported in DKK
Reported in USD
January 1, 2024
Presentation
currency change
January 1, 2024
Total assets
35,289
(30,057)
5,232
Total liabilities
3,679
(3,134)
545
Total shareholders' equity
31,610
(26,923)
4,687
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Net profit
7,844
(6,711)
1,133
Comprehensive income
8,274
(7,365)
909
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Net profit
4,352
(3,721)
631
Comprehensive income
4,314
(3,544)
770
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2024
Presentation
currency change
December 31,
2024
Operating activities
7,771
(6,645)
1,126
Investing activities
(9,907)
8,460
(1,447)
Financing activities
(3,919)
3,353
(566)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2023
Presentation
currency change
December 31,
2023
Operating activities
7,380
(6,309)
1,071
Investing activities
(1,282)
1,097
(185)
Financing activities
(606)
517
(89)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Earnings per share - basic
122.21
(104.55)
17.66
Earnings per share - diluted
121.36
(103.83)
17.53
The change in presentation currency resulted in the following impact on the 12 months ended December
31, 2023 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Earnings per share - basic
66.64
(56.97)
9.67
Earnings per share - diluted
66.02
(56.44)
9.58
Foreign Currency
Transactions in foreign currencies are translated at the exchange rates in effect at the date of the
transaction.
Except for foreign currency differences related to tax balances, exchange rate gains and losses arising
between the transaction date and the settlement date are recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0financial
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\u00a0of
product sales. Also included in cost of product sales are royalty payments on commercialized\u00a0products.
Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners
for\u00a0the\u00a0sale 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 US and Japan pursuant to the Collaboration Agreement
with\u00a0AbbVie.
Aside from these items, there are no other costs included within cost of product sales.
Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration
Agreement with AbbVie.
Research and Development Expenses
Research and development expenses primarily include salaries, benefits and other employee-related costs
of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical
trials, contractors and outside service fees, amortization and impairment of licenses and rights related to
intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the
extent that such costs are related to the Group\u2019s research and development activities.
Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development
expenses.
Selling, General and Administrative 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 departments. In addition, depreciation of property and equipment and depreciation of\u00a0right-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\u00a0Comprehensive
Income in the period to which they relate.
Acquisition and Integration Related Charges
Acquisition and integration related charges for the acquisitions of Merus N.V. (\"Merus\") and ProfoundBio
which occurred during the fourth quarter of 2025 and second quarter of 2024, respectively.
Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the
acquisition of Merus and 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\u00a0value 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 liabilities, interest paid and received,
interest elements of lease payments and corporate taxes paid or received. Operating\u00a0assets\u00a0and 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\u00a0liabilities 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 intangible\u00a0assets 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 repayments of borrowings
including installments on loans, notes and 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 agreements.
These arrangements often include upfront payments, expense reimbursements or payments to the
collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain
future events linked to the success of the asset in development.
In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain
final\u00a0decision-making authority over the relevant activities and as such no joint control exists.
Refer to Note 2.1 for additional information related to revenue from these parties.
Collaborative Agreements
Genmab has entered into a number of joint collaborative agreements. These agreements 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.
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 2025 , Genmab\u2019s more significant collaboration
agreements are with AbbVie (epcoritamab) and Pfizer (tisotumab vedotin).
Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
1.1 - Nature of the Business and Accounting Policies
Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and
specializes in the creation and development of differentiated antibody therapeutics for the treatment
of\u00a0cancer and other diseases. Genmab has seven approved products commercialized by third parties, two
approved products that are jointly commercialized with a collaboration partner, a broad clinical
and\u00a0preclinical 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\u00a0IFRS
Accounting Standards 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 17, 2026. Except as outlined in Note 1.2, the consolidated financial statements have
been prepared using the same accounting policies as 2024.
Please refer to the overview below to see in which note/section the detailed accounting policy is\u00a0included.
Materiality
Genmab\u2019s Annual Report is based on the concept of materiality and the Company focuses on information
that is considered material and relevant to the users of the consolidated financial statements. The
consolidated financial statements consist of a large number of transactions. 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 aggregated with other items of similar nature in the consolidated
financial statements or in the notes.
Genmab provides these specific required disclosures unless the information is considered immaterial to the
economic decision-making of the readers of the consolidated financial statements or not applicable.
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,\u00a0variable 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
investments either directly or indirectly in the following subsidiaries:
Name
Domicile
Ownership
and votes
2025
Ownership
and votes
2024
Genmab B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding II B.V.
Utrecht, the Netherlands
100%
N/A\u00b2
Genmab US,\u00a0Inc.
Delaware, USA
100%
100%
Genmab K.K.
Tokyo, Japan
100%
100%
Genmab Germany GmbH
Munich, Germany
100%
N/A\u00b2
Genmab UK Ltd
London, United Kingdom
100%
N/A\u00b2
Genmab France SAS
Paris, France
100%
N/A\u00b2
Genmab Finance LLC.
Delaware, USA
100%
N/A\u00b2
ProfoundBio Inc.
Delaware, USA
100%
100%
ProfoundBio US Co.
Delaware, USA
100%
100%
ProfoundBio Limited
Hong Kong, China
100%
100%
Genmab (Suzhou) Co., Ltd.
Suzhou, China
100%
100%
Genmab (Beijing) Co., Ltd.
Beijing, China
100%
100%
Merus B.V.
Utrecht, the Netherlands
100%
N/A\u00b9
Merus US Inc.
Massachusetts, USA
100%
N/A\u00b9
1. These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.
2. These subsidiaries were created during 2025.
Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements
of the parent company and subsidiaries \u2013 prepared under Genmab\u2019s accounting policies \u2013 by combining
similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,
intercompany receivables and payables, and unrealized gains and losses on transactions between the
consolidated companies are eliminated.
The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the
proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is
transferred to the Group.
Items included in the financial statements of Genmab'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\u2019s presentation currency are translated into
Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are translated at the
exchange rate in effect at the balance sheet date.
Exchange rate differences arising from the translation of foreign subsidiaries shareholders\u2019 equity at the
beginning of the year and exchange rate differences arising as a result of foreign subsidiaries\u2019 income
statements being translated at average exchange rates are recorded in translation reserves in
shareholders\u2019 equity.
Functional and Presentation Currency Change
Management has determined it is appropriate to change both the functional currency of the Genmab A/S
legal entity and the presentation currency of the consolidated financial statements from DKK\u00a0to
USD\u00a0effective January 1, 2025. The change in functional currency was triggered by the expansion of
commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of
the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in
presentation currency is applied retrospectively and was made to better reflect the Company\u2019s financial
position. Comparative figures for prior periods have been restated accordingly.
The consolidated statements of comprehensive income and the consolidated statements of cash flows
have been translated into the presentation currency using the average exchange rates prevailing during
each reporting period. In the consolidated balance sheets, all assets and liabilities have been translated
using the period-end exchange rates, and all resulting exchange differences have been recognized in other
comprehensive income for the relevant year and accumulated in translation reserves in equity.
Shareholders\u2019 equity balances have been translated using historical rates in effect on the date of the
transactions.
The DKK/USD exchange rates used to reflect the change in presentation currency were as\u00a0follows:
2020
2021
2022
2023
Average rate
0.1530
NA
0.1415
0.1451
Closing rate
N/A
0.1524
0.1434
0.1483
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2024
Average rate
0.1456
0.1443
0.1472
0.1433
0.1452
Closing rate
0.1450
0.1435
0.1502
0.1400
0.1400
The change in presentation currency resulted in the following impact on the December 31, 2024
consolidated balance sheet:
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
The change in presentation currency resulted in the following impact on the January 1, 2024 consolidated
balance sheets:
Previously
reported in DKK
Reported in USD
January 1, 2024
Presentation
currency change
January 1, 2024
Total assets
35,289
(30,057)
5,232
Total liabilities
3,679
(3,134)
545
Total shareholders' equity
31,610
(26,923)
4,687
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Net profit
7,844
(6,711)
1,133
Comprehensive income
8,274
(7,365)
909
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Net profit
4,352
(3,721)
631
Comprehensive income
4,314
(3,544)
770
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2024
Presentation
currency change
December 31,
2024
Operating activities
7,771
(6,645)
1,126
Investing activities
(9,907)
8,460
(1,447)
Financing activities
(3,919)
3,353
(566)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2023
Presentation
currency change
December 31,
2023
Operating activities
7,380
(6,309)
1,071
Investing activities
(1,282)
1,097
(185)
Financing activities
(606)
517
(89)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Earnings per share - basic
122.21
(104.55)
17.66
Earnings per share - diluted
121.36
(103.83)
17.53
The change in presentation currency resulted in the following impact on the 12 months ended December
31, 2023 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Earnings per share - basic
66.64
(56.97)
9.67
Earnings per share - diluted
66.02
(56.44)
9.58
Foreign Currency
Transactions in foreign currencies are translated at the exchange rates in effect at the date of the
transaction.
Except for foreign currency differences related to tax balances, exchange rate gains and losses arising
between the transaction date and the settlement date are recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0financial
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\u00a0of
product sales. Also included in cost of product sales are royalty payments on commercialized\u00a0products.
Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners
for\u00a0the\u00a0sale 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 US and Japan pursuant to the Collaboration Agreement
with\u00a0AbbVie.
Aside from these items, there are no other costs included within cost of product sales.
Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab\u2019s Collaboration
Agreement with AbbVie.
Research and Development Expenses
Research and development expenses primarily include salaries, benefits and other employee-related costs
of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical
trials, contractors and outside service fees, amortization and impairment of licenses and rights related to
intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the
extent that such costs are related to the Group\u2019s research and development activities.
Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development
expenses.
Selling, General and Administrative 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 departments. In addition, depreciation of property and equipment and depreciation of\u00a0right-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\u00a0Comprehensive
Income in the period to which they relate.
Acquisition and Integration Related Charges
Acquisition and integration related charges for the acquisitions of Merus N.V. (\"Merus\") and ProfoundBio
which occurred during the fourth quarter of 2025 and second quarter of 2024, respectively.
Refer to Note 5.5 for more information regarding Genmab\u2019s Acquisition and Integration costs related to the
acquisition of Merus and 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\u00a0value 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 liabilities, interest paid and received,
interest elements of lease payments and corporate taxes paid or received. Operating\u00a0assets\u00a0and 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\u00a0liabilities 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 intangible\u00a0assets 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 repayments of borrowings
including installments on loans, notes and 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 agreements.
These arrangements often include upfront payments, expense reimbursements or payments to the
collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain
future events linked to the success of the asset in development.
In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain
final\u00a0decision-making authority over the relevant activities and as such no joint control exists.
Refer to Note 2.1 for additional information related to revenue from these parties.
Collaborative Agreements
Genmab has entered into a number of joint collaborative agreements. These agreements 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.
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 2025 , Genmab\u2019s more significant collaboration
agreements are with AbbVie (epcoritamab) and Pfizer (tisotumab vedotin).
Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.
\"Financials_icon_A.jpg\"
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 obligation when (or as) the
performance obligation is satisfied.
Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties
based on the level of sales. The license has been deemed to be the predominant item to which the
royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes
revenue when the related sales occur.
Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the
customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring
the products. Control of the products is transferred at a single point in time which occurs upon delivery to
the customer. The amount of sales to be recognized is based on the consideration Genmab expects to
receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions
is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates
and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are
estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing
the expected value of the sales deductions (variable consideration). Sales deductions are estimated and
provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions
require significant use of estimates as not all conditions are known at the time of sale. The estimates are
based on analyses of existing contractual obligations, historical experience, drug product analogs and
payer channel mix. Genmab considers the provisions established for sales deductions to be reasonable
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, 2025, all
net product sales relate to sales of EPKINLY in the US and Japan and Tivdak in Japan and Germany,
pursuant to the Collaboration Agreements with AbbVie and Pfizer, respectively.
Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements
include provisions for reimbursement or cost sharing for R&D services and payment for full time
equivalents (\u201cFTEs\u201d) at contractual rates. R&D services are performed and satisfied over time given that
the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for
research services is recognized over time rather than at a point in time.
Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development,
regulatory and commercial milestone payments based on the level of sales. At the inception of each
arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones
is considered highly probable and estimates the amount to be included in the transaction price using the
most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the
associated milestone value is included in the transaction price. Milestone payments that are not within the
control of Genmab or the license and collaboration partner, such as regulatory approvals, are not
considered probable of being achieved until those approvals are received. The transaction price is then
allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab
recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of
each subsequent reporting period, Genmab re-evaluates the probability of achievement of such
development milestones and commercial milestones and any related constraint, and if necessary, adjusts
its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up
basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing
license and collaboration agreements, milestone payments have been allocated to the license transfer
performance obligation.
Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for
the sale of commercial products by our collaboration partners. When Genmab\u2019s collaboration partner is
determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of
commercial products is included in collaboration revenue.
License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual
property is determined to be distinct from the other performance obligations identified in the arrangement,
Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time
the license is transferred to the licensee and the licensee is able to use and benefit from the license. For
licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the
combined performance obligation to determine whether the combined performance obligation is satisfied
over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes
of recognizing revenue from non-refundable, upfront fees. Under all of Genmab\u2019s existing license and
collaboration agreements the license to functional intellectual property has been determined to be distinct
from other performance obligations identified in the agreement.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.
Refer to Note 1.3 for Management\u2019s judgements and estimates related to revenue recognition.
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Accounting Policies
Geographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is
attributed to countries on the basis of the location of the legal entity holding the contract with the
counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-
use assets, and receivables.
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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 associated work.
Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension
obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included\u00a0in
the income statement in the period in which they are accrued, and outstanding contributions\u00a0are included in
other payables.
Termination benefits are recognized as an expense, when Genmab is committed demonstrably,
without\u00a0realistic possibility of withdrawal, to a formal detailed plan to terminate employment.
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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\u2019
equity or other comprehensive income.
Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be
recovered from or paid to the tax authorities.
Deferred 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.
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Accounting Policies
Basic Net Profit Per Share
Basic net profit per share is calculated as the net profit for the\u00a0period 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\u00a0period 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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Accounting Policies
Research and Development Projects
Internal and subcontracted research costs are charged in full to research and development expenses in\u00a0the
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\u00a0no 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 identified by\u00a0third
parties. Payments to third parties under collaboration and license agreements are assessed to\u00a0determine
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 amortization and any impairment losses. Milestone
payments related to capitalized licenses and rights are accounted for as\u00a0an\u00a0increase in the cost to acquire
licenses and rights.\u202f
For acquired research and development projects, and intellectual property rights, including acquisition in\u00a0a
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\u00a0acquired 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\u2019s CGU (or groups of CGUs) expected to benefit from the
synergies of the combination. Genmab consists of one single CGU which represents its single operating
segment.
Recognition and 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.
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\u00a0which is shorter. The amortization of intellectual property rights, including IPR&D, commences
after\u00a0regulatory approval has been obtained or when assets are put in use.
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Accounting Policies
Property and equipment is comprised of leasehold improvements, assets under construction, 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 \u00a0years
Leasehold improvements
15\u00a0years 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\u00a0lives and residual values are reviewed and adjusted if appropriate on a\u00a0yearly basis. Assets
under\u00a0construction are not depreciated.
Impairment
If circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of property
and\u00a0equipment 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, determined as
the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present
value of future cash inflow 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\u00a0the
recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive
Income when the impairment is identified.
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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 and
low-value leases.
ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities
represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is
depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the
Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the
lease term in operating expenses and interest expenses related to the lease liability are classified
in\u00a0financial items.
Genmab determines if an arrangement is a lease at inception. Genmab leases various properties
and\u00a0vehicles. Lease contracts are typically made for fixed periods. Lease terms are negotiated on
an\u00a0individual 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
are measured at amortized cost, and include the net present value of fixed payments, less any lease
incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses
an incremental borrowing rate based on the information available at the commencement date of the lease
in determining the present value of lease payments. Lease terms utilized by Genmab may include options
to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In
determining the lease term, Management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is\u00a0reasonably certain to be
extended.
ROU assets are measured at cost and include the amount of the initial measurement of the lease liability,
any lease payments made at or before the commencement date less any lease incentives received, any
initial direct costs, and restoration costs.
Payments associated with short-term leases and leases of low-value assets are recognized on a straight-
line basis as an expense in the Consolidated Statements of Comprehensive Income.
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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\u2019s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these strategic
investment funds are valued based at the most recent sale price or official closing price reported on the
exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity
securities are based on other factors, including but not limited to, type of the security, the size of the
holding, the initial cost of the security, the price and extent of public trading in\u00a0similar 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.
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Accounting Policies
Inventories are measured at the lower of cost and net realizable value with costs determined on a first-
in,\u00a0first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly
from third-party providers of manufacturing as well as costs related to internal resources and distribution
and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period
and will write down excess or obsolete inventories to their net realizable value in the period in which the
impairment is identified. Write downs of inventory are included within Cost of product sales in the
Consolidated Statements of Comprehensive Income.
Included in inventories are materials with the intended purpose of being made available for sale. If the
materials are later used in the production of clinical products, the materials are charged to research and
development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used
in Genmab\u2019s research and development process (e.g., early research/clinical trials) are immediately
expensed to research and development as incurred.
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\u00a0time of
production). The amount of this write down is recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0Comprehensive
Income.
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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\u00a0amortized cost, which generally corresponds to nominal value less expected credit losses.
Accounts receivable arising from product sales consists of amounts due from customers, net of customer
allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts
with customers have initial payment terms that range from 30 to 180 days.
Management measures allowance for doubtful trade receivables based on the simplified approach to
provide for expected credit losses, which requires the use of the lifetime expected loss provision for all
trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days
past due.
Loss allowance is calculated using historical analysis of customer payments, past due customer invoice
activity, Dun & Bradstreet credit risk management reports, and specific customer knowledge.
Prepayments include expenditures related to a future financial period. Prepayments are measured at\u00a0cost.
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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. The $580 million increase in current other payables is primarily related to the expansion of our
product pipeline as well as accrued termination costs associated with the discontinuance of the
acasunlimab program during the fourth quarter of 2025.
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 assessments 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 development 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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Accounting Policies
Classification of categories of financial assets and liabilities
Genmab classifies its financial assets and liabilities held into the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss), and
\u2022 those to be measured at amortized cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income.
Genmab reclassifies debt investments only when its business model for managing those assets changes.
Further details about the accounting policy for each of the financial assets and liabilities are outlined in the
respective notes.
Refer to Note 3.3 and 4.8 for detailed policies regarding Genmab\u2019s lease liability and borrowings,
respectively.
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 liabilities measured at
amortized cost such as bank deposits, receivables and other payables approximate 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 participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 In the principal market for the asset or liability, or
\u2022 In the absence of a principal market, in the 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:
\u2022 Level 1\u00a0- Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2\u00a0- Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u2022 Level 3\u00a0- 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 reassessing
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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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 securities depends on the business
model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt
instruments to determine classification based on the following measurement categories:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortized cost. Interest income
from these financial assets is included in finance income using the effective interest rate method. Any
gain or loss arising on derecognition is recognized directly in profit or loss and presented in other
financial income or expenses, together with foreign exchange gains and losses. Impairment losses,
when material, are presented as a separate line item in the Consolidated Statements of Comprehensive
Income.
\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective
by both collecting contractual cash flows as well as selling financial assets and where those cash flows
represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a
debt investment that is subsequently measured at FVOCI are recognized in other comprehensive
income. Impairment gains and losses, interest income and foreign exchange gains and losses are
recognized in the Consolidated Statements of Comprehensive Income and presented within financial
income or expenses in the period in which they arise.
\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or
FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at
FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within
financial income or expenses in the period in which it arises.
Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated
investment guidelines and the information provided internally to Management. This business model does
not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at
FVPL. This classification is consistent with the prior year\u2019s classification.
Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds,
Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certificates of deposit,
certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the\u00a0Danish,
European and U.S. governments. The securities can be purchased and sold using established\u00a0markets.
Transactions are recognized at the trade date.
\"Financials_icon_A.jpg\"
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.
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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\u00a0remeasured. 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\u00a0reassesses its estimate of the number of shares expected to vest periodically.
Management expectations related to the achievement 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 associated with grants that are not expected to vest will be\u00a0reversed.
Share-based compensation expenses represent calculated values of warrants, RSUs and performance-
based RSUs granted and do not represent actual cash expenditures. A corresponding amount is
recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are
designated as equity-settled share-based payment transactions.
The fair value of each RSU and performance-based RSU granted during the year is calculated using
the\u00a0closing share price on the grant date. Below is a description of how the fair value of warrants is
measured and the estimates involved.
\"Financials_icon_A.jpg\"
Accounting Policies
Borrowings are financial liabilities that are initially recognized at the fair value of the proceeds received less
transaction costs in the Consolidated Balance Sheets. In subsequent periods these are measured
at\u00a0amortized cost using the effective interest method. Interest expense, including the amortization of
transaction costs and any difference between the initial carrying amount and the redemption amount,
is\u00a0recognized in financial expenses in the Consolidated Statements of Comprehensive Income over the
term of the borrowings.
\"Financials_icon_A.jpg\"
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 a contingent consideration arrangement. Any amount of the purchase price which effectively
comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is
therefore not included in the consideration for the purpose of applying the acquisition method. Settlements
of pre-existing relationships are accounted for as separate transactions in accordance with the relevant
IFRS standards.
Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date
of acquisition by applying relevant valuation methods. Goodwill is recognized 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.
Asset Acquisitions
The asset acquisition method is applied to account for all transactions that do not meet the definition of a
business in accordance with IFRS 3 Business Combinations.
Genmab applies a \u2018concentration test,\u2019 which is a simplified assessment of whether an acquired set of
activities and assets is not a business. The optional concentration test is met if substantially all of the
fair\u00a0value of the gross assets acquired is concentrated in a single identifiable asset or group of similar
identifiable assets.
At initial recognition, an asset acquisition is measured at cost. Cost comprises the fair value of
consideration transferred plus any directly attributable acquisition-related costs. The cost price is allocated
to the individual identifiable assets acquired and liabilities assumed based on their relative fair\u00a0values at the
acquisition date. No goodwill or deferred taxes are recognized.
Acquisition-related costs that are directly attributable to the acquisition of assets, such as legal, advisory,
and due diligence fees, are capitalized as part of the cost of the acquired assets in accordance with the
relevant IFRS standards (for example, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets).
Subsequent measurement of these assets follows the requirements of the relevant IFRS standards
applicable to each asset class.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards
as issued by the International Accounting Standards Board (IASB) and in accordance with\u00a0IFRS
Accounting Standards 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 17, 2026. Except as outlined in Note 1.2, the consolidated financial statements have
been prepared using the same accounting policies as 2024.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 17, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
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,\u00a0variable 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
investments either directly or indirectly in the following subsidiaries:
Name
Domicile
Ownership
and votes
2025
Ownership
and votes
2024
Genmab B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding II B.V.
Utrecht, the Netherlands
100%
N/A\u00b2
Genmab US,\u00a0Inc.
Delaware, USA
100%
100%
Genmab K.K.
Tokyo, Japan
100%
100%
Genmab Germany GmbH
Munich, Germany
100%
N/A\u00b2
Genmab UK Ltd
London, United Kingdom
100%
N/A\u00b2
Genmab France SAS
Paris, France
100%
N/A\u00b2
Genmab Finance LLC.
Delaware, USA
100%
N/A\u00b2
ProfoundBio Inc.
Delaware, USA
100%
100%
ProfoundBio US Co.
Delaware, USA
100%
100%
ProfoundBio Limited
Hong Kong, China
100%
100%
Genmab (Suzhou) Co., Ltd.
Suzhou, China
100%
100%
Genmab (Beijing) Co., Ltd.
Beijing, China
100%
100%
Merus B.V.
Utrecht, the Netherlands
100%
N/A\u00b9
Merus US Inc.
Massachusetts, USA
100%
N/A\u00b9
1. These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.
2. These subsidiaries were created during 2025.
Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements
of the parent company and subsidiaries \u2013 prepared under Genmab\u2019s accounting policies \u2013 by combining
similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,
intercompany receivables and payables, and unrealized gains and losses on transactions between the
consolidated companies are eliminated.
The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the
proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is
transferred to the Group.
Items included in the financial statements of Genmab'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\u2019s presentation currency are translated into
Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are translated at the
exchange rate in effect at the balance sheet date.
Exchange rate differences arising from the translation of foreign subsidiaries shareholders\u2019 equity at the
beginning of the year and exchange rate differences arising as a result of foreign subsidiaries\u2019 income
statements being translated at average exchange rates are recorded in translation reserves in
shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
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,\u00a0variable 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
investments either directly or indirectly in the following subsidiaries:
Name
Domicile
Ownership
and votes
2025
Ownership
and votes
2024
Genmab B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding II B.V.
Utrecht, the Netherlands
100%
N/A\u00b2
Genmab US,\u00a0Inc.
Delaware, USA
100%
100%
Genmab K.K.
Tokyo, Japan
100%
100%
Genmab Germany GmbH
Munich, Germany
100%
N/A\u00b2
Genmab UK Ltd
London, United Kingdom
100%
N/A\u00b2
Genmab France SAS
Paris, France
100%
N/A\u00b2
Genmab Finance LLC.
Delaware, USA
100%
N/A\u00b2
ProfoundBio Inc.
Delaware, USA
100%
100%
ProfoundBio US Co.
Delaware, USA
100%
100%
ProfoundBio Limited
Hong Kong, China
100%
100%
Genmab (Suzhou) Co., Ltd.
Suzhou, China
100%
100%
Genmab (Beijing) Co., Ltd.
Beijing, China
100%
100%
Merus B.V.
Utrecht, the Netherlands
100%
N/A\u00b9
Merus US Inc.
Massachusetts, USA
100%
N/A\u00b9
1. These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.
2. These subsidiaries were created during 2025.
Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements
of the parent company and subsidiaries \u2013 prepared under Genmab\u2019s accounting policies \u2013 by combining
similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,
intercompany receivables and payables, and unrealized gains and losses on transactions between the
consolidated companies are eliminated.
The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the
proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is
transferred to the Group.
Items included in the financial statements of Genmab'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\u2019s presentation currency are translated into
Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are translated at the
exchange rate in effect at the balance sheet date.
Exchange rate differences arising from the translation of foreign subsidiaries shareholders\u2019 equity at the
beginning of the year and exchange rate differences arising as a result of foreign subsidiaries\u2019 income
statements being translated at average exchange rates are recorded in translation reserves in
shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
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,\u00a0variable 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
investments either directly or indirectly in the following subsidiaries:
Name
Domicile
Ownership
and votes
2025
Ownership
and votes
2024
Genmab B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding B.V.
Utrecht, the Netherlands
100%
100%
Genmab Holding II B.V.
Utrecht, the Netherlands
100%
N/A\u00b2
Genmab US,\u00a0Inc.
Delaware, USA
100%
100%
Genmab K.K.
Tokyo, Japan
100%
100%
Genmab Germany GmbH
Munich, Germany
100%
N/A\u00b2
Genmab UK Ltd
London, United Kingdom
100%
N/A\u00b2
Genmab France SAS
Paris, France
100%
N/A\u00b2
Genmab Finance LLC.
Delaware, USA
100%
N/A\u00b2
ProfoundBio Inc.
Delaware, USA
100%
100%
ProfoundBio US Co.
Delaware, USA
100%
100%
ProfoundBio Limited
Hong Kong, China
100%
100%
Genmab (Suzhou) Co., Ltd.
Suzhou, China
100%
100%
Genmab (Beijing) Co., Ltd.
Beijing, China
100%
100%
Merus B.V.
Utrecht, the Netherlands
100%
N/A\u00b9
Merus US Inc.
Massachusetts, USA
100%
N/A\u00b9
1. These subsidiaries were added as a result of the acquisition of Merus during the fourth quarter of 2025.
2. These subsidiaries were created during 2025.
Genmab\u2019s consolidated financial statements have been prepared on the basis of the financial statements
of the parent company and subsidiaries \u2013 prepared under Genmab\u2019s accounting policies \u2013 by combining
similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses,
intercompany receivables and payables, and unrealized gains and losses on transactions between the
consolidated companies are eliminated.
The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the
proportionate share of the subsidiaries\u2019 equity. Subsidiaries are consolidated from the date when control is
transferred to the Group.
Items included in the financial statements of Genmab'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\u2019s presentation currency are translated into
Genmab\u2019s presentation currency at average exchange rates, and the balance sheets are translated at the
exchange rate in effect at the balance sheet date.
Exchange rate differences arising from the translation of foreign subsidiaries shareholders\u2019 equity at the
beginning of the year and exchange rate differences arising as a result of foreign subsidiaries\u2019 income
statements being translated at average exchange rates are recorded in translation reserves in
shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
Functional and Presentation Currency Change
Management has determined it is appropriate to change both the functional currency of the Genmab A/S
legal entity and the presentation currency of the consolidated financial statements from DKK\u00a0to
USD\u00a0effective January 1, 2025. The change in functional currency was triggered by the expansion of
commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of
the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in
presentation currency is applied retrospectively and was made to better reflect the Company\u2019s financial
position. Comparative figures for prior periods have been restated accordingly.
The consolidated statements of comprehensive income and the consolidated statements of cash flows
have been translated into the presentation currency using the average exchange rates prevailing during
each reporting period. In the consolidated balance sheets, all assets and liabilities have been translated
using the period-end exchange rates, and all resulting exchange differences have been recognized in other
comprehensive income for the relevant year and accumulated in translation reserves in equity.
Shareholders\u2019 equity balances have been translated using historical rates in effect on the date of the
transactions.
The DKK/USD exchange rates used to reflect the change in presentation currency were as\u00a0follows:
2020
2021
2022
2023
Average rate
0.1530
NA
0.1415
0.1451
Closing rate
N/A
0.1524
0.1434
0.1483
Q1 2024
Q2 2024
Q3 2024
Q4 2024
2024
Average rate
0.1456
0.1443
0.1472
0.1433
0.1452
Closing rate
0.1450
0.1435
0.1502
0.1400
0.1400
The change in presentation currency resulted in the following impact on the December 31, 2024
consolidated balance sheet:
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
The change in presentation currency resulted in the following impact on the January 1, 2024 consolidated
balance sheets:
Previously
reported in DKK
Reported in USD
January 1, 2024
Presentation
currency change
January 1, 2024
Total assets
35,289
(30,057)
5,232
Total liabilities
3,679
(3,134)
545
Total shareholders' equity
31,610
(26,923)
4,687
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Net profit
7,844
(6,711)
1,133
Comprehensive income
8,274
(7,365)
909
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of comprehensive income:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Net profit
4,352
(3,721)
631
Comprehensive income
4,314
(3,544)
770
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2024
Presentation
currency change
December 31,
2024
Operating activities
7,771
(6,645)
1,126
Investing activities
(9,907)
8,460
(1,447)
Financing activities
(3,919)
3,353
(566)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2023 consolidated statement of cash flows:
Previously
reported in DKK
Reported in USD
Cash provided by (used in):
December 31,
2023
Presentation
currency change
December 31,
2023
Operating activities
7,380
(6,309)
1,071
Investing activities
(1,282)
1,097
(185)
Financing activities
(606)
517
(89)
The change in presentation currency resulted in the following impact on the 12 months ended
December 31, 2024 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2024
Presentation
currency change
December 31,
2024
Earnings per share - basic
122.21
(104.55)
17.66
Earnings per share - diluted
121.36
(103.83)
17.53
The change in presentation currency resulted in the following impact on the 12 months ended December
31, 2023 basic and diluted earnings per share:
Previously
reported in DKK
Reported in USD
December 31,
2023
Presentation
currency change
December 31,
2023
Earnings per share - basic
66.64
(56.97)
9.67
Earnings per share - diluted
66.02
(56.44)
9.58
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
Foreign Currency
Transactions in foreign currencies are translated at the exchange rates in effect at the date of the
transaction.
Except for foreign currency differences related to tax balances, exchange rate gains and losses arising
between the transaction date and the settlement date are recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0financial
income or expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Research and Development Expenses
Research and development expenses primarily include salaries, benefits and other employee-related costs
of Genmab\u2019s research and development staff, license costs, manufacturing costs, preclinical costs, clinical
trials, contractors and outside service fees, amortization and impairment of licenses and rights related to
intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the
extent that such costs are related to the Group\u2019s research and development activities.
Refer to Note 3.1 for a more detailed description on the treatment of Genmab\u2019s research and development
expenses.
Collaborations, License Agreements and Collaborative Agreements
Collaborations and License Agreements
Genmab continues to pursue the establishment of research collaborations and licensing agreements.
These arrangements often include upfront payments, expense reimbursements or payments to the
collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain
future events linked to the success of the asset in development.
In regard to Genmab\u2019s license agreements with J&J, Novartis and Roche, each of these parties retain
final\u00a0decision-making authority over the relevant activities and as such no joint control exists.
Refer to Note 2.1 for additional information related to revenue from these parties.
Collaborative Agreements
Genmab has entered into a number of joint collaborative agreements. These agreements 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.
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 2025 , Genmab\u2019s more significant collaboration
agreements are with AbbVie (epcoritamab) and Pfizer (tisotumab vedotin).
Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.
\"Financials_icon_A.jpg\"
Accounting Policies
Research and Development Projects
Internal and subcontracted research costs are charged in full to research and development expenses in\u00a0the
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\u00a0no 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 identified by\u00a0third
parties. Payments to third parties under collaboration and license agreements are assessed to\u00a0determine
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 amortization and any impairment losses. Milestone
payments related to capitalized licenses and rights are accounted for as\u00a0an\u00a0increase in the cost to acquire
licenses and rights.\u202f
For acquired research and development projects, and intellectual property rights, including acquisition in\u00a0a
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\u00a0acquired research and development projects can often be measured reliably, these projects fulfil the
capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to
acquisition are treated consistently with internal project development costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
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\u00a0value is credited to a contract liability account and is released to the statement of comprehensive
income as other operating income over the expected useful life of the relevant asset by equal annual
installments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
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 liabilities, interest paid and received,
interest elements of lease payments and corporate taxes paid or received. Operating\u00a0assets\u00a0and 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\u00a0liabilities 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 intangible\u00a0assets 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 repayments of borrowings
including installments on loans, notes and lease liabilities.
Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a
maturity of less than 90 days on the date of acquisition.
The statements of cash flows cannot be derived solely from the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
1.2 - New Accounting Policies and Disclosures
New Accounting Policies and Disclosures For 2025
Genmab has, with effect from January 1 , 2025, implemented the following amendment:
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The implementation of this amendment 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\u00a0future reporting periods.
New Accounting Policies and Disclosures Effective in 2026 or Later
Furthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) not\u00a0yet
effective, but issued by the IASB, Management does not anticipate any significant impact on\u00a0the
Consolidated Financial Statements in the period of initial application from the adoption of these
new\u00a0standards and amendments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial
Statements\u2019 which replaces IAS 1 effective from 1 January 2027. Management is assessing the impact
of the standard on its financial statements, and the impact has not yet been determined.
IFRS 18 introduces the following :
\u2022 Changes the presentation of the financial statements, requiring items of income and expense to be
classified into five categories: operating, investing, finance, income taxes and discontinued operations
along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and
income taxes.
\u2022 Requires companies to disclose definitions of company-specific management-defined performance
measures (MPMs) that are related to the statement of income and provide reconciliations between the
MPMs and the most similar specified subtotals within the statement of income in a single note.
\u2022 Provides enhanced guidance on the principles of how items should be aggregated or disaggregated
based on shared characteristics. The changes are expected to provide more detailed and useful
information to investors and impacts all primary financial statements and notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
New Accounting Policies and Disclosures Effective in 2026 or Later
Furthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) not\u00a0yet
effective, but issued by the IASB, Management does not anticipate any significant impact on\u00a0the
Consolidated Financial Statements in the period of initial application from the adoption of these
new\u00a0standards and amendments, apart from IFRS 18 \u2018Presentation and Disclosure in Financial
Statements\u2019 which replaces IAS 1 effective from 1 January 2027. Management is assessing the impact
of the standard on its financial statements, and the impact has not yet been determined.
IFRS 18 introduces the following :
\u2022 Changes the presentation of the financial statements, requiring items of income and expense to be
classified into five categories: operating, investing, finance, income taxes and discontinued operations
along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and
income taxes.
\u2022 Requires companies to disclose definitions of company-specific management-defined performance
measures (MPMs) that are related to the statement of income and provide reconciliations between the
MPMs and the most similar specified subtotals within the statement of income in a single note.
\u2022 Provides enhanced guidance on the principles of how items should be aggregated or disaggregated
based on shared characteristics. The changes are expected to provide more detailed and useful
information to investors and impacts all primary financial statements and notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
1.3 - Management\u2019s Judgements and Estimates under IFRS
In preparing financial statements under IFRS, certain provisions in the standards require Management\u2019s
judgements, including various accounting estimates and assumptions. These judgements and estimates
affect the application of accounting policies, as well as reported amounts within the consolidated financial
statements 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 information available
at\u00a0the time.
Accounting judgements are made in the process of applying accounting policies. These judgements
are\u00a0typically 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 consolidated financial statements.
Accounting
policy
Key accounting estimates and judgements
Note
reference
Risk
Fair value and
impairment
assessment of
other intangible
assets and
goodwill
Estimation of the fair value of other intangible assets acquired
through acquisitions
Subsequent assessment of impairment of other intangible assets
Estimation regarding the valuation of goodwill and assessment of
impairment of goodwill
Notes 3.1
and 5.5
High
Revenue
recognition
Judgement in assessing whether a collaboration
partner is a customer
Estimation of partner net sales amounts in the
calculation of royalties
Estimation of variable consideration
Judgement in assessing the nature of combined performance
obligations within contracts
Note 2.1
High
Share-based
compensation
Judgement in selecting assumptions required for valuation of
warrant grants
Estimation in developing forfeiture rate RSUs/warrants and
probability of achievement for PSUs
Note 4.6
Moderate
Current and
deferred income
taxes
Judgement and estimation regarding valuation of deferred
income tax assets
Note 2.4
Moderate
\"Financials_icon_B.jpg\"
Management\u2019s 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\u2019s
future taxable income will be driven by future events that are highly susceptible to factors outside the
control of Genmab including overall commercial growth, specific clinical outcomes, regulatory approvals,
advancement of Genmab\u2019s product pipeline and other matters. As such, changes in estimates of
the\u00a0impact from these factors could impact Genmab\u2019s future taxable income in a positive or
negative\u00a0manner.
As of December 31, 2025, the deferred tax assets of Merus B.V. and Merus U.S. are not recognized. 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.
\"Financials_icon_B.jpg\"
Management\u2019s Judgements and Estimates
Impairment Assessment of Goodwill and Other Intangible Assets
Genmab performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its
fiscal fourth quarter. Indefinite-lived intangible assets and the CGU including goodwill are monitored for
indicators of impairment throughout the year. If indicators of impairment exist, then an impairment test is
performed. The recoverable amount of certain intangible assets was determined using VIU. The VIU used
in impairment tests is based on Management\u2019s projections and anticipated net present value of\u00a0estimated
future cash flows from marketable products and products in development. Goodwill and intangible assets
not yet available for use are tested for impairment at least annually or when indicators of impairment are
identified. Goodwill is allocated to the single operating segment. The discount rate used is based on the
Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. VIU is determined
using largely unobservable inputs.
Assets that are subject to amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
Factors considered material that could trigger an impairment test include the following:
\u2022 Development of a competing drug
\u2022 Realized sales trending below predicted sales
\u2022 Inconsistent or unfavorable clinical readouts
\u2022 Changes in the legal framework covering patents, rights, and licenses
\u2022 Advances in medicine and/or technology that affect the medical treatments
\u2022 Adverse impact on reputation and/or brand names
An impairment loss is recognized in Consolidated Statements of Comprehensive Income as research
and\u00a0development expenses when the carrying amount of intangible assets exceeds the recoverable
amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date
for\u00a0possible\u00a0reversal.
\"Financials_icon_B.jpg\"
Management\u2019s Judgements and Estimates
Share-Based Compensation Expenses
The fair value of each warrant granted during the\u00a0year is calculated using the Black-Scholes pricing model.
This pricing model requires the input of subjective assumptions such as:
\u2022 The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s
stock\u00a0price;
\u2022 The risk-free interest rate, which is determined as the interest rate on Danish government bonds
(bullet issues) with an average maturity of five years;
\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise and life
terms in the current warrant program.
These assumptions can vary over time and can change the fair value of future warrants granted.
Valuation Assumptions for Warrants Granted in 2025, 2024 and 2023
The fair value of each warrant granted during the\u00a0year is calculated using the Black-Scholes pricing model
with the following assumptions:
Weighted average
2025
2024
2023
Fair value per warrant on grant date
503.09
639.67
924.10
Share price
1,613.94
1,974.71
2,632.02
Exercise price
1,613.94
1,974.71
2,632.02
Expected dividend yield
\u2014%
\u2014%
\u2014%
Expected stock price volatility
31.3%
32.3%
35.3%
Risk-free interest rate
2.05%
2.26%
2.48%
Expected life of warrants
5 years
5 years
5 years
Total Fair Value of Amounts Granted
2025
2024
2023
Total fair value of warrants granted
DKK 275 million
DKK 237 million
DKK 193 million
\"Financials_icon_B.jpg\"
Management\u2019s Judgements and Estimates \u2013
Other Intangible Assets and Goodwill
Fair Value and Impairment Assessment of Other Intangible Assets and Goodwill
The application of the acquisition method for a business combination as well as allocation of fair value
through an asset acquisition involve the use of significant estimates because the identifiable net assets of
the acquiree are recognized at their fair values for which observable market prices are typically not
available. This is particularly relevant for intangible assets which require use of valuation techniques
typically based on estimates of present value of future uncertain cash flows. The significant assumptions
used to estimate the value of the acquired intangible assets include discount rates and certain assumptions
that form the basis of future cash flows (such as probabilities of technical and regulatory success, revenue
growth rates, operating margins, and royalty rates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
1.4 - Reclassifications of Prior Period Financial Statements
In order to conform to the current period gross presentation for 2025, a reclassification of net, $100 million
gain and $63 million loss have been made to the gross amounts presented for 2024 a nd 2023, to move
foreign exchange rate gains and losses related to marketable securities from gains and losses on foreign
exchange rates to gains and losses on marketable securities. These reclassifications have no impact on
the net amounts of financial items as presented in Note 4.5 - Financial Income and Expenses.
December 31,
2024
Reclass
December 31,
2024
Financial income:
Gain on marketable securities
53
184
237
Foreign exchange rate gain
431
(173)
258
Gain on other investments, net
21
(15)
6
Total financial income
505
(4)
501
Financial expenses:
Loss on marketable securities
(23)
(84)
(107)
Foreign exchange rate loss
(239)
73
(166)
Loss on other investments, net
(15)
15
\u2014
Total financial expenses
(277)
4
(273)
Net financial items
228
\u2014
228
December 31,
2023
Reclass
December 31,
2023
Financial income:
Gain on marketable securities
72
85
157
Foreign exchange rate gain
57
(57)
\u2014
Gain on other investments, net
10
(10)
\u2014
Total financial income
139
18
157
Financial expenses:
Loss on marketable securities
(26)
(148)
(174)
Foreign exchange rate loss
(186)
120
(66)
Loss on other investments, net
(14)
10
(4)
Total financial expenses
(226)
(18)
(244)
Net financial items
(87)
\u2014
(87)
Refer to Note 4.5 for additional information relating to financial income and expenses of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
December 31,
2024
Reclass
December 31,
2024
Financial income:
Gain on marketable securities
53
184
237
Foreign exchange rate gain
431
(173)
258
Gain on other investments, net
21
(15)
6
Total financial income
505
(4)
501
Financial expenses:
Loss on marketable securities
(23)
(84)
(107)
Foreign exchange rate loss
(239)
73
(166)
Loss on other investments, net
(15)
15
\u2014
Total financial expenses
(277)
4
(273)
Net financial items
228
\u2014
228
December 31,
2023
Reclass
December 31,
2023
Financial income:
Gain on marketable securities
72
85
157
Foreign exchange rate gain
57
(57)
\u2014
Gain on other investments, net
10
(10)
\u2014
Total financial income
139
18
157
Financial expenses:
Loss on marketable securities
(26)
(148)
(174)
Foreign exchange rate loss
(186)
120
(66)
Loss on other investments, net
(14)
10
(4)
Total financial expenses
(226)
(18)
(244)
Net financial items
(87)
\u2014
(87)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
2.1 - Revenue
2025
2024
2023
Revenue by type:
Royalties
3,102
2,517
1,989
Net product Sales
398
253
61
Reimbursement revenue
53
144
124
Milestone revenue
97
145
171
Collaboration revenue
70
62
45
Total
3,720
3,121
2,390
Revenue by collaboration partner:
Janssen
2,565
2,091
1,734
AbbVie
66
58
106
Roche
106
107
102
Novartis
446
408
219
BioNTech
40
127
114
Pfizer1
77
77
54
Other
22
\u2014
\u2014
Total2
3,322
2,868
2,329
Royalties by product:
DARZALEX
2,443
2,019
1,635
Kesimpta
443
323
217
TEPEZZA
105
106
102
Other3
111
69
35
Total
3,102
2,517
1,989
1. Pzifer acquired Seagen in December 2023
2. Excludes Genmab\u2019s Net product sales
3. Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY
\"Financials_icon_A.jpg\"
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 obligation when (or as) the
performance obligation is satisfied.
Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties
based on the level of sales. The license has been deemed to be the predominant item to which the
royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes
revenue when the related sales occur.
Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the
customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring
the products. Control of the products is transferred at a single point in time which occurs upon delivery to
the customer. The amount of sales to be recognized is based on the consideration Genmab expects to
receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions
is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates
and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are
estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing
the expected value of the sales deductions (variable consideration). Sales deductions are estimated and
provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions
require significant use of estimates as not all conditions are known at the time of sale. The estimates are
based on analyses of existing contractual obligations, historical experience, drug product analogs and
payer channel mix. Genmab considers the provisions established for sales deductions to be reasonable
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, 2025, all
net product sales relate to sales of EPKINLY in the US and Japan and Tivdak in Japan and Germany,
pursuant to the Collaboration Agreements with AbbVie and Pfizer, respectively.
Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements
include provisions for reimbursement or cost sharing for R&D services and payment for full time
equivalents (\u201cFTEs\u201d) at contractual rates. R&D services are performed and satisfied over time given that
the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for
research services is recognized over time rather than at a point in time.
Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development,
regulatory and commercial milestone payments based on the level of sales. At the inception of each
arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones
is considered highly probable and estimates the amount to be included in the transaction price using the
most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the
associated milestone value is included in the transaction price. Milestone payments that are not within the
control of Genmab or the license and collaboration partner, such as regulatory approvals, are not
considered probable of being achieved until those approvals are received. The transaction price is then
allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab
recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of
each subsequent reporting period, Genmab re-evaluates the probability of achievement of such
development milestones and commercial milestones and any related constraint, and if necessary, adjusts
its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up
basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing
license and collaboration agreements, milestone payments have been allocated to the license transfer
performance obligation.
Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for
the sale of commercial products by our collaboration partners. When Genmab\u2019s collaboration partner is
determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of
commercial products is included in collaboration revenue.
License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual
property is determined to be distinct from the other performance obligations identified in the arrangement,
Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time
the license is transferred to the licensee and the licensee is able to use and benefit from the license. For
licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the
combined performance obligation to determine whether the combined performance obligation is satisfied
over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes
of recognizing revenue from non-refundable, upfront fees. Under all of Genmab\u2019s existing license and
collaboration agreements the license to functional intellectual property has been determined to be distinct
from other performance obligations identified in the agreement.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.
Refer to Note 1.3 for Management\u2019s judgements and estimates related to revenue recognition.
Revenue
Non-current
assets
Revenue
Non-current
assets
Revenue
Non-current
assets
2025
2024
2023
Denmark
3,326
1,791
2,868
1,779
2,329
75
Netherlands
1
7,512
\u2014
108
\u2014
130
United States
180
459
131
447
55
56
Japan
213
12
122
14
6
8
China
\u2014
6
\u2014
7
\u2014
\u2014
Total
3,720
9,780
3,121
2,355
2,390
269
Out of total non-current assets of $9,780 million, $1,728 million relates to intangible assets in Denmark
primarily acquired as part of the acquisition of ProfoundBio, $7,394 million relates to intangibles in the
Netherlands acquired as a part of the acquisition of Merus N.V. and $355 million relates to Goodwill in the
United States acquired through the acquisition of ProfoundBio.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
2025
2024
2023
Revenue by type:
Royalties
3,102
2,517
1,989
Net product Sales
398
253
61
Reimbursement revenue
53
144
124
Milestone revenue
97
145
171
Collaboration revenue
70
62
45
Total
3,720
3,121
2,390
Revenue by collaboration partner:
Janssen
2,565
2,091
1,734
AbbVie
66
58
106
Roche
106
107
102
Novartis
446
408
219
BioNTech
40
127
114
Pfizer1
77
77
54
Other
22
\u2014
\u2014
Total2
3,322
2,868
2,329
Royalties by product:
DARZALEX
2,443
2,019
1,635
Kesimpta
443
323
217
TEPEZZA
105
106
102
Other3
111
69
35
Total
3,102
2,517
1,989
1. Pzifer acquired Seagen in December 2023
2. Excludes Genmab\u2019s Net product sales
3. Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY
5.6 - Collaborations and Licenses
Collaborations
Genmab enters into collaborations with biotechnology and pharmaceutical companies to advance the
development and commercialization of Genmab\u2019s product candidates and to supplement its internal
pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in
product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of
Genmab\u2019s collaborations that have had, or are expected in the near term to have, a significant impact on
financial results.
Janssen (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 indications as DARZALEX for IV
administration and as DARZALEX FASPRO in the US and DARZALEX SC in Europe for SC administration
(\u201cJanssen Collaboration and License Agreement\u201d). Under the Janssen Collaboration and License
Agreement, J&J is fully responsible for developing and commercializing daratumumab, and all costs
associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on J&J\u2019s
annual net product sales with J&J reducing such royalty payments for Genmab\u2019s share of J&J\u2019s royalty
payments made to Halozyme. In addition, the royalties payable by J&J are limited in time and subject
to\u00a0reduction 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 biosimilar product
remains for sale in that country). Pursuant to the terms of the Janssen Collaboration and License
Agreement, J&J\u2019s obligation to pay royalties to us will expire on a country-by-country basis on the later
of\u00a0the 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 US, 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 US, Europe and Japan. J&J owns a separate patent portfolio
related to the subcutaneous formulation of daratumumab 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, regulatory and sales milestones.
In September 2020, Genmab commenced arbitration against J&J with respect to two different provisions of
our Janssen Collaboration and License Agreement, both relating to royalties payable to Genmab on net
sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the
US 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\u2019s claims. Genmab did not seek review of the award.
On June 9, 2022, Genmab announced the commencement of a second arbitration under the Janssen
Collaboration and License Agreement with claims for milestone payments for daratumumab SC of
$405\u00a0million and a separate 13-year royalty term for daratumumab SC on a country-by-country basis, from
the date of the first commercial sale of daratumumab SC in each such country. This second arbitration
followed from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on the question
as to whether Genmab is required to share in Janssen\u2019s royalty payments to Halozyme for its technology
used in the daratumumab SC product. The tribunal based its ruling on the finding that\u00a0DARZALEX
FASPRO constitutes a new licensed product under the Janssen Collaboration and License\u00a0Agreement.
On April 21, 2023, the arbitral tribunal dismissed Genmab\u2019s claims regarding the second arbitration, on the
basis that these claims should have been brought in the first arbitration. One arbitrator dissented Genmab
filed a request for review of the award, which was denied on January 23, 2024. As a result, the\u00a0dismissal of
Genmab\u2019s claims in the second arbitration is now final.
Novartis (Ofatumumab/Kesimpta)
Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for
ofatumumab (\u201cNovartis Agreement\u201d) in 2006. The full rights to ofatumumab were transferred from GSK\u00a0to
Novartis in 2015. Novartis is now fully responsible for the development and commercialization
of\u00a0ofatumumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10%
royalty payment on net sales for non-cancer treatments. Genmab pays a royalty to Medarex based on
Kesimpta net sales. Novartis\u2019s obligation to pay royalties to Genmab under the Novartis Agreement expires
on a country-by-country basis only in the event Novartis is no longer selling such product in a\u00a0given
country. The royalties are on a country\u2011by\u2011country basis subject to reduction in case of significant
competition by competing products (as defined in the Novartis Agreement) or a joint committee
determination that a license of intellectual property owned by a third-party is necessary
for\u00a0commercialization. All potential regulatory and sales milestone payments under this agreement
have\u00a0been achieved and no further milestone payments remain outstanding.
Roche (Teprotumumab/TEPEZZA)
In May 2001, Genmab entered a research collaboration with Roche to develop human antibodies to
disease targets identified by Roche (\u201cRoche Agreement\u201d). In 2002, this alliance was expanded. Under the
Roche 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 and subsequently Horizon
Therapeutics for ophthalmic use. The product was approved under the brand name TEPEZZA in\u00a02020 by
the FDA for the treatment of TED, in 2024 by Japan's MHLW for the treatment of active or high\u00a0clinical
activity score (CAS) TED and in 2025 by the European Commission for treating moderate-to-severe 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 the Roche Agreement, 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 commercial license and
collaboration agreement (the \u201cPfizer License and Collaboration Agreement\u201d) was executed in October
2011. In October 2020, Genmab and Pfizer entered into a joint commercialization agreement (\u201cTivdak Joint
Commercialization Agreement\u201d) where Genmab would co-promote tisotumab vedotin, marketed as\u00a0Tivdak,
in the US, and lead commercial operational activities and record sales in Japan, while Pfizer would lead
operational commercial activities in the US, 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\u00a0the mid-teens to the
mid-twenties. Effective January 1, 2025, Genmab and Pfizer agreed to amend the Pfizer License and
Collaboration Agreement and the Tivdak Joint Commercialization Agreement, assigning Genmab sole
responsibility for the development and commercialization of Tivdak for second\u00a0line plus recurrent or
metastatic cervical cancer in Europe and all other regions globally, excluding the United States and China.
With this amendment, Genmab will continue to co-promote Tivdak with Pfizer in the US and will record
sales for Europe, Japan and rest of world markets (excluding the United States and China), once
commercialized, and will provide royalties to Pfizer on net sales in the\u00a0low teens. Pfizer will continue to lead
commercialization activities in China, when approved. The companies will continue the practice of joint
decision-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
(\u201cAbbVie Collaboration and License Agreement\u201d) 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 US and Japan, with AbbVie responsible for further global commercialization. Genmab is
the principal for net sales in the US and Japan and receives tiered royalties between 22% and 26% on
remaining net sales outside of these territories, subject to certain royalty reductions. For any product
candidates developed as a result of the companies\u2019 discovery research collaboration, Genmab and AbbVie
will share responsibilities for global development and commercialization in the US and Japan. Genmab
retains the right to co-commercialize these products, along with AbbVie, outside of the US and\u00a0Japan.
Under the terms of the AbbVie Collaboration and License Agreement, Genmab received a $750\u00a0million
upfront payment in June 2020 and was initially entitled to receive an aggregate of up to $3.15\u00a0billion in
additional development, regulatory and sales milestone payments for all programs. Included in these
potential milestones were up to $1.15 billion in payments related to clinical development and commercial
success across the three bispecific antibody programs originally included in the AbbVie Collaboration and
License Agreement.
As of December 31, 2025, as a result of epcoritamab and one additional antibody product candidate being
the remaining bispecific antibody programs under the original AbbVie Collaboration and License
Agreement, we are instead contractually entitled to receive an aggregate of up to $1.06\u00a0billion in additional
development, regulatory and sales milestone payments. In addition, and also included in these potential
milestones, if the remaining next-generation antibody product candidate is developed as\u00a0a result of the
discovery research collaboration and is successful, we are eligible to receive up to $510\u00a0million in option
exercise and success-based milestones.
In May 2023, epcoritamab received initial approval from the FDA and is marketed under the tradename
EPKINLY. In September 2023, epcoritamab received initial approval from the EC and the Japan MHLW
and\u00a0is marketed under the tradenames TEPKINLY and EPKINLY, respectively. Genmab is entitled to tiered
royalties between 22% and 26% on net sales for epcoritamab outside the US 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 $750\u00a0million was allocated to the four performance obligations based on the
best estimate of relative stand-alone selling prices. The allocation of the transaction price to the
performance obligations is summarized below:
\u2022 Delivery of licenses for the three programs: $672\u00a0million
\u2022 Co-development activities for the product concepts: $78\u00a0million
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, development 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\u00a02020) and Genmab recognized $672\u00a0million 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\u2019s DuoBody technology platform (\u201cBioNTech
Agreement\u201d). Under the terms of the BioNTech 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 $10\u00a0million 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\u00a0other company is entitled to continue developing the product on predetermined licensing terms.
The\u00a0BioNTech 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\u00a0include the joint research, development and commercialization of monospecific antibody candidates
using Genmab\u2019s HexaBody technology platform.
Genmab and BioNTech have one investigational medicine currently in active clinical development:
DuoBody-EpCAMx4-1BB (GEN1059/BNT314). In August 2024, BioNTech opted not to participate in the
further development of the acasunlimab (GEN1046) program under the parties\u2019 existing License and
Collaboration Agreement for reasons related to BioNTech\u2019s portfolio strategy. Genmab assumed sole
responsibility for the continued development and potential commercialization of acasunlimab. In the fourth
quarter of 2025, Genmab announced the discontinuation of further clinical development for acasunlimab.
This decision was made as part of Genmab\u2019s strategic focus on the most value\u2011creating opportunities in its
late\u2011stage portfolio and following a thorough assessment of the evolving competitive\u00a0landscape.
Refer to Note 3.1 for information pertaining to impairment loss associated with the discontinuation of
GEN1046.
Janssen (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, 2025, three DuoBody-based products created under this collaboration were in
active\u00a0clinical development and had been approved by regulatory authorities: RYBREVANT, and an
SC\u00a0formulation, RYBREVANT FASPRO, TECVAYLI and TALVEY. Under our DuoBody Agreement with J&J,
Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of
RYBREVANT, with J&J reducing such royalty payments for Genmab\u2019s share of J&J\u2019s royalty payments
made\u00a0to Halozyme, a mid-single digit royalty on net sales of TECVAYLI, and a mid-single digit royalty
on\u00a0net 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 DuoBody Agreement), among other
reductions. Pursuant to the terms of the DuoBody Agreement, J&J\u2019s obligation to pay these royalties will
expire on a country-by-country and licensed product-by-licensed product basis on the later of the date that
is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-
expire relevant patent (as defined in the DuoBody Agreement) covering the licensed product in such
country. Genmab pays a royalty to Medarex based on RYBREVANT net sales.
Gilead
In March 2024, prior to its acquisition by Genmab, Merus entered into a collaboration, option and license
agreement with Gilead (Gilead Collaboration Agreement) to research and develop trispecific T-cell
engaging antibody product candidates using Merus\u2019 technology platform. Under the terms of the
agreement, the collaboration included two preclinical research programs, with an option for Gilead to
include a third program.
Under the Gilead Collaboration Agreement, Merus granted Gilead a non-exclusive license and agreed to
perform related research and collaboration activities during the research term. On a program-by-program
basis, Gilead was granted an exclusive option to obtain an exclusive license for further development and
commercialization of products arising from each program. At the acquisition date, no exclusive license
options had been exercised by Gilead.
Under the Gilead Collaboration Agreement, Merus received a non-refundable upfront payment and
Genmab is eligible to receive additional consideration in the form of option exercise payments,
development and commercialization milestone payments, and tiered royalties between 5% and 11% on\u00a0net
sales of any products successfully commercialized under the Gilead Collaboration Agreement.
Refer to Note 3.7 for information pertaining to the remaining performance obligation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
\"Financials_icon_A.jpg\"
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 obligation when (or as) the
performance obligation is satisfied.
Royalties: Certain of Genmab\u2019s license and collaboration agreements include sales-based royalties
based on the level of sales. The license has been deemed to be the predominant item to which the
royalties relate under Genmab\u2019s license and collaboration agreements. As a result, Genmab recognizes
revenue when the related sales occur.
Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the
customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring
the products. Control of the products is transferred at a single point in time which occurs upon delivery to
the customer. The amount of sales to be recognized is based on the consideration Genmab expects to
receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions
is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates
and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are
estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing
the expected value of the sales deductions (variable consideration). Sales deductions are estimated and
provided for at the time the related sales are recorded. Genmab\u2019s estimates related to sales deductions
require significant use of estimates as not all conditions are known at the time of sale. The estimates are
based on analyses of existing contractual obligations, historical experience, drug product analogs and
payer channel mix. Genmab considers the provisions established for sales deductions to be reasonable
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, 2025, all
net product sales relate to sales of EPKINLY in the US and Japan and Tivdak in Japan and Germany,
pursuant to the Collaboration Agreements with AbbVie and Pfizer, respectively.
Reimbursement Revenue for R&D Services: Genmab\u2019s research collaboration agreements
include provisions for reimbursement or cost sharing for R&D services and payment for full time
equivalents (\u201cFTEs\u201d) at contractual rates. R&D services are performed and satisfied over time given that
the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for
research services is recognized over time rather than at a point in time.
Milestone Revenue: Certain of Genmab\u2019s license and collaboration agreements include development,
regulatory and commercial milestone payments based on the level of sales. At the inception of each
arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones
is considered highly probable and estimates the amount to be included in the transaction price using the
most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the
associated milestone value is included in the transaction price. Milestone payments that are not within the
control of Genmab or the license and collaboration partner, such as regulatory approvals, are not
considered probable of being achieved until those approvals are received. The transaction price is then
allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab
recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of
each subsequent reporting period, Genmab re-evaluates the probability of achievement of such
development milestones and commercial milestones and any related constraint, and if necessary, adjusts
its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up
basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab\u2019s existing
license and collaboration agreements, milestone payments have been allocated to the license transfer
performance obligation.
Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for
the sale of commercial products by our collaboration partners. When Genmab\u2019s collaboration partner is
determined to be the principal in sales to end customers, Genmab\u2019s share of profits for the sale of
commercial products is included in collaboration revenue.
License Revenue for Intellectual Property: If the license to Genmab\u2019s functional intellectual
property is determined to be distinct from the other performance obligations identified in the arrangement,
Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time
the license is transferred to the licensee and the licensee is able to use and benefit from the license. For
licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the
combined performance obligation to determine whether the combined performance obligation is satisfied
over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes
of recognizing revenue from non-refundable, upfront fees. Under all of Genmab\u2019s existing license and
collaboration agreements the license to functional intellectual property has been determined to be distinct
from other performance obligations identified in the agreement.
Refer to Note 5.6 for detailed information regarding Genmab\u2019s significant Research Collaborations,
License Agreements and Collaborative Agreements.
Refer to Note 1.3 for Management\u2019s judgements and estimates related to revenue recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
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 geographical markets and
no segment information is currently prepared for internal reporting.
Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial
statements as Genmab\u2019s business activities are not organized on the basis of differences in related
product and geographical areas.
Revenue
Non-current
assets
Revenue
Non-current
assets
Revenue
Non-current
assets
2025
2024
2023
Denmark
3,326
1,791
2,868
1,779
2,329
75
Netherlands
1
7,512
\u2014
108
\u2014
130
United States
180
459
131
447
55
56
Japan
213
12
122
14
6
8
China
\u2014
6
\u2014
7
\u2014
\u2014
Total
3,720
9,780
3,121
2,355
2,390
269
Out of total non-current assets of $9,780 million, $1,728 million relates to intangible assets in Denmark
primarily acquired as part of the acquisition of ProfoundBio, $7,394 million relates to intangibles in the
Netherlands acquired as a part of the acquisition of Merus N.V. and $355 million relates to Goodwill in the
United States acquired through the acquisition of ProfoundBio.
\"Financials_icon_A.jpg\"
Accounting Policies
Geographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is
attributed to countries on the basis of the location of the legal entity holding the contract with the
counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-
use assets, and receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Geographical information is presented for Genmab\u2019s revenue and non-current assets. Revenue is
attributed to countries on the basis of the location of the legal entity holding the contract with the
counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-
use assets, and receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
2.3 - Staff Costs
2025
2024
2023
Wages and salaries
547
460
381
Share-based compensation
128
105
85
Defined contribution plans
34
30
25
Other social security costs
77
58
49
Government grants related to research and
development expenses
(23)
(22)
(25)
Total
763
631
515
Staff costs are included in the Consolidated
Statements of Comprehensive Income as
follows:
Cost of product sales
4
2
\u2014
Research and development expenses
436
366
291
Selling, general and administrative expenses
323
263
224
Total
763
631
515
Average number of FTE
2,694
2,535
2,011
Number of FTE at year-end
3,029
2,682
2,204
Staff costs also include $58 million of payments to Merus option holders for the portion of the equity payout
attributable to the post-combination period, which were recorded in Acquisition and integration related
charges in the Consolidated Statements of Income during the fourth quarter of 2025.
Refer to Note 4.6 for additional information regarding share-based instruments, Note 5.1 for additional
information regarding the remuneration of the Board and Executive Management and\u00a0Note 5.5 for
additional information related to the acquisition of Merus.
\"Financials_icon_A.jpg\"
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 associated work.
Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension
obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included\u00a0in
the income statement in the period in which they are accrued, and outstanding contributions\u00a0are included in
other payables.
Termination benefits are recognized as an expense, when Genmab is committed demonstrably,
without\u00a0realistic possibility of withdrawal, to a formal detailed plan to terminate employment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
2025
2024
2023
Wages and salaries
547
460
381
Share-based compensation
128
105
85
Defined contribution plans
34
30
25
Other social security costs
77
58
49
Government grants related to research and
development expenses
(23)
(22)
(25)
Total
763
631
515
Staff costs are included in the Consolidated
Statements of Comprehensive Income as
follows:
Cost of product sales
4
2
\u2014
Research and development expenses
436
366
291
Selling, general and administrative expenses
323
263
224
Total
763
631
515
Average number of FTE
2,694
2,535
2,011
Number of FTE at year-end
3,029
2,682
2,204
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
\"Financials_icon_A.jpg\"
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 associated work.
Genmab\u2019s pension plans are classified as defined contribution plans and, accordingly, no pension
obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included\u00a0in
the income statement in the period in which they are accrued, and outstanding contributions\u00a0are included in
other payables.
Termination benefits are recognized as an expense, when Genmab is committed demonstrably,
without\u00a0realistic possibility of withdrawal, to a formal detailed plan to terminate employment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
2.4 - Corporate and Deferred Tax
Taxation\u00a0\u2013 Income Statement\u00a0& Shareholders\u2019 Equity
2025
2024
2023
Current tax on profit
256
261
189
Adjustment to deferred tax
(63)
14
(9)
Net increase (decrease) of unrecognized
deferred tax assets for the year
51
(84)
6
Effect of exchange rate adjustment
(3)
2
\u2014
Total tax for the period in the income
statement
241
193
186
2025
2024
2023
Net profit before tax
1,204
1,326
817
Tax at the Danish corporation tax rate of
22% for all periods
265
292
180
Tax effect of:
Net increase (decrease) of unrecognized
deferred tax assets for the year
51
(84)
6
Net of non-taxable income over non-
deductible expenses
(36)
13
1
Other current and deferred tax adjustments
(36)
(30)
(1)
Effect of exchange rate adjustment
(3)
2
\u2014
Total tax effect
(24)
(99)
6
Total tax for the period in the income
statement
241
193
186
Total tax for the period in shareholders'
equity
(3)
7
8
Effective Tax Rate
20.0%
14.6%
22.8%
Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate
tax expense was $241 million in 2025, $193 million in 2024 and $186 million in 2023. Tax benefits of $3
million in 2025, tax expense of $7 million in 2024 and tax expense of $8 million in 2023, related to excess
tax benefits for share-based compensation were recorded directly in shareholders\u2019 equity. Other current
and deferred tax adjustments primarily driven by income subject to tax at a lower rate than the statutory
U.S. rate.
There were no additional unrecognized tax losses utilized in 2025. As a result of the ProfoundBio
integration activities, Genmab utilized approximately $360\u00a0million of previously unrecognized tax
losses\u00a0during 2024, compared to an estimate of $319 million disclosed in the prior year.
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 legislation, 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 2025.
Taxation\u00a0\u2013 Balance Sheet
Significant components of the deferred tax asset(liability) are as follows:
December 31,
December 31,
January 1,
2025
2024
2024
Share-based instruments
52
38
5
Deferred revenue
16
16
16
Intangible assets
(410)
(409)
(9)
Liabilities
30
9
3
Tax losses and credits carried forward
33
48
\u2014
Other temporary differences
86
95
16
Total
(193)
(203)
31
Share-
based
instruments
Deferred
revenue
Intangible
assets
Liabilities
Tax
losses
carried
forward
Other
temporary
differences
Total
2025
Net deferred tax
asset/(liability) at
the beginning of
the year
38
16
(409)
9
48
95
(203)
Recognised in
Profit or Loss
14
\u2014
(1)
21
(15)
(9)
10
Acquired in
Business
Combinations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net deferred tax
asset/(liability) at
the end of the
year
52
16
(410)
30
33
86
(193)
2024
Net deferred tax
asset/(liability) at
the beginning of
the year
5
16
(9)
3
\u2014
16
31
Recognised in
Profit or Loss
33
\u2014
(52)
6
48
79
114
Acquired in
Business
Combinations
\u2014
\u2014
(348)
\u2014
\u2014
\u2014
(348)
Net deferred tax
asset/(liability) at
the end of the
year
38
16
(409)
9
48
95
(203)
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. The transferred intangible assets were fully depreciated for Danish tax purposes in 2024.
As of December 31, 2025, Genmab had estimated gross unrecognized tax loss carryforwards in the
Netherlands of $1.6 billion and in the United States of $0.1 billion to reduce future taxable income.
As\u00a0of\u00a0December 31, 2024, Genmab had estimated gross unrecognized tax loss carryforwards in the
Netherlands of $0.1 billion. The increase of the loss carryforwards is due to the acquisition of Merus
B.V;\u00a0and Merus U.S. The tax losses available in the Netherlands and the United States as of December 31,
2025 can be carried forward indefinitely.
\"Financials_icon_A.jpg\"
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\u2019
equity or other comprehensive income.
Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be
recovered from or paid to the tax authorities.
Deferred 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.
\"Financials_icon_B.jpg\"
Management\u2019s 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\u2019s
future taxable income will be driven by future events that are highly susceptible to factors outside the
control of Genmab including overall commercial growth, specific clinical outcomes, regulatory approvals,
advancement of Genmab\u2019s product pipeline and other matters. As such, changes in estimates of
the\u00a0impact from these factors could impact Genmab\u2019s future taxable income in a positive or
negative\u00a0manner.
As of December 31, 2025, the deferred tax assets of Merus B.V. and Merus U.S. are not recognized. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
2.4 - Corporate and Deferred Tax
Taxation\u00a0\u2013 Income Statement\u00a0& Shareholders\u2019 Equity
2025
2024
2023
Current tax on profit
256
261
189
Adjustment to deferred tax
(63)
14
(9)
Net increase (decrease) of unrecognized
deferred tax assets for the year
51
(84)
6
Effect of exchange rate adjustment
(3)
2
\u2014
Total tax for the period in the income
statement
241
193
186
2025
2024
2023
Net profit before tax
1,204
1,326
817
Tax at the Danish corporation tax rate of
22% for all periods
265
292
180
Tax effect of:
Net increase (decrease) of unrecognized
deferred tax assets for the year
51
(84)
6
Net of non-taxable income over non-
deductible expenses
(36)
13
1
Other current and deferred tax adjustments
(36)
(30)
(1)
Effect of exchange rate adjustment
(3)
2
\u2014
Total tax effect
(24)
(99)
6
Total tax for the period in the income
statement
241
193
186
Total tax for the period in shareholders'
equity
(3)
7
8
Effective Tax Rate
20.0%
14.6%
22.8%
Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate
tax expense was $241 million in 2025, $193 million in 2024 and $186 million in 2023. Tax benefits of $3
million in 2025, tax expense of $7 million in 2024 and tax expense of $8 million in 2023, related to excess
tax benefits for share-based compensation were recorded directly in shareholders\u2019 equity. Other current
and deferred tax adjustments primarily driven by income subject to tax at a lower rate than the statutory
U.S. rate.
There were no additional unrecognized tax losses utilized in 2025. As a result of the ProfoundBio
integration activities, Genmab utilized approximately $360\u00a0million of previously unrecognized tax
losses\u00a0during 2024, compared to an estimate of $319 million disclosed in the prior year.
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 legislation, 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 2025.
Taxation\u00a0\u2013 Balance Sheet
Significant components of the deferred tax asset(liability) are as follows:
December 31,
December 31,
January 1,
2025
2024
2024
Share-based instruments
52
38
5
Deferred revenue
16
16
16
Intangible assets
(410)
(409)
(9)
Liabilities
30
9
3
Tax losses and credits carried forward
33
48
\u2014
Other temporary differences
86
95
16
Total
(193)
(203)
31
Share-
based
instruments
Deferred
revenue
Intangible
assets
Liabilities
Tax
losses
carried
forward
Other
temporary
differences
Total
2025
Net deferred tax
asset/(liability) at
the beginning of
the year
38
16
(409)
9
48
95
(203)
Recognised in
Profit or Loss
14
\u2014
(1)
21
(15)
(9)
10
Acquired in
Business
Combinations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net deferred tax
asset/(liability) at
the end of the
year
52
16
(410)
30
33
86
(193)
2024
Net deferred tax
asset/(liability) at
the beginning of
the year
5
16
(9)
3
\u2014
16
31
Recognised in
Profit or Loss
33
\u2014
(52)
6
48
79
114
Acquired in
Business
Combinations
\u2014
\u2014
(348)
\u2014
\u2014
\u2014
(348)
Net deferred tax
asset/(liability) at
the end of the
year
38
16
(409)
9
48
95
(203)
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. The transferred intangible assets were fully depreciated for Danish tax purposes in 2024.
As of December 31, 2025, Genmab had estimated gross unrecognized tax loss carryforwards in the
Netherlands of $1.6 billion and in the United States of $0.1 billion to reduce future taxable income.
As\u00a0of\u00a0December 31, 2024, Genmab had estimated gross unrecognized tax loss carryforwards in the
Netherlands of $0.1 billion. The increase of the loss carryforwards is due to the acquisition of Merus
B.V;\u00a0and Merus U.S. The tax losses available in the Netherlands and the United States as of December 31,
2025 can be carried forward indefinitely.
\"Financials_icon_A.jpg\"
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\u2019
equity or other comprehensive income.
Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be
recovered from or paid to the tax authorities.
Deferred 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.
\"Financials_icon_B.jpg\"
Management\u2019s 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\u2019s
future taxable income will be driven by future events that are highly susceptible to factors outside the
control of Genmab including overall commercial growth, specific clinical outcomes, regulatory approvals,
advancement of Genmab\u2019s product pipeline and other matters. As such, changes in estimates of
the\u00a0impact from these factors could impact Genmab\u2019s future taxable income in a positive or
negative\u00a0manner.
As of December 31, 2025, the deferred tax assets of Merus B.V. and Merus U.S. are not recognized. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
\"Financials_icon_A.jpg\"
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\u2019
equity or other comprehensive income.
Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be
recovered from or paid to the tax authorities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
2.5 - Profit Per Share
2025
2024
2023
Net profit
963
1,133
631
(Shares)
Weighted average number of shares
outstanding
64,721,175
66,139,029
66,023,437
Weighted average number of treasury shares
(2,570,090)
(1,952,382)
(713,693)
Weighted average number of shares excl.
treasury shares
62,151,085
64,186,647
65,309,744
Adjustments for share-based instruments,
dilution
540,545
469,339
587,833
Weighted average number of shares,
diluted
62,691,630
64,655,986
65,897,577
Basic net profit per share
15.50
17.66
9.67
Diluted net profit per share
15.37
17.53
9.58
In the calculation of the diluted net profit per share for 2025, 1,067,239 potential ordinary shares related to
share-based instruments have been excluded as they are anti-dilutive, compared to 788,967 and 248,649
for 2024 and 2023, respectively.
\"Financials_icon_A.jpg\"
Accounting Policies
Basic Net Profit Per Share
Basic net profit per share is calculated as the net profit for the\u00a0period 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\u00a0period divided by the weighted average
number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of
share equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Basic Net Profit Per Share
Basic net profit per share is calculated as the net profit for the\u00a0period 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\u00a0period divided by the weighted average
number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of
share equivalents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
3.1 - Other Intangible Assets and Goodwill
The increase in the gross carrying value of other intangible assets during 2025 was primarily due to the
addition of intangible assets from the acquisition of Merus, including $6,927 million of in-process research
and development (IPR&D) related to petosemtamab (Peto), $369 million related to the acquired Merus
technology platform and $82 million related to other licenses and patents.
As a not-yet-in-use IPR&D asset, Peto, is not currently being amortized. Amortization will be recognized on
a straight-line basis upon regulatory approval. The acquired Merus technology platform asset is being
amortized over its estimated useful life of 13 years .
Peto is monitored for impairment throughout the year and tested for impairment on at least an annual basis
during the fourth quarter of the year. An impairment test was performed following the acquisition of Merus
and no impairment losses were recognized.
The increase in the gross carrying value of other intangible assets during 2024 was primarily due to
intangibles assets from the acquisition of ProfoundBio, including Rina-S and the ADC technology platform.
The ADC technology platform is amortized on a straight-line basis over its estimated useful life of 15 years.
As of December 31, 2025, the asset has a remaining useful life of approximately 14 years.
Rina-S, a not-yet in use IPR&D asset acquired as a part of the 2024 ProfoundBio acquisition, has a
carrying value o f $1,532 million as of December 31, 2025. As a not-yet in use IPR&D asset, Rina-S is
not\u00a0currently being amortized. Amortization will be recognized on a straight-line basis upon regulatory
approval.
Rina-S is monitored for impairment throughout the year and tested for impairment on at least an annual
basis during the fourth quarter of the year. The annual impairment review indicated that the recoverable
amount in the forecast period for Rina-S significantly exceeds the carrying amount. The recoverable
amount is estimated based on value in use (VIU), with VIU being estimated at net present value using an
income approach.
Refer to Note 5.5 for additional details on acquired intangibles assets from the Merus and ProfoundBio
acquisitions.
Goodwill
Licenses
and Patents
Technology
Platform
Acquired
IPR&D
Total
Intangible
Assets
2025
Cost at the beginning of the year
355
149
180
1,532
2,216
Additions for the year
\u2014
115
369
6,927
7,411
Effect of exchange rate adjustment
\u2014
4
1
15
20
Cost at the end of the year
355
268
550
8,474
9,647
Amortization and impairment
losses at the beginning of the year
\u2014
126
7
\u2014
133
Amortization for the year
\u2014
2
14
\u2014
16
Impairment losses for the year
\u2014
18
\u2014
\u2014
18
Effect of exchange rate adjustment
\u2014
2
\u2014
\u2014
2
Amortization and impairment
losses at the end of the year
\u2014
148
21
\u2014
169
Carrying amount at the end of
the year
355
120
529
8,474
9,478
2024
Cost at the beginning of the year
\u2014
134
\u2014
\u2014
134
Additions for the year
354
24
180
1,536
2,094
Effect of exchange rate adjustment
1
(9)
\u2014
(4)
(12)
Cost at the end of the year
355
149
180
1,532
2,216
Amortization and impairment
losses at the beginning of the year
\u2014
119
\u2014
\u2014
119
Amortization for the year
\u2014
3
8
\u2014
11
Impairment losses for the year
\u2014
11
\u2014
\u2014
11
Effect of exchange rate adjustment
\u2014
(7)
(1)
\u2014
(8)
Amortization and impairment
losses at the end of the year
\u2014
126
7
\u2014
133
Carrying amount at the end of
the year
355
23
173
1,532
2,083
The impairment losses recognized during 2025 relate to licenses and patents and were primarily
attributable to other intangible assets associated with the acasunlimab program, which was terminated in
the fourth quarter of 2025. The impairment losses during 2024 were related to licenses and patents, which
were not material. The impairment losses for 2025 and 2024 were recognized in Research
and\u00a0development expenses in the Consolidated Statements of Comprehensive Income.
Amortization expense was $16 million $11 million, and $8 million for 2025, 2024 and 2023, respectively,
which was recorded in Research and development expenses in the Consolidated Statements of
Comprehensive Income.
Goodwill
The carrying amount of goodwill was $355 million as of December 31, 2025, due to the acquisition
of\u00a0ProfoundBio (refer to Note 5.5), and was unchanged from December 31, 2024.. No impairment of
goodwill was recognized in 2025 as the annual impairment test showed that the estimated recoverable
amount exceeded the carrying amount of the cash-generating unit (CGU) to which all of Genmab\u2019s
goodwill was allocated.
Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to
which consolidated goodwill is allocated and monitored by Management. Genmab operates as a single
CGU, reflecting its single operating segment. The recoverable amount is estimated based on VIU, with VIU
being estimated at net present value using an income approach. The applied discount rate is 8.6%. Cash
flow projections are based on Management-approved forecasts. The forecast period comprises 10 years.
Management considers the use of a forecast period longer than five years to be appropriate given the long-
term nature of pharmaceutical development and commercialization cycles and the expected duration of
economic benefits from the underlying assets. No terminal growth rate was applied, and the\u00a0growth rate
was not considered a material input in the VIU calculation.
The key estimations relate to volume of market share, pricing, development of new markets and the
success rate for introducing new products and treatments. Assumptions are affected by external factors
such as market and generic competition, and price regulation. VIU is determined using largely
unobservable inputs.
Management has performed sensitivity analyses on the key assumptions used in the VIU calculation.
Reasonably possible changes in the key assumptions, individually or in combination, would not result in\u00a0the
carrying amount exceeding the recoverable amount, and accordingly no impairment would be\u00a0required.
\"Financials_icon_A.jpg\"
Accounting Policies
Research and Development Projects
Internal and subcontracted research costs are charged in full to research and development expenses in\u00a0the
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\u00a0no 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 identified by\u00a0third
parties. Payments to third parties under collaboration and license agreements are assessed to\u00a0determine
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 amortization and any impairment losses. Milestone
payments related to capitalized licenses and rights are accounted for as\u00a0an\u00a0increase in the cost to acquire
licenses and rights.\u202f
For acquired research and development projects, and intellectual property rights, including acquisition in\u00a0a
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\u00a0acquired 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\u2019s CGU (or groups of CGUs) expected to benefit from the
synergies of the combination. Genmab consists of one single CGU which represents its single operating
segment.
Recognition and 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.
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\u00a0which is shorter. The amortization of intellectual property rights, including IPR&D, commences
after\u00a0regulatory approval has been obtained or when assets are put in use.
\"Financials_icon_B.jpg\"
Management\u2019s Judgements and Estimates
Impairment Assessment of Goodwill and Other Intangible Assets
Genmab performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its
fiscal fourth quarter. Indefinite-lived intangible assets and the CGU including goodwill are monitored for
indicators of impairment throughout the year. If indicators of impairment exist, then an impairment test is
performed. The recoverable amount of certain intangible assets was determined using VIU. The VIU used
in impairment tests is based on Management\u2019s projections and anticipated net present value of\u00a0estimated
future cash flows from marketable products and products in development. Goodwill and intangible assets
not yet available for use are tested for impairment at least annually or when indicators of impairment are
identified. Goodwill is allocated to the single operating segment. The discount rate used is based on the
Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. VIU is determined
using largely unobservable inputs.
Assets that are subject to amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
Factors considered material that could trigger an impairment test include the following:
\u2022 Development of a competing drug
\u2022 Realized sales trending below predicted sales
\u2022 Inconsistent or unfavorable clinical readouts
\u2022 Changes in the legal framework covering patents, rights, and licenses
\u2022 Advances in medicine and/or technology that affect the medical treatments
\u2022 Adverse impact on reputation and/or brand names
An impairment loss is recognized in Consolidated Statements of Comprehensive Income as research
and\u00a0development expenses when the carrying amount of intangible assets exceeds the recoverable
amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date
for\u00a0possible\u00a0reversal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
The increase in the gross carrying value of other intangible assets during 2025 was primarily due to the
addition of intangible assets from the acquisition of Merus, including $6,927 million of in-process research
and development (IPR&D) related to petosemtamab (Peto), $369 million related to the acquired Merus
technology platform and $82 million related to other licenses and patents.
As a not-yet-in-use IPR&D asset, Peto, is not currently being amortized. Amortization will be recognized on
a straight-line basis upon regulatory approval. The acquired Merus technology platform asset is being
amortized over its estimated useful life of 13 years .
Peto is monitored for impairment throughout the year and tested for impairment on at least an annual basis
during the fourth quarter of the year. An impairment test was performed following the acquisition of Merus
and no impairment losses were recognized.
The increase in the gross carrying value of other intangible assets during 2024 was primarily due to
intangibles assets from the acquisition of ProfoundBio, including Rina-S and the ADC technology platform.
The ADC technology platform is amortized on a straight-line basis over its estimated useful life of 15 years.
As of December 31, 2025, the asset has a remaining useful life of approximately 14 years.
Rina-S, a not-yet in use IPR&D asset acquired as a part of the 2024 ProfoundBio acquisition, has a
carrying value o f $1,532 million as of December 31, 2025. As a not-yet in use IPR&D asset, Rina-S is
not\u00a0currently being amortized. Amortization will be recognized on a straight-line basis upon regulatory
approval.
Rina-S is monitored for impairment throughout the year and tested for impairment on at least an annual
basis during the fourth quarter of the year. The annual impairment review indicated that the recoverable
amount in the forecast period for Rina-S significantly exceeds the carrying amount. The recoverable
amount is estimated based on value in use (VIU), with VIU being estimated at net present value using an
income approach.
Refer to Note 5.5 for additional details on acquired intangibles assets from the Merus and ProfoundBio
acquisitions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Goodwill
The carrying amount of goodwill was $355 million as of December 31, 2025, due to the acquisition
of\u00a0ProfoundBio (refer to Note 5.5), and was unchanged from December 31, 2024.. No impairment of
goodwill was recognized in 2025 as the annual impairment test showed that the estimated recoverable
amount exceeded the carrying amount of the cash-generating unit (CGU) to which all of Genmab\u2019s
goodwill was allocated.
Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to
which consolidated goodwill is allocated and monitored by Management. Genmab operates as a single
CGU, reflecting its single operating segment. The recoverable amount is estimated based on VIU, with VIU
being estimated at net present value using an income approach. The applied discount rate is 8.6%. Cash
flow projections are based on Management-approved forecasts. The forecast period comprises 10 years.
Management considers the use of a forecast period longer than five years to be appropriate given the long-
term nature of pharmaceutical development and commercialization cycles and the expected duration of
economic benefits from the underlying assets. No terminal growth rate was applied, and the\u00a0growth rate
was not considered a material input in the VIU calculation.
The key estimations relate to volume of market share, pricing, development of new markets and the
success rate for introducing new products and treatments. Assumptions are affected by external factors
such as market and generic competition, and price regulation. VIU is determined using largely
unobservable inputs.
Management has performed sensitivity analyses on the key assumptions used in the VIU calculation.
Reasonably possible changes in the key assumptions, individually or in combination, would not result in\u00a0the
carrying amount exceeding the recoverable amount, and accordingly no impairment would be\u00a0required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Research and Development Projects
Internal and subcontracted research costs are charged in full to research and development expenses in\u00a0the
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\u00a0no 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 identified by\u00a0third
parties. Payments to third parties under collaboration and license agreements are assessed to\u00a0determine
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 amortization and any impairment losses. Milestone
payments related to capitalized licenses and rights are accounted for as\u00a0an\u00a0increase in the cost to acquire
licenses and rights.\u202f
For acquired research and development projects, and intellectual property rights, including acquisition in\u00a0a
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\u00a0acquired 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\u2019s CGU (or groups of CGUs) expected to benefit from the
synergies of the combination. Genmab consists of one single CGU which represents its single operating
segment.
Recognition and 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.
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\u00a0which is shorter. The amortization of intellectual property rights, including IPR&D, commences
after\u00a0regulatory approval has been obtained or when assets are put in use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
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\u2019s CGU (or groups of CGUs) expected to benefit from the
synergies of the combination. Genmab consists of one single CGU which represents its single operating
segment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
3.2 - Property and Equipment
Leasehold
improvements
Equipment,
furniture and
fixtures
Assets under
construction
Total property and
equipment
2025
Cost at January 1
101
139
14
254
Additions for the year
8
9
29
46
Transfers between the
classes
23
18
(41)
\u2014
Disposals for the year
(6)
(5)
\u2014
(11)
Exchange rate
adjustment
6
14
1
21
Cost at December 31
132
175
3
310
Accumulated
depreciation and
impairment at January 1
(38)
(79)
\u2014
(117)
Depreciation for the year
(13)
(25)
\u2014
(38)
Exchange rate
adjustment
(3)
(10)
\u2014
(13)
Accumulated
depreciation on
disposals
6
5
\u2014
11
Accumulated
depreciation and
impairment at
December 31
(48)
(109)
\u2014
(157)
Carrying amount at
December 31
84
66
3
153
Leasehold
improvements
Equipment,
furniture and
fixtures
Assets under
construction
Total property and
equipment
2024
Cost at January 1
101
135
6
242
Additions for the year
1
12
17
30
Acquisitions through
business combinations
2
6
\u2014
8
Transfers between the
classes
1
6
(7)
\u2014
Disposals for the year
(1)
(12)
(1)
(14)
Exchange rate
adjustment
(3)
(8)
(1)
(12)
Cost at December 31
101
139
14
254
Accumulated
depreciation and
impairment at January 1
(29)
(71)
\u2014
(100)
Depreciation for the year
(11)
(23)
\u2014
(34)
Exchange rate
adjustment
1
4
\u2014
5
Accumulated
depreciation on
disposals
1
11
\u2014
12
Accumulated
depreciation and
impairment at
December 31
(38)
(79)
\u2014
(117)
Carrying amount at
December 31
63
60
14
137
2025
2024
2023
Depreciation and impairment included in
the income statement as follows:
Research and development expenses
31
29
20
Selling, general and administrative expenses
7
5
7
Total
38
34
27
Capital expenditures in 2025 were primarily related to the expansion of Genmab\u2019s facilities in the United
States and Japan. Capital expenditures in 2024 were primarily related to the expansion of Genmab\u2019s
facilities in the United States and Japan.
\"Financials_icon_A.jpg\"
Accounting Policies
Property and equipment is comprised of leasehold improvements, assets under construction, 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 \u00a0years
Leasehold improvements
15\u00a0years 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\u00a0lives and residual values are reviewed and adjusted if appropriate on a\u00a0yearly basis. Assets
under\u00a0construction are not depreciated.
Impairment
If circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of property
and\u00a0equipment 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, determined as
the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present
value of future cash inflow 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\u00a0the
recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive
Income when the impairment is identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Leasehold
improvements
Equipment,
furniture and
fixtures
Assets under
construction
Total property and
equipment
2025
Cost at January 1
101
139
14
254
Additions for the year
8
9
29
46
Transfers between the
classes
23
18
(41)
\u2014
Disposals for the year
(6)
(5)
\u2014
(11)
Exchange rate
adjustment
6
14
1
21
Cost at December 31
132
175
3
310
Accumulated
depreciation and
impairment at January 1
(38)
(79)
\u2014
(117)
Depreciation for the year
(13)
(25)
\u2014
(38)
Exchange rate
adjustment
(3)
(10)
\u2014
(13)
Accumulated
depreciation on
disposals
6
5
\u2014
11
Accumulated
depreciation and
impairment at
December 31
(48)
(109)
\u2014
(157)
Carrying amount at
December 31
84
66
3
153
Leasehold
improvements
Equipment,
furniture and
fixtures
Assets under
construction
Total property and
equipment
2024
Cost at January 1
101
135
6
242
Additions for the year
1
12
17
30
Acquisitions through
business combinations
2
6
\u2014
8
Transfers between the
classes
1
6
(7)
\u2014
Disposals for the year
(1)
(12)
(1)
(14)
Exchange rate
adjustment
(3)
(8)
(1)
(12)
Cost at December 31
101
139
14
254
Accumulated
depreciation and
impairment at January 1
(29)
(71)
\u2014
(100)
Depreciation for the year
(11)
(23)
\u2014
(34)
Exchange rate
adjustment
1
4
\u2014
5
Accumulated
depreciation on
disposals
1
11
\u2014
12
Accumulated
depreciation and
impairment at
December 31
(38)
(79)
\u2014
(117)
Carrying amount at
December 31
63
60
14
137
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
2025
2024
2023
Depreciation and impairment included in
the income statement as follows:
Research and development expenses
31
29
20
Selling, general and administrative expenses
7
5
7
Total
38
34
27
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
2025
2024
2023
Depreciation and impairment included in
the income statement as follows:
Research and development expenses
31
29
20
Selling, general and administrative expenses
7
5
7
Total
38
34
27
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Property and equipment is comprised of leasehold improvements, assets under construction, 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 \u00a0years
Leasehold improvements
15\u00a0years 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\u00a0lives and residual values are reviewed and adjusted if appropriate on a\u00a0yearly basis. Assets
under\u00a0construction are not depreciated.
Impairment
If circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of property
and\u00a0equipment 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, determined as
the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present
value of future cash inflow 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\u00a0the
recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive
Income when the impairment is identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
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 \u00a0years
Leasehold improvements
15\u00a0years 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\u00a0lives and residual values are reviewed and adjusted if appropriate on a\u00a0yearly basis. Assets
under\u00a0construction are not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Impairment
If circumstances or changes in Genmab\u2019s operations indicate that the carrying amount of property
and\u00a0equipment 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, determined as
the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present
value of future cash inflow 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\u00a0the
recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive
Income when the impairment is identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
3.3 - Leases
Genmab has entered into lease agreements with respect to office and laboratory space, vehicles, and
IT\u00a0equipment. The expense, lease liability, and right-of-use assets balances related to vehicles and IT
equipment are immaterial. The leases are non-cancelable over various periods through 2038.
2025
2024
2023
Right-of-use assets
Balance at January 1
128
102
75
Additions to right-of-use assets 1
12
48
36
Depreciation charge for the year
(17)
(15)
(13)
Exchange rate adjustment
4
(7)
4
Balance at December 31
127
128
102
Lease liabilities
Current
18
13
13
Non-current
134
131
101
Total at December 31
152
144
114
Cash outflow for lease payments
18
14
17
1. Additions to right-of-use assets in 2025 related to the Merus acquisition, modifications to existing leases, lease
incentives, 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, and low-value assets.
Undiscounted future minimum payments under leases are as follows:
December 31,
December 31,
December 31,
2025
2024
2023
Payment due
Within 1 year
25
18
16
1 \u2013 3 years
47
40
30
3 \u2013 5 years
44
39
27
More than 5 years
65
77
61
Total
181
174
134
\"Financials_icon_A.jpg\"
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 and
low-value leases.
ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities
represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is
depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the
Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the
lease term in operating expenses and interest expenses related to the lease liability are classified
in\u00a0financial items.
Genmab determines if an arrangement is a lease at inception. Genmab leases various properties
and\u00a0vehicles. Lease contracts are typically made for fixed periods. Lease terms are negotiated on
an\u00a0individual 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
are measured at amortized cost, and include the net present value of fixed payments, less any lease
incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses
an incremental borrowing rate based on the information available at the commencement date of the lease
in determining the present value of lease payments. Lease terms utilized by Genmab may include options
to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In
determining the lease term, Management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is\u00a0reasonably 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
\"Financials_icon_A.jpg\"
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 and
low-value leases.
ROU assets represent Genmab\u2019s right to use an underlying asset for the lease term and lease liabilities
represent Genmab\u2019s obligation to make lease payments arising from the lease. The ROU asset is
depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. In the
Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the
lease term in operating expenses and interest expenses related to the lease liability are classified
in\u00a0financial items.
Genmab determines if an arrangement is a lease at inception. Genmab leases various properties
and\u00a0vehicles. Lease contracts are typically made for fixed periods. Lease terms are negotiated on
an\u00a0individual 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
are measured at amortized cost, and include the net present value of fixed payments, less any lease
incentives receivable. As Genmab\u2019s leases generally do not provide an implicit interest rate, Genmab uses
an incremental borrowing rate based on the information available at the commencement date of the lease
in determining the present value of lease payments. Lease terms utilized by Genmab may include options
to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In
determining the lease term, Management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the lease is\u00a0reasonably 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
3.4 - Other Investments
December 31,
December 31,
January 1,
2025
2024
2024
Publicly traded equity securities
9
5
7
Fund investments
26
25
13
Privately held equity securities
2
2
\u2014
Total
37
32
20
Other investments includes strategic investments in publicly traded common stock of companies, including
common stock of companies with whom Genmab has entered into collaboration arrangements,
investments in certain investment funds, as well as investments in shares of privately held companies.
\"Financials_icon_A.jpg\"
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\u2019s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these strategic
investment funds are valued based at the most recent sale price or official closing price reported on the
exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity
securities are based on other factors, including but not limited to, type of the security, the size of the
holding, the initial cost of the security, the price and extent of public trading in\u00a0similar 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.
Marketable Securities
To manage and reduce credit risks on our securities, Genmab\u2019s policy is to ensure only securities from
investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted
if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating
shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of
the rating agencies listed below, the credit assessment is made against the lowest rating available for the
issuer.
Category
S&P
Moody\u2019s
Fitch
Short-term
A-2
P-2
F-2
Long-term
BBB-
Baa3
BBB-
As of December 31, 2024, 71% of Genmab\u2019s $1,574 million marketable securities were long-term A rated
or higher, or short-term A-1 / P-1 rated by S&P, Moody\u2019s or Fitch. Genmab did not have any marketable
securities as of December 31, 2025, as they were liquidated to contribute to the financing of the
Merus\u00a0acquisition.
4.3 - Financial Assets and Liabilities
Categories Of Financial Assets And Liabilities
December 31,
Note
2025
2024
Financial assets measured at fair value through
profit or loss
Marketable securities
4.4
\u2014
1,574
Other investments
3.4
37
32
Financial assets measured at amortized cost
Receivables excluding prepayments
3.6
1,069
894
Cash and cash equivalents
1,715
1,380
Financial liabilities measured at amortized cost
Borrowings
4.8
(5,274)
\u2014
Lease liabilities
3.3
(152)
(144)
Other payables excluding provisions
3.8
(1,069)
(489)
Fair Value Measurement
December 31,
2025
2024
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets Measured at
Fair Value
Marketable
securities
4.4
\u2014
\u2014
\u2014
\u2014
1,574
\u2014
\u2014
1,574
Other investments
3.4
9
2
26
37
5
2
25
32
Marketable Securities
Substantially all fair market values are determined 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 investments in certain strategic investment funds. Genmab\u2019s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these strategic
investment funds are valued based at the most recent sale price or official closing price reported on the
exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity
securities are based on other factors, including but not limited to, type of the security, the size of the
holding, the initial cost of the security, the price and extent of public trading in similar securities of the
comparable companies, an analysis of the Company's or issuer's financial statements and with respect to
debt securities, the maturity and creditworthiness. As such, these fund investments have been
characterized as Level 3 investments as fair values are not entirely based on observable market data.
There were no transfers into or out of Level 3 during 2025 or 2024. Acquisitions (capital calls), fair value
changes and foreign currency changes on Level 3 investments in 2025 and 2024 were as follows:
Other Investments
Fair value at December 31, 2023
13
Acquisitions
6
Fair value changes
6
Fair value at December 31, 2024
25
Acquisitions
4
Fair value changes
(3)
Fair value at December 31, 2025
26
\"Financials_icon_A.jpg\"
Accounting Policies
Classification of categories of financial assets and liabilities
Genmab classifies its financial assets and liabilities held into the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss), and
\u2022 those to be measured at amortized cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income.
Genmab reclassifies debt investments only when its business model for managing those assets changes.
Further details about the accounting policy for each of the financial assets and liabilities are outlined in the
respective notes.
Refer to Note 3.3 and 4.8 for detailed policies regarding Genmab\u2019s lease liability and borrowings,
respectively.
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 liabilities measured at
amortized cost such as bank deposits, receivables and other payables approximate 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 participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 In the principal market for the asset or liability, or
\u2022 In the absence of a principal market, in the 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:
\u2022 Level 1\u00a0- Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2\u00a0- Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u2022 Level 3\u00a0- 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 reassessing
categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting period. Any transfers between the different levels are carried out at the end of
the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
\"Financials_icon_A.jpg\"
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\u2019s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these strategic
investment funds are valued based at the most recent sale price or official closing price reported on the
exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity
securities are based on other factors, including but not limited to, type of the security, the size of the
holding, the initial cost of the security, the price and extent of public trading in\u00a0similar 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.
\"Financials_icon_A.jpg\"
Accounting Policies
Classification of categories of financial assets and liabilities
Genmab classifies its financial assets and liabilities held into the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss), and
\u2022 those to be measured at amortized cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income.
Genmab reclassifies debt investments only when its business model for managing those assets changes.
Further details about the accounting policy for each of the financial assets and liabilities are outlined in the
respective notes.
Refer to Note 3.3 and 4.8 for detailed policies regarding Genmab\u2019s lease liability and borrowings,
respectively.
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 liabilities measured at
amortized cost such as bank deposits, receivables and other payables approximate 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 participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 In the principal market for the asset or liability, or
\u2022 In the absence of a principal market, in the 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:
\u2022 Level 1\u00a0- Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2\u00a0- Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u2022 Level 3\u00a0- 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 reassessing
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.
\"Financials_icon_A.jpg\"
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 securities depends on the business
model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt
instruments to determine classification based on the following measurement categories:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortized cost. Interest income
from these financial assets is included in finance income using the effective interest rate method. Any
gain or loss arising on derecognition is recognized directly in profit or loss and presented in other
financial income or expenses, together with foreign exchange gains and losses. Impairment losses,
when material, are presented as a separate line item in the Consolidated Statements of Comprehensive
Income.
\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective
by both collecting contractual cash flows as well as selling financial assets and where those cash flows
represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a
debt investment that is subsequently measured at FVOCI are recognized in other comprehensive
income. Impairment gains and losses, interest income and foreign exchange gains and losses are
recognized in the Consolidated Statements of Comprehensive Income and presented within financial
income or expenses in the period in which they arise.
\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or
FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at
FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within
financial income or expenses in the period in which it arises.
Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated
investment guidelines and the information provided internally to Management. This business model does
not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at
FVPL. This classification is consistent with the prior year\u2019s classification.
Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds,
Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certificates of deposit,
certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the\u00a0Danish,
European and U.S. governments. The securities can be purchased and sold using established\u00a0markets.
Transactions are recognized at the trade date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
3.5 - Inventories
December 31,
December 31,
January 1,
2025
2024
2024
Raw materials
6
1
2
Work in progress
\u2014
\u2014
\u2014
Finished goods
13
11
9
Total inventories (gross)
19
12
11
Allowances at year end
(1)
(3)
(3)
Total inventories (net)
18
9
8
In 2025 and 2024, 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.
\"Financials_icon_A.jpg\"
Accounting Policies
Inventories are measured at the lower of cost and net realizable value with costs determined on a first-
in,\u00a0first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly
from third-party providers of manufacturing as well as costs related to internal resources and distribution
and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period
and will write down excess or obsolete inventories to their net realizable value in the period in which the
impairment is identified. Write downs of inventory are included within Cost of product sales in the
Consolidated Statements of Comprehensive Income.
Included in inventories are materials with the intended purpose of being made available for sale. If the
materials are later used in the production of clinical products, the materials are charged to research and
development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used
in Genmab\u2019s research and development process (e.g., early research/clinical trials) are immediately
expensed to research and development as incurred.
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\u00a0time of
production). The amount of this write down is recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0Comprehensive
Income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Inventories are measured at the lower of cost and net realizable value with costs determined on a first-
in,\u00a0first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly
from third-party providers of manufacturing as well as costs related to internal resources and distribution
and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period
and will write down excess or obsolete inventories to their net realizable value in the period in which the
impairment is identified. Write downs of inventory are included within Cost of product sales in the
Consolidated Statements of Comprehensive Income.
Included in inventories are materials with the intended purpose of being made available for sale. If the
materials are later used in the production of clinical products, the materials are charged to research and
development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used
in Genmab\u2019s research and development process (e.g., early research/clinical trials) are immediately
expensed to research and development as incurred.
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\u00a0time of
production). The amount of this write down is recognized in the Consolidated Statements
of\u00a0Comprehensive 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\u00a0Comprehensive
Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
3.6 - Receivables
December 31,
December 31,
January 1,
2025
2024
2024
Receivables related to collaboration agreements
907
761
615
Prepayments
65
36
36
Trade receivables related to product sales
96
65
27
Interest receivables
4
19
22
Other receivables
62
49
43
Total
1,134
930
743
Non-current receivables
22
7
10
Current receivables
1,112
923
733
Total
1,134
930
743
During 2025 and 2024 , there were immaterial and no losses, respectively, 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\u00a0years and the limited credit risk due to high-
quality nature with high credit ratings (top tier life science companies and major distributors) of Genmab\u2019s
customers are not likely to result in future default risk.
The receivables are mainly comprised of royalties, trade receivables, milestones and amounts due under
collaboration agreements and are non-interest bearing receivables which are due less than one year from
the balance sheet date.
Refer to Note 4.2 for additional information about interest receivables and related credit risk.
\"Financials_icon_A.jpg\"
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\u00a0amortized cost, which generally corresponds to nominal value less expected credit losses.
Accounts receivable arising from product sales consists of amounts due from customers, net of customer
allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts
with customers have initial payment terms that range from 30 to 180 days.
Management measures allowance for doubtful trade receivables based on the simplified approach to
provide for expected credit losses, which requires the use of the lifetime expected loss provision for all
trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days
past due.
Loss allowance is calculated using historical analysis of customer payments, past due customer invoice
activity, Dun & Bradstreet credit risk management reports, and specific customer knowledge.
Prepayments include expenditures related to a future financial period. Prepayments are measured at\u00a0cost.
Receivables
The credit risk related to our receivables is not significant, despite a concentration of credit risk, due to\u00a0the
high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche,
AbbVie and BioNTech are Genmab\u2019s primary collaboration partners in which receivables are established
for royalties, milestone revenue and reimbursement revenue. These collaboration partners are life sciences
companies with strong credit worthiness and long-standing relationships with Genmab. Additionally,
Genmab does not have a history of writing off receivables from collaboration partners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
During 2025 and 2024 , there were immaterial and no losses, respectively, 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\u00a0years and the limited credit risk due to high-
quality nature with high credit ratings (top tier life science companies and major distributors) of Genmab\u2019s
customers are not likely to result in future default risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
\"Financials_icon_A.jpg\"
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\u00a0amortized cost, which generally corresponds to nominal value less expected credit losses.
Accounts receivable arising from product sales consists of amounts due from customers, net of customer
allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab\u2019s contracts
with customers have initial payment terms that range from 30 to 180 days.
Management measures allowance for doubtful trade receivables based on the simplified approach to
provide for expected credit losses, which requires the use of the lifetime expected loss provision for all
trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days
past due.
Loss allowance is calculated using historical analysis of customer payments, past due customer invoice
activity, Dun & Bradstreet credit risk management reports, and specific customer knowledge.
Prepayments include expenditures related to a future financial period. Prepayments are measured at\u00a0cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
3.7 - Contract Liabilities
December 31,
December 31,
January 1,
2025
2024
2024
Contract liabilities at January 1
70
76
74
Consideration received
14
\u2014
\u2014
Additions from asset acquisition
51
\u2014
\u2014
Revenue recognized during the year
(16)
(1)
\u2014
Exchange rate adjustment
\u2014
(5)
2
Total
119
70
76
Non-current contract liabilities
95
67
71
Current contract liabilities
24
3
5
Total
119
70
76
Contract liabilities relate to the AbbVie collaboration agreement and contract liabilities assumed as part of
the acquisition of Merus.
Under the AbbVie collaboration agreement, Genmab received a non-refundable upfront payment of
$750\u00a0million in July 2020, of which $673 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\u00a0AbbVie. During
the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that
governs the research and development activities in regard to the product concepts.
As part of the continued evaluation of contract liabilities related to the AbbVie collaboration agreement,
Genmab\u2019s classification of contract liabilities reflects the current estimate of co-development activities as of
December 31, 2025. Contract liabilities related to AbbVie have been recognized as reimbursement revenue
in the Consolidated Statements of Comprehensive Income. The amounts recognized in 2025 and 2024
were not material.
Contract liabilities assumed in the acquisition of Merus primarily relate to a collaboration, option and
license agreement between Merus and Gilead Sciences, Inc. (Gilead), under which Merus granted Gilead
access to certain intellectual property and committed to perform related research and collaboration
activities. At inception of the arrangement, Merus identified a performance obligation consisting of research
services and deferred the consideration allocated to this performance obligation. Following the\u00a0acquisition,
contract liabilities of $51 million were recognized, primarily relating to the Gilead collaboration agreement,
which accounted for $49 million of the additions. The contract liabilities assumed from the acquisition of
Merus are recognized as reimbursement revenue in the Consolidated Statements of Comprehensive
Income over time as the related performance obligations are satisfied.
Refer to Note 5.6 for additional information related to the AbbVie and Gilead collaborations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
3.8 - Other Payables
December 31,
December 31,
January 1,
2025
2024
2024
Liabilities related to collaboration agreements
79
39
22
Staff cost liabilities
171
102
94
Accounts payable
145
90
49
Other liabilities
679
263
182
Total
1,074
494
347
Non-current other payables
5
5
5
Current other payables
1,069
489
342
Total
1,074
494
347
\"Financials_icon_A.jpg\"
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. The $580 million increase in current other payables is primarily related to the expansion of our
product pipeline as well as accrued termination costs associated with the discontinuance of the
acasunlimab program during the fourth quarter of 2025.
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 assessments 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 development project costs
and are measured in the Consolidated Balance Sheets at amortized cost.
Refer to Note 2.3 for accounting policies related to staff costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
3.8 - Other Payables
December 31,
December 31,
January 1,
2025
2024
2024
Liabilities related to collaboration agreements
79
39
22
Staff cost liabilities
171
102
94
Accounts payable
145
90
49
Other liabilities
679
263
182
Total
1,074
494
347
Non-current other payables
5
5
5
Current other payables
1,069
489
342
Total
1,074
494
347
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
\"Financials_icon_A.jpg\"
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. The $580 million increase in current other payables is primarily related to the expansion of our
product pipeline as well as accrued termination costs associated with the discontinuance of the
acasunlimab program during the fourth quarter of 2025.
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 assessments 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 development project costs
and are measured in the Consolidated Balance Sheets at amortized cost.
Refer to Note 2.3 for accounting policies related to staff costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
4.1 - Capital Management
Genmab\u2019s goal is to maintain a strong capital base so as to maintain investor, creditor and market
confidence, and to have adequate liquidity to support the continuous advancement of Genmab\u2019s product
pipeline and business in general. To achieve this goal Genmab invests in different liquidity tiers. To meet
operational goals, Genmab invests in cash and cash equivalents and marketable securities. To\u00a0ensure
sufficient reserves, Genmab invests in short-term securities with an average duration of about six months,
which serves as back-up liquidity for the operating tier. For strategic purposes, Genmab has short term
investments to support the Company\u2019s growth over the longer term. Most of Genmab\u2019s cash and
marketable securities are in USD due to having a larger USD expenditure base than DKK, which provides
better matching of investment balances with actual expenditures. Genmab is primarily financed through
revenues under various collaboration agreements and had, as of December 31, 2025, cash, and cash
equivalents of $1,715 million compared to $1,380 million as of December 31,2024. There were no
marketable securities as of December 31, 2025 compared to marketable securities of $1,574 million as of
December 31, 2024. Genmab liquidated all marketable securities and incurred $5.5 billion of borrowings to
contribute to the financing of the Merus acquisition in December 2025. Genmab\u2019s cash and cash
equivalents and marketable securities support the advancement of our product pipeline and operations.
Genmab entered into financing arrangements total $5.5 billion, consisting of senior secured notes, senior
unsecured notes, and term loans to contribute to the financing of the Merus acquisition. Genmab has
access to up to $500 million in additional funds through the 2025 Revolving Credit Facility. Refer to Note
4.8 for additional information related to the revolving credit facility and existing borrowings.
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.
Because Genmab\u2019s future commercial potential and operating profits are hard to predict, Genmab\u2019s policy
is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a
continuous advancement of Genmab\u2019s product pipeline and business in general.
The Board monitors the share and capital structure to ensure that Genmab\u2019s capital resources support its
strategic goals.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
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\u00a0Group\u2019s investment policies related to our marketable securities and interest rate risk related to
borrowings. The Group\u2019s risk management guidelines are established to identify and analyze the risks
faced by the Genmab Group, to set the appropriate risk limits and controls and to monitor the risks and
adherence to limits. It is Genmab\u2019s policy not to actively speculate in financial risks. The Group\u2019s financial
risk management is directed solely towards monitoring and reducing financial risks which are directly
related to Genmab\u2019s operations.
Management ensures that the interest rate risk is managed by Treasury in accordance with the Interest
Risk Policy. Interest rate risk relates mainly to outstanding interest-bearing debt with floating interest rates.
Interest rate risk management is handled centrally by the Parent Company.
The primary objective of Genmab\u2019s investment activities is to preserve capital and ensure liquidity with
a\u00a0secondary objective of maximizing the return derived from security investments without significantly
increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for
which investments (which are primarily shorter-term in nature) are considered to be eligible investments for
Genmab and which investment parameters are to be applied, including maturity limitations and credit
ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the
risk of loss resulting from over-concentration of assets in a specific class, issuer, currency, country, or
economic sector.
Genmab\u2019s marketable securities are administered by external investment managers. The investment
guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab\u2019s
activities and financial position. Genmab\u2019s investment policy allows investments in debt rated BBB- or
greater by S&P or Fitch and in debt rated Baa3 or greater by Moody\u2019s. The policy also includes additional
allowable investment types such as corporate debt, commercial paper, certificates of deposit, and certain
types of AAA rated asset-backed securities.
In addition to the capital management and financing risk mentioned in Note 4.1, Genmab has identified the
following key financial risk areas, which are mainly related to our marketable securities portfolio and
borrowings:
\u2b24
credit risk;
\u2b24
foreign currency risk; and
\u2b24
interest rate risk
All of Genmab\u2019s marketable securities are traded in established markets. Given the current market
conditions, all future cash inflows, including re-investments of proceeds from the disposal of marketable
securities, are invested in highly liquid, investment grade securities.
Refer to Note 4.4 for additional information regarding marketable securities.
Credit Risk
Genmab is exposed to credit risk and losses on marketable securities, bank deposits and receivables. The
maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securities was
$1,715 million as of December 31, 2025 compared to $2,954 million as of December 31, 2024. The
maximum credit exposure to Genmab\u2019s receivables was $1,134 million as of December 31, 2025
compared to $930 million as of December 31, 2024.
Genmab maintains a large portion of its investment portfolio in cash equivalents and marketable securities
in USD as well as a portion of cash equivalents and marketable securities in DKK, EUR and GBP as a
natural partial hedge of Genmab A/S\u2019s liability exposures in those currencies.
Marketable Securities
To manage and reduce credit risks on our securities, Genmab\u2019s policy is to ensure only securities from
investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted
if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating
shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of
the rating agencies listed below, the credit assessment is made against the lowest rating available for the
issuer.
Category
S&P
Moody\u2019s
Fitch
Short-term
A-2
P-2
F-2
Long-term
BBB-
Baa3
BBB-
As of December 31, 2024, 71% of Genmab\u2019s $1,574 million marketable securities were long-term A rated
or higher, or short-term A-1 / P-1 rated by S&P, Moody\u2019s or Fitch. Genmab did not have any marketable
securities as of December 31, 2025, as they were liquidated to contribute to the financing of the
Merus\u00a0acquisition.
Cash and Cash Equivalents
To reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with
highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P
rating of at least F\u20111 and A\u20111, 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 1,380\u00a0million at the end of 2024. There were no short term marketable securities
classified as cash and cash equivalents as of December 31, 2025. The decrease was primarily the result of
cash used to acquire Merus in December 2025.
Receivables
The credit risk related to our receivables is not significant, despite a concentration of credit risk, due to\u00a0the
high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche,
AbbVie and BioNTech are Genmab\u2019s primary collaboration partners in which receivables are established
for royalties, milestone revenue and reimbursement revenue. These collaboration partners are life sciences
companies with strong credit worthiness and long-standing relationships with Genmab. Additionally,
Genmab does not have a history of writing off receivables from collaboration partners.
Foreign Currency Risk
Genmab and its foreign subsidiaries are not significantly affected by currency risks as both revenues and
expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.
The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD, prior to
Genmab A/S changing its functional and group presentation currency from DKK to USD effective January
1, 2025, resulted in changes to the translated value of future net profit before tax and cash flows.
Genmab\u2019s revenue in USD was 81% of total revenue in 2025 as compared to 79% in 2024 and 86%
in\u00a02023.
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\u00a0flows.
There is also exposure that exchange rate fluctuations 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 presentation currency of USD during consolidation, however any such
fluctuations would be immaterial.
To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment
portfolio in cash equivalents and marketable securities in USD as well as a portion of cash equivalents and
marketable securities in DKK, EUR and GBP as a natural partial hedge of Genmab A/S\u2019s liability exposures
in those currencies.
Assets and Liabilities in Foreign Currency
Genmab\u2019s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total
marketable securities were as follows:
2025
2024
Percent
USD
\u2014
%
76
%
DKK
\u2014
%
15
%
EUR
\u2014
%
8
%
GBP
\u2014
%
1
%
Total at December 31
\u2014
%
100
%
Genmab\u2019s USD currency exposure, prior to Genmab A/S changing its functional and group presentation
currency from DKK to USD effective January 1, 2025, mainly related to cash and cash equivalents,
marketable securities, and receivables related to our collaborations with J&J, AbbVie, and Roche. Prior to
January 1, 2025, significant changes in the exchange rate of USD to DKK have caused net profit before tax
to change materially as gains and losses are recognized in the Consolidated Statements of
Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of
December 31, 2024, a 10% increase/decrease in the USD to DKK exchange rate was estimated to impact
Genmab\u2019s net profit before tax by approximately $266\u00a0million. The analysis assumed 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 equivalents, marketable securities, receivables, and liabilities)
where the functional currency of the entity differs from the currency that the monetary items are
denominated in. As of December 31, 2025, Genmab\u2019s DKK exposure is not material.
Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our
collaboration with BioNTech, intangible assets acquired through the acquisition of Merus and other costs
denominated in EUR. As of December 31, 2025 and 2024, Genmab\u2019s EUR exposure is not material.
Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securities denominated in
GBP. As of December 31, 2025 and 2024, Genmab\u2019s GBP exposure is not material.
Interest Rate Risk
Genmab is exposed to interest rate risk as the Senior Unsecured Notes of $1 billion and Senior Secured
Notes of $1.5 billion have fixed rates, and Term Loan A of $1 billion and Term Loan B of $2 billion have
been partially swapped to fixed rates using hedging instruments effective January 2026 and Genmab
intends to apply hedge accounting. The effectiveness of the hedging instruments will be monitored by
Management on a quarterly basis. Genmab\u2019s exposure to interest rate risk as of December 31, 2025 is low
due to the debt issuance, and related interest rate exposure, occurring in December 2025.\u00a0
An interest rate change on Term Loan A and Term Loan B of +/- 1 percentage point would not materially
decrease/increase net profit before tax in 2025, primarily due to the loans being acquired in December
2025. There was no interest-bearing debt in 2024.
For more information on Genmab\u2019s borrowings refer to Note 4.8.
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\u2019s marketable securities, and based on exposures in 2024
and 2025, 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.
2025
2024
Year of Maturity
2025
\u2014
700
2026
\u2014
449
2027
\u2014
324
2028
\u2014
46
2029
\u2014
22
2030+
\u2014
33
Total at December 31
\u2014
1,574
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
Credit Risk
Genmab is exposed to credit risk and losses on marketable securities, bank deposits and receivables. The
maximum credit exposure related to Genmab\u2019s cash and cash equivalents and marketable securities was
$1,715 million as of December 31, 2025 compared to $2,954 million as of December 31, 2024. The
maximum credit exposure to Genmab\u2019s receivables was $1,134 million as of December 31, 2025
compared to $930 million as of December 31, 2024.
Genmab maintains a large portion of its investment portfolio in cash equivalents and marketable securities
in USD as well as a portion of cash equivalents and marketable securities in DKK, EUR and GBP as a
natural partial hedge of Genmab A/S\u2019s liability exposures in those currencies.
Marketable Securities
To manage and reduce credit risks on our securities, Genmab\u2019s policy is to ensure only securities from
investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted
if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating
shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of
the rating agencies listed below, the credit assessment is made against the lowest rating available for the
issuer.
Category
S&P
Moody\u2019s
Fitch
Short-term
A-2
P-2
F-2
Long-term
BBB-
Baa3
BBB-
As of December 31, 2024, 71% of Genmab\u2019s $1,574 million marketable securities were long-term A rated
or higher, or short-term A-1 / P-1 rated by S&P, Moody\u2019s or Fitch. Genmab did not have any marketable
securities as of December 31, 2025, as they were liquidated to contribute to the financing of the
Merus\u00a0acquisition.
Cash and Cash Equivalents
To reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with
highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P
rating of at least F\u20111 and A\u20111, 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 1,380\u00a0million at the end of 2024. There were no short term marketable securities
classified as cash and cash equivalents as of December 31, 2025. The decrease was primarily the result of
cash used to acquire Merus in December 2025.
Receivables
The credit risk related to our receivables is not significant, despite a concentration of credit risk, due to\u00a0the
high-quality nature of Genmab\u2019s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche,
AbbVie and BioNTech are Genmab\u2019s primary collaboration partners in which receivables are established
for royalties, milestone revenue and reimbursement revenue. These collaboration partners are life sciences
companies with strong credit worthiness and long-standing relationships with Genmab. Additionally,
Genmab does not have a history of writing off receivables from collaboration partners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Cash and Cash Equivalents
To reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with
highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P
rating of at least F\u20111 and A\u20111, 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 1,380\u00a0million at the end of 2024. There were no short term marketable securities
classified as cash and cash equivalents as of December 31, 2025. The decrease was primarily the result of
cash used to acquire Merus in December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Cash and Cash Equivalents
To reduce the credit risk on our bank deposits, Genmab\u2019s policy is only to invest its cash deposits with
highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P
rating of at least F\u20111 and A\u20111, 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 1,380\u00a0million at the end of 2024. There were no short term marketable securities
classified as cash and cash equivalents as of December 31, 2025. The decrease was primarily the result of
cash used to acquire Merus in December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Foreign Currency Risk
Genmab and its foreign subsidiaries are not significantly affected by currency risks as both revenues and
expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.
The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD, prior to
Genmab A/S changing its functional and group presentation currency from DKK to USD effective January
1, 2025, resulted in changes to the translated value of future net profit before tax and cash flows.
Genmab\u2019s revenue in USD was 81% of total revenue in 2025 as compared to 79% in 2024 and 86%
in\u00a02023.
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\u00a0flows.
There is also exposure that exchange rate fluctuations 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 presentation currency of USD during consolidation, however any such
fluctuations would be immaterial.
To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment
portfolio in cash equivalents and marketable securities in USD as well as a portion of cash equivalents and
marketable securities in DKK, EUR and GBP as a natural partial hedge of Genmab A/S\u2019s liability exposures
in those currencies.
Assets and Liabilities in Foreign Currency
Genmab\u2019s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total
marketable securities were as follows:
2025
2024
Percent
USD
\u2014
%
76
%
DKK
\u2014
%
15
%
EUR
\u2014
%
8
%
GBP
\u2014
%
1
%
Total at December 31
\u2014
%
100
%
Genmab\u2019s USD currency exposure, prior to Genmab A/S changing its functional and group presentation
currency from DKK to USD effective January 1, 2025, mainly related to cash and cash equivalents,
marketable securities, and receivables related to our collaborations with J&J, AbbVie, and Roche. Prior to
January 1, 2025, significant changes in the exchange rate of USD to DKK have caused net profit before tax
to change materially as gains and losses are recognized in the Consolidated Statements of
Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of
December 31, 2024, a 10% increase/decrease in the USD to DKK exchange rate was estimated to impact
Genmab\u2019s net profit before tax by approximately $266\u00a0million. The analysis assumed 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 equivalents, marketable securities, receivables, and liabilities)
where the functional currency of the entity differs from the currency that the monetary items are
denominated in. As of December 31, 2025, Genmab\u2019s DKK exposure is not material.
Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our
collaboration with BioNTech, intangible assets acquired through the acquisition of Merus and other costs
denominated in EUR. As of December 31, 2025 and 2024, Genmab\u2019s EUR exposure is not material.
Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securities denominated in
GBP. As of December 31, 2025 and 2024, Genmab\u2019s GBP exposure is not material.
Interest Rate Risk
Genmab is exposed to interest rate risk as the Senior Unsecured Notes of $1 billion and Senior Secured
Notes of $1.5 billion have fixed rates, and Term Loan A of $1 billion and Term Loan B of $2 billion have
been partially swapped to fixed rates using hedging instruments effective January 2026 and Genmab
intends to apply hedge accounting. The effectiveness of the hedging instruments will be monitored by
Management on a quarterly basis. Genmab\u2019s exposure to interest rate risk as of December 31, 2025 is low
due to the debt issuance, and related interest rate exposure, occurring in December 2025.\u00a0
An interest rate change on Term Loan A and Term Loan B of +/- 1 percentage point would not materially
decrease/increase net profit before tax in 2025, primarily due to the loans being acquired in December
2025. There was no interest-bearing debt in 2024.
For more information on Genmab\u2019s borrowings refer to Note 4.8.
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\u2019s marketable securities, and based on exposures in 2024
and 2025, 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.
2025
2024
Year of Maturity
2025
\u2014
700
2026
\u2014
449
2027
\u2014
324
2028
\u2014
46
2029
\u2014
22
2030+
\u2014
33
Total at December 31
\u2014
1,574
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Foreign Currency Risk
Genmab and its foreign subsidiaries are not significantly affected by currency risks as both revenues and
expenses are primarily settled in the foreign subsidiaries\u2019 functional currencies.
The majority of Genmab\u2019s revenue is generated in USD. Exchange rate changes to the USD, prior to
Genmab A/S changing its functional and group presentation currency from DKK to USD effective January
1, 2025, resulted in changes to the translated value of future net profit before tax and cash flows.
Genmab\u2019s revenue in USD was 81% of total revenue in 2025 as compared to 79% in 2024 and 86%
in\u00a02023.
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\u00a0flows.
There is also exposure that exchange rate fluctuations 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 presentation currency of USD during consolidation, however any such
fluctuations would be immaterial.
To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment
portfolio in cash equivalents and marketable securities in USD as well as a portion of cash equivalents and
marketable securities in DKK, EUR and GBP as a natural partial hedge of Genmab A/S\u2019s liability exposures
in those currencies.
Assets and Liabilities in Foreign Currency
Genmab\u2019s marketable securities denominated in USD, DKK, EUR and GBP as a percentage of total
marketable securities were as follows:
2025
2024
Percent
USD
\u2014
%
76
%
DKK
\u2014
%
15
%
EUR
\u2014
%
8
%
GBP
\u2014
%
1
%
Total at December 31
\u2014
%
100
%
Genmab\u2019s USD currency exposure, prior to Genmab A/S changing its functional and group presentation
currency from DKK to USD effective January 1, 2025, mainly related to cash and cash equivalents,
marketable securities, and receivables related to our collaborations with J&J, AbbVie, and Roche. Prior to
January 1, 2025, significant changes in the exchange rate of USD to DKK have caused net profit before tax
to change materially as gains and losses are recognized in the Consolidated Statements of
Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of
December 31, 2024, a 10% increase/decrease in the USD to DKK exchange rate was estimated to impact
Genmab\u2019s net profit before tax by approximately $266\u00a0million. The analysis assumed 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 equivalents, marketable securities, receivables, and liabilities)
where the functional currency of the entity differs from the currency that the monetary items are
denominated in. As of December 31, 2025, Genmab\u2019s DKK exposure is not material.
Genmab\u2019s EUR exposure is mainly related to our marketable securities, receivables under our
collaboration with BioNTech, intangible assets acquired through the acquisition of Merus and other costs
denominated in EUR. As of December 31, 2025 and 2024, Genmab\u2019s EUR exposure is not material.
Genmab\u2019s GBP currency exposure is mainly related to contracts and marketable securities denominated in
GBP. As of December 31, 2025 and 2024, Genmab\u2019s GBP exposure is not material.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate loss, net, which excludes foreign exchange rate movements on marketable
securities, was $3 million in 2025 compared to foreign exchange rate gains net of $92 million in 2024 and
foreign exchange rate loss, net of $66 million in 2023. The change from 2024 to 2025 is primarily driven by
a lower exchange rate impact due to the change in functional currency of Genmab A/S from DKK to USD
on January 1, 2025. The change from 2023 to 2024 was primarily driven by foreign exchange rate
movements impacting Genmab\u2019s USD denominated assets (excluding marketable securities) and liabilities,
noting Genmab A/S functional currency was DKK during 2023 and 2024.
Refer to Note 4.2 for additional information on foreign currency risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Categories Of Financial Assets And Liabilities
December 31,
Note
2025
2024
Financial assets measured at fair value through
profit or loss
Marketable securities
4.4
\u2014
1,574
Other investments
3.4
37
32
Financial assets measured at amortized cost
Receivables excluding prepayments
3.6
1,069
894
Cash and cash equivalents
1,715
1,380
Financial liabilities measured at amortized cost
Borrowings
4.8
(5,274)
\u2014
Lease liabilities
3.3
(152)
(144)
Other payables excluding provisions
3.8
(1,069)
(489)
Other Investments
Other investments primarily consist of investments in certain strategic investment funds. Genmab\u2019s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these strategic
investment funds are valued based at the most recent sale price or official closing price reported on the
exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity
securities are based on other factors, including but not limited to, type of the security, the size of the
holding, the initial cost of the security, the price and extent of public trading in similar securities of the
comparable companies, an analysis of the Company's or issuer's financial statements and with respect to
debt securities, the maturity and creditworthiness. As such, these fund investments have been
characterized as Level 3 investments as fair values are not entirely based on observable market data.
There were no transfers into or out of Level 3 during 2025 or 2024. Acquisitions (capital calls), fair value
changes and foreign currency changes on Level 3 investments in 2025 and 2024 were as follows:
Other Investments
Fair value at December 31, 2023
13
Acquisitions
6
Fair value changes
6
Fair value at December 31, 2024
25
Acquisitions
4
Fair value changes
(3)
Fair value at December 31, 2025
26
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
Fair Value Measurement
December 31,
2025
2024
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets Measured at
Fair Value
Marketable
securities
4.4
\u2014
\u2014
\u2014
\u2014
1,574
\u2014
\u2014
1,574
Other investments
3.4
9
2
26
37
5
2
25
32
Marketable Securities
Substantially all fair market values are determined 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 investments in certain strategic investment funds. Genmab\u2019s share
of the fair value of these fund investments is determined based on the valuation of the underlying
investments included in the fund. Investments in publicly traded equity securities included in these strategic
investment funds are valued based at the most recent sale price or official closing price reported on the
exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity
securities are based on other factors, including but not limited to, type of the security, the size of the
holding, the initial cost of the security, the price and extent of public trading in similar securities of the
comparable companies, an analysis of the Company's or issuer's financial statements and with respect to
debt securities, the maturity and creditworthiness. As such, these fund investments have been
characterized as Level 3 investments as fair values are not entirely based on observable market data.
There were no transfers into or out of Level 3 during 2025 or 2024. Acquisitions (capital calls), fair value
changes and foreign currency changes on Level 3 investments in 2025 and 2024 were as follows:
Other Investments
Fair value at December 31, 2023
13
Acquisitions
6
Fair value changes
6
Fair value at December 31, 2024
25
Acquisitions
4
Fair value changes
(3)
Fair value at December 31, 2025
26
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Classification of categories of financial assets and liabilities
Genmab classifies its financial assets and liabilities held into the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss), and
\u2022 those to be measured at amortized cost.
The classification depends on the business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other
comprehensive income.
Genmab reclassifies debt investments only when its business model for managing those assets changes.
Further details about the accounting policy for each of the financial assets and liabilities are outlined in the
respective notes.
Refer to Note 3.3 and 4.8 for detailed policies regarding Genmab\u2019s lease liability and borrowings,
respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
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 liabilities measured at
amortized cost such as bank deposits, receivables and other payables approximate 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 participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 In the principal market for the asset or liability, or
\u2022 In the absence of a principal market, in the 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:
\u2022 Level 1\u00a0- Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2\u00a0- Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u2022 Level 3\u00a0- 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 reassessing
categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting period. Any transfers between the different levels are carried out at the end of
the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
4.4 - Marketable Securities
Market value
Share
Market value
Share
Market value
Share
December
31, 2025
%
December
31, 2024
%
January 1,
2024
%
USD portfolio
Corporate bonds
\u2014
\u2014%
711
45%
895
46%
US government bonds
and treasury bills
\u2014
\u2014%
355
22%
481
24%
Commercial paper
\u2014
\u2014%
27
2%
67
3%
Other
\u2014
\u2014%
114
7%
149
8%
Total USD portfolio
\u2014
\u2014%
1,207
76%
1,592
81%
DKK portfolio
Kingdom of Denmark
bonds and treasury bills
\u2014
\u2014%
60
4%
62
3%
Danish mortgage-
backed securities
\u2014
\u2014%
170
11%
174
9%
Total DKK portfolio
\u2014
\u2014%
230
15%
236
12%
EUR portfolio
European government
bonds and treasury bills
\u2014
\u2014%
124
8%
127
6%
GBP portfolio
UK government bonds
and treasury bills
\u2014
\u2014%
13
1%
12
1%
Total portfolio
\u2014
\u2014%
1,574
100%
1,967
100%
Marketable securities
\u2014
1,574
1,967
Genmab liquidated all marketable securities during December 2025 to contribute to the financing of the
Merus acquisition.
Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.
\"Financials_icon_A.jpg\"
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 securities depends on the business
model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt
instruments to determine classification based on the following measurement categories:
\u2022 Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows
represent solely payments of principal and interest, are measured at amortized cost. Interest income
from these financial assets is included in finance income using the effective interest rate method. Any
gain or loss arising on derecognition is recognized directly in profit or loss and presented in other
financial income or expenses, together with foreign exchange gains and losses. Impairment losses,
when material, are presented as a separate line item in the Consolidated Statements of Comprehensive
Income.
\u2022 Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective
by both collecting contractual cash flows as well as selling financial assets and where those cash flows
represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a
debt investment that is subsequently measured at FVOCI are recognized in other comprehensive
income. Impairment gains and losses, interest income and foreign exchange gains and losses are
recognized in the Consolidated Statements of Comprehensive Income and presented within financial
income or expenses in the period in which they arise.
\u2022 Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or
FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at
FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within
financial income or expenses in the period in which it arises.
Genmab\u2019s portfolio is managed and evaluated on a fair value basis in accordance with its stated
investment guidelines and the information provided internally to Management. This business model does
not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at
FVPL. This classification is consistent with the prior year\u2019s classification.
Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds,
Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certificates of deposit,
certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the\u00a0Danish,
European and U.S. governments. The securities can be purchased and sold using established\u00a0markets.
Transactions are recognized at the trade date.
Marketable Securities Gains and Losses
Gain on marketable securities, net, which includes the impact of foreign exchange rate movements,
was\u00a0$66 million in 2025 compared to gain on marketable securities, net of $130 in 2024 and loss on
marketable securities, net $17 million in 2023. The decrease in gain, net of $64 million, or 49%, from 2024
to 2025 was primarily driven by the change in the functional currency of Genmab A/S effective January 1,
2025. As the majority of Genmab\u2019s investment portfolio is denominated in U.S. dollars, these securities
benefited from the strengthening of the USD against the DKK in 2024. In 2025, Genmab\u2019s DKK and EUR
denominated currencies strengthened against the USD, but to a lesser extent than the USD strengthening
against the DKK in 2024. Additionally, Genmab liquidated its marketable security portfolio in December
2025 to contribute to the financing of the Merus acquisition. The increase in gain of $147 million, or 865%
from 2023 to 2024 was primarily driven by foreign exchange rate movements impacting Genmab\u2019s USD
denominated marketable securities. As the majority of Genmab\u2019s investment portfolio is denominated in
U.S. dollars, these securities benefited from the strengthening of the USD against the DKK in 2024, as
compared to the USD weakening against the DKK in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
4.5 - Financial Income and Expenses
2025
2024\u00b9
2023\u00b9
Financial income:
Interest and other financial income
138
144
142
Gain on marketable securities
112
237
157
Gain on other investments, net
\u2014
6
\u2014
Foreign exchange rate gain
158
258
\u2014
Total financial income
408
645
299
Financial expenses:
Other interest expense
(34)
(18)
(10)
Interest expense on borrowings
(27)
\u2014
\u2014
Loss on marketable securities
(46)
(107)
(174)
Loss on other investments, net
(1)
\u2014
(4)
Foreign exchange rate loss
(161)
(166)
(66)
Total financial expenses
(269)
(291)
(254)
Net financial items
139
354
45
1. Certain reclassifications have been made between financial income and expenses for all periods presented. Refer to
Note 1.4 for more information.
Interest Income
Interest income was $138 million in 2025 compared to $144 million in 2024 and $142 million in 2023. The
decrease of $6 million, or 4% from 2024 to 2025 was primarily driven by the lower average cash and cash
equivalents and marketable securities as a result of the ProfoundBio acquisition in the second quarter of
2024, as well as lower interest rates of USD denominated marketable securities in 2025 compared to 2024.
Additionally, Genmab liquidated its entire marketable security portfolio in December 2025 to contribute to
the financing of the Merus acquisition. The increase of $2 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.
Interest Expense on Borrowings
The increase of $27 million from 2024 to 2025, was primarily driven by interest expense associated with
debt issued in December 2025 in connection with financing the Merus acquisition. There\u00a0was no interest
expense on borrowings in 2024 and 2023.
Refer to Note 4.8 for further details regarding Genmab borrowings.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate loss, net, which excludes foreign exchange rate movements on marketable
securities, was $3 million in 2025 compared to foreign exchange rate gains net of $92 million in 2024 and
foreign exchange rate loss, net of $66 million in 2023. The change from 2024 to 2025 is primarily driven by
a lower exchange rate impact due to the change in functional currency of Genmab A/S from DKK to USD
on January 1, 2025. The change from 2023 to 2024 was primarily driven by foreign exchange rate
movements impacting Genmab\u2019s USD denominated assets (excluding marketable securities) and liabilities,
noting Genmab A/S functional currency was DKK during 2023 and 2024.
Refer to Note 4.2 for additional information on foreign currency risk.
Marketable Securities Gains and Losses
Gain on marketable securities, net, which includes the impact of foreign exchange rate movements,
was\u00a0$66 million in 2025 compared to gain on marketable securities, net of $130 in 2024 and loss on
marketable securities, net $17 million in 2023. The decrease in gain, net of $64 million, or 49%, from 2024
to 2025 was primarily driven by the change in the functional currency of Genmab A/S effective January 1,
2025. As the majority of Genmab\u2019s investment portfolio is denominated in U.S. dollars, these securities
benefited from the strengthening of the USD against the DKK in 2024. In 2025, Genmab\u2019s DKK and EUR
denominated currencies strengthened against the USD, but to a lesser extent than the USD strengthening
against the DKK in 2024. Additionally, Genmab liquidated its marketable security portfolio in December
2025 to contribute to the financing of the Merus acquisition. The increase in gain of $147 million, or 865%
from 2023 to 2024 was primarily driven by foreign exchange rate movements impacting Genmab\u2019s USD
denominated marketable securities. As the majority of Genmab\u2019s investment portfolio is denominated in
U.S. dollars, these securities benefited from the strengthening of the USD against the DKK in 2024, as
compared to the USD weakening against the DKK in 2023.
\"Financials_icon_A.jpg\"
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
Interest Income
Interest income was $138 million in 2025 compared to $144 million in 2024 and $142 million in 2023. The
decrease of $6 million, or 4% from 2024 to 2025 was primarily driven by the lower average cash and cash
equivalents and marketable securities as a result of the ProfoundBio acquisition in the second quarter of
2024, as well as lower interest rates of USD denominated marketable securities in 2025 compared to 2024.
Additionally, Genmab liquidated its entire marketable security portfolio in December 2025 to contribute to
the financing of the Merus acquisition. The increase of $2 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
Interest Expense on Borrowings
The increase of $27 million from 2024 to 2025, was primarily driven by interest expense associated with
debt issued in December 2025 in connection with financing the Merus acquisition. There\u00a0was no interest
expense on borrowings in 2024 and 2023.
Refer to Note 4.8 for further details regarding Genmab borrowings.
Foreign Exchange Rate Gains and Losses
Foreign exchange rate loss, net, which excludes foreign exchange rate movements on marketable
securities, was $3 million in 2025 compared to foreign exchange rate gains net of $92 million in 2024 and
foreign exchange rate loss, net of $66 million in 2023. The change from 2024 to 2025 is primarily driven by
a lower exchange rate impact due to the change in functional currency of Genmab A/S from DKK to USD
on January 1, 2025. The change from 2023 to 2024 was primarily driven by foreign exchange rate
movements impacting Genmab\u2019s USD denominated assets (excluding marketable securities) and liabilities,
noting Genmab A/S functional currency was DKK during 2023 and 2024.
Refer to Note 4.2 for additional information on foreign currency risk.
Marketable Securities Gains and Losses
Gain on marketable securities, net, which includes the impact of foreign exchange rate movements,
was\u00a0$66 million in 2025 compared to gain on marketable securities, net of $130 in 2024 and loss on
marketable securities, net $17 million in 2023. The decrease in gain, net of $64 million, or 49%, from 2024
to 2025 was primarily driven by the change in the functional currency of Genmab A/S effective January 1,
2025. As the majority of Genmab\u2019s investment portfolio is denominated in U.S. dollars, these securities
benefited from the strengthening of the USD against the DKK in 2024. In 2025, Genmab\u2019s DKK and EUR
denominated currencies strengthened against the USD, but to a lesser extent than the USD strengthening
against the DKK in 2024. Additionally, Genmab liquidated its marketable security portfolio in December
2025 to contribute to the financing of the Merus acquisition. The increase in gain of $147 million, or 865%
from 2023 to 2024 was primarily driven by foreign exchange rate movements impacting Genmab\u2019s USD
denominated marketable securities. As the majority of Genmab\u2019s investment portfolio is denominated in
U.S. dollars, these securities benefited from the strengthening of the USD against the DKK in 2024, as
compared to the USD weakening against the DKK in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
\"Financials_icon_A.jpg\"
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
4.6 - Share-Based Instruments
Restricted Stock Unit Program
Genmab A/S has established an RSU program (equity-settled share-based payment transactions) as an incentive for Genmab\u2019s employees, members of the Executive Management, and members of the Board of
Directors. RSUs granted to Executive Management are performance-based (PSUs)1.
RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the registered Executive Management are subject to the Remuneration Policy adopted at the Annual
General Meeting.
See the table below for a summary of key terms of Genmab\u2019s RSU programs:
RSUs Granted in Periods
Key Terms
December 2019 - February 2021
From February 2021
Grants
RSUs are granted at no cost to employees. Number of shares granted is determined based on closing share price on the grant date.
Vesting (Settlement)
Cliff vesting \u2013 RSUs become fully vested on the first banking day of the month following a period of three years from the grant date. The three years cliff vesting also applies to PSUs,
while also subject to the degree of fulfilment of the applicable performance criteria.
After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the
tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs
that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a
cash settlement instead of delivering shares.
Leaver
Leavers \u2013 Forfeit all unvested RSUs except when due to retirement, death, serious
sickness, or serious injury, in which case granted but not yet vested RSUs shall remain
outstanding and will be settled in accordance with their terms.
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 \u2013 RSUs remain outstanding and vest accordingly
when the employment relationship is terminated by Genmab without cause.
Good-Leavers 2 \u2013 May maintain a pro-rata portion of unvested RSUs.
Bad-Leavers 3 \u2013 Forfeit all unvested RSUs.
Death \u2013 Forfeit all unvested RSUs.
Voluntary leavers forfeit unvested RSUs.
1. Annual bonuses are paid in cash, with a portion convertible into deferred RSUs, following the determination of achievement against performance goals and KPIs. The vesting of deferred RSUs is not contingent upon continued service and is not
subject to any forward-looking performance criteria.
2. \u201cGood-Leaver\u201d - Dismissal without cause or termination of employment due to Genmab\u2019s material breach of the RSU or Warrant holder\u2019s employment terms, or if the participant is a member of the Board, if the membership of the Board ceases for
any other reason than as a result of the participant\u2019s death.
3. \u201cBad-leaver\u201d - Dismissed for cause or during the employment probationary period.
The RSU program contains anti-dilution provisions if changes occur in Genmab\u2019s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the
RSU program.
RSU Activity in 2025, 2024 and 2023
Number of RSUs
held by the Board
of Directors
Number of RSUs
held by the
Executive
Management
Number of RSUs
held by
employees
Number of RSUs
held by former
members of the
Executive
Management,
Board of Directors
and employees
Total RSUs
Weighted Average
Fair Value - RSUs
Granted - DKK
Total Fair Value of
RSUs Granted -
DKK million
Outstanding at January 1, 2023
8,819
112,331
423,142
3,846
548,138
Granted\u00b9
3,361
75,854
208,353
11,643
299,211
2,619.35
784
Settled
(1,880)
(35,773)
(54,871)
(9,805)
(102,329)
Transferred
\u2014
12,918
(55,103)
42,185
\u2014
Forfeited
\u2014
(4,357)
(35)
(37,984)
(42,376)
Outstanding at December 31, 2023
10,300
160,973
521,486
9,885
702,644
Outstanding at January 1, 2024
10,300
160,973
521,486
9,885
702,644
Granted\u00b9
7,097
121,063
344,068
14,484
486,712
1,977.87
963
Settled
(3,367)
(35,320)
(112,663)
(12,465)
(163,815)
Transferred
\u2014
(19,924)
(37,348)
57,272
\u2014
Forfeited
\u2014
(11,667)
(71)
(38,178)
(49,916)
Outstanding at December 31, 2024
14,030
215,125
715,472
30,998
975,625
Outstanding at January 1, 2025
14,030
215,125
715,472
30,998
975,625
Granted\u00b9
10,828
136,205
471,443
39,635
658,111
1,611.15
1,060
Settled
(3,383)
(33,690)
(157,268)
(31,781)
(226,122)
Transferred
997
(12,482)
(89,642)
101,127
\u2014
Forfeited
(672)
(6,449)
(14)
(91,693)
(98,828)
Outstanding at December 31, 2025
21,800
298,709
939,991
48,286
1,308,786
1. RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.
Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.
Warrant Program
Genmab A/S has established a warrant program (equity-settled share-based payment transactions) as an incentive for all the Genmab Group\u2019s employees.
Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S\u2019s shareholders.
Following Genmab\u2019s Annual General Meeting on March 29, 2023, members of the registered Executive Management and members of the Board of Directors may only be granted RSUs.
See the table below for a summary of key terms of Genmab\u2019s warrant programs:
Warrants Granted in Periods
Key Terms
March 2017 - February 2021
From February 2021
Grants
Warrants are granted at no cost to employees. Granted at an exercise price equal to the closing share price on the grant date.
Vesting (Exercisable)
Cliff vesting over 3 -year period ( 100% after three years)
Leaver
Leavers - Forfeit all unvested warrants; however, will be able to exercise pro-rata portion
of warrants on a regular schedule in instances where the employment relationship is
terminated by Genmab without cause.
Good-Leavers - May maintain a pro-rata portion of unvested warrants.
Bad-Leavers - Forfeit 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\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control
or certain other extraordinary transactions as defined in the warrant program.
Warrant Activity in 2025, 2024 and 2023
Number of
warrants held by
the Board of
Directors
Number of
warrants held by
the Executive
Management
Number of
warrants held by
employees
Number of
warrants held by
former members
of the Executive
Management,
Board of Directors
and employees
Total warrants
Weighted average
exercise price -
DKK
Weighted average
share price at
exercise date -
DKK
Outstanding
Warrants - % of
Share Capital
Outstanding at January 1, 2023
1,920
129,798
773,014
33,236
937,968
1,770.31
Granted\u00b9
403
\u2014
198,001
10,973
209,377
2,632.02
Exercised
\u2014
(11,900)
(74,672)
(26,390)
(112,962)
1,341.40
2,657.76
Expired
\u2014
\u2014
(1,200)
(117)
(1,317)
1,225.18
Forfeited
\u2014
\u2014
(32)
(43,143)
(43,175)
2,274.50
Transfers
\u2014
21,295
(103,396)
82,101
\u2014
\u2014
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
1,416.25
Exercisable warrants in the money at year end
617
123,345
192,945
43,632
360,539
1,272.37
Outstanding at January 1, 2024
2,323
139,193
791,715
56,660
989,891
1,980.25
Granted\u00b9
694
\u2014
354,255
14,898
369,847
1,974.71
Exercised
\u2014
(63,811)
(31,721)
(17,119)
(112,651)
1,143.29
1,877.19
Expired
\u2014
\u2014
(155)
(132)
(287)
1,032.00
Forfeited
\u2014
\u2014
(73)
(39,564)
(39,637)
2,300.10
Transfers
\u2014
555
(53,903)
53,348
\u2014
\u2014
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
1,759.86
Exercisable warrants in the money at year end
\u2014
46,166
77,669
25,477
149,312
1,131.68
Outstanding at January 1, 2025
3,017
75,937
1,060,118
68,091
1,207,163
2,046.38
Granted\u00b9
835
\u2014
504,180
42,373
547,388
1,613.94
Exercised
\u2014
(46,166)
(51,271)
(30,638)
(128,075)
1,139.53
1,689.89
Expired
\u2014
\u2014
(468)
(1,605)
(2,073)
989.32
Forfeited
\u2014
\u2014
(14)
(92,764)
(92,778)
1,936.81
Transfers
1,934
(3,556)
(128,054)
129,676
\u2014
\u2014
Outstanding at December 31, 2025
5,786
26,215
1,384,491
115,133
1,531,625
1,975.81
2%
Exercisable at year end
2,325
22,442
411,526
96,028
532,321
2,109.73
Exercisable warrants in the money at year end
617
5,597
88,025
23,214
117,453
1,546.60
1. Warrants held by the Board include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.
Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.
Weighted Average Outstanding Warrants at December 31, 2025
As of December 31, 2025, the range of exercise prices for outstanding warrants was DKK 962 to DKK
3,172 with a weighted average remaining contractual life of 4.42 years. 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.
\"Financials_icon_A.jpg\"
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\u00a0remeasured. 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\u00a0reassesses its estimate of the number of shares expected to vest periodically.
Management expectations related to the achievement 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 associated with grants that are not expected to vest will be\u00a0reversed.
Share-based compensation expenses represent calculated values of warrants, RSUs and performance-
based RSUs granted and do not represent actual cash expenditures. A corresponding amount is
recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are
designated as equity-settled share-based payment transactions.
The fair value of each RSU and performance-based RSU granted during the year is calculated using
the\u00a0closing share price on the grant date. Below is a description of how the fair value of warrants is
measured and the estimates involved.
\"Financials_icon_B.jpg\"
Management\u2019s Judgements and Estimates
Share-Based Compensation Expenses
The fair value of each warrant granted during the\u00a0year is calculated using the Black-Scholes pricing model.
This pricing model requires the input of subjective assumptions such as:
\u2022 The expected stock price volatility, which is based upon the historical volatility of Genmab\u2019s
stock\u00a0price;
\u2022 The risk-free interest rate, which is determined as the interest rate on Danish government bonds
(bullet issues) with an average maturity of five years;
\u2022 The expected life of warrants, which is based on vesting terms, expected rate of exercise and life
terms in the current warrant program.
These assumptions can vary over time and can change the fair value of future warrants granted.
Valuation Assumptions for Warrants Granted in 2025, 2024 and 2023
The fair value of each warrant granted during the\u00a0year is calculated using the Black-Scholes pricing model
with the following assumptions:
Weighted average
2025
2024
2023
Fair value per warrant on grant date
503.09
639.67
924.10
Share price
1,613.94
1,974.71
2,632.02
Exercise price
1,613.94
1,974.71
2,632.02
Expected dividend yield
\u2014%
\u2014%
\u2014%
Expected stock price volatility
31.3%
32.3%
35.3%
Risk-free interest rate
2.05%
2.26%
2.48%
Expected life of warrants
5 years
5 years
5 years
Total Fair Value of Amounts Granted
2025
2024
2023
Total fair value of warrants granted
DKK 275 million
DKK 237 million
DKK 193 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
See the table below for a summary of key terms of Genmab\u2019s RSU programs:
RSUs Granted in Periods
Key Terms
December 2019 - February 2021
From February 2021
Grants
RSUs are granted at no cost to employees. Number of shares granted is determined based on closing share price on the grant date.
Vesting (Settlement)
Cliff vesting \u2013 RSUs become fully vested on the first banking day of the month following a period of three years from the grant date. The three years cliff vesting also applies to PSUs,
while also subject to the degree of fulfilment of the applicable performance criteria.
After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the
tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee\u2019s tax obligation from the total number of RSUs
that otherwise would have been issued to the employee upon vesting (\u201cnet settlement\u201d). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a
cash settlement instead of delivering shares.
Leaver
Leavers \u2013 Forfeit all unvested RSUs except when due to retirement, death, serious
sickness, or serious injury, in which case granted but not yet vested RSUs shall remain
outstanding and will be settled in accordance with their terms.
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 \u2013 RSUs remain outstanding and vest accordingly
when the employment relationship is terminated by Genmab without cause.
Good-Leavers 2 \u2013 May maintain a pro-rata portion of unvested RSUs.
Bad-Leavers 3 \u2013 Forfeit all unvested RSUs.
Death \u2013 Forfeit all unvested RSUs.
Voluntary leavers forfeit unvested RSUs.
See the table below for a summary of key terms of Genmab\u2019s warrant programs:
Warrants Granted in Periods
Key Terms
March 2017 - February 2021
From February 2021
Grants
Warrants are granted at no cost to employees. Granted at an exercise price equal to the closing share price on the grant date.
Vesting (Exercisable)
Cliff vesting over 3 -year period ( 100% after three years)
Leaver
Leavers - Forfeit all unvested warrants; however, will be able to exercise pro-rata portion
of warrants on a regular schedule in instances where the employment relationship is
terminated by Genmab without cause.
Good-Leavers - May maintain a pro-rata portion of unvested warrants.
Bad-Leavers - Forfeit 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\u2019s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control
or certain other extraordinary transactions as defined in the warrant program.
Severance 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\u2019s financial position is estimated to be approximately
$19 million as of December 31, 2025 (2024: $17 million, 2023: $15 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
RSU Activity in 2025, 2024 and 2023
Number of RSUs
held by the Board
of Directors
Number of RSUs
held by the
Executive
Management
Number of RSUs
held by
employees
Number of RSUs
held by former
members of the
Executive
Management,
Board of Directors
and employees
Total RSUs
Weighted Average
Fair Value - RSUs
Granted - DKK
Total Fair Value of
RSUs Granted -
DKK million
Outstanding at January 1, 2023
8,819
112,331
423,142
3,846
548,138
Granted\u00b9
3,361
75,854
208,353
11,643
299,211
2,619.35
784
Settled
(1,880)
(35,773)
(54,871)
(9,805)
(102,329)
Transferred
\u2014
12,918
(55,103)
42,185
\u2014
Forfeited
\u2014
(4,357)
(35)
(37,984)
(42,376)
Outstanding at December 31, 2023
10,300
160,973
521,486
9,885
702,644
Outstanding at January 1, 2024
10,300
160,973
521,486
9,885
702,644
Granted\u00b9
7,097
121,063
344,068
14,484
486,712
1,977.87
963
Settled
(3,367)
(35,320)
(112,663)
(12,465)
(163,815)
Transferred
\u2014
(19,924)
(37,348)
57,272
\u2014
Forfeited
\u2014
(11,667)
(71)
(38,178)
(49,916)
Outstanding at December 31, 2024
14,030
215,125
715,472
30,998
975,625
Outstanding at January 1, 2025
14,030
215,125
715,472
30,998
975,625
Granted\u00b9
10,828
136,205
471,443
39,635
658,111
1,611.15
1,060
Settled
(3,383)
(33,690)
(157,268)
(31,781)
(226,122)
Transferred
997
(12,482)
(89,642)
101,127
\u2014
Forfeited
(672)
(6,449)
(14)
(91,693)
(98,828)
Outstanding at December 31, 2025
21,800
298,709
939,991
48,286
1,308,786
1. RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.
Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.
Warrant Activity in 2025, 2024 and 2023
Number of
warrants held by
the Board of
Directors
Number of
warrants held by
the Executive
Management
Number of
warrants held by
employees
Number of
warrants held by
former members
of the Executive
Management,
Board of Directors
and employees
Total warrants
Weighted average
exercise price -
DKK
Weighted average
share price at
exercise date -
DKK
Outstanding
Warrants - % of
Share Capital
Outstanding at January 1, 2023
1,920
129,798
773,014
33,236
937,968
1,770.31
Granted\u00b9
403
\u2014
198,001
10,973
209,377
2,632.02
Exercised
\u2014
(11,900)
(74,672)
(26,390)
(112,962)
1,341.40
2,657.76
Expired
\u2014
\u2014
(1,200)
(117)
(1,317)
1,225.18
Forfeited
\u2014
\u2014
(32)
(43,143)
(43,175)
2,274.50
Transfers
\u2014
21,295
(103,396)
82,101
\u2014
\u2014
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
1,416.25
Exercisable warrants in the money at year end
617
123,345
192,945
43,632
360,539
1,272.37
Outstanding at January 1, 2024
2,323
139,193
791,715
56,660
989,891
1,980.25
Granted\u00b9
694
\u2014
354,255
14,898
369,847
1,974.71
Exercised
\u2014
(63,811)
(31,721)
(17,119)
(112,651)
1,143.29
1,877.19
Expired
\u2014
\u2014
(155)
(132)
(287)
1,032.00
Forfeited
\u2014
\u2014
(73)
(39,564)
(39,637)
2,300.10
Transfers
\u2014
555
(53,903)
53,348
\u2014
\u2014
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
1,759.86
Exercisable warrants in the money at year end
\u2014
46,166
77,669
25,477
149,312
1,131.68
Outstanding at January 1, 2025
3,017
75,937
1,060,118
68,091
1,207,163
2,046.38
Granted\u00b9
835
\u2014
504,180
42,373
547,388
1,613.94
Exercised
\u2014
(46,166)
(51,271)
(30,638)
(128,075)
1,139.53
1,689.89
Expired
\u2014
\u2014
(468)
(1,605)
(2,073)
989.32
Forfeited
\u2014
\u2014
(14)
(92,764)
(92,778)
1,936.81
Transfers
1,934
(3,556)
(128,054)
129,676
\u2014
\u2014
Outstanding at December 31, 2025
5,786
26,215
1,384,491
115,133
1,531,625
1,975.81
2%
Exercisable at year end
2,325
22,442
411,526
96,028
532,321
2,109.73
Exercisable warrants in the money at year end
617
5,597
88,025
23,214
117,453
1,546.60
1. Warrants held by the Board include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.
Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.
Weighted Average Outstanding Warrants at December 31, 2025
As of December 31, 2025, the range of exercise prices for outstanding warrants was DKK 962 to DKK
3,172 with a weighted average remaining contractual life of 4.42 years. 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.
Valuation Assumptions for Warrants Granted in 2025, 2024 and 2023
The fair value of each warrant granted during the\u00a0year is calculated using the Black-Scholes pricing model
with the following assumptions:
Weighted average
2025
2024
2023
Fair value per warrant on grant date
503.09
639.67
924.10
Share price
1,613.94
1,974.71
2,632.02
Exercise price
1,613.94
1,974.71
2,632.02
Expected dividend yield
\u2014%
\u2014%
\u2014%
Expected stock price volatility
31.3%
32.3%
35.3%
Risk-free interest rate
2.05%
2.26%
2.48%
Expected life of warrants
5 years
5 years
5 years
Total Fair Value of Amounts Granted
2025
2024
2023
Total fair value of warrants granted
DKK 275 million
DKK 237 million
DKK 193 million
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
\"Financials_icon_A.jpg\"
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\u00a0remeasured. 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\u00a0reassesses its estimate of the number of shares expected to vest periodically.
Management expectations related to the achievement 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 associated with grants that are not expected to vest will be\u00a0reversed.
Share-based compensation expenses represent calculated values of warrants, RSUs and performance-
based RSUs granted and do not represent actual cash expenditures. A corresponding amount is
recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are
designated as equity-settled share-based payment transactions.
The fair value of each RSU and performance-based RSU granted during the year is calculated using
the\u00a0closing share price on the grant date. Below is a description of how the fair value of warrants is
measured and the estimates involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
\"Financials_icon_A.jpg\"
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\u00a0remeasured. 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\u00a0reassesses its estimate of the number of shares expected to vest periodically.
Management expectations related to the achievement 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 associated with grants that are not expected to vest will be\u00a0reversed.
Share-based compensation expenses represent calculated values of warrants, RSUs and performance-
based RSUs granted and do not represent actual cash expenditures. A corresponding amount is
recognized in shareholders\u2019 equity as the warrant, RSU and performance-based RSU programs are
designated as equity-settled share-based payment transactions.
The fair value of each RSU and performance-based RSU granted during the year is calculated using
the\u00a0closing share price on the grant date. Below is a description of how the fair value of warrants is
measured and the estimates involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
4.7 - Share Capital
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, 2025, the share capital of Genmab A/S comprised 64,238,408 shares of DKK 1
each\u00a0with one vote. There are no restrictions related to the transferability of the shares. All shares
are\u00a0regarded as negotiable instruments and do not confer any special rights upon the holder, and
no\u00a0shareholder shall be under an obligation to allow his/her shares to be redeemed.
Genmab\u2019s Board is authorized to increase the share capital by subscription of new shares, issue warrants
to subscribe for shares and raise loans against bonds as well as other financial instruments of\u00a0Genmab A/S
as set out in articles 4A-5B of Genmab A/S\u2019s articles of association. Further, Genmab\u2019s share capital is in
compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq
Copenhagen.
See table below for warrants issued and reissued and warrants available for reissue under active
authorizations as of December 31, 2025:
March 12, 2025
March 13, 2024
April 13, 2021
Authorization
Authorization
Authorization
Warrants issued
\u2014
358,760
750,000
Warrants reissued
\u2014
\u2014
65,463
Warrants available for issue
750,000
391,240
\u2014
Warrants available for reissue
\u2014
30,310
38,731
Share Premium
The share premium reserve is comprised of the amount received, attributable to shareholders\u2019 equity,
in\u00a0excess of the nominal amount of the shares issued at the parent company\u2019s offerings, reduced by any
external expenses directly attributable to the offerings. The share premium reserve can be distributed.
Changes in Share Capital During 2023 to 2025
The share capital of DKK 64 million at December 31, 2025, is divided into 64,238,408 shares at a nominal
value of DKK 1 each.
Number of
shares
Share capital
Share capital
Share Price Ranges1
(DKK million)
(USD
million)
December 31, 2022
65,961,573
66
10
Exercise of warrants
112,962
\u2014
\u2014
DKK 815.50 to DKK 1,948.00
December 31, 2023
66,074,535
66
10
Exercise of warrants
112,651
\u2014
\u2014
DKK 962.00 to DKK 1,615.00
December 31, 2024
66,187,186
66
10
Exercise of warrants
128,075
\u2014
\u2014
DKK 962.00 to DKK 1,615.00
Share capital reduction
(2,076,853)
(2)
\u2014
December 31, 2025
64,238,408
64
10
1. New shares were subscribed at share prices in connection with the exercise of warrants under Genmab\u2019s warrant
program.
Treasury Shares
Number of shares
Share capital
(USD million)
Proportion of
share capital %
Cost
(USD million)
Shareholding at
December 31, 2022
589,948
0.1
0.9%
201
Purchase of treasury
shares
220,000
\u2014
0.3%
81
Shares used for funding
RSU program
(65,778)
\u2014
(0.1)%
(18)
Shareholding at
December 31, 2023
744,170
0.1
1.1%
263
Purchase of treasury
shares
2,011,853
0.3
3.0%
560
Shares used for funding
RSU program
(109,016)
\u2014
(0.1)%
(36)
Shareholding at
December 31, 2024
2,647,007
0.4
4.0%
787
Purchase of treasury
shares
2,200,000
0.3
3.3%
430
Shares used for funding
RSU program
(150,749)
\u2014
(0.1)%
(53)
Reduction in share
capital
(2,076,853)
(0.3)
(3.1)%
(572)
Shareholding at
December 31, 2025
2,619,405
0.4
4.1%
592
Share Repurchases
At Genmab\u2019s Annual General Meeting on March 12, 2025, the Board of Directors was authorized to allow
Genmab to acquire treasury shares with a total nominal value of up to 10% of the share capital in the
period until and including March 11, 2030. The purchase price for the relevant shares may not deviate by
more than 10% from the price quoted on Nasdaq Copenhagen at the time of the acquisition. Such shares
may only be acquired to the extent that the Company\u2019s total holding of treasury shares does not at any
time exceed a nominal value of 10% of the share capital. The authorization replaced existing previously
provided authorizations to purchase treasury shares.
As announced on March 25, 2025, Genmab initiated a share buy-back program to reduce capital and to
honor our commitments under the RSU program. During 2025, Genmab acquired 2,200,000 of its own
shares under the program, representing approximately 3.3% of share capital as of December 31, 2024.
The total amount incurred to acquire the shares, including directly attributable costs, was $430 million and
was recognized as a deduction to shareholders\u2019 equity. During 2024, Genmab acquired 2,011,853 of\u00a0its
own shares, representing approximately 3.0% of share capital as of December 31, 2023. The\u00a0total\u00a0amount
paid to acquire the shares, including directly attributable costs, was $560 million and\u00a0was recognized as a
deduction to shareholders\u2019 equity. These shares are classified as treasury shares and are\u00a0presented within
retained earnings on the Consolidated Balance Sheets as of December 31, 2025.
As of December 31, 2025, 3,804,436 shares were available for repurchase and 2,619,405 treasury shares
were held by Genmab.
Share Capital Reduction
At Genmab\u2019s Annual General Meeting on March 12, 2025, the decision was made to reduce the share
capital of nominally DKK 2,076,853 by cancellation of 2,076,853 of the Company\u2019s holding of shares with a
nominal value of DKK 1 each. On April 10, 2025, the capital reduction was registered with the Danish
Business Authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
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, 2025, the share capital of Genmab A/S comprised 64,238,408 shares of DKK 1
each\u00a0with one vote. There are no restrictions related to the transferability of the shares. All shares
are\u00a0regarded as negotiable instruments and do not confer any special rights upon the holder, and
no\u00a0shareholder shall be under an obligation to allow his/her shares to be redeemed.
Genmab\u2019s Board is authorized to increase the share capital by subscription of new shares, issue warrants
to subscribe for shares and raise loans against bonds as well as other financial instruments of\u00a0Genmab A/S
as set out in articles 4A-5B of Genmab A/S\u2019s articles of association. Further, Genmab\u2019s share capital is in
compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq
Copenhagen.
See table below for warrants issued and reissued and warrants available for reissue under active
authorizations as of December 31, 2025:
March 12, 2025
March 13, 2024
April 13, 2021
Authorization
Authorization
Authorization
Warrants issued
\u2014
358,760
750,000
Warrants reissued
\u2014
\u2014
65,463
Warrants available for issue
750,000
391,240
\u2014
Warrants available for reissue
\u2014
30,310
38,731
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
Treasury Shares
Number of shares
Share capital
(USD million)
Proportion of
share capital %
Cost
(USD million)
Shareholding at
December 31, 2022
589,948
0.1
0.9%
201
Purchase of treasury
shares
220,000
\u2014
0.3%
81
Shares used for funding
RSU program
(65,778)
\u2014
(0.1)%
(18)
Shareholding at
December 31, 2023
744,170
0.1
1.1%
263
Purchase of treasury
shares
2,011,853
0.3
3.0%
560
Shares used for funding
RSU program
(109,016)
\u2014
(0.1)%
(36)
Shareholding at
December 31, 2024
2,647,007
0.4
4.0%
787
Purchase of treasury
shares
2,200,000
0.3
3.3%
430
Shares used for funding
RSU program
(150,749)
\u2014
(0.1)%
(53)
Reduction in share
capital
(2,076,853)
(0.3)
(3.1)%
(572)
Shareholding at
December 31, 2025
2,619,405
0.4
4.1%
592
Share Repurchases
At Genmab\u2019s Annual General Meeting on March 12, 2025, the Board of Directors was authorized to allow
Genmab to acquire treasury shares with a total nominal value of up to 10% of the share capital in the
period until and including March 11, 2030. The purchase price for the relevant shares may not deviate by
more than 10% from the price quoted on Nasdaq Copenhagen at the time of the acquisition. Such shares
may only be acquired to the extent that the Company\u2019s total holding of treasury shares does not at any
time exceed a nominal value of 10% of the share capital. The authorization replaced existing previously
provided authorizations to purchase treasury shares.
As announced on March 25, 2025, Genmab initiated a share buy-back program to reduce capital and to
honor our commitments under the RSU program. During 2025, Genmab acquired 2,200,000 of its own
shares under the program, representing approximately 3.3% of share capital as of December 31, 2024.
The total amount incurred to acquire the shares, including directly attributable costs, was $430 million and
was recognized as a deduction to shareholders\u2019 equity. During 2024, Genmab acquired 2,011,853 of\u00a0its
own shares, representing approximately 3.0% of share capital as of December 31, 2023. The\u00a0total\u00a0amount
paid to acquire the shares, including directly attributable costs, was $560 million and\u00a0was recognized as a
deduction to shareholders\u2019 equity. These shares are classified as treasury shares and are\u00a0presented within
retained earnings on the Consolidated Balance Sheets as of December 31, 2025.
As of December 31, 2025, 3,804,436 shares were available for repurchase and 2,619,405 treasury shares
were held by Genmab.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
4.8 - Borrowings
Current
Non-Current
December
31,
December
31,
January 1,
December
31,
December
31,
January 1,
2025
2024
2024
2025
2024
2024
Term Loan A (Secured)
53
\u2014
\u2014
909
\u2014
\u2014
Term Loan B (Secured)
207
\u2014
\u2014
1,707
\u2014
\u2014
Secured Notes
7
\u2014
\u2014
1,434
\u2014
\u2014
Unsecured Notes
6
\u2014
\u2014
951
\u2014
\u2014
Total Borrowings
273
\u2014
\u2014
5,001
\u2014
\u2014
Terms and conditions of borrowings
Interest
Maturity Date
Nominal Value
Term Loan A (Secured)
5.48% Float
December 2030
1,000
Term Loan B (Secured)
6.73% Float
December 2032
2,000
Secured Notes
6.25% Fixed
December 2032
1,500
Unsecured Notes
7.25% Fixed
December 2033
1,000
Total
5,500
1. The interest rate listed is the current percentage as of December 31, 2025, and is subject to change.
Contractual undiscounted cash flows1
Term Loan
A (Secured)
Term Loan
B (Secured)
Secured
Notes
Unsecured
Notes
Total
Payments due
Within 1 year
105
331
90
69
595
1 \u2013 3 years
201
810
188
145
1,344
3 \u2013 5 years
937
442
188
145
1,712
More than 5 years
\u2014
1,008
1,688
1,218
3,914
Total
1,243
2,591
2,154
1,577
7,565
1. With respect to debt, the amounts below combine interest and scheduled amortization payments. Interest on floating
rate debt was calculated based on the interest rate in effect on December 31, 2025.
Te rm Loans
In December 2025, Genmab entered into a credit agreement (the \u201cCredit Agreement\u201d) consisting of a
$1 billion senior secured term A loan facility (the loans thereunder, the \u201cTerm A Loans\u201d) and a $2 billion
senior secured term loan B facility (the loans thereunder, the \u201cTerm B Loans\u201d, together with the Term A
Loans, the \u201cLoans\u201d), and the 2025 Revolving Credit Facility described in the Revolving Credit Facilities
section. The Loans were obtained to contribute to the financing of the acquisition of Merus.
The Term A Loans are subject to financial covenants, with the financial covenant tests on a quarter-end
basis beginning March 31, 2026. The first financial covenant requires that Genmab\u2019s first lien secured
net\u00a0leverage ratio (defined as consolidated first lien debt less unrestricted cash, divided by adjusted
consolidated EBITDA) does not exceed 4.5:1.00 from March 31, 2026 through March 31, 2027, and
3.75:1.00 from the quarter ending June 30, 2027, and thereafter.
The second financial covenant is also tested quarterly beginning on March 31, 2026, and requires that
Genmab\u2019s interest coverage ratio (defined as adjusted consolidated EBITDA, divided by consolidated cash
interest expense) does not fall below 2.00:1.00 from March 31, 2026 through March 31, 2027, 2.50:1.00
from the quarter ending June 30, 2027 through September 30, 2027, and 3.00 :1.00 from the quarter ending
December 31, 2027, and thereafter.
Loans are subject to principal amortization which is reflected in the table above and to mandatory
prepayment in certain circumstances including for asset sales and excess cash flow (as defined in the
Credit Agreement).The Loans are also subject to a mandatory prepayment provision beginning in fiscal
year 2026. After each fiscal year end, if Genmab\u2019s excess cash flow (as defined in the Credit Agreement)
exceeds $150 million, 50% of the excess amount is required to be applied to prepay the Loans. The
required prepayment percentage is reduced to 25% if the net leverage ratio is at or below 2.15 :1.00
but\u00a0above 1.65:1.00, and no excess cash flow prepayment is required if the ratio is at or below 1.65:1.00.
In additional to financial covenants, the Loans contain customary covenants that, among other things,
restrict, with certain exceptions, the ability of each of Genmab and its subsidiaries to incur additional debt,
pay dividends, make certain other restricted payments, incur debt secured by liens, dispose of assets,
engage in consolidations and mergers or sell or transfer all or substantially all of its assets. The Loans also
contain customary events of default, including cross-default provisions relating to other material
indebtedness.
The Loans are secured by a first-priority lien on substantially all assets of Genmab. As of December 31,
2025, Genmab retains ownership and control of the pledged assets, which continue to be recognized in the
Consolidated Balance Sheets. The carrying amount of assets, including goodwill and other intangible
assets, corporate tax receivable, inventory, financial assets, and property and equipment pledged as
collateral for the Loans is $11.1 billion.
Refer to Note 5.5 for detailed information regarding Genmab\u2019s acquisition of Merus.
Notes
In December 2025, Genmab entered into Senior Secured Notes of $1.5 billion and Senior Unsecured
Notes of $1.0 billion (together, the \u201cNotes\u201d). The proceeds were also used to finance the Merus acquisition.
The Senior Secured Notes are backed by the same collateral package as the Loans, while\u00a0the\u00a0Senior
Unsecured Notes are not collateralized. The Notes contain customary events of default, including cross-
default provisions relating to other material indebtedness.
Revolving Credit Facilities
During the fourth quarter of 2024, Genmab entered into an unsecured three-year revolving credit facility
(\u201c2024 Revolving Credit Facility\u201d) of up to $300 million with a syndicate of lenders. During the fourth quarter
of 2025, Genmab terminated the 2024 Revolving Credit Facility. The 2024 Revolving Credit Facility was
undrawn at the date of termination, and no penalties or additional costs were incurred. The\u00a0termination
reflects Genmab\u2019s updated financing strategy and does not impact its liquidity position, as alternative
sources of funding remain available.
During the fourth quarter of 2025, Genmab entered into the Credit Agreement described in the Term Loan
section, which includes a senior secured five-year revolving credit facility (\u201c2025 Revolving Credit Facility\u201d)
of up to $500 million with a syndicate of lenders.
The 2025 Revolving Credit Facility is subject to the same financial covenants and collateral described in
the Term Loans section.
As of December 31, 2025, there were no outstanding amounts due on, nor any usage of, the 2025
Revolving Credit\u00a0Facility.
Genmab intends to use the 2025 Revolving Credit Facility to finance working capital needs, and for general
corporate purposes, of Genmab A/S and its subsidiaries.
Reconciliation of borrowings arising from financing activities
There were no borrowings as of December 31, 2024. Borrowings, net of transaction costs, of $5,247 million
were issued in December 2025 in connection with financing the Merus acquisition. Other than
the\u00a0recognition of accrued interest expense of $27 million, which represents a non-cash movement, there
were no cash or non-cash movements of borrowings for the year ended December 31, 2025.
As\u00a0of\u00a0December 31, 2025, borrowings were $5,274 million.
\"Financials_icon_A.jpg\"
Accounting Policies
Borrowings are financial liabilities that are initially recognized at the fair value of the proceeds received less
transaction costs in the Consolidated Balance Sheets. In subsequent periods these are measured
at\u00a0amortized cost using the effective interest method. Interest expense, including the amortization of
transaction costs and any difference between the initial carrying amount and the redemption amount,
is\u00a0recognized in financial expenses in the Consolidated Statements of Comprehensive Income over the
term of the borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
Te rm Loans
In December 2025, Genmab entered into a credit agreement (the \u201cCredit Agreement\u201d) consisting of a
$1 billion senior secured term A loan facility (the loans thereunder, the \u201cTerm A Loans\u201d) and a $2 billion
senior secured term loan B facility (the loans thereunder, the \u201cTerm B Loans\u201d, together with the Term A
Loans, the \u201cLoans\u201d), and the 2025 Revolving Credit Facility described in the Revolving Credit Facilities
section. The Loans were obtained to contribute to the financing of the acquisition of Merus.
The Term A Loans are subject to financial covenants, with the financial covenant tests on a quarter-end
basis beginning March 31, 2026. The first financial covenant requires that Genmab\u2019s first lien secured
net\u00a0leverage ratio (defined as consolidated first lien debt less unrestricted cash, divided by adjusted
consolidated EBITDA) does not exceed 4.5:1.00 from March 31, 2026 through March 31, 2027, and
3.75:1.00 from the quarter ending June 30, 2027, and thereafter.
The second financial covenant is also tested quarterly beginning on March 31, 2026, and requires that
Genmab\u2019s interest coverage ratio (defined as adjusted consolidated EBITDA, divided by consolidated cash
interest expense) does not fall below 2.00:1.00 from March 31, 2026 through March 31, 2027, 2.50:1.00
from the quarter ending June 30, 2027 through September 30, 2027, and 3.00 :1.00 from the quarter ending
December 31, 2027, and thereafter.
Loans are subject to principal amortization which is reflected in the table above and to mandatory
prepayment in certain circumstances including for asset sales and excess cash flow (as defined in the
Credit Agreement).The Loans are also subject to a mandatory prepayment provision beginning in fiscal
year 2026. After each fiscal year end, if Genmab\u2019s excess cash flow (as defined in the Credit Agreement)
exceeds $150 million, 50% of the excess amount is required to be applied to prepay the Loans. The
required prepayment percentage is reduced to 25% if the net leverage ratio is at or below 2.15 :1.00
but\u00a0above 1.65:1.00, and no excess cash flow prepayment is required if the ratio is at or below 1.65:1.00.
In additional to financial covenants, the Loans contain customary covenants that, among other things,
restrict, with certain exceptions, the ability of each of Genmab and its subsidiaries to incur additional debt,
pay dividends, make certain other restricted payments, incur debt secured by liens, dispose of assets,
engage in consolidations and mergers or sell or transfer all or substantially all of its assets. The Loans also
contain customary events of default, including cross-default provisions relating to other material
indebtedness.
The Loans are secured by a first-priority lien on substantially all assets of Genmab. As of December 31,
2025, Genmab retains ownership and control of the pledged assets, which continue to be recognized in the
Consolidated Balance Sheets. The carrying amount of assets, including goodwill and other intangible
assets, corporate tax receivable, inventory, financial assets, and property and equipment pledged as
collateral for the Loans is $11.1 billion.
Refer to Note 5.5 for detailed information regarding Genmab\u2019s acquisition of Merus.
Notes
In December 2025, Genmab entered into Senior Secured Notes of $1.5 billion and Senior Unsecured
Notes of $1.0 billion (together, the \u201cNotes\u201d). The proceeds were also used to finance the Merus acquisition.
The Senior Secured Notes are backed by the same collateral package as the Loans, while\u00a0the\u00a0Senior
Unsecured Notes are not collateralized. The Notes contain customary events of default, including cross-
default provisions relating to other material indebtedness.
Revolving Credit Facilities
During the fourth quarter of 2024, Genmab entered into an unsecured three-year revolving credit facility
(\u201c2024 Revolving Credit Facility\u201d) of up to $300 million with a syndicate of lenders. During the fourth quarter
of 2025, Genmab terminated the 2024 Revolving Credit Facility. The 2024 Revolving Credit Facility was
undrawn at the date of termination, and no penalties or additional costs were incurred. The\u00a0termination
reflects Genmab\u2019s updated financing strategy and does not impact its liquidity position, as alternative
sources of funding remain available.
During the fourth quarter of 2025, Genmab entered into the Credit Agreement described in the Term Loan
section, which includes a senior secured five-year revolving credit facility (\u201c2025 Revolving Credit Facility\u201d)
of up to $500 million with a syndicate of lenders.
The 2025 Revolving Credit Facility is subject to the same financial covenants and collateral described in
the Term Loans section.
As of December 31, 2025, there were no outstanding amounts due on, nor any usage of, the 2025
Revolving Credit\u00a0Facility.
Genmab intends to use the 2025 Revolving Credit Facility to finance working capital needs, and for general
corporate purposes, of Genmab A/S and its subsidiaries.
Reconciliation of borrowings arising from financing activities
There were no borrowings as of December 31, 2024. Borrowings, net of transaction costs, of $5,247 million
were issued in December 2025 in connection with financing the Merus acquisition. Other than
the\u00a0recognition of accrued interest expense of $27 million, which represents a non-cash movement, there
were no cash or non-cash movements of borrowings for the year ended December 31, 2025.
As\u00a0of\u00a0December 31, 2025, borrowings were $5,274 million.
\"Financials_icon_A.jpg\"
Accounting Policies
Borrowings are financial liabilities that are initially recognized at the fair value of the proceeds received less
transaction costs in the Consolidated Balance Sheets. In subsequent periods these are measured
at\u00a0amortized cost using the effective interest method. Interest expense, including the amortization of
transaction costs and any difference between the initial carrying amount and the redemption amount,
is\u00a0recognized in financial expenses in the Consolidated Statements of Comprehensive Income over the
term of the borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Borrowings are financial liabilities that are initially recognized at the fair value of the proceeds received less
transaction costs in the Consolidated Balance Sheets. In subsequent periods these are measured
at\u00a0amortized cost using the effective interest method. Interest expense, including the amortization of
transaction costs and any difference between the initial carrying amount and the redemption amount,
is\u00a0recognized in financial expenses in the Consolidated Statements of Comprehensive Income over the
term of the borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Borrowings are financial liabilities that are initially recognized at the fair value of the proceeds received less
transaction costs in the Consolidated Balance Sheets. In subsequent periods these are measured
at\u00a0amortized cost using the effective interest method. Interest expense, including the amortization of
transaction costs and any difference between the initial carrying amount and the redemption amount,
is\u00a0recognized in financial expenses in the Consolidated Statements of Comprehensive Income over the
term of the borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
\"Financials_icon_A.jpg\"
Accounting Policies
Borrowings are financial liabilities that are initially recognized at the fair value of the proceeds received less
transaction costs in the Consolidated Balance Sheets. In subsequent periods these are measured
at\u00a0amortized cost using the effective interest method. Interest expense, including the amortization of
transaction costs and any difference between the initial carrying amount and the redemption amount,
is\u00a0recognized in financial expenses in the Consolidated Statements of Comprehensive Income over the
term of the borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
5.1 - Remuneration of the Board of Directors and Executive
Management
The total remuneration of the Board of Directors and Executive Management is as follows:
2025
2024
2023
Wages and salaries
16
15
10
Share-based compensation expenses
30
23
15
Defined contribution plans
1
1
\u2014
Total
47
39
25
The remuneration packages for the Board and Executive Management are described in further detail in
Genmab\u2019s 2025 Compensation Report. The remuneration packages are denominated in DKK, EUR, or
USD. The Compensation Committee of the Board performs an annual review of the remuneration
packages. All incentive and variable remuneration is considered and adopted at the Company\u2019s Annual
General Meeting.
Share-based compensation is included in the Consolidated Statements of Comprehensive Income and
reported in the table above. Share-based compensation expense represents the estimated fair value of the
awards at grant date and does not represent actual cash compensation received by the Board Members or
Executive Management.
Refer to Note 4.6 for additional information regarding Genmab\u2019s share-based compensation programs and
accounting policies.
Remuneration To The Board Of Directors
Base Board Fee
Committee
Fees
Share-Based Compensation Expenses
Total
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
Deirdre P. Connelly
0.2
0.2
0.2
0.1
0.1
0.1
0.3
0.2
0.2
0.6
0.5
0.5
Pernille Erenbjerg
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.1
0.4
0.4
0.3
Anders Gersel Pedersen
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.4
0.3
0.3
Paolo Paoletti
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.2
0.1
0.1
0.3
0.2
0.2
Rolf Hoffmann
0.1
0.1
0.1
0.1
0.1
\u2014
0.2
0.1
0.1
0.4
0.3
0.2
Elizabeth O\u2019Farrell
0.1
0.1
0.1
0.1
0.1
\u2014
0.2
0.2
0.1
0.4
0.4
0.2
Mijke Zachariasse 1
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.2
0.1
0.1
0.3
0.2
0.2
Martin Schultz1
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.2
0.1
\u2014
0.3
0.2
0.1
Takahiro Hamatani 2
\u2014
0.1
0.1
\u2014
\u2014
\u2014
0.1
0.1
\u2014
0.1
0.2
0.1
Michael Kavanagh1
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
\u2014
\u2014
0.2
\u2014
\u2014
Total
1.0
1.0
1.0
0.5
0.5
0.3
1.9
1.2
0.8
3.4
2.7
2.1
1. Employee elected board members were elected at the Annual General Meeting in March 2025.
2. Takahiro Hamatani was replaced by Michael Kavanagh as an employee elected board members at the Annual General Meeting in March 2025.
Refer to the section \u201cBoard of Directors\u201d in Management\u2019s Review for additional information regarding the Board of Directors.
Remuneration To The Executive Management
Base Salary
Defined Contribution Plans
Other Benefits
Annual Cash Bonus
Share-Based Compensation
Expenses
Total
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
2025
2024
2023
Jan van de Winkel
1.5
1.4
1.3
0.3
0.2
0.2
\u2014
\u2014
\u2014
1.5
1.3
1.3
7.4
5.0
3.5
10.7
7.9
6.3
Anthony Pagano
0.7
0.7
0.6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.4
0.4
0.4
3.6
2.4
1.8
4.7
3.5
2.8
Anthony Mancini 3
\u2014
0.4
0.7
\u2014
\u2014
\u2014
\u2014
2.4
\u2014
\u2014
0.4
0.4
0.6
4.2
2.0
0.6
7.4
3.1
Judith Klimovsky
0.8
0.8
0.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.5
0.4
0.4
4.1
2.8
2.0
5.4
4.0
3.1
Tahamtan Ahmadi
0.8
0.7
0.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.5
0.4
0.4
3.9
2.6
1.8
5.2
3.7
2.9
Birgitte Stephensen 1
0.3
0.4
0.4
\u2014
\u2014
\u2014
1.7
\u2014
\u2014
\u2014
0.2
0.2
2.3
1.2
0.8
4.3
1.8
1.4
Christopher Cozic 1
0.5
0.5
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.3
0.3
0.3
2.6
1.6
1.1
3.4
2.4
1.9
Martine van Vugt2
0.5
0.4
0.4
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.3
0.2
0.2
1.5
0.8
0.6
2.4
1.5
1.3
Brad Bailey4
0.6
0.6
\u2014
\u2014
\u2014
\u2014
0.2
0.1
\u2014
0.4
0.3
\u2014
0.9
0.6
\u2014
2.1
1.6
\u2014
Rayne Waller 4
0.7
0.2
\u2014
\u2014
\u2014
\u2014
0.7
0.6
\u2014
0.4
0.1
\u2014
0.9
0.1
\u2014
2.7
1.0
\u2014
Greg Mueller
0.3
\u2014
\u2014
\u2014
\u2014
\u2014
0.9
\u2014
\u2014
0.2
\u2014
\u2014
0.1
\u2014
\u2014
1.5
\u2014
\u2014
Total
6.7
6.1
5.3
0.4
0.3
0.3
3.5
3.1
\u2014
4.5
4.0
3.6
27.9
21.3
13.6
43.0
34.8
22.8
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 \u201cExecutive Management\u201d in Management\u2019s Review for additional information 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\u2019s financial position is estimated to be approximately
$19 million as of December 31, 2025 (2024: $17 million, 2023: $15 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
5.2 - Related Party Disclosures
Genmab\u2019s related parties are its Board, Executive Management, and close members of the
family of these persons.
Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the
members of the Board or members of the Executive Management.
Other than the remuneration and other transactions relating to the Board of Directors and the Executive
Management described in Note 5.1, there were no material related party transactions during 2025, 2024
and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
5.3 - Commitments
Purchase Obligations
Genmab has entered into a number of agreements related to research and development activities that
contain various obligations. These contractual obligations amounted to approximately $608 million as\u00a0of
December 31, 2025 ( 2024 : approximately $403\u00a0million).
Genmab also has certain contingent commitments under license and collaboration agreements that
may\u00a0become due in the future. As of December 31, 2025, these contingent commitments amounted to
approximately $2.7 billion 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 $2.2\u00a0billion as of December 31, 2024.
These\u00a0milestone 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 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 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
5.4 - Fees to Auditors Appointed at the Annual General Meeting
2025
2024
2023
Audit fees
1.7
1.5
0.9
Audit-related fees
0.8
0.3
0.5
Total
2.5
1.8
1.4
Genmab changed auditors from PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC)
to Deloitte Statsautoriseret Revisionspartnerselskab (Deloitte) as Genmab\u2019s new statutory auditor and
independent registered public accounting firm for the fiscal year beginning January 1, 2024, replacing
PwC. As such, fees in the table above reflect those incurred by Deloitte in 2025 and 2024 and\u00a0by
PwC in 2023.
Fees for other services than statutory audit of the financial statements provided by Deloitte amounted to
$0.8 million in 2025, $0.3 million in 2024, and $0.5 million in 2023 , provided by PwC. These services
primarily include agreed-upon procedures, other assurance assessments and reports,
and accounting advice.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
5.5 -\u00a0 Acquisitions
Merus N. V.
On December 12, 2025 Genmab completed the acquisition of 100% of the common shares of Merus,
a\u00a0clinical-stage biotechnology company with its late-stage breakthrough therapy asset petosemtamab
(Peto), which is in Phase 3 development, for $97 per share in an all-cash transaction with a total purchase
price of $8,017 million. The transaction was funded through a combination of cash on hand\u00a0and $5.5 billion
of non-convertible debt financing (Borrowings). Refer to Note 4.8 for detailed information regarding
Genmab\u2019s Borrowings.
The acquisition of Merus does not meet the definition of a business in accordance with IFRS 3 Business
Combinations, therefore, this transaction is accounted for as an asset acquisition since substantially all of
the fair value of the acquired set of assets is concentrated in a single identifiable asset (i.e. Peto). The total
consideration of $8,017 million is allocated to net identifiable assets acquired on a relative fair value basis.
The total consideration for the acquisition of Merus is summarized as follows:
Total
Consideration
Cash paid for outstanding shares
7,359
Cash for equity compensation attributable to pre-modification of equity awards1
596
Cash paid by Genmab directly attributable acquisition related costs 2
62
Total consideration
8,017
1. Includes payments made to Merus option holders which were vested prior to the acquistion date, and therefore related
to pre-acquistion service
2. Includes professional fees related to legal, advisory and due diligence procedures that were directly attributable to the
acquisition of Merus by Genmab
The allocation to net identifiable assets is as follows:
Amounts
Recognized as of
the Acquisition
Date
Cash and cash equivalents
745
Other current assets 1
52
IPR&D intangible asset
6,927
Technology platform intangible asset
369
Licenses and patents
82
Other non-current assets2
29
Non-current contract liabilities
(30)
Current contract liabilities
(21)
Other liabilities3
(136)
\u00a0 Total identifiable net assets
8,017
1. Includes current receivables, marketable securities and prepaid expenses
2. Includes right-of-use assets, property and equipment and other investments.
3. Includes other current payables (primarily accrued expenses for R&D and personnel costs), current lease liabilities and
non-current lease liabilities
Acquisition- and integration-related charges of $185 million incurred from the date of acquisition through
December 31, 2025 are primarily related to professional fees incurred by Merus upon close of the
acquisition ($109 million) and payments to Merus option holders for the portion of the equity payout
attributable to the post-acquisition period ($58 million). These charges were expensed rather than
capitalized as part of purchase consideration because they were not directly attributable to the acquisition
of Merus by Genmab. The remaining expenses of $18 million are primarily integration related charges
incurred from the Acquisition Date through December 31, 2025, which are comprised of professional fees
incurred to assist with the integration of Merus into Genmab\u2019s operations post-acquisition. Acquisition and
integration related charges are presented in Genmab\u2019s Consolidated Statements of Comprehensive
Income.
ProfoundBio, Inc.
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\u2019s lead drug candidate, rinatabart sesutecan (Rina-S). In addition,
Genmab acquired ProfoundBio\u2019s novel ADC technology platforms. Rina-S is a clinical-stage,
FR\u03b1-targeted, TOPO1 ADC, which was in Phase 2 of a Phase 1/2 clinical trial at the time of the acquisition,
for the treatment of ovarian cancer and other FR\u03b1-expressing solid tumors. Based on the data from the
ongoing Phase 1/2 clinical trial Genmab intends to broaden the development plans for Rina-S within
ovarian cancer and other FR\u03b1expressing solid tumors. In January 2024, the FDA granted Fast Track
designation to Rina-S for the treatment of patients with FR\u03b1-expressing high-grade serous or endometrioid
platinum-resistant ovarian cancer.
In addition to payment of $1.72\u00a0billion for all of the outstanding shares of ProfoundBio, Genmab also made
a $199\u00a0million payment to holders of outstanding ProfoundBio equity awards for settlement of such vested
and non-vested awards. Of the $199\u00a0million payment, $187\u00a0million related to the portion of\u00a0awards 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 $11\u00a0million 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\u2019s Consolidated Statements of Comprehensive Income.
The acquisition has been accounted for using the acquisition method of accounting which requires that
assets acquired and liabilities assumed be recognized at their fair values as of the Acquisition Date and
consolidated into Genmab\u2019s Consolidated Balance Sheets. The results of operations for ProfoundBio have
been included in Genmab\u2019s consolidated financial statements from the Acquisition Date. A fair value
measurement has been performed and the purchase price has been allocated to intangible assets,
associated deferred tax liabilities, other assets and liabilities, as well as goodwill being the excess value of
the purchase price over the fair value of assets acquired and liabilities assumed (the purchase price
allocation). Adjustments may be applied to the purchase price allocation for a period of up to 12 months
from the Acquisition Date and was therefore finalized during the second quarter of 2025. 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
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 asset
1,783
The purchase price allocation resulted in the following amounts being allocated to the assets acquired and
liabilities assumed at the Acquisition Date based upon their respective fair values summarized below:
Amounts
Recognized as of
the Acquisition
Date
Cash and cash equivalents
122
Other current assets 1
4
Property and equipment
6
IPR&D intangible asset
1,540
Technology platform intangible asset
181
Other non-current assets2
3
Deferred tax liability
(292)
Other current liabilities 3
(13)
Total identifiable net assets
1,551
Goodwill
354
Total consideration
1,905
1. Includes receivables and other investments.
2. Includes other investments and right-of-use assets.
3. Includes other payables, contract liabilities, lease and other liabilities.
The carrying values of other current assets, property and equipment, other non-current assets and other
current liabilities were determined to approximate their fair values.
The fair value assigned to acquired IPR&D, which was calculated using the multi-period excess earnings
method of the income approach, was based on the present value of expected after-tax cash flows
attributable to Rina-S, which was in Phase 1/2 testing. The present value of expected after-tax cash
flows\u00a0obtainable from Rina-S and assigned to IPR&D was determined by estimating the after-tax costs
to\u00a0complete development of Rina-S into a commercially viable product, estimating future revenue and
ongoing expenses to produce, support and sell Rina-S, on an after-tax basis, and discounting the resulting
net cash flows to present value. The revenue and costs projections used were reduced based on the
probability that compounds at similar stages of development will become commercially viable products.
The rate utilized to discount the net cash flows to their present value reflects the risk associated with the
future earnings attributable to the intangible asset. Acquired IPR&D will be accounted for as an intangible
asset not yet available for use until regulatory approval in a major market\u00a0is received or development is
discontinued.
The fair value of the technology platform intangible asset was calculated using the relief from royalty
method of the income approach. This method includes assigning value based on the economic savings
from owning, rather than in-licensing, the technology platform intangible asset supported by observable
market data for peer companies, then discounting the resulting probability-adjusted net post-tax cash flows
using a discount rate commensurate with the risk associated with the future income or cost savings
attributable to the intangible asset.
The significant assumptions used to estimate the value of the acquired intangible assets include discount
rates and certain assumptions that form the basis of future cash flows (such as probabilities of\u00a0technical
and regulatory success, revenue growth rates, operating margins, and royalty rates).
The excess of purchase price over the fair value amounts assigned to identifiable assets acquired and
liabilities assumed represents the goodwill amount resulting from the acquisition. The goodwill recorded as
part of the acquisition is attributable to the intangible assets that do not qualify for separate recognition at
the time of the acquisition, assembled workforce and deferred tax consequences of the IPR&D and
technology platform intangible asset recorded for financial statement purposes. Genmab does not expect
any portion of this goodwill to be deductible for tax purposes. The goodwill attributable to the acquisition
has been recorded as a non-current asset in Genmab\u2019s Consolidated Balance Sheets and is not
amortized, but is subject to review for impairment annually.
Refer to Note 3.1 for further details related to the accounting for goodwill.
From the Acquisition Date through December 31, 2024, Genmab\u2019s Consolidated Statements of
Comprehensive Income include no revenue and the following expenses associated with the acquisition and
operations of ProfoundBio:
Consolidated Statements of Comprehensive Income (USD million):
Acquisition Date
through December
31, 2024
Research and development expenses
58
Selling, general and administrative expenses
4
Acquisition and integration related charges\u00b9
27
Total
89
1. Acquisition-related charges incurred from the Acquisition Date through December 31, 2024, are comprised of payments
to\u00a0holders of outstanding ProfoundBio equity awards related to post-combination services ($11 million). The remaining
expenses are integration-related charges incurred from the Acquisition Date through December 31, 2024, which are
comprised of professional fees incurred to assist with the integration of ProfoundBio into Genmab\u2019s operations post-
acquisition. Additionally, prior to the Acquisition Date, Genmab recorded $16 million in Acquisition and integration-
related charges in Genmab\u2019s Consolidated Statements of Comprehensive Income related to professional due diligence
procedures in connection with the acquisition of ProfoundBio. The $16 million of Acquisition- and integration-related
charges incurred prior to the Acquisition Date and the $27 million of Acquisition and integration charges incurred from
the Acquisition Date through December 31, 2024 total $43 million through the fourth quarter of 2024.
The following table provides Genmab\u2019s consolidated revenue and net profit for 2024 as if the acquisition of
ProfoundBio had occurred on January 1, 2024:
(USD million)
Twelve Month
Period Ended
December 31,
2024
Revenue
3,121
Net Profit
1,102
The unaudited pro forma information does not necessarily reflect the actual results of operations of the
combined entities that would have been achieved, nor are they necessarily indicative of future results
of\u00a0operations. The unaudited pro forma information reflects certain adjustments that were directly
attributable to the acquisition of ProfoundBio, including additional amortization adjustments for the
fair\u00a0value of the technology platform intangible asset acquired.
As of December 31, 2024, cash and cash equivalents in Genmab\u2019s Consolidated Balance Sheets includes
$30 million of restricted cash balances for funds held in escrow related to the acquisition of ProfoundBio.
\"Financials_icon_A.jpg\"
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 a contingent consideration arrangement. Any amount of the purchase price which effectively
comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is
therefore not included in the consideration for the purpose of applying the acquisition method. Settlements
of pre-existing relationships are accounted for as separate transactions in accordance with the relevant
IFRS standards.
Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date
of acquisition by applying relevant valuation methods. Goodwill is recognized 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.
Asset Acquisitions
The asset acquisition method is applied to account for all transactions that do not meet the definition of a
business in accordance with IFRS 3 Business Combinations.
Genmab applies a \u2018concentration test,\u2019 which is a simplified assessment of whether an acquired set of
activities and assets is not a business. The optional concentration test is met if substantially all of the
fair\u00a0value of the gross assets acquired is concentrated in a single identifiable asset or group of similar
identifiable assets.
At initial recognition, an asset acquisition is measured at cost. Cost comprises the fair value of
consideration transferred plus any directly attributable acquisition-related costs. The cost price is allocated
to the individual identifiable assets acquired and liabilities assumed based on their relative fair\u00a0values at the
acquisition date. No goodwill or deferred taxes are recognized.
Acquisition-related costs that are directly attributable to the acquisition of assets, such as legal, advisory,
and due diligence fees, are capitalized as part of the cost of the acquired assets in accordance with the
relevant IFRS standards (for example, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets).
Subsequent measurement of these assets follows the requirements of the relevant IFRS standards
applicable to each asset class.
\"Financials_icon_B.jpg\"
Management\u2019s Judgements and Estimates \u2013
Other Intangible Assets and Goodwill
Fair Value and Impairment Assessment of Other Intangible Assets and Goodwill
The application of the acquisition method for a business combination as well as allocation of fair value
through an asset acquisition involve the use of significant estimates because the identifiable net assets of
the acquiree are recognized at their fair values for which observable market prices are typically not
available. This is particularly relevant for intangible assets which require use of valuation techniques
typically based on estimates of present value of future uncertain cash flows. The significant assumptions
used to estimate the value of the acquired intangible assets include discount rates and certain assumptions
that form the basis of future cash flows (such as probabilities of technical and regulatory success, revenue
growth rates, operating margins, and royalty rates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
\"Financials_icon_A.jpg\"
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 a contingent consideration arrangement. Any amount of the purchase price which effectively
comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is
therefore not included in the consideration for the purpose of applying the acquisition method. Settlements
of pre-existing relationships are accounted for as separate transactions in accordance with the relevant
IFRS standards.
Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date
of acquisition by applying relevant valuation methods. Goodwill is recognized 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.
Asset Acquisitions
The asset acquisition method is applied to account for all transactions that do not meet the definition of a
business in accordance with IFRS 3 Business Combinations.
Genmab applies a \u2018concentration test,\u2019 which is a simplified assessment of whether an acquired set of
activities and assets is not a business. The optional concentration test is met if substantially all of the
fair\u00a0value of the gross assets acquired is concentrated in a single identifiable asset or group of similar
identifiable assets.
At initial recognition, an asset acquisition is measured at cost. Cost comprises the fair value of
consideration transferred plus any directly attributable acquisition-related costs. The cost price is allocated
to the individual identifiable assets acquired and liabilities assumed based on their relative fair\u00a0values at the
acquisition date. No goodwill or deferred taxes are recognized.
Acquisition-related costs that are directly attributable to the acquisition of assets, such as legal, advisory,
and due diligence fees, are capitalized as part of the cost of the acquired assets in accordance with the
relevant IFRS standards (for example, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets).
Subsequent measurement of these assets follows the requirements of the relevant IFRS standards
applicable to each asset class.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
\"Financials_icon_A.jpg\"
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 a contingent consideration arrangement. Any amount of the purchase price which effectively
comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is
therefore not included in the consideration for the purpose of applying the acquisition method. Settlements
of pre-existing relationships are accounted for as separate transactions in accordance with the relevant
IFRS standards.
Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date
of acquisition by applying relevant valuation methods. Goodwill is recognized 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.
Asset Acquisitions
The asset acquisition method is applied to account for all transactions that do not meet the definition of a
business in accordance with IFRS 3 Business Combinations.
Genmab applies a \u2018concentration test,\u2019 which is a simplified assessment of whether an acquired set of
activities and assets is not a business. The optional concentration test is met if substantially all of the
fair\u00a0value of the gross assets acquired is concentrated in a single identifiable asset or group of similar
identifiable assets.
At initial recognition, an asset acquisition is measured at cost. Cost comprises the fair value of
consideration transferred plus any directly attributable acquisition-related costs. The cost price is allocated
to the individual identifiable assets acquired and liabilities assumed based on their relative fair\u00a0values at the
acquisition date. No goodwill or deferred taxes are recognized.
Acquisition-related costs that are directly attributable to the acquisition of assets, such as legal, advisory,
and due diligence fees, are capitalized as part of the cost of the acquired assets in accordance with the
relevant IFRS standards (for example, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets).
Subsequent measurement of these assets follows the requirements of the relevant IFRS standards
applicable to each asset class.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
Acquisition-related costs that are directly attributable to the acquisition of assets, such as legal, advisory,
and due diligence fees, are capitalized as part of the cost of the acquired assets in accordance with the
relevant IFRS standards (for example, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
5.7 - Contingencies
Legal Contingency
Chugai Patent Infringement Complaint
In 2024, Chugai filed a lawsuit in the Tokyo District Court in Japan against AbbVie\u2019s and Genmab\u2019s
Japanese subsidiaries asserting that their activities with EPKINLY (epcoritamab) in Japan infringe two
Japanese patents held by Chugai claiming damages and injunctive relief. In September 2025, Chugai filed
two further lawsuits in the same court, against the same parties and with similar assertions, based on two
newly granted Japanese patents held by Chugai which are similar to the patents from the original\u00a0lawsuit.
Genmab and AbbVie believe that the four 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.
AbbVie Rina-S Trade Secret Complaint
During the first quarter of 2025, AbbVie filed a complaint in the U.S. District Court for the Western District of
Washington (Seattle) naming Genmab A/S; ProfoundBio US Co.; ProfoundBio (Suzhou) Co., Ltd.; and
former AbbVie employees as defendants. AbbVie alleges that the defendants have misappropriated
AbbVie\u2019s alleged trade secrets relating to the use of disaccharides to improve the hydrophilicity of drug-
linkers in ADCs in connection with Rina-S and other ADC pipeline products of ProfoundBio. AbbVie is
seeking damages and broad injunctive relief. AbbVie is not asserting or enforcing any patent rights against
the defendants, and to Genmab\u2019s knowledge, AbbVie has not pursued any development of products
incorporating their alleged trade secrets. During the fourth quarter of 2025, AbbVie filed a complaint with
the U.S. International Trade Commission (ITC) under Section 337 of the Tariff Act against ProfoundBio US
Co.; ProfoundBio (Suzhou) Co., Ltd.; Genmab A/S; Genmab B.V.; and Genmab US, Inc., seeking to
exclude certain antibody drug conjugate products from importation into the United States. The district court
action has since been stayed. The ITC complaint is based on allegations that are substantially similar to
those asserted in the Washington district court action.
Genmab categorically refutes these allegations and will vigorously defend the Company against AbbVie\u2019s
claims, and thus no provision has been recorded related to this matter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
5.8 - Subsequent Events
No events have occurred subsequent to the balance sheet date that could significantly affect the
consolidated financial statements as of December 31, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "Carl Jacobsens Vej 30 2500 Valby", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900MTJPDPE4MHJ122", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }