Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 1/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 2/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 3/38 CVR no. 2102 3884 |
CONTENTS | |
MANAGEMENT’S REVIEW | |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 4/38 CVR no. 2102 3884 |
(USD million, unless otherwise indicated) | Three Months Ended March 31, | Full Year | |||||
Income Statement | 2026 | 2025 | 2025 | ||||
Revenue | $896 | $715 | $3,720 | ||||
Cost of product sales | (65) | (42) | (238) | ||||
Research and Development expenses | (440) | (359) | (1,606) | ||||
Selling, general and administrative expenses | (166) | (126) | (626) | ||||
Acquisition and integration related charges | (45) | — | (185) | ||||
Total costs and operating expenses | (716) | (527) | (2,655) | ||||
Operating profit | 180 | 188 | 1,065 | ||||
Net financial items | (106) | 56 | 139 | ||||
Net profit | $53 | $195 | $963 | ||||
Balance Sheet | |||||||
Total non-current assets | $9,803 | $2,549 | $9,988 | ||||
Marketable securities | — | 1,607 | — | ||||
Cash and cash equivalents | 1,521 | 1,619 | 1,715 | ||||
Total assets | 12,376 | 6,586 | 12,873 | ||||
Borrowings | 5,208 | — | 5,274 | ||||
Share capital | 10 | 10 | 10 | ||||
Shareholders' equity | $5,682 | $5,296 | $5,847 | ||||
Cash Flow Statement | |||||||
Investment in acquisitions, net of cash acquired | $— | $— | $(7,215) | ||||
Net cash provided by operating activities | 3 | 287 | 1,186 | ||||
Net cash (used in) investing activities | (9) | (43) | (5,643) | ||||
Net cash (used in) financing activities | (177) | (13) | 4,789 | ||||
Investment in intangible assets | — | (18) | (18) | ||||
Investment in tangible assets | $(5) | $(12) | $(37) | ||||
Financial Ratios and Other Information | |||||||
Basic net profit per share | $0.84 | $3.06 | $15.50 | ||||
Diluted net profit per share | $0.83 | $3.05 | $15.37 | ||||
Period-end share market price (DKK per share) | 1,713.00 | 1,340.00 | 2,027.00 | ||||
Price/book value | $3.01 | $2.53 | $3.47 | ||||
Shareholders' equity per share | $568.20 | $529.60 | $584.70 | ||||
Equity ratio | 46% | 80% | 45% | ||||
Shares outstanding | 64,243,333 | 66,197,244 | 64,238,408 | ||||
Average number of employees (FTE*) | |||||||
Number of employees (FTE) at the end of the period | 3,088 | 2,638 | 3,029 | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 5/38 CVR no. 2102 3884 |
(USD million) | 2026 Guidance² | 2026 Guidance Mid- Point² | |
Revenue | 4,065 - 4,395 | 4,230 | |
Royalties | 3,440 - 3,685 | 3,563 | |
Net product sales/Collaboration revenue¹ | 490 - 555 | 522 | |
Milestones/Reimbursement revenue | 135 - 155 | 145 | |
Gross profit | 3,810 - 4,110 | 3,960 | |
Operating expenses | (2,710) - (2,910) | (2,810) | |
Operating profit | 900 - 1,400 | 1,150 | |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 6/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 7/38 CVR no. 2102 3884 |
Approved Product | Target | Developed By | Disease Indication2 | |
EPKINLY (epcoritamab-bysp, epcoritamab) TEPKINLY (epcoritamab) | CD3xCD20 | Co-development Genmab/AbbVie | Approved in multiple territories including in the U.S. and Europe for adult patients with relapsed or refractory DLBCL after two or more lines of systemic therapy and in Japan for adult patients with certain types of relapsed or refractory large B-cell lymphoma (LBCL) after two or more lines of therapy | |
Approved in multiple territories including the U.S., Europe and Japan for adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy. Approved in multiple territories including the U.S. in combination with rituximab and lenalidomide (R2) for the treatment of adult patients with relapsed or refractory FL, following at least one prior systemic therapy. | ||||
Tivdak (tisotumab vedotin- tftvm, tisotumab vedotin) | Tissue factor (TF) | Co-development Genmab/Pfizer | Approved in territories including the U.S., Europe and Japan for adult patients with recurrent/ metastatic cervical cancer with disease progression on or after chemotherapy. |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 8/38 CVR no. 2102 3884 |
Product | Developed By | Technology | Disease Indications | Most Advanced Development Phase | |||||||
Preclinical | 1 | 2 | 3 | ||||||||
Epcoritamab | Co-development Genmab/AbbVie | DuoBody® | Relapsed/refractory DLBCL | ||||||||
Relapsed/refractory FL | |||||||||||
1L DLBCL | |||||||||||
1L FL | |||||||||||
NHL | |||||||||||
Relapsed/refractory CLL & Richter's Syndrome | |||||||||||
Aggressive mature B-cell neoplasms in pediatric patients | |||||||||||
Rinatabart Sesutecan (Rina-S, GEN1184) | Genmab | ADC | 2L+ PROC | ||||||||
2L+ Endometrial cancer | |||||||||||
2L PSOC maintenance | |||||||||||
NSCLC | |||||||||||
Solid tumors | |||||||||||
Petosemtamab | Genmab | Biclonics® | 1L HNSCC | ||||||||
2L / 3L HNSCC | |||||||||||
Advanced solid tumors including mCRC | |||||||||||
1L NSCLC with pembrolizumab | |||||||||||
GEN1059 (BNT314) | Co-development Genmab/ BioNTech SE (BioNTech) | DuoBody | Solid tumors | ||||||||
mCRC, in combination with pumitamig/ chemo | |||||||||||
GEN1057 | Genmab | DuoBody | Malignant solid tumors | ||||||||
GEN3018 | Genmab | DuoBody | Relapsed or refractory AML or HR-MDS | ||||||||
GEN1079 | Genmab | DuoHexa- Body® | Advanced solid tumors | ||||||||
GEN1106 | Genmab | ADC | Solid tumors | ||||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 9/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 10/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 11/38 CVR no. 2102 3884 |
Approved Product | Discovered and/or Developed/ Marketed By | Disease Indication(s)2 | |
DARZALEX (daratumumab)/DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) | J&J (Royalties to Genmab on global net sales) | Multiple myeloma | |
Light-chain (AL) Amyloidosis | |||
Kesimpta (ofatumumab) | Novartis (Royalties to Genmab on global net sales) | Relapsing multiple sclerosis (RMS) | |
TEPEZZA (teprotumumab-trbw) | Amgen (under sublicense from Roche, royalties to Genmab on global net sales) | Thyroid eye disease (TED) | |
RYBREVANT (amivantamab/amivantamab-vmjw)/ RYBREVANT FASPROTM (amivantamab and hyaluronidase- lpuj) | J&J (Royalties to Genmab on global net sales) | Advanced NSCLC with certain EGFR mutations | |
TECVAYLI (teclistamab/teclistamab cqyv) | J&J (Royalties to Genmab on global net sales) | Relapsed and refractory multiple myeloma | |
TALVEY (talquetamab/talquetamab-tgvs) | J&J (Royalties to Genmab on global net sales) | Relapsed and refractory multiple myeloma | |
BIZENGRI (zenocutuzumab-zbco) | Partner Therapeutics, Inc. (part of Genmab’s acquisition of Merus, royalties to Genmab on U.S. net sales) | Pancreatic adenocarcinoma and NSCLC that are advanced, unresectable or metastatic and harbor NRG1 gene fusions |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 12/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 13/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 14/38 CVR no. 2102 3884 |
Three Months Ended March 31, | ||||||
2026 | 2025 | |||||
Royalties | $742 | $589 | ||||
Net product sales | 116 | 75 | ||||
Reimbursement revenue | 8 | 23 | ||||
Milestone revenue | 16 | 12 | ||||
Collaboration revenue | 14 | 16 | ||||
Total revenue | $896 | $715 | ||||
Three Months Ended March 31, | ||||||
2026 | 2025 | |||||
DARZALEX | $562 | $450 | ||||
Kesimpta | 116 | 90 | ||||
TEPEZZA | 26 | 25 | ||||
Other | 38 | 24 | ||||
Total royalties | $742 | $589 | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 15/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 16/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 17/38 CVR no. 2102 3884 |
Three Months Ended March 31, | ||||||
2026 | 2025 | |||||
Interest and other financial income | $14 | $33 | ||||
Gain on marketable securities | — | 26 | ||||
Foreign exchange rate gain | 30 | 42 | ||||
Total financial income | $44 | $101 | ||||
Interest and other financial expenses | $(4) | $(5) | ||||
Interest expense on borrowings | (89) | — | ||||
Amortization expense on borrowings | (19) | — | ||||
Loss on marketable securities | — | (7) | ||||
Loss on other investments, net | — | (2) | ||||
Foreign exchange rate loss | (38) | (31) | ||||
Total financial expenses | $(150) | $(45) | ||||
Net financial items | $(106) | $56 | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 18/38 CVR no. 2102 3884 |
March 31, 2026 | December 31, 2025 | ||||
Cash and cash equivalents | $1,521 | $1,715 | |||
Shareholders' equity | $5,682 | $5,847 | |||
Non-current borrowings | $4,933 | $5,001 | |||
Current borrowings | $275 | $273 |
Three Months Ended March 31, | |||||||
2026 | 2025 | Change | |||||
Net cash provided by operating activities | $3 | $287 | $(284) | ||||
Net cash (used in) investing activities | $(9) | $(43) | $34 | ||||
Net cash (used in) financing activities | $(177) | $(13) | $(164) | ||||
Increase (decrease) in cash and cash equivalents | $(183) | $231 | $(414) | ||||
Exchange Rate adjustments | $(11) | $8 | $(19) | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 19/38 CVR no. 2102 3884 |
Three Months Ended March 31, | |||||
Employees | 2026 | 2025 | |||
Research and development employees | 2,027 | 1,837 | |||
Selling, general and administrative employees | 1,061 | 801 | |||
Total employees | 3,088 | 2,638 | |||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 20/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 21/38 CVR no. 2102 3884 |
Three Months Ended March 31, | ||||||
(USD million) | Note | 2026 | 2025 | |||
Revenue | 2 | $ | $ | |||
Cost of product sales | ( | ( | ||||
Research and development expenses | ( | ( | ||||
Selling, general and administrative expenses | ( | ( | ||||
Acquisition and integration related charges | ( | |||||
Total costs and operating expenses | $( | $( | ||||
Operating profit | $ | $ | ||||
Financial income | 5 | |||||
Financial expenses | 5 | ( | ( | |||
Net profit before tax | $ | $ | ||||
Corporate tax | ( | ( | ||||
Net profit | $ | $ | ||||
Other comprehensive income: | ||||||
Amounts which may be re-classified to the income statement: | ||||||
Exchange differences on translation of foreign operations | ( | |||||
Cash flow hedges: | ||||||
Gross deferred gains/(losses) on cash flow hedges | 8 | |||||
Deferred tax benefit (expense) on cash flow hedges | 8 | ( | ||||
Deferred gains/(losses) on cash flow hedges, net of tax | 8 | |||||
Total comprehensive income | $( | $ | ||||
Basic net profit per share | $ | $ | ||||
Diluted net profit per share | $ | $ | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 22/38 CVR no. 2102 3884 |
March 31, 2026 | December 31, 2025 | |||||
(USD million) | Note | |||||
ASSETS | ||||||
Goodwill | 3 | $ | $ | |||
Other intangible assets | 3 | |||||
Property and equipment | ||||||
Right-of-use assets | ||||||
Receivables & other non-current assets | 8,9 | |||||
Deferred tax assets | ||||||
Other investments | 4 | |||||
Total non-current assets | $ | $ | ||||
Corporate tax receivable | ||||||
Inventories | ||||||
Receivables & other current assets | 8,9 | |||||
Cash and cash equivalents | ||||||
Total current assets | $ | $ | ||||
Total assets | $ | $ | ||||
SHAREHOLDERS’ EQUITY AND LIABILITIES | ||||||
Share capital | ||||||
Share premium | ||||||
Other reserves | ( | ( | ||||
Retained earnings | ||||||
Total shareholders' equity | $ | $ | ||||
Borrowings | 7 | |||||
Lease liabilities | ||||||
Contract liabilities | 2 | |||||
Deferred tax liabilities | ||||||
Other payables | 10 | |||||
Total non-current liabilities | $ | $ | ||||
Borrowings | 7 | |||||
Corporate tax payable | ||||||
Lease liabilities | ||||||
Contract liabilities | 2 | |||||
Other payables | 10 | |||||
Total current liabilities | $ | $ | ||||
Total liabilities | $ | $ | ||||
Total shareholders' equity and liabilities | $ | $ | ||||
Share-based payments | 6 | |||||
Related parties | 11 | |||||
Contingencies | 12 | |||||
Subsequent events to the balance sheet date | 13 | |||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 23/38 CVR no. 2102 3884 |
Three Months Ended March 31, | ||||||
(USD million) | Note | 2026 | 2025 | |||
Net profit before tax | $ | $ | ||||
Financial income | 5 | ( | ( | |||
Financial expenses | 5 | |||||
Adjustments for non-cash transactions | ||||||
Share-based compensation expense | 6 | |||||
Depreciation | ||||||
Amortization | 3 | |||||
Impairment charges | 3 | |||||
Change in operating assets and liabilities: | ||||||
Receivables | ||||||
Inventories | ( | ( | ||||
Contract Liabilities | 2 | ( | ||||
Other payables | ( | ( | ||||
Cash flows from operating activities before financial items | $ | $ | ||||
Interest received | ||||||
Interest elements of lease payments | ( | ( | ||||
Interest paid | 7 | ( | ||||
Corporate taxes paid | ( | ( | ||||
Net cash provided by operating activities | $ | $ | ||||
Investment in intangible assets | 3 | ( | ||||
Investment in tangible assets | ( | ( | ||||
Marketable securities bought | ( | |||||
Marketable securities sold | ||||||
Other investments bought | 4 | ( | ( | |||
Net cash (used in) investing activities | $( | $( | ||||
Warrants exercised | ||||||
Principal elements of lease payments | ( | ( | ||||
Purchase of treasury shares | 6 | ( | ||||
Payment of withholding taxes on behalf of employees on net settled RSUs | ( | ( | ||||
Principal repayments on borrowings | 7 | ( | ||||
Net cash (used in) financing activities | $( | $( | ||||
Change in cash and cash equivalents | $( | $ | ||||
Cash and cash equivalents at the beginning of the period | ||||||
Exchange rate adjustments | ( | |||||
Cash and cash equivalents at the end of the period | $ | $ | ||||
Cash and cash equivalents include: | ||||||
Bank deposits | ||||||
Short-term marketable securities | ||||||
Cash and cash equivalents at the end of the period | $ | $ | ||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 24/38 CVR no. 2102 3884 |
Share | Share | Other | Retained | Shareholders' | ||||||||
(USD million) | Note | capital | premium | reserves | earnings | equity | ||||||
Balance at December 31, 2024 | $ | $ | $( | $ | $ | |||||||
Net profit | ||||||||||||
Other comprehensive income | ||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | |||||||
Transactions with owners: | ||||||||||||
Exercise of warrants | ||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||
Share-based compensation expenses | ||||||||||||
Withholding taxes on behalf of employees on net settled RSUs | ( | ( | ||||||||||
Balance at March 31, 2025 | $ | $ | $( | $ | $ | |||||||
Balance at December 31, 2025 | $ | $ | $( | $ | $ | |||||||
Net profit | ||||||||||||
Other comprehensive income | ( | ( | ||||||||||
Total comprehensive income | ( | ( | ||||||||||
Transactions with owners: | ||||||||||||
Exercise of warrants | 6 | |||||||||||
Purchase of treasury shares | 6 | ( | ( | |||||||||
Share-based compensation expenses | 6 | |||||||||||
Withholding taxes on behalf of employees on net settled RSUs | ( | ( | ||||||||||
Balance at March 31, 2026 | $ | $ | $( | $ | $ | |||||||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 25/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 26/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 27/38 CVR no. 2102 3884 |
Three Months Ended March 31, | |||||
2026 | 2025 | ||||
Revenue by type: | |||||
Royalties | $742 | $589 | |||
Net product sales | 116 | 75 | |||
Reimbursement revenue | 8 | 23 | |||
Milestone revenue | 16 | 12 | |||
Collaboration revenue | 14 | 16 | |||
Total | $896 | $715 | |||
Revenue by collaboration partner: | |||||
J&J | $592 | $481 | |||
Roche | 26 | 25 | |||
Novartis | 117 | 91 | |||
BioNTech | — | 19 | |||
Pfizer | 16 | 19 | |||
Incyte*** | 13 | — | |||
Other | 16 | 5 | |||
Total* | $780 | $640 | |||
Royalties by product: | |||||
DARZALEX | $562 | $450 | |||
Kesimpta | 116 | 90 | |||
TEPEZZA | 26 | 25 | |||
Other** | 38 | 24 | |||
Total | $742 | $589 | |||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 28/38 CVR no. 2102 3884 |
Goodwill | Licenses and Patents | Technology Platform | Acquired IPR&D | Total Intangible Assets | ||||||
March 31, 2026 | ||||||||||
Cost at the beginning of the period | $355 | $268 | $550 | $8,474 | $9,647 | |||||
Effect of exchange rate adjustment | — | (2) | (8) | (152) | (162) | |||||
Cost at the end of the period | $355 | $266 | $542 | $8,322 | $9,485 | |||||
Amortization and impairment losses at the beginning of the period | — | 148 | 21 | — | 169 | |||||
Amortization for the period | — | 3 | 10 | — | 13 | |||||
Amortization and impairment losses at the end of the period | — | 151 | 31 | — | 182 | |||||
Carrying amount at the end of the period | $355 | $115 | $511 | $8,322 | $9,303 | |||||
December 31, 2025 | ||||||||||
Cost at the beginning of the year | $355 | $149 | $180 | $1,532 | $2,216 | |||||
Additions during the year | — | 115 | 369 | 6,927 | 7,411 | |||||
Effect of exchange rate adjustment | — | 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 | — | 126 | 7 | — | 133 | |||||
Amortization for the year | — | 2 | 14 | — | 16 | |||||
Impairment losses for the year | — | 18 | — | — | 18 | |||||
Effect of exchange rate adjustment | — | 2 | — | — | 2 | |||||
Amortization and impairment losses at the end of the year | — | 148 | 21 | — | 169 | |||||
Carrying amount at the end of the year | $355 | $120 | $529 | $8,474 | $9,478 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 29/38 CVR no. 2102 3884 |
Note | March 31, 2026 | December 31, 2025 | |||||||
Assets Measured at Fair Value | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate swaps | 1,8 | — | 5 | — | 5 | — | — | — | — |
Other investments | 8 | 2 | 30 | 40 | 9 | 2 | 26 | 37 | |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 30/38 CVR no. 2102 3884 |
Other Investments | |
Fair value at December 31, 2024 | 25 |
Acquisitions | 1 |
Fair value changes | (2) |
Fair value at March 31, 2025 | 24 |
Acquisitions | 3 |
Fair value changes | (1) |
Fair value at December 31, 2025 | 26 |
Acquisitions | 4 |
Fair value changes | — |
Fair value at March 31, 2026 | 30 |
Three Months Ended March 31, | |||||
2026 | 2025 | ||||
Financial income: | |||||
Interest and other financial income | $14 | $33 | |||
Gain on marketable securities | — | 26 | |||
Foreign exchange rate gain | 30 | 42 | |||
Total financial income | $44 | $101 | |||
Financial expenses: | |||||
Interest and other financial expenses | $(4) | $(5) | |||
Interest expense on borrowings | (89) | — | |||
Amortization expense on borrowings | (19) | — | |||
Loss on marketable securities | — | (7) | |||
Loss on other investments, net | — | (2) | |||
Foreign exchange rate loss | (38) | (31) | |||
Total financial expenses | $(150) | $(45) | |||
Net financial items | $(106) | $56 | |||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 31/38 CVR no. 2102 3884 |
Three Months Ended | ||||
March 31, | ||||
2026 | 2025 | |||
RSUs granted | 625,514 | 633,505 | ||
Weighted average fair value per RSU granted (DKK) | 1,858.26 | 1,602.57 | ||
RSUs vested | 150,763 | 168,850 | ||
Three Months Ended | ||||
March 31, | ||||
2026 | 2025 | |||
Warrants granted | 493,796 | 526,694 | ||
Weighted average exercise price per warrant granted (DKK) | 1,861.83 | 1,605.64 | ||
Weighted average Black-Scholes fair value per warrant granted (DKK) | 598.00 | 500.66 | ||
Warrants exercised | 12,313 | 10,058 | ||
Weighted average exercise price on date of grant per warrant exercised (DKK) | 1,385.31 | 1,138.01 | ||
% change in share capital - warrants exercised | 0.02% | 0.02% | ||
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 32/38 CVR no. 2102 3884 |
Current | Non-Current | ||||||||
March 31, | December 31, | March 31, | December 31, | ||||||
2026 | 2025 | 2026 | 2025 | ||||||
Term Loan A (Secured) | $50 | $53 | $900 | $909 | |||||
Term Loan B (Secured) | 225 | 207 | 1,645 | 1,707 | |||||
Secured Notes | — | 7 | 1,436 | 1,434 | |||||
Unsecured Notes | — | 6 | 952 | 951 | |||||
Total Borrowings | $275 | $273 | $4,933 | $5,001 | |||||
Term Loan A | Term Loan B | Secured Notes | Unsecured Notes | Total | |
Beginning Balance as of 12/31/2025 | 962 | 1,914 | 1,441 | 957 | 5,274 |
Accrued interest | (2) | (7) | (7) | (6) | (22) |
Principal repayments | (13) | (50) | — | — | (63) |
Amortization of deferred financing fees | 3 | 13 | 2 | 1 | 19 |
Ending Balance as of 3/31/2026 | 950 | 1,870 | 1,436 | 952 | 5,208 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 33/38 CVR no. 2102 3884 |
Effective Date | Nominal Amount | Fixed Rate | Index | Actual Termination Date | Location of Financial Instrument in Condensed Consolidated Balance Sheets | |
Interest rate swap | 1/16/2026 | $406 | 3.3960% | 3 Month SOFR rate | 6/30/2028 | Receivables & other non-current assets and Receivables & other current assets |
Interest rate swap | 1/27/2026 | $406 | 3.4885% | 3 Month SOFR rate | 6/30/2028 | Receivables & other non-current assets and Receivables & other current assets |
Interest rate swap | 2/9/2026 | $406 | 3.3625% | 3 Month SOFR rate | 6/30/2028 | Receivables & other non-current assets and Receivables & other current assets |
Interest rate swap | 2/12/2026 | $406 | 3.3355% | 3 Month SOFR rate | 6/30/2028 | Receivables & other non-current assets and Receivables & other current assets |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 34/38 CVR no. 2102 3884 |
Carrying Value | Opening Balance January 1, 2026 | Fair Value (gain)/loss deferred to OCI | Fair Value (gain)/loss reclassified to profit or loss | Closing Balance March 31, 2026 | Location when reclassified to profit or loss | |
Cash flow hedges - Interest rate risk | ||||||
Interest rate swaps | (5) | — | (5) | — | (5) | Financial Expense |
March 31, | December 31. | ||
2026 | 2025 | ||
Receivables related to collaboration agreements | $755 | $907 | |
Trade receivables related to product sales | 106 | 96 | |
Prepayments | 82 | 65 | |
Interest receivables | 3 | 4 | |
Interest rate swaps | 5 | — | |
Other receivables and assets | 39 | 62 | |
Total | $990 | $1,134 | |
Receivables and other assets - non-current | $22 | $22 | |
Receivables and other assets - current | 968 | 1,112 | |
Total | $990 | $1,134 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 35/38 CVR no. 2102 3884 |
March 31, | December 31, | ||
2026 | 2025 | ||
Liabilities related to collaboration agreements | $81 | $79 | |
Staff cost liabilities | 81 | 171 | |
Accounts payable | 183 | 145 | |
Accrued R&D | 355 | 410 | |
Accrued interest on borrowings | 54 | — | |
Other liabilities | 112 | 269 | |
Total | $866 | $1,074 | |
Non-current other payables | $5 | $5 | |
Current other payables | 861 | 1,069 | |
Total | $866 | $1,074 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 36/38 CVR no. 2102 3884 |
Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: +45 7020 2728 www.genmab.com | Company Announcement no. 25 Page 37/38 CVR no. 2102 3884 |
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Genmab A/S Carl Jacobsens Vej 30 2500 Valby, Denmark | Tel: |