ge-2026-03-31-en


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

99.1

Genmab Announces Financial Results for the First Quarter of 2026

May 7, 2026 Copenhagen, Denmark;

Interim Report for the Three Months Ended March 31, 2026

Highlights

• Genmab revenue increased 25% compared to the first three months of 2025, to $896 million

• FDA approved an sBLA to remove the recommendation for 24-hour hospitalization for patients

with third line plus relapsed/refractory DLBCL

• Remained focused on disciplined investment in our late-stage portfolio, EPKINLY^®

(epcoritamab), Rina-S^®, and petosemtamab, including launch readiness

“We made tangible progress in the first quarter as we continue to integrate Merus™ and advance our late-stage

portfolio - EPKINLY, Rina-S and petosemtamab. Across the business, our focus remained on disciplined

execution, progressing these programs toward key readouts and preparing for potential launches to have an

impact on more patients,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Three Months of 2026

• Revenue was $896 million for the first three months of 2026 compared to $715 million for the first three

months of 2025. The increase of $181 million, or 25%, was primarily driven by higher DARZALEX^® and

Kesimpta^® royalties achieved under our collaborations with Johnson & Johnson (J&J) and Novartis

Pharma AG (Novartis), respectively, and higher EPKINLY net product sales.

• Royalty revenue was $742 million in the first three months of 2026 compared to $589 million in the first

three months of 2025, an increase of $153 million, or 26%. The increase in royalties was driven by

higher net sales of DARZALEX and Kesimpta.

• Net sales of DARZALEX, including sales of the subcutaneous (SC) product (daratumumab and

hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO^® in the U.S.) by J&J were $3,964

million in the first three months of 2026 compared to $3,237 million in the first three months of 2025, an

increase of $727 million or 22%.

• Cost of product sales were $65 million for the first three months of 2026 compared to $42 million for the

first three months of 2025. The increase of $23 million, or 55%, was primarily driven by the profit-

sharing amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.

• Operating expenses, excluding Acquisition and integration related charges, were $606 million for the

first three months of 2026 compared to $485 million for the first three months of 2025. The increase of

$121 million, or 25%, was primarily driven by the expansion of our product pipeline, including

advancement of Rina-S and petosemtamab, and the continued investment in Genmab’s global

commercialization capabilities to prepare for the upcoming projected launches of Rina-S and

petosemtamab.

• Acquisition and integration related charges, which related primarily to severance and retention in

connection with the acquisition of Merus, were $45 million in the first three months of 2026.

• Amortization of acquired intangible assets was $12 million for the first three months of 2026 compared

to $3 million for the first three months of 2025. The increase of $9 million, was primarily driven by the

amortization of the Merus technology platform acquired in December 2025.

• Operating profit was $180 million in the first three months of 2026 compared to $188 million in the first

three months of 2025. Operating Profit excluding Acquisition and integration related charges and

Amortization of acquired intangible assets, was $237 million in the first three months of 2026 compared

to $191 million in the first three months of 2025.

Outlook

Genmab is maintaining its 2026 financial guidance published February 17, 2026.

Conference Call

Genmab will hold a conference call to discuss the results for the first three months of 2026 today, Thursday,

May 7, at 6:00 pm CEST, 5:00 pm BST or 12:00 pm EDT. To join the call please use the below registration link.

Registered participants will receive an email with a link to access dial-in information as well as a unique


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 Announces Financial Results for the First Quarter of 2026

personal PIN: https://register-conf.media-server.com/register/BI96fe01e0770b4c3c962997a86df525ee. A live

and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.

Contact

Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs

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

Andrew Carlsen, Vice President, Head of Investor Relations

T: +45 3377 9558; E: acn@genmab.com

*FDA = U.S. Food and Drug Administration; sBLA = supplemental biologics license application; DLBCL= diffuse large B-cell lymphoma;

Rina-S = rinatabart sesutecan


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Interim Report for the First Quarter of 2026


CONTENTS
MANAGEMENT’S REVIEW

CONSOLIDATED KEY FIGURES	4

OUTLOOK	5

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS THREE MONTHS OF 2026	6

SIGNIFICANT RISKS AND UNCERTAINTIES	13

FINANCIAL REVIEW	14

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	21

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	25

ABOUT GENMAB	37

DIRECTORS’ AND MANAGEMENT’S STATEMENT ON THE INTERIM REPORT	38


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Interim Report for the First Quarter of 2026

CONSOLIDATED KEY FIGURES**


(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*)	3,062	2,669	2,694
Number of employees (FTE) at the end of the period	3,088	2,638	3,029

* Full-time equivalent

* *On December 12, 2025, Genmab closed on the acquisition of Merus, including its late-stage breakthrough therapy asset petosemtamab. In order to finance

the acquisition, Genmab incurred borrowings of $5.5 billion and utilized cash on hand. Genmab’s financial results of the first three months of 2026 reflect the

impact of these transactions.


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Interim Report for the First Quarter of 2026

2026 FULL YEAR OUTLOOK


(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

¹Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak^® ex-U.S. net

product sales plus Genmab's share of U.S. gross profits.

²Operating expenses and operating profit exclude 2026 charges related to: 1) acquisition and integration-related charges and 2)

amortization of intangible assets acquired through acquisitions.

Genmab is maintaining its 2026 financial guidance published February 17, 2026.

Revenue

Genmab expects its 2026 revenue to be in the range of $4.1 - 4.4 billion. Genmab’s projected revenue growth

for 2026 is driven by higher royalties, net product sales and collaboration revenue.

Genmab’s projected revenue growth for 2026 is driven by higher royalties, net product sales and collaboration

revenue. Royalty growth relates mainly to DARZALEX and Kesimpta net sales growth. Net product sales and

collaboration revenue growth is driven by strong performance for both EPKINLY and Tivdak. Net product sales

and collaboration revenue consists of EPKINLY net product sales in the US and Japan, and Tivdak ex-US net

product sales plus Genmab's share of US gross profits.

Genmab’s projected revenue for 2026 primarily consists of DARZALEX royalties of approximately $2.7 billion at

the midpoint. Such royalties are based on estimated DARZALEX 2026 net sales of $15.6 - 16.4 billion.

DARZALEX royalties are partly offset by Genmab’s share of J&J’s royalty payments to Halozyme Therapeutics,

Inc. (Halozyme) in connection with SC net sales as well as royalty reduction in countries and territories where

there is no Genmab patent coverage.

The remainder of Genmab’s revenue consists primarily of royalties from Kesimpta, TEPEZZA^®, RYBREVANT^®,

TECVAYLI^®, TALVEY^® and TEPKINLY^®, net product sales and collaboration revenue from EPKINLY and Tivdak,

reimbursement revenue and milestones.

Operating Expenses

Genmab is maintaining its 2026 operating expenses to be in the range of $2.7 - 2.9 billion. The increase in

operating expenses is primarily related to investments in late-stage programs and launch readiness in key

markets.

Operating Profit

Genmab expects its 2026 operating profit to be in the range of $0.9 - 1.4 billion.

Outlook: Risks and Assumptions

In addition to factors already mentioned, the estimates above are subject to change due to numerous reasons,

including but not limited to: the achievement of certain milestones associated with Genmab’s collaboration

agreements; the timing and variation of development activities (including activities carried out by Genmab’s

collaboration partners) and related income and costs; DARZALEX, DARZALEX FASPRO,Kesimpta, TEPEZZA,

RYBREVANT, TECVAYLI, TALVEY, TEPKINLY and BIZENGRI^® net sales and royalties paid to Genmab;


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Interim Report for the First Quarter of 2026

changing rates of inflation; and currency exchange rates (the 2026 guidance assumes a USD/DKK exchange

rate of 6.2). The financial guidance assumes that no significant new agreements are entered into during 2026

that could materially affect the results. Refer to the section “Significant Risks and Uncertainties” in this interim

report for matters that may cause Genmab’s actual results to differ materially from 2026 Guidance.

The factors discussed above, as well as other factors that are currently unforeseeable, may result in further

material adverse impacts on Genmab’s business and financial performance, including unfavorable impacts on

the sales of Tivdak and EPKINLY/TEPKINLY, and on the net sales of DARZALEX, Kesimpta, TEPEZZA,

RYBREVANT, TECVAYLI, TALVEY and BIZENGRI by Genmab’s collaboration partners and on Genmab’s

royalties, collaboration revenue and milestone revenue therefrom.

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST QUARTER OF 2026

At the end of the first quarter of 2026, Genmab’s proprietary pipeline, where we are responsible for at least 50%

of development, consisted of eight antibody products in active clinical development, including our late-stage

programs Rina-S and petosemtamab. Our approved medicines are EPKINLY/TEPKINLY, which Genmab is co-

developing and co-commercializing in the U.S. and Japan in collaboration with AbbVie and Tivdak, which

Genmab is co-developing globally and co-promoting in the U.S. in collaboration with Pfizer Inc. (Pfizer) and

exclusively by Genmab outside of the U.S. and China. Beyond these investigational and approved medicines,

our pipeline includes promising preclinical programs. In addition to our own pipeline, there are multiple antibody

products in development by global pharmaceutical and biotechnology companies in our royalty portfolio,

including seven approved medicines. An overview of the development status of our approved medicines and

our late-stage investigational medicines is provided in the following section, including updates for the first

quarter of 2026. Detailed descriptions of dosing, efficacy and safety data from certain clinical trials have been

disclosed in company announcements and media releases published via the Nasdaq Copenhagen A/S (Nasdaq

Copenhagen) stock exchange and may also be found in Genmab’s filings with the U.S. Securities and

Exchange Commission (U.S. SEC). Additional information is available on Genmab’s website,

www.genmab.com. The information accessible through our website is not part of this report and is not

incorporated by reference herein.


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Interim Report for the First Quarter of 2026

Genmab Proprietary Products¹

Approved Medicines


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
	CD3xCD20	Co-development Genmab/AbbVie	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.

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

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


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Interim Report for the First Quarter of 2026

Pipeline, Including Further Development for Approved Medicines


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
GEN1059 (BNT314)	Co-development Genmab/ BioNTech SE (BioNTech)	DuoBody	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

1L = first line; NHL = non-Hodgkin lymphoma; CLL = chronic lymphocytic leukemia; ADC = antibody-drug conjugate; 2L+ = second line plus;

2L = second line; PROC = platinum resistant ovarian cancer; PSOC = platinum sensitive ovarian cancer; NSCLC = non-small cell lung

cancer; HNSCC = head and neck squamous cell carcinoma; 3L = third line; mCRC = metastatic colorectal cancer; AML = acute myeloid

leukemia; HR-MDS = higher-risk myelodysplastic syndrome

EPKINLY/TEPKINLY (epcoritamab) – the only bispecific antibody approved to treat multiple B-cell

malignancies in the U.S., Europe and Japan

• Epcoritamab (approved as EPKINLY and TEPKINLY) has received regulatory approvals in multiple

territories including in the U.S. and Europe for adult patients with relapsed or refractory DLBCL after two

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

refractory LBCL after two or more lines of systemic therapy

• EPKINLY/TEPKINLY has also been approved in multiple territories including the U.S., Japan and

Europe for the treatment of adults with relapsed or refractory FL after two or more lines of systemic

therapy

• In 2025, EPKINLY plus R² became the first bispecific antibody combination regimen available in the

U.S. as a treatment option for patients with relapsed/refractory FL

• More than 40 clinical trials across different treatment settings, lines of therapy and in combination

regimens across histologies, including five Phase 3 trials

• Two Breakthrough Therapy designations (BTDs) granted by the FDA for relapsed/refractory FL: as

monotherapy after two or more therapies and in combination with R² following at least one prior

systemic therapy

• SC bispecific antibody targeting CD3 and CD20, created using Genmab’s DuoBody technology platform


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• Co-developed and co-commercialized in collaboration with AbbVie

Epcoritamab is a proprietary bispecific antibody created using Genmab’s DuoBody technology platform.

Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically validated target on malignant B-

cells. Genmab used technology licensed from Medarex Inc. (Medarex) to generate the CD20 antibody forming

part of epcoritamab. Epcoritamab is marketed as EPKINLY in the U.S., Japan, and other regions, and as

TEPKINLY in Europe and other regions. See local prescribing information for specific indications and safety

information. In 2020, Genmab entered into a collaboration agreement with AbbVie to jointly develop and

commercialize epcoritamab. The companies share commercialization responsibilities in the U.S. and Japan,

with AbbVie responsible for further global commercialization.

Genmab records sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining

global sales outside of these territories, subject to certain royalty reductions. The companies have a broad

clinical development program for epcoritamab including five Phase 3 trials. Please consult the U.S. Prescribing

Information for EPKINLY and the European Summary of Product Characteristics for TEPKINLY for the labeled

indication and safety information.

First Quarter 2026 Updates

• March: The FDA approved an sBLA to remove the recommendation for 24-hour hospitalization following

administration of the first 48mg dose of epcoritamab for patients with relapsed/refractory DLBCL or

high-grade B-cell lymphoma after two or more lines of systemic therapy. With this change, physicians

should assess whether outpatient monitoring or hospitalization is appropriate based on comorbidities or

other situational factors.

• January: Topline Results for Epcoritamab (DuoBody CD3xCD20) from Phase 3 EPCORE^® DLBCL-1

Trial in Patients with Relapsed/Refractory DLBCL demonstrated an improvement in progression-free

survival, complete response, duration of response and time to next treatment but overall survival (OS)

did not reach statistical significance. The adverse events observed in this study appear consistent with

the known safety profile of epcoritamab. Further analysis of the results is ongoing, including the

potential impact of various factors, such as the COVID-19 pandemic and increasing availability of novel

anti-lymphoma therapies. The full trial results will be submitted for presentation at a future medical

meeting. Genmab and AbbVie will engage with global regulatory authorities to discuss next steps.

Tivdak (tisotumab vedotin) – First and only ADC for recurrent or metastatic cervical cancer after disease

progression in the U.S., Europe and Japan

• An ADC directed to TF, a protein prevalent on cervical cancer cells, which is associated with poor

prognosis

• Tisotumab vedotin, approved as Tivdak, is the first and only ADC approved in the U.S., Europe and

Japan for the treatment of recurrent or metastatic cervical cancer after prior therapy and is the only ADC

with demonstrated OS data in this setting compared to chemotherapy

• Co-developed globally and co-promoted in the U.S. in collaboration with Pfizer, exclusively by Genmab

outside of the U.S. and China

Tisotumab vedotin is an ADC composed of Genmab’s human monoclonal antibody directed to TF and Pfizer’s

ADC technology that utilizes a protease-cleavable linker that covalently attaches the microtubule-disrupting

agent monomethyl auristatin E (MMAE) to the antibody. Genmab used technology licensed from Medarex to

generate the TF antibody forming part of tisotumab vedotin. Tisotumab vedotin, marketed as Tivdak, is the first

and only ADC approved for the treatment of adult patients with recurrent or metastatic cervical cancer after prior

therapy in the U.S., Europe and Japan. Tisotumab vedotin is being co-developed by Genmab and Pfizer. Under

a joint commercialization agreement, Genmab is co-promoting Tivdak in the U.S. and is leading commercial

operational activities in Japan, Europe and all other regions globally, excluding the U.S. and China. Pfizer is

leading commercial operational activities in the U.S. and will lead commercial operational activities in China


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once approved in connection with the sublicense of its rights to develop and commercialize tisotumab vedotin in

China to Zai Lab.

Genmab records sales for Europe, Japan and rest of world markets (excluding the U.S. and China), and will

provide royalties with rates in the low teens to Pfizer on net sales. The companies have joint decision-making

power on the worldwide development and commercialization strategy for Tivdak. Please consult the U.S.

Prescribing Information and the European Summary of Product Characteristics for the labeled indication and

safety information for Tivdak.

Rinatabart Sesutecan (Rina-S, GEN1184) – ADC with FDA Fast Track and Breakthrough Therapy

Designations

• Folate Receptor Alpha (FRα)-targeted Type I Topoisomerase (TOPO1) inhibitor ADC being evaluated

for potential treatment of FRα-expressing cancers

• FDA granted Fast Track Designation (FTD) for FRα-expressing cancers, BTD for recurrent or

progressive endometrial cancer.

• Three active Phase 3 clinical trials: 2L+ PROC, 2L PSOC maintenance, 2L+ endometrial cancer

Rina-S is a novel FRα-targeted TOPO1 ADC being evaluated for the potential treatment of ovarian cancer and

other FRα-expressing cancers. Dose escalation data suggests that Rina-S has robust single agent activity in

various cancers across a broad range of FRα expression levels. In January 2024, Rina-S was granted FTD by

the FDA for the treatment of FRα-expressing high-grade serous or endometrioid PROC. In August 2025, the

FDA granted BTD for recurrent or progressive endometrial cancer. The RAINFOL-02 (NCT06619236) in 2L+

PROC completed enrollment in March 2026. Two Phase 3 trials are currently recruiting: RAINFOL-03

(NCT07166094) in 2L+ endometrial cancer and RAINFOL-04 (NCT07225270) in 2L PSOC maintenance. A

Phase 2 trial (RAINFOL-05, NCT07288177) in NSCLC is also recruiting.

Petosemtamab — Bispecific antibody with FTD and Two BTDs from the FDA

• Epidermal growth factor receptor, leucine-rich repeat-containing G-protein coupled receptor 5

(EGFRxLGR5) bispecific antibody being evaluated for potential treatment of EGFR-expressing cancers,

focusing on HNSCC

• FDA granted FTD for recurrent/metastatic HNSCC and BTD for both 1L and 2L+ recurrent/metastatic

HNSCC indications

• Two active Phase 3 trials: 1L and 2L/3L recurrent/metastatic HNSCC

• Expansion opportunities including locally advanced HNSCC

Petosemtamab was added to Genmab’s portfolio with the acquisition of Merus. Petosemtamab is an

EGFRxLGR5 bispecific antibody being evaluated for the potential treatment of HNSCC and other solid tumors

including mCRC. Clinical data to date for petosemtamab has demonstrated a significant clinical benefit in both

1L and later line HNSCC settings. The FDA has granted FTD in recurrent/metastatic HNSCC and BTD for both

1L PD-L1 positive and 2L+ recurrent/metastatic HNSCC. Two Phase 3 trials are currently recruiting; LiGeR-HN1

(NCT06525220) in 1L recurrent/metastatic PD-L1 positive HNSCC and LiGeR-HN2 (NCT06496178) in 2L/3L

recurrent/metastatic HNSCC. Petosemtamab is also being evaluated in a Phase 2 study (NCT03526835) of

other advanced solid tumors, including mCRC, and a Phase 2 study (NCT07353957) in 1L NSCLC. In

November 2025, Merus announced that they had entered a global collaboration and license agreement with

Halozyme to develop a SC formulation of petosemtamab.

Early-stage and Preclinical Programs

• Early-stage pipeline includes five programs in active clinical development: GEN1059 (BNT314),

GEN1057, GEN3018, GEN1079 and GEN1106

• Broad preclinical pipeline that includes both partnered products and in-house programs based on our

proprietary technologies and/or antibodies


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• Multiple new Investigational New Drug (IND) applications expected to be submitted over the coming

years

• Genmab has entered multiple strategic collaborations to support the expansion of our innovative

pipeline

Our preclinical pipeline includes immune effector function enhanced antibodies developed with our HexaBody^®

technology platform, bispecific antibodies created with our DuoBody technology platform and ADCs created with

our ADC technology platforms. We are also collaborating with our partners to generate additional new antibody-

based product concepts. A number of the preclinical programs are conducted in cooperation with our

collaboration partners.

Royalty Medicines Portfolio¹

In addition to Genmab’s own pipeline of investigational medicines and preclinical pipeline candidates, we have a

diverse portfolio of royalty medicines in development with global pharmaceutical and biotechnology companies.

These include the seven approved medicines listed below, along with the following investigational therapies in

Phase 3 development: denecimig (Mim9, Novo Nordisk), amlenetug (Lundbeck) and INCA33890 (Incyte

Corporation).

The information in this section includes those therapies that have been approved by regulatory agencies in

certain territories. Under the agreements for these medicines Genmab is entitled to certain potential milestones

and royalties.

Approved Medicines


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
	J&J (Royalties to Genmab on global net sales)	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 FASPRO^TM (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

¹Approved and investigational medicines under development, and, where relevant, commercialized by a company other than Genmab for

which we receive royalties

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


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Interim Report for the First Quarter of 2026

DARZALEX (daratumumab) – Redefining the treatment of multiple myeloma

• First-in-class human CD38 monoclonal antibody

• Developed and commercialized by J&J under an exclusive worldwide license from Genmab

• Intravenous (IV) formulation approved in combination with other therapies and as monotherapy for

certain multiple myeloma indications

• First and only SC CD38-directed antibody approved for the treatment of certain multiple myeloma

indications, known as DARZALEX FASPRO in the U.S., and DARZALEX SC in Europe

• First licensed treatment for patients with high-risk smoldering multiple myeloma (SMM), approved in the

U.S. and Europe

• SC daratumumab is the first and only approved therapy for AL amyloidosis in the U.S., Europe, and

Japan

Daratumumab is a human monoclonal antibody that binds with high affinity to the CD38 molecule, which is

highly expressed on the surface of multiple myeloma cells and is also expressed by AL amyloidosis plasma

cells. Genmab used technology licensed from Medarex to generate the CD38 antibody. Daratumumab is being

developed and commercialized by J&J under an exclusive worldwide license from Genmab. Under the terms of

the agreement, Genmab receives royalties between 12% and 20% with J&J reducing such royalty payments for

Genmab’s share of J&J’s royalty payments made to Halozyme; payments are further reduced in countries and

territories where there are no relevant patents. Daratumumab (marketed as DARZALEX for IV administration

and as DARZALEX FASPRO in the U.S. and as DARZALEX SC in Europe for SC administration) is approved in

a large number of territories for the treatment of adult patients with certain multiple myeloma indications and is

the only approved therapy for the treatment of patients with high-risk SMM, approved in Europe. It is also the

only approved therapy in the U.S., Europe and Japan for the treatment of adult patients with AL amyloidosis.

Please consult the European Summary of Product Characteristics for DARZALEX and DARZALEX SC and the

U.S. Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety

information.

Kesimpta (ofatumumab) – Approved for the treatment of RMS

• Human CD20 monoclonal antibody developed and commercialized by Novartis under a license

agreement with Genmab

• Approved in multiple territories including the U.S., Europe and Japan for the treatment of RMS in adults

• First B-cell therapy that can be self-administered by patients using the Sensoready^® autoinjector pen

Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule encompassing

parts of the small and large extracellular loops. Genmab used technology licensed from Medarex to generate

the CD20 antibody. Ofatumumab, marketed as Kesimpta, is approved in territories including the U.S., Europe,

and Japan for the treatment of certain adult patients with RMS. Kesimpta is the first B-cell therapy that can be

self-administered by patients using the Sensoready autoinjector pen, once monthly after starting therapy.

Ofatumumab is being developed and marketed worldwide by Novartis under a license agreement between

Genmab and Novartis. Under the terms of the agreement, Genmab receives a 10% royalty on net sales of

Kesimpta, and Genmab pays a low-single digit royalty to Medarex based on Kesimpta sales. Please consult

the U.S. Prescribing Information and the European Summary of Product Characteristics for the labeled

indication and safety information for Kesimpta.

TEPEZZA (teprotumumab) – First FDA-approved medicine for the treatment of TED

• Developed and commercialized by Amgen for the treatment of TED

• First and only approved medicine for the treatment of TED in the U.S., Japan and Europe

Teprotumumab, approved in the U.S., Japan and Europe under the trade name TEPEZZA, is a human

monoclonal antibody that targets the Insulin-like Growth Factor 1 Receptor (IGF-1R), a validated target. It is the


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Interim Report for the First Quarter of 2026

first and only medicine approved for the treatment of TED. Genmab used technology licensed from Medarex to

generate the IGF-1R antibody. The antibody was created by Genmab under a collaboration with Roche.

Development and commercialization of the product is currently being conducted by Amgen. Under the terms of

Genmab’s original agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined)

of TEPEZZA. Please consult the U.S. Prescribing Information and the European Summary of Product

Characteristics for the labeled indication and safety information for TEPEZZA.

Bispecific antibodies created under Genmab and J&J DuoBody research and license agreement

• Under the agreement with J&J, Genmab is eligible to receive milestones and receives royalties on net

sales of RYBREVANT, TECVAYLI and TALVEY

In July 2012, and as amended in December 2013, Genmab entered into a collaboration with J&J to create and

develop bispecific antibodies using Genmab’s DuoBody technology platform. Three approved therapies were

generated from this agreement, RYBREVANT (amivantamab), TECVAYLI (teclistamab) and TALVEY

(talquetamab).

RYBREVANT is approved for the treatment of certain adult patients with NSCLC in certain territories including

the U.S., Europe, Japan and other territories. In December 2025, an SC formulation was approved, marketed as

RYBREVANT FASPRO. TECVAYLI and TALVEY are approved for the treatment of certain adult patients with

relapsed or refractory multiple myeloma in certain territories including the U.S., Europe, Japan and other

territories. J&J is responsible for the development and commercialization of these medicines.

Under the terms of the agreement, for RYBREVANT, Genmab receives royalties between 8% and 10% on net

sales with J&J reducing such royalty payments for Genmab’s share of J&J’s royalty payments made to

Halozyme; payments are further reduced in countries and territories where there are no relevant patents.

Genmab also pays a royalty to Medarex based on RYBREVANT net sales. For TECVAYLI and TALVEY,

Genmab is eligible to receive milestones and receives mid-single digit royalty on net sales of TECVAYLI subject

to a reduction of such royalty payments in countries and territories where there are no relevant patents, among

other reductions. Please consult the U.S. Prescribing Information and the European Summary of Product

Characteristics for each product for the labeled indication and safety information.

SIGNIFICANT RISKS AND UNCERTAINTIES

As a biotech company, Genmab faces a number of risks and uncertainties. These are common for the industry

and relate to operations, intellectual property, research and development, commercialization, and financial

activities.

For further information about risks and uncertainties that Genmab faces, refer to the 2025 Annual Report filed

with the Nasdaq Copenhagen and the Form 20-F filed with the U.S. SEC, both of which were filed in February

2026. At the date of this interim report, there have been no significant changes to Genmab’s overall risk profile

since the publication of these reports. See Genmab’s Form 20-F for a detailed summary of risks related to our

collaborations.


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Interim Report for the First Quarter of 2026

FINANCIAL REVIEW

The interim report is prepared on a consolidated basis for Genmab A/S (parent company) and its subsidiaries.

The symbol “$” is used throughout this interim report to refer to the U.S. dollar. The Genmab consolidated

Group is referenced herein as “Genmab” or the “Company.”

On December 12, 2025, Genmab closed on the acquisition of Merus, including its late-stage breakthrough

therapy asset petosemtamab. In order to finance the acquisition, Genmab incurred borrowings of $5.5 billion

and utilized cash on hand. Genmab’s financial results of the first three months of 2026 reflect the impact of

these transactions.

Revenue

Genmab’s revenue was $896 million for the first three months of 2026 compared to $715 million for the first

three months of 2025. The increase of $181 million, or 25%, was primarily driven by higher DARZALEX and

Kesimpta royalties achieved under our collaborations with J&J and Novartis, respectively, and increased

EPKINLY net product sales. This increase was partly offset by reduced reimbursement revenue of $15 million,

which was primarily driven by the acasunlimab program.


	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

Royalties

Royalty revenue amounted to $742 million in the first three months of 2026 compared to $589 million in the first

three months of 2025. The increase of $153 million, or 26%, was primarily driven by higher DARZALEX and

Kesimpta royalties achieved under our daratumumab collaboration with J&J and ofatumumab collaboration with

Novartis. The table below summarizes Genmab’s royalty revenue by product.


	Three Months Ended March 31,
	2026	2025
DARZALEX	$562	$450
Kesimpta	116	90
TEPEZZA	26	25
Other	38	24
Total royalties	$742	$589

J&J’s net sales of DARZALEX were $3,964 million in the first three months of 2026 compared to $3,237 million

in the first three months of 2025. The increase of $727 million, or 22%, was driven by market share gains and

market growth in all regions. Royalty revenue on net sales of DARZALEXwas $562 million in the first three

months of 2026 compared to $450 million in the first three months of 2025, an increase of $112 million. The

percentage increase in royalties of 25% is higher than the percentage increase in the underlying net sales

primarily due to a higher effective royalty rate.


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Interim Report for the First Quarter of 2026

Novartis’ net sales of Kesimpta were $1,164 million in the first three months of 2026 compared to $899 million in

the first three months of 2025. The increase of $265 million, or 29%, was primarily driven by increased demand

and strong access. Royalty revenue on net sales of Kesimpta was $116 million in the first three months of 2026

compared to $90 million in the first three months of 2025, an increase of $26 million, or 29%.

Amgen’s net sales of TEPEZZA were $490 million in the first three months of 2026 compared to $381 million in

the first three months of 2025. Royalty revenue on net sales of TEPEZZA was $26 million in the first three

months of 2026 compared to $25 million in the first three months of 2025, an increase of $1 million, or 4%.

Other royalties consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY, TEPKINLY and

BIZENGRI. These royalties were not material for the first three months of 2026 or 2025.

Royalty revenue fluctuations from period to period are driven by the level of product net sales, foreign currency

exchange rate movements and more specifically to DARZALEX, the contractual arrangement related to annual

Currency Hedge Rate, Genmab’s share of J&J’s royalty payments to Halozyme in connection with SC product

net sales and the level of royalty deductions on net sales in countries and territories where there is no patent

protection.

Net Product Sales

Global net product sales include sales of EPKINLY in the U.S. and Japan and Tivdak in Japan and Europe.

EPKINLY/TEPKINLY

Global net sales of EPKINLY/TEPKINLY were $137 million in the first three months of 2026 compared to $90

million in the first three months of 2025, an increase of $47 million or 52%, driven by strong growth in both 3L+

DLBCL and 3L+ FL, as well as 2L FL, which was approved in the US in November 2025. Net product sales of

EPKINLY in the U.S. and Japan recorded by Genmab were $106 million in the first three months of 2026

compared to $75 million in the first three months of 2025.

Net sales of TEPKINLY in territories where Genmab receives royalty revenue were $31 million in the first three

months of 2026 compared to $15 million in the first three months of 2025.

Tivdak

Global net product sales of Tivdak were $39 million in the first three months of 2026 compared to $33 million in

the first three months of 2025, an increase of $6 million or 18%. Net product sales of Tivdak in Japan and

Europe recorded by Genmab were $10 million in the first three months of 2026 with no net product sales in the

first three months of 2025. Tivdak was approved in Japan in May 2025 and became available for prescribing in

Europe starting in September 2025.

Net sales of Tivdak in territories where Genmab records 50% of gross profit from net sales of Tivdak in the US

by Pfizer, were $29 million in the first three months of 2026 compared to $33 million in the first three months of

2025.

Reimbursement Revenue

Reimbursement revenue, mainly comprised of the reimbursement of certain research and development costs

related to the development work under Genmab’s collaboration agreements, amounted to $8 million in the three

months of 2026 compared to $23 million in the first three months of 2025. The decrease of $15 million, or 65%,

was driven primarily by the acasunlimab program.

Milestone Revenue

Milestone revenue was $16 million in the first three months of 2026 compared to $12 million in the first three

months of 2025, an increase of $4 million, or 33%. Milestone revenue in the first three months of 2026 was

primarily driven by Incyte milestones for $13 million as compared to a J&J milestone for $10 million in the first

three months of 2025. The Incyte collaboration was inherited in connection with the acquisition of Merus in


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Interim Report for the First Quarter of 2026

December 2025.

Milestone revenue may fluctuate significantly from period to period due to both the timing of achievements and

the varying amount of each individual milestone under our license and collaboration agreements.

Collaboration Revenue

Collaboration revenue, which reflects 50% of gross profit from net sales of Tivdak in the US by Pfizer, was $14

million in the first three months of 2026 compared to $16 million in the first three months of 2025, a decrease of

$2 million, or 13%, primarily driven by decreased sales of Tivdak.

Refer to Financial Statement Note 2 in this interim report for further details about revenue.

Cost of Product Sales

Genmab recognized cost of product sales of $65 million in the first three months of 2026 compared to $42

million in the first three months of 2025. Cost of product sales includes product costs, royalty expense, profit-

sharing amounts payable to AbbVie and amortization of commercialized intangible assets. The profit-sharing

amount paid to AbbVie related to EPKINLY was $50 million in the first three months of 2026 compared to $35

million in the first three months of 2025. Royalty expense was $8 million in the first three months of 2026

compared to $4 million in the first three months of 2025.

Research and Development Expenses

Research and development expenses amounted to $440 million in the first three months of 2026 compared to

$359 million in the first three months of 2025. The increase of $81 million, or 23%, was primarily driven by the

acquisition of petosemtamab, increased costs related to the development of Rina-S, and the increase in

employees to support the continued expansion of Genmab’s product portfolio. These increases were partly

offset by decreased research and development expenses related to the acasunlimab program, and Epcoritamab

under our collaboration with AbbVie, primarily due to lower clinical costs in the first three months of 2026

compared to the first three months of 2025.

Research and development expenses accounted for 73% of total research and development expenses &

selling, general and administrative expenses in the first three months of 2026 compared to 74% in the first three

months of 2025.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $166 million in the first three months of 2026 compared to

$126 million in the first three months of 2025. The increase of $40 million, or 32%, was driven primarily by the

expansion of Genmab’s global commercialization capabilities, primarily associated with the investment in

commercialization related activities for Rina-S and petosemtamab to prepare for the upcoming projected

launches, additional selling, general and administrative expenses associated with the acquisition of Merus

which occurred in December 2025, as well as increased litigation expenses related to ongoing legal matters.

Selling, general and administrative expenses accounted for 27% of total research and development expenses &

selling, general and administrative expenses in the first three months of 2026 compared to 26% for the first

three months of 2025.

Acquisition and Integration Related Charges

Acquisition and integration related charges, which related primarily to severance and retention in connection

with the acquisition of Merus, were $45 million in the first three months of 2026. There were no acquisition and

integration related charges in the first three months of 2025.

Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets was $12 million for the first three months of 2026 compared to $3

million for the first three months of 2025. The increase of $9 million, was primarily driven by the amortization of

the Merus technology platform acquired in December 2025.


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Operating Profit

Operating profit was $180 million in the first three months of 2026 compared to $188 million in the first three

months of 2025. The decrease was driven by the items described above. Operating Profit excluding Acquisition

and integration related charges and Amortization of acquired intangible assets, was $237 million in the first

three months of 2026 compared to $191 million in the first three months of 2025.

Net Financial Items

Financial income and expense was comprised of the following:


	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

Interest and Amortization Expense on Borrowings

The increase of $108 million for the first three months of 2026 compared to the first three months of 2025, was

due to $89 million of interest expense and $19 million of amortization of fees associated with the debt issued in

December 2025 in connection with the financing of the Merus acquisition. There was no interest expense or

amortization of fees on borrowings for the first three months of 2025 as Genmab did not have any borrowings

prior to December 2025.

Gain on Marketable Securities, Net

Gain on marketable securities, net, which includes the impact of foreign exchange rate movements, decreased

$19 million in the first three months of 2026 compared to the first three months of 2025. There were no gains or

losses on marketable securities for the first three months of 2026 due to the liquidation of all marketable

securities to contribute to the funding of the Merus acquisition in December 2025.

Foreign Exchange Rate Loss/Gain, Net

Foreign exchange rate loss, net, was $8 million in the first three months of 2026 compared to foreign exchange

rate gain, net of $11 million in the first three months of 2025. The decrease was primarily driven by foreign

exchange rate movements impacting Genmab’s EUR and DKK denominated assets and liabilities. The EUR

and DKK weakened against the USD in the first three months of 2026 compared to strengthening against the

USD in the first three months of 2025.

Corporate Tax

Corporate tax expense for the first three months of 2026 was $21 million compared to $49 million for the first

three months of 2025. The decrease in corporate tax expense is primarily the result of Genmab’s lower net

profit before tax, partly offset by an increase in the estimated annual effective tax rate in the first three months of


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Interim Report for the First Quarter of 2026

2026 of 28.9% from 20.3% in the first three months of 2025. The increase in Genmab’s estimated annual

effective tax rate is a result of the inability to recognize deferred tax assets in certain jurisdictions.

Net Profit

Net profit for the first three months of 2026 was $53 million compared to $195 million in the first three months of

2025. The decrease was driven by the items described above.

Liquidity and Capital Resources


	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)

Net cash provided by operating activities is primarily related to our operating profit, changes in operating assets

and liabilities, reversal of net financial items, and adjustments related to non-cash transactions. The $284 million

decrease in net cash provided by operating activities is primarily driven the following items: $170 million

decrease in net profit before tax (as described above), $215 million of payments for termination costs

associated with the discontinuance of the acasunlimab and other programs and payments related to

compensation and bonuses, and $59 million in interest paid, primarily related to borrowings and payment of

Merus transaction related costs. These items were partially offset by $162 million increase to reversal of net

financial items, primarily related to $105 million of interest expense and amortization of fees associated with the

debt issued in December 2025.

Net cash used in investing activities primarily reflects differences between the proceeds received from the sale

and maturity of our investments and amounts invested, and the cash paid for investments in tangible and

intangible assets. The $34 million decrease in net cash used in investing activities was primarily driven by the

absence of marketable securities activity during the first three months of 2026 following the liquidation of all

marketable securities to contribute to the funding of the Merus acquisition completed in December 2025,

compared to net marketable securities purchases of $12 million in the first three months of 2025, as well as no

investments in intangible assets in the first three months of 2026 compared to $18 million in the first three

months of 2025.

Net cash used in financing activities is primarily related to the repayments of borrowings, purchase of treasury

shares, exercise of warrants, lease payments, and payment of withholding taxes on behalf of employees on net

settled Restricted Stock Units (RSUs). The $164 million increase in net cash used in financing activities

between the periods was primarily driven by $96 million of higher cash paid for the purchase of treasury shares

during the first three months of 2026 compared to the first three months of 2025 due to the timing of share

repurchases, and $63 million of cash principal repayments on borrowings during the first three months of 2026


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Interim Report for the First Quarter of 2026

compared to none in the first three months of 2025.

Balance Sheet

As of March 31, 2026, total assets were $12,376 million compared to $12,873 million on December 31, 2025.

The decrease of $497 million, or 4% was primarily driven by a decrease in cash and cash equivalents of $194

million due to repayments of borrowings and repurchases of treasury shares, a decrease in other intangible

assets of $175 million due to negative foreign exchange rate impacts from the weakening of the EUR against

the USD on our EUR denominated intangible assets, mainly petosemtamab (acquired IPR&D) and the

technology platform acquired as part of the Merus acquisition completed in December 2025, and a decrease in

current receivables of $144 million due to higher DARZALEX and Kesimpta royalties achieved under our

collaborations with J&J and Novartis in the last three months of 2025 as compared to the first three months of

2026. As of March 31, 2026, cash and cash equivalents in Genmab’s Condensed Consolidated Balance Sheets

includes $30 million of restricted cash balances for funds held in escrow related to the acquisition of

ProfoundBio.

As of March 31, 2026, total liabilities were $6,694 million compared to $7,026 million on December 31, 2025.

The decrease in total liabilities of $332 million was primarily driven by a decrease in current other payables of

$208 million, primarily related to higher accruals recorded at year-end 2025 related to accrued termination costs

associated with the discontinuance of the acasunlimab and other programs during the fourth quarter of 2025,

and accrued compensation and bonuses and accrued withholding tax on Merus related option payments paid in

the first three months of 2026, as well as a decrease in corporate tax payable of $43 million.

Shareholders’ equity as of March 31, 2026, was $5,682 million compared to $5,847 million on December 31,

2025. The decrease of $165 million, or 3%, was primarily driven by negative foreign exchange rate impacts

affecting the translation of our subsidiaries into USD, mainly the EUR based subsidiaries as a result of the

weakening of the EUR against the USD and the purchase of treasury shares, partly offset by Genmab’s net

profit for the period and share-based compensation expenses. Genmab’s equity ratio increased to 46% as of

March 31, 2026 compared to 45% as of December 31, 2025.

Employees

Employees comprise individuals who are employed by Genmab and excludes contractors and consultants. As

of March 31, 2026, the total number of employees was 3,088 compared to 2,638 as of March 31, 2025. The

increase was primarily driven by the continued investment and expansion of our R&D product portfolio and

global commercialization capabilities, primarily related to Rina-S and petosemtamab. Also contributing to the

increase in employees was the acquisition of Merus, which occurred during the fourth quarter of 2025.


	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

Legal Matters

Chugai Patent Infringement Complaint

In 2024, Chugai filed a lawsuit in the Tokyo District Court in Japan against AbbVie’s and Genmab’s Japanese

subsidiaries asserting that their activities related to EPKINLY (epcoritamab) in Japan infringe two Japanese

patents held by Chugai and 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 lawsuit.


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Genmab and AbbVie believe that all four of the patents are invalid and/or not infringed and intend to vigorously

defend the claims, and thus no provision has been recorded 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 U.S. Co.; ProfoundBio (Suzhou) Co., Ltd.; and former

AbbVie employees as defendants. AbbVie alleges that the defendants have misappropriated AbbVie’s 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 reliefs. AbbVie is not asserting or enforcing any patent rights against the defendants, and to

Genmab’s 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’s

claims, and thus no provision has been recorded related to this matter.


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Interim Report for the First Quarter of 2026

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


		Three Months Ended March 31,
(USD million)	Note	2026	2025
Revenue	2	$896	$715

Cost of product sales		(65)	(42)
Research and development expenses		(440)	(359)
Selling, general and administrative expenses		(166)	(126)
Acquisition and integration related charges		(45)	—
Total costs and operating expenses		$(716)	$(527)

Operating profit		$180	$188

Financial income	5	44	101
Financial expenses	5	(150)	(45)

Net profit before tax		$74	$244

Corporate tax		(21)	(49)

Net profit		$53	$195

Other comprehensive income:

Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations		(163)	13
Cash flow hedges:
Gross deferred gains/(losses) on cash flow hedges	8	5	—
Deferred tax benefit (expense) on cash flow hedges	8	(1)	—
Deferred gains/(losses) on cash flow hedges, net of tax	8	4	—
Total comprehensive income		$(106)	$208

Basic net profit per share		$0.84	$3.06
Diluted net profit per share		$0.83	$3.05


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Interim Report for the First Quarter of 2026

CONDENSED CONSOLIDATED BALANCE SHEETS


		March 31, 2026	December 31, 2025
(USD million)	Note	March 31, 2026	December 31, 2025

ASSETS

Goodwill	3	$355	$355
Other intangible assets	3	8,948	9,123
Property and equipment		143	153
Right-of-use assets		122	127
Receivables & other non-current assets	8,9	22	22
Deferred tax assets		173	171
Other investments	4	40	37

Total non-current assets		$9,803	$9,988

Corporate tax receivable		63	40
Inventories		21	18
Receivables & other current assets	8,9	968	1,112
Cash and cash equivalents		1,521	1,715

Total current assets		$2,573	$2,885

Total assets		$12,376	$12,873

SHAREHOLDERS’ EQUITY AND LIABILITIES

Share capital		10	10
Share premium		1,922	1,920
Other reserves		(340)	(181)
Retained earnings		4,090	4,098

Total shareholders' equity		$5,682	$5,847

Borrowings	7	4,933	5,001
Lease liabilities		125	134
Contract liabilities	2	88	95
Deferred tax liabilities		365	364
Other payables	10	5	5

Total non-current liabilities		$5,516	$5,599

Borrowings	7	275	273
Corporate tax payable		—	43
Lease liabilities		18	18
Contract liabilities	2	24	24
Other payables	10	861	1,069

Total current liabilities		$1,178	$1,427

Total liabilities		$6,694	$7,026

Total shareholders' equity and liabilities		$12,376	$12,873

Share-based payments	6
Related parties	11
Contingencies	12
Subsequent events to the balance sheet date	13


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Interim Report for the First Quarter of 2026

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


		Three Months Ended March 31,
(USD million)	Note	2026	2025
Net profit before tax		$74	$244

Financial income	5	(44)	(101)
Financial expenses	5	150	45
Adjustments for non-cash transactions
Share-based compensation expense	6	49	25
Depreciation		16	12
Amortization	3	13	4
Impairment charges	3	—	1
Change in operating assets and liabilities:
Receivables		158	124
Inventories		(3)	(3)
Contract Liabilities	2	(7)	—
Other payables		(261)	(46)
Cash flows from operating activities before financial items		$145	$305

Interest received		14	31
Interest elements of lease payments		(2)	(2)
Interest paid	7	(59)	—
Corporate taxes paid		(95)	(47)
Net cash provided by operating activities		$3	$287

Investment in intangible assets	3	—	(18)
Investment in tangible assets		(5)	(12)
Marketable securities bought		—	(271)
Marketable securities sold		—	259
Other investments bought	4	(4)	(1)
Net cash (used in) investing activities		$(9)	$(43)

Warrants exercised		2	1
Principal elements of lease payments		(6)	(2)
Purchase of treasury shares	6	(96)	—
Payment of withholding taxes on behalf of employees on net settled RSUs		(14)	(12)
Principal repayments on borrowings	7	(63)	—
Net cash (used in) financing activities		$(177)	$(13)

Change in cash and cash equivalents		$(183)	$231

Cash and cash equivalents at the beginning of the period		1,715	1,380
Exchange rate adjustments		(11)	8
Cash and cash equivalents at the end of the period		$1,521	$1,619

Cash and cash equivalents include:
Bank deposits		1,521	1,539
Short-term marketable securities		—	80
Cash and cash equivalents at the end of the period		$1,521	$1,619


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Interim Report for the First Quarter of 2026

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


		Share	Share	Other	Retained	Shareholders'
(USD million)	Note	capital	premium	reserves	earnings	equity
Balance at December 31, 2024		$10	$1,961	$(226)	$3,392	$5,137

Net profit		—	—	—	195	195
Other comprehensive income		—	—	13	—	13
Total comprehensive income		$—	$—	$13	$195	$208

Transactions with owners:
Exercise of warrants		—	1	—	—	1
Purchase of treasury shares		—	—	—	(63)	(63)
Share-based compensation expenses		—	—	—	25	25
Withholding taxes on behalf of employees on net settled RSUs		—	—	—	(12)	(12)

Balance at March 31, 2025		$10	$1,962	$(213)	$3,537	$5,296

Balance at December 31, 2025		$10	$1,920	$(181)	$4,098	$5,847

Net profit		—	—	—	53	53
Other comprehensive income		—	—	(159)	—	(159)
Total comprehensive income		—	—	(159)	53	(106)

Transactions with owners:
Exercise of warrants	6	—	2	—	—	2
Purchase of treasury shares	6	—	—	—	(96)	(96)
Share-based compensation expenses	6	—	—	—	49	49
Withholding taxes on behalf of employees on net settled RSUs		—	—	—	(14)	(14)

Balance at March 31, 2026		$10	$1,922	$(340)	$4,090	$5,682


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Interim Report for the First Quarter of 2026

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

Accounting Policies

These interim financial statements of the Genmab Group (Genmab or the Company) have been prepared in

accordance with IAS 34 (Interim Financial Reporting) as issued by the International Accounting Standards

Board (IASB) and in accordance with IAS 34 as endorsed by the European Union (EU) and additional Danish

disclosure requirements for interim reports of listed companies. The interim report has not been audited or

reviewed by Genmab’s external auditors.

The interim report has been prepared using the same accounting policies as outlined in Section 1 – Basis of

Presentation in the financial statements in the Genmab 2025 Annual Report (Annual Report), except as noted

below. A number of amended standards became applicable for the current reporting period. There was no

impact to Genmab’s financial statements as a result of adopting these amended standards. These interim

financial statements should be read in conjunction with the Annual Report.

(In all accompanying tables, amounts of U.S. dollars are expressed in millions, except per share amounts,

unless otherwise noted).

Derivative Financial Instruments

The Company is exposed to certain risks relating to its ongoing financial arrangements. The risk managed using

derivative instruments is to reduce variability in interest cash flows on its floating-rate debt. Interest rate swaps

are entered into to manage interest rate risk associated with the Company’s floating-rate debt. The use of

financial derivatives is governed by the Company’s policies approved by the Board of Directors, which provide

written principles on the use of financial derivatives consistent with the Company’s risk management strategy.

As a matter of policy, Genmab does not use highly leveraged derivative instruments, nor does Genmab use

financial instruments for speculative purposes.

IFRS 9 “Financial Instruments” requires entities to recognize all derivative instruments as either assets or

liabilities in the Condensed Consolidated Balance Sheets at fair value. The accounting for changes in the fair

value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies

as part of a hedging relationship and, further, on the type of hedging relationship.

The derivatives are designated as cash flow hedges and qualify for hedge accounting treatment. Changes in the

fair value of derivative hedging instruments are initially recognized in Other Comprehensive Income (“OCI”) to

the extent that the hedge is effective, and accumulated in Other reserves (net of taxes), a component of equity.

Amounts accumulated in equity are subsequently reclassified to net profit in the period(s) in which the hedged

item affects net profit, and are presented in the same line item in the Condensed Consolidated Statements of

Comprehensive Income as the underlying hedged item (i.e., in “interest expense on borrowings” when the

hedged transactions are interest cash flows associated with floating-rate debt).To the extent that the hedge is

ineffective, changes in fair value are recognized in the Condensed Consolidated Statements of Comprehensive

Income within Financial Income/Financial Expense.

Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective

effectiveness assessments to ensure that an economic relationship exists between the hedged item and

hedging instrument at inception of and throughout the hedged term.

The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument

and the quantity of the hedged item to determine their relative weighting. For all of the Company’s existing

hedge relationships the hedge ratio has been determined as 1:1. Designated hedges are expected to be

effective and therefore the impact of ineffectiveness on profit and loss is not expected to be material.

Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated,

exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss


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Interim Report for the First Quarter of 2026

recognized in Other Comprehensive Income at that time remains in equity and is recognized in the Condensed

Consolidated Statements of Comprehensive Income when the hedged transaction is ultimately recognized in

profit or loss.

If it becomes probable that a forecasted transaction will not occur, previously deferred gains and losses related

to those forecasted transactions would be recognized in profit or loss in the Condensed Consolidated

Statements of Comprehensive Income in the current period.

Genmab’s designated derivative contracts consist of interest rate swap agreements, which effectively modify

the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a

fixed-rate basis (for interest rate swap arrangements) for approximately two years, thus reducing the impact of

interest-rate changes on future interest expense. These agreements involve the receipt of floating-rate amounts

in exchange for fixed-rate interest payments without an exchange of the underlying notional amount.

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, product candidates, product sales or geographical markets and no segment

information is currently prepared for internal reporting. Refer to Note 2.2 in the Annual Report for further details.


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Interim Report for the First Quarter of 2026

Note 2 - Revenue

The table below summarizes Genmab’s revenue by type and collaboration partner, and royalties by product,

under Genmab’s agreements.


	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

*Excludes Genmab’s Net product sales

**Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY, TEPKINLY and BIZENGRI

***The Incyte collaboration was assumed in connection with the Merus acquisition in December 2025

Net Product Sales

Genmab recognized net product sales of $116 million during the first three months of 2026 compared to $75

million in the first three months of 2025. The increase in net products sales was primarily driven by sales of

EPKINLY in the U.S. and Japan of $106 million in the first three months of 2026 compared to $75 million in the

first three months of 2025.

Contract Liabilities

Genmab has contract liabilities primarily associated with the AbbVie Agreement and Gilead Agreement

(assumed through the acquisition of Merus in the fourth quarter of 2025). As part of the continued evaluation of

these contract liabilities during the first three months of 2026, Genmab’s classification of contract liabilities

reflects the current estimate of research and development activities as of March 31, 2026. Contract liabilities

related to AbbVie and Gilead have been recognized as reimbursement revenue in the Condensed Consolidated


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Interim Report for the First Quarter of 2026

Statements of Comprehensive Income as the performance obligations have been satisfied. The amounts

recognized in the first three months of 2026 and 2025 were not material.

Refer to Note 2.1 in the Annual Report for further details regarding revenue.

Note 3 - Other Intangible Assets and Goodwill


	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

Other Intangible Assets

The decrease in the gross carrying value of other intangible assets during the first three months of 2026 was

primarily driven by negative foreign exchange rate movements resulting from the weakening of the EUR against

the USD, mainly related to petosemtamab (acquired IPR&D) and the technology platform acquired as part of the

Merus acquisition completed in December 2025.

Amortization expense was $13 million and $3 million for the first three months of 2026 and 2025 respectively. In

the first three months of 2026, $2 million was recorded in Cost of product sales and $11 million was recorded in


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Interim Report for the First Quarter of 2026

Research and development expenses in the Condensed Consolidated Statements of Comprehensive Income.

In the first three months of 2025, all amortization expense of $3 million was recorded in Research and

development expenses in the Condensed Consolidated Statements of Comprehensive Income. The

amortization included in cost of product sales relates to amortization of commercialized intangible assets.

Goodwill

The carrying amount of goodwill, which relates to the acquisition of ProfoundBio during the second quarter of

2024, was $355 million as of both March 31, 2026 and December 31, 2025.

Note 4 - Financial Instruments

The table below shows the fair value measurements by level for Genmab’s financial assets measured at fair

value through profit or loss:


	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

Derivative Financial Instruments

Derivative financial instruments consists exclusively of interest rate swaps and are based on quotes from the

market makers that derive fair values from market data and are classified as Level 2. The non-current portion of

$1 million and the current portion of $4 million are recorded in the Condensed Consolidated Balances sheets in

Receivables & other non-current assets and Receivables & other current assets, respectively. Refer to Note 1

and Note 8 for further details regarding Genmab’s derivative financial instruments.

Other Investments

Other investments primarily consist of investments in certain strategic investment funds. Genmab’s share of the

fair value of these fund investments is determined based on the valuation of the underlying investments

included in the fund. Investments in publicly traded equity securities included in these strategic investment funds

are valued based at the most recent sale price or official closing price reported on the exchange or over-the-

counter market on which they trade, while investments in non-publicly traded equity securities are based on

other factors, including but not limited to, type of the security, the size of the holding, the initial cost of the

security, the price and extent of public trading in similar securities of the comparable companies, an analysis of

the company's or issuer's financial statements and with respect to debt securities, the maturity and

creditworthiness. As such, these fund investments have been characterized as Level 3 investments as fair

values are based on significant unobservable inputs.

There were no transfers into or out of Level 3 during the first three months of 2026 or 2025. Acquisitions (capital

calls) and fair value changes on Level 3 investments in 2026 and 2025 were as follows:


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Interim Report for the First Quarter of 2026


	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

Refer to Note 4.3 and Note 4.4 in the Annual Report for further details regarding Genmab’s marketable

securities and other investments.

Note 5 - Financial Income and Expenses


	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


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Interim Report for the First Quarter of 2026

Note 6 - Share-Based Payments

Restricted Stock Unit Program

Genmab has established an RSU program (equity-settled share-based payment transactions) as an incentive

for Genmab’s employees, members of the Executive Management, and members of the Board of Directors.

RSUs granted to Executive Management are performance-based (PSUs).


	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

Refer to Note 4.6 in the Annual Report for details on the RSU program.

Warrant Program

Genmab has established a warrant program (equity-settled share-based payment transactions) as an incentive

for Genmab employees.


	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%

Refer to Note 4.6 in the Annual Report for details on the warrant program.

Share-Based Compensation Expense

Share-based compensation expenses related to Genmab’s RSU and warrant programs for the first three

months of 2026 were $49 million compared to $25 million for the first three months of 2025.

Share Repurchases

At Genmab’s 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’s 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 February 17, 2026, Genmab initiated a share buy-back program to honor our commitments

under the RSU program. During the first three months of 2026, Genmab acquired 342,130 of its own

shares under the program, representing approximately 0.5% of share capital as of December 31, 2025. The

total amount incurred to acquire the shares, including directly attributable costs, was $96 million and was

recognized as a deduction to shareholders’ equity. These shares are classified as treasury shares and are


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Interim Report for the First Quarter of 2026

presented within retained earnings on the Condensed Consolidated Balance Sheets as of March 31, 2026. As

of March 31, 2026, 3,565,409 shares were available for repurchase, and 2,859,663 treasury shares were held

by Genmab.

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 the first three months of 2025, Genmab acquired 316,630 of

its own shares under the program, representing approximately 0.5% of share capital as of December 31, 2024.

The total amount incurred to acquire the shares, including directly attributable costs, was $63 million and was

recognized as a deduction to shareholders’ equity. These shares are classified as treasury shares and are

presented within retained earnings on the Condensed Consolidated Balance Sheets as of March 31, 2025. As

of March 31, 2025, 3,765,106 shares were available for repurchase, and 2,854,618 treasury shares were held

by Genmab.

Share Capital Reduction

At Genmab’s Annual General Meeting on March 19, 2026, the decision was made to reduce the share capital

with nominally DKK 1,900,000 by cancellation of 1,900,000 of the Company’s holding of shares with a nominal

value of DKK 1 each.

Note 7 - Borrowings


	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

Borrowings are classified as financial liabilities measured at amortized cost. Term Loan A is subject to financial

covenants, with the financial covenant tests on a quarter-end basis beginning March 31, 2026. As of March 31,

2026, Genmab was in compliance with these covenants.

Refer to Note 4.8 in the 2025 annual report for further details.


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Interim Report for the First Quarter of 2026

Note 8 - Derivative Financial Instruments

The Company uses derivative instruments to manage its exposure to floating-rate debt indexed to 3-month

Term Secured Overnight Financing Rate (SOFR). The Company has entered into interest rate swap

agreements designated as cash flow hedges. These agreements are used to manage interest rate risk

associated with a portion of the Company’s floating-rate debt. The Company follows established risk

management policies, including the use of derivatives to hedge interest rates. The counterparties in these

derivative instruments are banks which the Company considers the risk of non-performance as minimal.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective

remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be

rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that

the hedge ratio aligns with the ratio used for risk management purposes. Hedge ineffectiveness is measured

each reporting date and recognized immediately in profit or loss in the Condensed Consolidated Statements of

Comprehensive Income. Rebalancing the hedge relationship may give rise to additional hedge ineffectiveness.

Derivative:

Certain information related to our derivative financial instruments is presented below:


	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

Deferred Hedging Gains and Losses on Cash Flow Hedges:

Based on valuation at March 31, 2026, and assuming market rates remain constant through contract maturities,

it is expected that transfers to earnings of the existing gain or losses reported in Other Comprehensive Income

on interest rate cash flow hedges during the next twelve months will correspond to the current assets portion of

the derivative as disclosed in Note 5. No hedge ineffectiveness was recognized in profit or loss during the

period.


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

Interim Report for the First Quarter of 2026

Derivative Impact on the Statements of Cash Flow Hedge Reserve:

The following table presents the pre-tax amounts of derivative gains or losses and the line item in the

Condensed Consolidated Statements of Comprehensive Income that may be affected when reclassified to profit

or loss:


	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

Note 9 - Receivables and Other Assets


	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

Receivables and other assets are mainly comprised of royalties, milestones and amounts due under

collaboration agreements as well as trade receivables related to net product sales. The $144 million decrease in

receivables and other assets was primarily related to lower receivables related to royalty revenue on net sales

of DARZALEX primarily due to lower effective tiered royalties. Receivables related to DARZALEX were $562

million at March 31, 2026 compared to $699 million at December 31, 2025, a decrease of $137 million or 20%.

Refer to Note 3.6 in the Annual Report for further details regarding Receivables and other assets.


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

Interim Report for the First Quarter of 2026

Note 10 - Other Payables


	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

The $208 million decrease in other payables was primarily attributable to higher R&D accruals recorded at year-

end 2025 related to accrued termination costs associated with the discontinuance of the acasunlimab and other

programs during the fourth quarter of 2025, accrued compensation and bonuses and accrued withholding tax

on Merus related option payments paid in the first three months of 2026.

Refer to Note 3.8 in the Annual Report for further details regarding Other payables.

Note 11 - Related Parties

Genmab’s related parties are its Board of Directors, 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 of Directors or members of the Executive Management.

Related party transactions include remuneration relating to the Board of Directors and the Executive

Management as described in Note 5.1 in the Annual Report. There were no material related party transactions

during the first three months of 2026 or 2025.

Changes to the Executive Management and the Board of Directors

Following Genmab’s Annual General Meeting on March 19, 2026, the Board of Directors is comprised of five

independent board members, one non-independent board member, and three employee-elected board

members. Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Elizabeth O’Farrell,

Paolo Paoletti and Anders Gersel Pedersen were re-elected to the Board of Directors for a one-year period.

Mijke Zachariasse, Martin Schultz and Michael Kavanagh continue to serve as employee-elected board

members for a three-year period expiring in 2028.

Note 12 - Contingencies

Chugai Patent Infringement Complaint

In 2024, Chugai filed a lawsuit in the Tokyo District Court in Japan against AbbVie’s and Genmab’s Japanese

subsidiaries asserting that their activities related to EPKINLY (epcoritamab) in Japan infringe two Japanese

patents held by Chugai and 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 lawsuit.


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