View Filing Data

(DKK million)

Depreciation, amortization, and impairments are included in the income statement as follows:

Research and development expenses

General and administrative expenses

Print Document View Excel Document

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	Genmab A/S
Document Annual Report	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Shell Company Report	false
Document Transition Report	false
Entity Central Index Key	0001434265
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Ordinary shares [member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	65,074,502
ADS
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	27,931,230

Consolidated Statements of Comprehensive Income - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement
Revenue	kr 5,366	kr 3,025	kr 2,365
Research and development expenses	(2,386)	(1,431)	(874)
General and administrative expenses	(342)	(214)	(147)
Operating expenses	(2,728)	(1,645)	(1,021)
Operating result	2,638	1,380	1,344
Finance income	228	243	72
Finance expenses	(7)	(11)	(352)
Net result before tax	2,859	1,612	1,064
Corporate tax	(693)	(140)	40
Net result	kr 2,166	kr 1,472	kr 1,104
Basic net result per share	kr 34.40	kr 24.03	kr 18.14
Diluted net result per share	kr 34.03	kr 23.73	kr 17.77
Statement of Comprehensive Income
Net result	kr 2,166	kr 1,472	kr 1,104
Amounts which may be re-classified to the income statement:
Adjustment of foreign currency fluctuations on subsidiaries	6	10	(17)
Fair value adjustments of cash flow hedges:
Fair value adjustments during the period			16
Fair value adjustments reclassified to the income statement to financial income			(20)
Total comprehensive income	kr 2,172	kr 1,482	kr 1,083

Consolidated Balance Sheets - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Intangible assets	kr 470.0	kr 470.0
Property, plant and equipment	237.0	162.0
Right-of-use assets	177.0
Receivables	11.0	10.0
Deferred tax assets	139.0	386.0
Other investments	149.0
Total non-current assets	1,183.0	1,028.0
Receivables	2,990.0	1,327.0
Marketable securities	7,419.0	5,573.0
Cash and cash equivalents	3,552.0	533.0
Total current assets	13,961.0	7,433.0
Total assets	15,144.0	8,461.0
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital	65.1	61.0
Share premium	11,755.0	8,059.0
Other reserves	98.0	92.0
Retained Earnings	2,130.0	(198.0)
Total shareholders' equity	14,048.0	8,014.0
Provisions	2.0	1.0
Lease liabilities	155.0
Other payables	1.0	2.0
Total non-current liabilities	158.0	3.0
Provisions	2.0	1.0
Corporate tax payable	73.0	128.0
Lease liabilities	26.0
Other payables	839.0	316.0
Total current liabilities	938.0	444.0
Total liabilities	1,096.0	447.0
Total shareholders' equity and liabilities	kr 15,144.0	kr 8,461.0

Consolidated Statements of Cash Flows - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net result before tax	kr 2,859	kr 1,612	kr 1,064
Reversal of financial items, net	(221)	(232)	280
Adjustment for non-cash transactions	291	179	146
Change in working capital	(1,218)	(634)	240
Cash generated by operating activities before financial items	1,711	925	1,730
Interest received	111	44	43
Interest elements of lease payments	(7)
Interest paid	(13)		(3)
Corporate taxes (paid)/received	(476)	46	(181)
Net cash generated by operating activities	1,326	1,015	1,589
Cash flows from investing activities:
Investment in intangible assets	(32)	(406)
Investment in tangible assets	(79)	(72)	(89)
Marketable securities bought	(5,812)	(3,521)	(3,425)
Marketable securities sold	3,940	2,221	2,846
Net cash used in investing activities	(1,983)	(1,778)	(668)
Cash flows from financing activities:
Warrants exercised	65	75	215
Shares issued for cash	3,873
Costs related to issuance of shares	(238)
Principal elements of lease payments	(31)
Purchase of treasury shares		(146)
Payment of withholding taxes on behalf of employees on net settled RSUs	(9)
Net cash from financing activities	3,660	(71)	215
Changes in cash and cash equivalents	3,003	(834)	1,136
Cash and cash equivalents at the beginning of the period	533	1,348	307
Exchange rate adjustments	16	19	(95)
Cash and cash equivalents at the end of the period	3,552	533	1,348
Cash and cash equivalents include:
Bank deposits and petty cash	2,884	kr 533	kr 1,348
Short-term marketable securities	kr 668

Consolidated Statements of Changes in Equity - DKK (kr)	Share capital	Share premium	Translation reserves	Cash flow hedges	Retained Earnings/ (Accumulated Deficit)	Total
Balance at beginning of period at Dec. 31, 2016	kr 60,000,000	kr 7,770,000,000	kr 99,000,000	kr 4,000,000	kr (3,107,000,000)	kr 4,826,000,000
Number of shares, at beginning of period at Dec. 31, 2016						60,350,056
Net result					1,104,000,000	kr 1,104,000,000
Other comprehensive income			(17,000,000)	(4,000,000)		(21,000,000)
Total comprehensive income			(17,000,000)	kr (4,000,000)	1,104,000,000	1,083,000,000
Transactions with owners:
Exercise of warrants	1,000,000	214,000,000				215,000,000
Purchase of treasury shares						0
Share-based compensation expenses					76,000,000	76,000,000
Tax on items recognized directly in equity					72,000,000	72,000,000
Balance at end of period at Dec. 31, 2017	61,000,000	7,984,000,000	82,000,000		(1,855,000,000)	kr 6,272,000,000
Number of shares, at end of period at Dec. 31, 2017						61,185,674
Change in accounting policy: Adoption of IFRS 15 \| Change in accounting policy: Adoption of IFRS 15					151,000,000	kr 151,000,000
Balance at beginning of period at Dec. 31, 2017	61,000,000	7,984,000,000	82,000,000		(1,855,000,000)	kr 6,272,000,000
Number of shares, at beginning of period at Dec. 31, 2017						61,185,674
Net result					1,472,000,000	kr 1,472,000,000
Other comprehensive income			10,000,000			10,000,000
Total comprehensive income			10,000,000		1,472,000,000	1,482,000,000
Transactions with owners:
Exercise of warrants		75,000,000				75,000,000
Purchase of treasury shares					(146,000,000)	(146,000,000)
Share-based compensation expenses					91,000,000	91,000,000
Tax on items recognized directly in equity					89,000,000	89,000,000
Balance at end of period at Dec. 31, 2018	61,000,000	8,059,000,000	92,000,000		(198,000,000)	kr 8,014,000,000
Number of shares, at end of period at Dec. 31, 2018						61,497,571
Adjusted total equity at January 1, 2018	61,000,000	7,984,000,000	82,000,000		(1,704,000,000)	kr 6,423,000,000
Net result					2,166,000,000	2,166,000,000
Other comprehensive income			6,000,000			6,000,000
Total comprehensive income			6,000,000		2,166,000,000	2,172,000,000
Transactions with owners:
Exercise of warrants	1,000,000	64,000,000				65,000,000
Shares issued for cash	3,000,000	3,870,000,000				3,873,000,000
Expenses related to capital increases		(238,000,000)				(238,000,000)
Purchase of treasury shares						0
Share-based compensation expenses					147,000,000	147,000,000
Net settlement of RSUs					(9,000,000)	(9,000,000)
Tax on items recognized directly in equity					24,000,000	24,000,000
Balance at end of period at Dec. 31, 2019	kr 65,000,000	kr 11,755,000,000	kr 98,000,000		kr 2,130,000,000	kr 14,048,000,000
Number of shares, at end of period at Dec. 31, 2019						65,074,502

BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

BASIS OF PRESENTATION

SECTION 1—BASIS OF PRESENTATION

1.1—Nature of the Business and Accounting Policies

Genmab A/S is a publicly traded, international biotechnology company specializing in the creation and development of differentiated antibody therapeutics for the treatment of cancer and other diseases. Founded in 1999, the company has two approved antibodies, a broad clinical and pre-clinical product pipeline and proprietary next generation antibody technologies.

The financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). Except as outlined in note 1.2, the financial statements have been prepared using the same accounting policies as 2018. These consolidated financial statements were approved by our Board of Directors on March 26, 2020.


Section 2—Results for the Year

2.1	Revenue
2.2	Information about Geographical Areas
2.3	Staff Costs
2.4	Corporate and Deferred Tax
2.5	Result per Share

Section 3—Operating Assets and Liabilities

3.1	Intangible Assets
3.2	Property, Plant and Equipment
3.3	Leases
3.4	Other Investments
3.5	Receivables
3.6	Provisions
3.7	Other Payables

Section 4—Capital Structure, Financial Risk and Related Items

4.3	Financial Assets and Liabilities
4.4	Marketable Securities
4.5	Financial Income and Expenses

Section 5—Other Disclosures

5.3	Contingent Assets, Contingent Liabilities and Subsequent Events

Materiality

The group’s annual report is based on the concept of materiality and the group focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and Danish disclosure requirements for listed companies. If items are individually immaterial, they are aggregated with other items of similar nature in the financial statements or in the notes.

The disclosure requirements are substantial in IFRS. The group provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the financial statements or not applicable.

Consolidated Financial Statements

The consolidated financial statements include Genmab A/S (the parent company) and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. A company overview is included in note 5.3.

The group’s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries—prepared under the group’s accounting policies— by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated.

The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries’ equity. Subsidiaries are consolidated from the date when control is transferred to the group.

The income statements for subsidiaries with a different functional currency than the group presentation currency are translated into the group’s presentation currency at the year’s weighted average exchange rate, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.

Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries’ income statements being translated at average exchange rates are recorded in translation reserves in shareholders’ equity.

Functional and Presentation Currency

The financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.

Foreign Currency

Transactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.

Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial items.

Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the income statement as financial items.

Classification of Operating Expenses in the Income Statement

Research and Development Expense

Research and development expenses primarily include salaries, benefits and other employee related costs of our research and development staff, license costs, manufacturing costs, pre-clinical costs, clinical trials, contractors and outside service fees, amortization of licenses and rights, and depreciation and impairment of intangible assets and property, plant and equipment, to the extent that such costs are related to the group’s research and development activities. Please see note 3.1 for a more detailed description on the treatment of Genmab’s research and development expenses.

General and Administrative Expense

General and administrative expenses relate to the management and administration of the group. This includes salaries, benefits and other headcount costs related to management and support functions including human resources, information technology and the finance departments. In addition, depreciation and impairment of intangible assets and property, plant and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recognized in the income statement in the period to which they relate.

Statement of Cash Flow

The cash flow statement is presented using the indirect method with basis in the net result before tax.

Cash flow from operating activities is stated as the net result adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provisions, and for changes in working capital, interest paid and received, and corporate taxes paid. Working capital mainly comprises changes in receivables, provisions paid and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in working capital, if related to the main revenue-producing activities of Genmab.

Cash flow from investing activities is comprised of cash flow from the purchase and sale of intangible assets and property, plant and equipment and financial assets as well as purchase and sale of marketable securities.

Cash flow from financing activities is comprised of cash flow from the issuance of shares, if any, and payment of long-term loans including installments on lease liabilities. Finance lease transactions are considered non-cash transactions.

Cash and cash equivalents comprise cash, bank deposits, and marketable securities with a maturity of three months or less on the date of acquisition. The cash flow statement cannot be derived solely from the financial statements.

Derivative Financial Instruments and Hedging Activities

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Genmab designates certain derivatives as either:

Fair value hedge (hedges of the fair value of recognized assets or liabilities or a firm commitment); or

Cash flow hedge (hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction).

At the inception of a transaction, Genmab documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. Genmab also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.

Movements on the hedging reserve in other comprehensive income are shown as part of the statement of shareholders’ equity. The full fair value of a hedging derivative is classified as a

non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.

Cash Flow Hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion and changes in time value of the derivative instrument is recognized immediately in the income statement within financial income or expenses.

When forward contracts are used to hedge forecast transactions, Genmab generally designates the full change in fair value of the forward contract (including forward points) as the hedging instrument. In such cases, the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognized in the cash flow hedge reserve within equity.

Fair Value Hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that is attributable to the hedged risk.

Treasury Shares

The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares are recognized in retained earnings.

Collaboration Agreements

The group has entered into various collaboration agreements, primarily in connection with the group’s research and development projects and the clinical testing of product candidates. The collaboration agreements are structured such that each party contributes its respective skills in the various phases of the development project and contain contractual terms regarding sharing of control over the relevant activities under the agreement. No joint control exists for the group’s collaborations with Janssen and Novartis as they retain final decision making authority over the relevant activities.

The group’s collaboration agreements with BioNTech may become subject to joint control if product candidates under the agreements are selected for joint clinical development as this would require unanimous consent of both parties on decisions related to the relevant activities. Under these agreements, joint clinical development may be selected on a product by product basis and would result in development cost and product ownership being shared equally going forward. These agreements also include provisions which will allow the parties to opt out of joint development at key points along the development timeline. An opt out by one of the parties would result in loss of joint control by the opt out party and the other party is entitled to continue developing the product on predetermined licensing terms.

During 2017 Seattle Genetics exercised its option to co-develop and co-commercialize tisotumab vedotin. All costs and profits for tisotumab vedotin will be shared on a 50:50 basis and joint control exists over the relevant activities. Accordingly, only the tisotumab vedotin collaboration with Seattle Genetics is considered a joint operation under IFRS 11, ‘‘Joint Arrangements.’’ Revenues, expenses, receivables, and payables in connection with our collaboration agreements are included in the related financial statement lines and footnotes.

During December 2019, Genmab entered into a research collaboration and license agreement with CureVac AG. The strategic partnership will focus on the research and development of differentiated mRNA-based antibody products by combining CureVac’s mRNA technology and know-how with Genmab’s proprietary antibody technologies and expertise.

Under the terms of the agreement Genmab will provide CureVac with a $10 million upfront payment. The companies will collaborate on research to identify an initial product candidate and CureVac will contribute a portion of the overall costs for the development of this product candidate, up to the time of an Investigational New Drug Application. Genmab would thereafter be fully responsible for the development and commercialization of the potential product, in exchange for $280 million in development, regulatory and commercial milestones and tiered royalties in the range from mid-single digits up to low-double digits to CureVac. The agreement also includes three additional options for Genmab to obtain commercial licenses to CureVac’s mRNA technology at pre-defined terms, exercisable within a five-year period. If Genmab exercises any of these options, it would fund all research and would develop and commercialize any resulting product candidates with CureVac eligible to receive between $275 million and $368 million in development, regulatory and commercial milestone payments for each product, dependent on the specific product concept. In addition, CureVac is eligible to receive tiered royalties in the range from mid-single digits up to low double digits per product. CureVac would retain an option to participate in development and/or commercialization of one of the potential additional programs under pre-defined terms and conditions. Further, Genmab made a €20 million equity investment in CureVac. Refer to note 3.4 for additional information regarding Genmab’s equity investment in CureVac.

1.2—New Accounting Policies and Disclosures

New Accounting Policies and Disclosures

Genmab has, with effect from January 1, 2019, implemented the amendments to IFRS 9, IAS 19, IAS 28, IFRIC 23 and annual improvements to IFRSs 2015‑2017. The implementation of these standards has not had a material impact on the entity in the current reporting period.

Genmab has, with effect from January 1, 2019, implemented IFRS 16. The impact of the adoption of the standard is described below.

Effective January 1, 2019, we adopted IFRS 16 using the modified retrospective transition method. Under this method, all leases are recognized in the balance sheet as a right-of-use (“ROU”) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis over the lease term. In the income statement, lease costs are replaced by depreciation of the ROU asset recognized over the lease term in operating expenses, and interest expenses related to the lease liability are classified in financial items. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Genmab determines if an arrangement is a lease at inception. Genmab leases various properties and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.

On adoption of IFRS 16, the group recognized lease liabilities in relation to leases that had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 3.7%.

The impact of the adoption of IFRS 16 on the financial statements as of January 1, 2019 is shown in the table and further described below:


		January 1,
(DKK million)		2019
Operating lease commitments disclosed as at December 31, 2018		184
Discounted using the incremental borrowing rate of 3.7%		(42)
(Less): short-term leases recognized on a straight-line basis as expense		(3)
Add/(less): adjustments as a result of a different treatment of extension and termination options		66
Lease liability recognized at January 1, 2019		205

The ROU assets established at January 1, 2019 on the balance sheet was DKK 205 million. Net result decreased by DKK 4 million as a result of adopting IFRS 16 in 2019. Cash flows from operating activities increased by DKK 35 million and cash flows from financing activities decreased by DKK 31 million as a result of adopting IFRS 16 in 2019.

For purposes of applying the modified retrospective approach in adoption of IFRS 16, Genmab has used the following practical expedients permitted by the standard:

applied the exemption not to recognize ROU assets and liabilities for leases with less than 12 months of lease term from January 1, 2019, and

excluded initial direct costs for the measurement of the ROU assets at the date of initial application

There are no ROU assets that meet the definition of investment property.

New Accounting Policies and Disclosures Effective in 2020 or Later

The IASB has issued, a number of new standards and updated some existing standards, the majority of which are effective for accounting periods beginning on January 1, 2020 or later. Therefore, they are not incorporated in the consolidated financial statements. There are no standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

1.3—Management’s Judgments and Estimates under IFRS

In preparing financial statements under IFRS, certain provisions in the standards require management’s judgments, including various accounting estimates and assumptions. These affect the application of accounting policies, as well as reported amounts within the financial statements and disclosures.

Determining the carrying amount of some assets and liabilities requires judgments, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.

Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include management’s estimation of deferred income tax assets.

Accounting judgments are made in the process of applying Genmab’s accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include management’s judgements utilized in determining revenue recognition.

These estimates and judgments may prove incomplete or incorrect, and unexpected events or circumstances may arise. The Genmab group is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for the Genmab group are discussed in the relevant section of the management’s review and in the notes to the financial statements.

The areas involving a high degree of judgment and estimation that are significant to the financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.

Recognition of revenue – Note 2.1

Valuation assumptions in Black-Scholes pricing model – Note 2.3

Estimation of current and deferred income taxes – Note 2.4

Estimated useful life of intangible assets – Note 3.1

Capitalization of research and development costs – Note 3.1

RESULTS FOR THE YEAR

12 Months Ended

Dec. 31, 2019

RESULTS FOR THE YEAR

RESULTS FOR THE YEAR

SECTION 2 – RESULTS FOR THE YEAR

2.1 – Revenue


(DKK million)	2019	2018	2017
Revenue:
Royalties	3,155	1,741	1,061
Milestone payments	1,869	687	1,133
License fees	—	348	90
Reimbursement income	342	249	81
Total	5,366	3,025	2,365

Revenue split by collaboration partner:
Janssen (DARZALEX/Daratumumab & DuoBody)	4,983	2,390	2,214
Novartis (Arzerra/Ofatumumab)	23	338	48
Other collaboration partners	360	297	103
Total	5,366	3,025	2,365

Accounting Policies

Genmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, we assess the goods or services promised within each contract and identify, as a performance obligation, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Royalties: License and collaboration agreements include sales-based royalties, including commercial milestone payments based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under our license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.

Accounting Policies

Milestone Payments: At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones are considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab’s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.

License Fees for Intellectual Property: If the license to Genmab’s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. Under all of Genmab’s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other performance obligations identified in the agreement.

Reimbursement Income for R&D Services: License and collaboration agreements include the reimbursement or cost sharing for research and development services and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for R&D services is recognized over time rather than a point in time.

Management’s Judgments and Estimates

Evaluating the criteria for revenue recognition under license and collaboration agreements requires management’s judgement to assess and determine the following:

The nature of performance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.

An assessment of whether the achievement of milestone payments is highly probable.

The stand-alone selling price of each performance obligation identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.

2.2—Information about Geographical Areas

The Genmab group 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 of the product candidates or geographical markets and no segment information is currently disclosed in the internal reporting.

Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as the group’s business activities are not organized on the basis of differences in related product and geographical areas.


	2019		2018		2017
		Non-current		Non-current		Non-current
(DKK million)	Revenue	assets	Revenue	assets	Revenue	assets
Denmark	5,366	387	3,025	454	2,365	105
Netherlands	—	252	—	167	—	127
USA	—	68	—	11	—	6
Japan	—	—	—	—	—	—
Total	5,366	707	3,025	632	2,365	238

Accounting Policies

Geographical information is presented for the Genmab group’s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty and operations. Non-current assets comprise intangible assets and property, plant and equipment.

2.3—Staff Costs


(DKK million)	2019	2018	2017
Wages and salaries	489	308	230
Share-based compensation	147	91	76
Defined contribution plans	39	24	19
Other social security costs	72	23	18
Government grants	(96)	(86)	(64)
Total	651	360	279

Staff costs are included in the income statement as follows:
Research and development expenses	572	324	249
General and administrative expenses	175	122	94
Government grants related to research and development expenses	(96)	(86)	(64)
Total	651	360	279

Average number of FTE	471	313	235
Number of FTE at year-end	548	377	257

Please refer to note 5.1 for additional information regarding the remuneration of the Board of Directors and Executive Management. Government grants, which are a reduction of payroll taxes in the Netherlands, amounted to DKK 96 million in 2019, 86 million in 2018 and DKK 64 million in 2017. These amounts are an offset to wages and salaries and research and development costs in the table above. The increases in 2019, 2018 and 2017 were primarily due to increased research activities in the Netherlands combined with a higher level of grants provided by the Dutch government.

Accounting Policies

Share-Based Compensation Expenses

Genmab has granted restricted stock units (RSUs) and warrants to the Board of Directors, Executive Management and employees under various share-based compensation programs. The group applies IFRS 2, according to which the fair value of the warrants and RSUs at grant date is recognized as an expense in the income statement over the vesting period. Such compensation expenses represent calculated values of warrants and RSUs granted and do not represent actual cash expenditures. A corresponding amount is recognized in shareholders’ equity as both the warrant and RSU programs are designated as equity-settled share-based payment transactions.

Government Grants

The Dutch Research and Development Act ‘‘WBSO’’ provides compensation for a part of research and development wages and other costs through a reduction in payroll taxes. WBSO grant amounts are offset against wages and salaries and research and development costs.

Management’s Judgments and Estimates

Share-Based Compensation Expenses

In accordance with IFRS 2 ‘‘Share-based Payment,’’ the fair value of the warrants and RSUs at grant date is recognized as an expense in the income statement over the vesting period, the period of delivery of work. Subsequently, the fair value is not remeasured.

The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:

The expected stock price volatility, which is based upon the historical volatility of Genmab’s stock price;

The risk-free interest rate, which is determined as the interest rate on Danish government bonds (bullet issues) with a maturity of five years;

The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.

These assumptions can vary over time and can change the fair value of future warrants granted.

Valuation Assumptions for Warrants Granted in 2019, 2018 and 2017

The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:


Weighted Average	2019		2018		2017
Fair value per warrant on grant date	425.80		386.61		366.78
Share price	1,483.58		1,034.66		1,123.91
Exercise price	1,483.58		1,034.66		1,123.91
Expected dividend yield	0	%	0	%	0	%
Expected stock price volatility	34.2	%	41.7	%	38.5	%
Risk-free interest rate	(0.56)	%	(0.01)	%	(0.38)	%
Expected life of warrants	5 years		5 years		5 years

Based on a weighted average fair value per warrant of DKK 425.80 in 2019, DKK 386.61 in 2018 and DKK 366.78 in 2017, the total fair value of warrants granted amounted to DKK 131 million, 102 million and 67 million on the grant date in 2019, 2018 and 2017, respectively.

The fair value of each RSU granted during the year is equal to the closing market price on the date of grant of one Genmab A/S share. Based on a weighted average fair value per RSU of DKK 1,511.70 in 2019, DKK1,033.95 in 2018 and DKK 1,128.30 in 2017 the total fair value of RSUs granted amounted to DKK 176 million, DKK 106 million and DKK 74 million on the grant date in 2019, 2018 and 2017, respectively.

2.4—Corporate and Deferred Tax

Taxation—Income Statement & Shareholders’ Equity


(DKK million)	2019	2018	2017
Current tax on result	444	161	133
Adjustment to prior years	—	—	(1)
Adjustment to deferred tax	294	458	626
Adjustment to valuation allowance	(45)	(479)	(798)
Total tax for the period in the income statement	693	140	(40)

A reconciliation of Genmab's effective tax rate relative to the Danish statutory tax rate is as follows:


(DKK million)	2019	2018	2017
Net result before tax	2,859	1,612	1,064

Computed 22% (2018 & 2017: 22%)	629	355	234

Tax effect of:
Recognition of previously unrecognized tax losses and deductible temporary differences	(19)	(267)	(286)
Non-deductible expenses/non-taxable income and other permanent differences, net	75	53	14
All other	8	(1)	(2)

Total tax effect	64	(215)	(274)

Total tax for the period in the income statement	693	140	(40)

Total tax for the period in shareholders' equity	(24)	(89)	(72)

Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 693 million in 2019 and DKK 140 million in 2018, compared to corporate tax income of DKK 40 million in 2017. The corporate tax expense in 2019 was due to current and deferred tax expense of DKK 722 million partially offset by the reversal of valuation allowances on deferred tax assets related to future taxable income, resulting in a discrete tax benefit of DKK 29 million. The corporate tax expense in 2018 was due to current and deferred tax expense of DKK 407 million partially offset by the reversal of valuation allowances on deferred tax assets related to future taxable income, resulting in a discrete tax benefit of DKK 268 million. The corporate tax income in 2017 was due to the partial reversal of valuation allowances on deferred tax assets related to future taxable income, resulting in a discrete tax benefit of DKK 286 million, which more than offset current and deferred tax expense of DKK 246 million.

In 2019, a current tax benefit of DKK 24 million was recorded directly in shareholders’ equity, which was related to excess tax benefits for share-based instruments. In 2018, a current tax benefit of DKK 24 million and a deferred tax benefit of DKK 66 million recorded directly in shareholders’ equity, which was related to excess tax benefits for share-based instruments. In 2017, a current tax benefit of DKK 72 million was recorded directly in shareholders’ equity, which was related to excess tax benefits for share-based instruments.

Taxation—Balance Sheet

Significant components of the deferred tax asset are as follows:


(DKK million)	2019	2018
Tax deductible losses	359	653
Share-Based Instruments	130	119
Capitalized R&D Costs	—	4
Other temporary differences	1	8
	490	784
Valuation allowance	(351)	(398)
Total deferred tax assets	139	386

Genmab records a valuation allowance to reduce deferred tax assets to reflect the net amount that is more likely than not to be realized. Realization of our deferred tax assets is dependent upon the generation of future taxable income, the amount and timing of which are uncertain. The valuation allowance requires an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable; such assessment is required on a jurisdiction by jurisdiction basis. Based upon the weight of available evidence at December 31, 2019, Genmab determined that it was more likely than not that a portion of our deferred tax assets would be realizable and consequently released a portion of the valuation allowance against net deferred tax assets and during the fourth quarter of 2019 recorded a discrete tax benefit of DKK 29 million (2018: DKK 268 million). The decision to reverse a portion of the valuation allowance was made after management considered all available evidence, both positive and negative, including but not limited to our historical operating results, income or loss in recent periods, cumulative income in recent years, forecasted earnings, future taxable income, and significant risk and uncertainty related to forecasts. The release of the valuation allowance resulted in the recognition of certain deferred tax assets and a decrease to corporate tax expense.

As of December 31, 2019, we had gross tax loss carry-forwards of DKK 1.6 billion for income tax purposes, as compared to DKK 2.6 billion in 2018. The reduction was driven primarily by the utilization of all remaining tax loss carry-forwards available for our parent entity, Genmab A/S. The DKK 1.6 billion in gross tax loss carry-forwards as of December 31, 2019 can be carried forward through various periods through 2038.

Accounting Policies

Corporate Tax

Corporate tax, which consists of current tax and the adjustment of deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders’ equity or other comprehensive income. Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.

Deferred Tax

Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax losses carried forward.

Deferred tax is calculated in accordance with the tax regulations in the individual countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.

Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.

Management’s Judgments and Estimates

Deferred Tax

Genmab recognizes deferred tax assets, including the tax base of tax loss carry-forwards, if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgment is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.

Realization of deferred tax assets is dependent upon a number of factors, including future taxable earnings, the timing and amount of which is highly uncertain. A significant portion of Genmab’s future taxable income will be driven by future events that are highly susceptible to factors outside the control of the group including commercial growth of DARZALEX, specific clinical outcomes, regulatory approval, advancement of our product pipeline, and others. In 2018, we fully released the remaining valuation allowance on deferred tax assets for our parent entity, Genmab A/S. Genmab intends to continue maintaining a valuation allowance against a significant portion of its deferred tax assets related to its subsidiaries until there is sufficient evidence to support the reversal of all or some additional portion of these allowances. The Company may release an additional part of its valuation allowance against its deferred tax assets related to its subsidiaries. This release would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period such release is recorded.

2.5—Result Per Share


(DKK million)	2019	2018	2017
Net result	2,166	1,472	1,104


(Shares)	2019	2018	2017

Average number of shares outstanding	63,126,771	61,383,972	60,934,308
Average number of treasury shares	(163,958)	(116,466)	(100,000)
Average number of shares excl. treasury shares	62,962,813	61,267,506	60,834,308
Average number of share-based instruments, dilution	674,030	777,491	1,259,874
Average number of shares, diluted	63,636,843	62,044,997	62,094,182
Basic net result per share	34.40	24.03	18.14
Diluted net result per share	34.03	23.73	17.77

In the calculation of the diluted net result per share for 2019, 299,573 warrants (of which 774 were vested) have been excluded as these share-based instruments are out of the money, compared to 177,369 warrants (of which 64,703 were vested) for 2018. In 2017, 43,019 warrants (of which none were vested) have been excluded as these share-based instruments are out of the money.

Accounting Policies

Basic Net Result Per Share

Basic net result per share is calculated as the net result for the year divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.

Diluted Net Result Per Share

Diluted net result per share is calculated as the net result for the year divided by the weighted average number of outstanding ordinary shares, excluding treasury shares adjusted for the dilutive effect of share equivalents.

OPERATING ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2019

OPERATING ASSETS AND LIABILITIES

OPERATING ASSETS AND LIABILITIES

SECTION 3—OPERATING ASSETS AND LIABILITIES

3.1—Intangible Assets


	Licenses,	Total
2019	Rights, and	Intangible
(DKK million)	Patents	Assets
Cost per January 1	798	798
Additions for the year	99	99
Disposals for the year	—	—
Exchange rate adjustment	—	—

Cost at December 31	897	897

Accumulated amortization and impairment per January 1	(328)	(328)
Amortization for the year	(99)	(99)
Disposals for the year	—	—
Exchange rate adjustment	—	—

Accumulated amortization and impairment per December 31	(427)	(427)
Carrying amount at December 31	470	470


	Licenses,	Total
2018	Rights, and	Intangible
(DKK million)	Patents	Assets
Cost per January 1	392	392
Additions for the year	406	406
Disposals for the year	—	—
Exchange rate adjustment	—	—

Cost at December 31	798	798

Accumulated amortization and impairment per January 1	(268)	(268)
Amortization for the year	(60)	(60)
Disposals for the year	—	—
Exchange rate adjustment	—	—

Accumulated amortization and impairment per December 31	(328)	(328)
Carrying amount at December 31	470	470

There were no impairment losses recognized in 2019 or 2018. Impairment losses of DKK 22 million related to licensed assets were recognized as part of research and development costs in 2017 as certain programs were discontinued.

In December 2019, Genmab entered into a research collaboration and license agreement with CureVac AG. The strategic partnership will focus on the research and development of differentiated mRNA-based antibody products by combining CureVac’s mRNA technology and know-how with Genmab’s proprietary antibody technologies and expertise. Genmab will provide CureVac with a $10 million upfront payment and a €20 million equity investment (Refer to Note 3.4 for details on the equity investment). The companies will collaborate on research to identify an initial product candidate and CureVac will contribute a portion of the overall costs for the development of this product candidate, up to the time of an Investigational New Drug Application. Genmab would thereafter be fully responsible for the development and commercialization of the potential product, in exchange for $280 million in development, regulatory and commercial milestones and tiered royalties in the range from mid-single digits up to low-double digits to CureVac. The agreement also includes three additional options for Genmab to obtain commercial licenses to CureVac’s mRNA technology at pre-defined terms, exercisable within a five-year period. If Genmab exercises any of these options, it would fund all research and would develop and commercialize any resulting product candidates with CureVac eligible to receive between $275 million and $368 million in development, regulatory and commercial milestone payments for each product, dependent on the specific product concept. In addition, CureVac is eligible to receive tiered royalties in the range from mid-single digits up to low double digits per product. The carrying amount of the intangible asset related to the CureVac agreement was DKK 67 million as of December 31, 2019. The intangible asset is being amortized on a straight line basis through December 2026.

In July 2018, Genmab entered into a research collaboration and exclusive license agreement with Immatics Biotechnologies GmbH (Immatics) to discover and develop next-generation bispecific immunotherapies to target multiple cancer indications. Genmab received an exclusive license to three proprietary targets from Immatics, with an option to license up to two additional targets at predetermined economics. Under the terms of the agreement, Genmab paid Immatics an upfront fee of $54 million and Immatics is eligible to receive up to $550 million in development, regulatory and commercial milestone payments for each product, as well as tiered royalties on net sales. The carrying amount of the intangible asset related to the Immatics agreements was DKK 274 million as of December 31, 2019 and DKK 323 million as of December 31, 2018. The intangible asset is being amortized on a straight line basis through July 2025.

The group has previously acquired licenses and rights to technology at a total cost of DKK 152 million, which have been fully amortized during the period from 2000 to 2005. The licenses and rights are still in use by the group and contribute to our research and development activities.

Accounting Policies

Research and Development

The group currently has no internally generated intangible assets from development, as the criteria for recognition of an asset are not met as described below.

Licenses and Rights

Licenses, rights, and patents are initially measured at cost and include the net present value of any future payments. The net present value of any future payments is recognized as a liability. Milestone payments are accounted for as an increase in the cost to acquire licenses, rights, and patents. Genmab acquires licenses and rights primarily to get access to targets and technologies identified by third parties.

Depreciation

Licenses, rights, and patents are amortized using the straight-line method over the estimated useful life of five to seven years. Amortization, impairment losses, and gains or losses on the disposal of intangible assets are recognized in the income statement as research and development costs, general and administrative expenses or discontinued operations, as appropriate.

Impairment

Management’s Judgments and Estimates

Research and Development

Internally Generated Intangible Assets

According to the IAS 38, ‘‘Intangible Assets,’’ intangible assets arising from development projects should be recognized in the balance sheet. The criteria that must be met for capitalization are that:

the development project is clearly defined and identifiable and the attributable costs can be measured reliably during the development period;

the technological feasibility, adequate resources to complete and a market for the product or an internal use of the product can be documented; and

management has the intent to produce and market the product or to use it internally.

Such an intangible asset should be recognized if sufficient certainty can be documented that the future income from the development project will exceed the aggregate cost of production, development, and sale and administration of the product.

A development project involves a single product candidate undergoing a high number of tests to illustrate its safety profile and its effect on human beings prior to obtaining the necessary final approval of the product from the appropriate authorities. The future economic benefits associated with the individual development projects are dependent on obtaining such approval. Considering the significant risk and duration of the development period related to the development of biological products, management has concluded that the future economic benefits associated with the individual projects cannot be estimated with sufficient certainty until the project has been finalized and the necessary final regulatory approval of the product has been obtained. Accordingly, the group has not recognized such assets at this time and therefore all research and development costs are recognized in the income statement when incurred. Total research and development costs amounted to DKK 2,386 million in 2019, compared to DKK 1,431 million in 2018 and DKK 874 million in 2017.

Antibody Clinical Trial Material Purchased for Use in Clinical Trials

According to our accounting policies, antibody clinical trial material (antibodies) for use in clinical trials that are purchased from third parties will only be recognized in the balance sheet at cost and expensed in the income statement when consumed, if all criteria for recognition as an asset are fulfilled.

During both 2019 and 2018, no antibodies purchased from third parties for use in clinical trials have been capitalized, as these antibodies do not qualify for being capitalized as inventory under either the ‘‘Framework’’ to IAS/IFRS or IAS 2, ‘‘Inventories.’’ Management has concluded that the purchase of antibodies from third parties cannot be capitalized as the technical feasibility is not proven and no alternative use exists. Expenses in connection with purchase of antibodies are expensed as incurred.

Estimation of Useful Life

Genmab has licenses, rights, and patents that are amortized over an estimated useful life of the intangible asset. As of December 31, 2019, the carrying amount of the intangible assets was DKK 470 million (2018 – DKK 470 million). Genmab estimates the useful life of the intangible assets to be at least seven years based on the expected obsolescence of such assets. However, the actual useful life may be shorter or longer than seven years, depending on the development risk, the probability of success related to the development of a clinical drug as well as potential launch of competing products.

3.2—Property, Plant and Equipment


				Total
		Equipment,		property,
2019	Leasehold	furniture and	Assets under	plant and
(DKK million)	improvements	fixtures	construction	equipment
Cost per January 1	95	217	1	313
Additions for the year	3	64	48	115
Transfers between the classes	—	—	—	—
Disposals for the year	—	(2)	—	(2)
Exchange rate adjustment	—	—	—	—
Cost at December 31	98	279	49	426

Accumulated depreciation and impairment at January 1	(8)	(143)	—	(151)
Depreciation for the year	(6)	(34)	—	(40)
Disposals for the year	—	—	—	—
Exchange rate adjustment	—	—	—	—
Accumulated depreciation on disposals	—	2	—	2
Accumulated depreciation and impairment at December 31	(14)	(175)	—	(189)
Carrying amount at December 31	84	104	49	237


				Total
		Equipment,		property,
2018	Leasehold	furniture and	Assets under	plant and
(DKK million)	improvements	fixtures	construction	equipment
Cost per January 1	11	170	68	249
Additions for the year	7	41	28	76
Transfers between the classes	83	12	(95)	—
Disposals for the year	(6)	(7)	—	(13)
Exchange rate adjustment	—	1	—	1
Cost at December 31	95	217	1	313

Accumulated depreciation and impairment at January 1	(6)	(129)	—	(135)
Depreciation for the year	(8)	(20)	—	(28)
Disposals for the year	6	6	—	12
Exchange rate adjustment	—	—	—	—
Accumulated depreciation and impairment at December 31	(8)	(143)	—	(151)
Carrying amount at December 31	87	74	1	162

Capital expenditures in 2019 and 2018 were primarily related to the expansion of our facilities in the Netherlands and the United States to support the growth in our product pipeline.

Accounting Policies

Property, plant and equipment is mainly comprised of leasehold improvements, assets under construction, and equipment, furniture and fixtures, which are measured at cost less accumulated depreciation, and any impairment losses.

The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. The present value of estimated liabilities related to the restoration of our offices in connection with the termination of the lease is added to the cost if the liabilities are provided for. Costs include direct costs, salary related expenses, and costs to subcontractors.

Depreciation

Depreciation, which is stated at cost net of any residual value, is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows:


Equipment, furniture and fixtures		3 - 5 years
Computer equipment		3 years
Leasehold improvements		5 years or the lease term, if shorter

The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.

Impairment

If circumstances or changes in Genmab’s operations indicate that the carrying amount of non-current assets in a cash-generating unit may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow generated from the asset. If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified.

3.3—Leases

The group has entered into lease agreements with respect to office space and office equipment. The leases are non-cancelable for various periods up to 2032.

Amounts recognized in the balance sheet

The balance sheet shows the following amounts relating to leases:


	December 31,	December 31,
(DKK million)	2019	2018
Right-of-use assets
Properties	173	—
Equipment	4	—
Total right-of-use assets	177	—

Lease liabilities
Current	26	—
Non-current	155	—
Total lease liabilities	181	—

There were no additions to the right-of-use assets in 2019.

Amounts recognized in the statement of comprehensive income

The statement of comprehensive income shows the following amounts relating to leases:


	December 31,	December 31,	December 31,
(DKK million)	2019	2018	2017
Depreciation charge of right-of-use assets
Properties	27	—	—
Equipment	1	—	—
Total depreciation charge of right-of-use assets	28	—	—

Interest expense	7	—	—
Expense relating to short-term leases	6	—	—

Interest expense is included in net financial items and expenses relating to short-term leases are included in operating expenses in the statement of comprehensive income.

The total cash outflow for leases in 2019 was DKK 38 million. See the table below for activities for lease liabilities in 2019:


	December 31,	Cash flows,	Other	December 31,
(DKK million)	2018	net	changes*	2019
Lease liabilities, due after 1 year	181	(38)	12	155
Lease liabilities, due within 1 year	24	—	2	26
Total lease liabilities	205	(38)	14	181

* Other changes include non-cash movements, including accrued interest expense which are presented as operating cash flows in the statement of cash flows when paid.

Future minimum payments under our leases as of December 31, 2019 and December 31, 2018, are as follows:


(DKK million)	2019	2018
Payment due
Less than 1 year	32	31
1 to 3 years	64	65
More than 3 years but less than 5 years	27	45
More than 5 years	93	106
Total	216	247

During the second quarter of 2019, Genmab A/S’s subsidiary Genmab US, Inc., entered into a lease agreement with respect to office and laboratory space with a commencement date in March 2020 and is non-cancellable until August 2031. The total future minimum payments over the term of the lease are approximately DKK 215 million and estimated capital expenditures to fit out the space are approximately DKK 176 million of which DKK 48 million have been incurred and capitalized as of December 31, 2019.

During the third quarter of 2019, Genmab A/S’s subsidiary Genmab B.V., entered into a lease agreement with respect to office and laboratory space with a commencement date in February 2022 and is non-cancellable until January 2032. The total future minimum payments over the term of the lease are approximately DKK 90 million and estimated capital expenditures to fit out the space are approximately DKK 70 million.

Please refer to note 1.2 for disclosure of the impact of adoption of IFRS 16 on our consolidated financial statements. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods.

Accounting Policies

All leases are recognized in the balance sheet as a right-of-use (“ROU”) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis over the lease term. In the income statement, lease costs are replaced by depreciation of the ROU asset recognized over the lease term in operating expenses, and interest expenses related to the lease liability are classified in financial items.

3.4—Other Investments

The Group’s other investments consist of a DKK 149 million (€20 million) investment in CureVac AG, the developer of mRNA technology, which was entered into on December 19, 2019. This investment is also a strategic partnership that will focus on the research and development of differentiated mRNA-based antibody products by combining CureVac’s mRNA technology and know-how with Genmab’s proprietary antibody technologies and expertise. The investment in CureVac AG is recorded at fair value through profit and loss. This investment represents 2.2% ownership of CureVac AG and is recorded at a fair value of DKK 149 million as of December 31, 2019.

The payment related to this investment was made in March 2020. As of December 31, 2019, the investment was unpaid and was recorded within other payables. Please refer to note 3.7 for additional information regarding other payables.

Accounting Policies

Other investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the income statement under financial items.

3.5—Receivables


(DKK million)	2019	2018
Receivables related to collaboration agreements	2,849	1,266
Interest receivables	34	18
Other receivables	56	34
Prepayments	62	19
Total	3,001	1,337
Non-current receivables	11	10
Current receivables	2,990	1,327
Total	3,001	1,337

During 2019 and 2018, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was not significant given that there have been no credit losses over the last three years and the high-quality nature (top tier life science companies) of Genmab’s customers are not likely to result in future default risk.

The receivables are mainly comprised of royalties and milestones from our collaboration agreements and non-interest bearing receivables which are due less than one year from the balance sheet date. Please refer to note 4.2 for additional information about interest receivables and related credit risk.

Accounting Policies

Receivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision.

Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.

Prepayments include expenditures related to a future financial year. Prepayments are measured at nominal value.

3.6—Provisions


(DKK million)	2019	2018
Provisions per January 1	1	1
Additions during the year	1	—
Used during the year	—	—
Released during the year	—	—
Total at December 31	2	1
Non-current provisions	2	1
Current provisions	—	—
Total at December 31	2	1

Provisions include contractual restoration obligations related to our lease of offices. In determining the fair value of the restoration obligation, assumptions and estimates are made in relation to discounting, the expected cost to restore the offices and the expected timing of those costs.

The majority of non-current provisions are expected to be settled in 2022.

Accounting Policies

Provisions are recognized when the group has an existing legal or constructive obligation as a result of events occurring prior to or on the balance sheet date, and it is probable that the utilization of economic resources will be required to settle the obligation. Provisions are measured at management’s best estimate of the expenses required to settle the obligation.

A provision for onerous contracts is recognized when the expected benefits to be derived by the group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. When the group has a legal obligation to restore our office lease in connection with the termination, a provision is recognized corresponding to the present value of expected future costs. The present value of a provision is calculated using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as an interest expense.

3.7—Other Payables


(DKK million)	2019	2018
Liabilities related to collaboration agreements	8	6
Staff cost liabilities	48	30
Other liabilities	715	213
Accounts payable	69	69
Total at December 31	840	318

Non-current other payables	1	2
Current other payables	839	316
Total at December 31	840	318

Accounting Policies

Other payables are initially measured at fair value and subsequently measured in the balance sheet at amortized cost. The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.

Staff Costs Liabilities

Wages and salaries, social security contributions, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associated work. Termination benefits are recognized as an expense, when the Genmab group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment. The group’s pension plans are classified as defined contribution plans, and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are accrued and outstanding contributions are included in other payables.

Accounts Payable

Accounts payable are measured in the balance sheet at amortized cost.

Other Liabilities

Other liabilities primarily includes accrued expenses related to our research and development project costs.

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS

12 Months Ended

Dec. 31, 2019

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS

SECTION 4—CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS

4.1—Capital Management

Genmab’s goal is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and a continuous advancement of Genmab’s product pipeline and business in general.

Genmab is primarily financed through partnership collaboration income and had, as of December 31, 2019, a cash position of DKK 10,971 million compared to DKK 6,106 million as of December 31, 2018. The cash position supports the advancement of our product pipeline and operations.

The adequacy of our available funds will depend on many factors, including continued growth of DARZALEX sales, progress in our research and development programs, the magnitude of those programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future acquisitions. Accordingly, we may require additional funds and may attempt to raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources.

The Board of Directors monitors the share and capital structure to ensure that Genmab’s capital resources support the strategic goals. There was no change in the group’s approach to capital management procedures in 2019.

Neither Genmab A/S nor any of its subsidiaries are subject to externally imposed capital requirements.

4.2—Financial Risk

The financial risks of the Genmab group are managed centrally.

The overall risk management guidelines have been approved by the Board of Directors and includes the group’s investment policy related to our marketable securities. The group’s risk management guidelines are established to identify and analyze the risks faced by the Genmab group, to set the appropriate risk limits and controls and to monitor the risks and adherence to limits. It is Genmab’s policy not to actively speculate in financial risks. The group’s financial risk management is directed solely against monitoring and reducing financial risks which are directly related to the group’s operations.

The primary objective of Genmab’s investment activities is to preserve capital and ensure liquidity with a secondary objective of maximizing the income derived from security investments without significantly increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for which investments (all of which are shorter-term in nature) are considered to be eligible investments for Genmab and which investment parameters are to be applied, including maturity limitations and credit ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the risk of loss resulting from over concentration of assets in a specific class, issuer, currency, country, or economic sector.

Currently, our marketable securities are administrated by two external investment managers. The guidelines and investment managers are reviewed regularly to reflect changes in market conditions, the group’s activities and financial position. In 2016, the investment policy was amended to increase the investment limits for individual securities and reduce the percent of the total portfolio required to have a maturity of less than one year. The changes were made as a result of the higher value of our marketable securities portfolio and reduced need for short duration securities.

In addition to the capital management and financing risk mentioned in note 4.1, the group has identified the following key financial risk areas, which are mainly related to our marketable securities portfolio:

credit risk;

foreign currency risk; and

interest rate risk

All our marketable securities are traded in established markets. Given the current market conditions, all future cash inflows including re-investments of proceeds from the disposal of marketable securities are invested in highly liquid and conservative investments. Please refer to note 4.4 for additional information regarding marketable securities.

Credit Risk

Genmab is exposed to credit risk and losses on our marketable securities, and bank deposits. The maximum credit exposure related to Genmab’s cash position was DKK 10,971 million as of December 31, 2019 compared to DKK 6,106 million as of December 31, 2018. The maximum credit exposure to Genmab’s receivables was DKK 3,001 million as of December 31, 2019 compared to DKK 1,337 million as of December 31, 2018.

Marketable Securities

To manage and reduce credit risks on our securities, Genmab’s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if it is not assumed that the credit quality of the issuer would be at least equal to the rating shown below:


Category	S&P	Moody's	Fitch
Short-term	A-1	P-1	F-1
Long-term	A-1	A3	A-

Our current portfolio is spread over a number of different securities and is conservative with a focus on liquidity and security. As of December 31, 2019, 91% of our marketable securities had a triple A-rating from Moody’s, S&P, or Fitch compared to 90% at December 31, 2018. The total value of marketable securities including interest receivables amounted to DKK 7,453 million at the end of 2019 compared to DKK 5,591 million at the end of 2018.

Bank Deposits

To reduce the credit risk on our bank deposits, Genmab policy is only to invests its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F‑1 and A‑1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of the Genmab group. The total value of bank deposits including short-term marketable securities amounted to DKK 3,552 million as of December 31, 2019 compared to DKK 533 million at the end of 2018. The increase was due to higher short-term marketable securities classified as cash and cash equivalents driven by timing and working capital needs as of December 31, 2019.

Receivables

The credit risk related to our receivables is not significant based on the high quality nature of Genmab’s customers. As disclosed in note 2.1, Janssen is Genmab’s primary customer in which receivables are established for royalties and milestones achieved.

Foreign Currency Risk

Genmab’s presentation currency is the DKK; however, Genmab’s revenues and expenses are in a number of different currencies. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on Genmab’s cash flows, profit (loss) and/or financial position in DKK.

The majority of Genmab’s revenue is in USD. Exchange rate changes to the USD will result in changes to the translated value of future net result before tax and cash flows. Genmab’s revenue in USD was 97% of total revenue in 2019 as compared to 96% in 2018 and 96% in 2017. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries’ functional currencies.

Assets and Liabilities in Foreign Currency

The most significant cash flows of the group are DKK, EUR, USD and GBP and Genmab hedges its currency exposure by maintaining cash positions in these currencies. Our total marketable securities were invested in EUR (12%), DKK (23%), USD (64%) and GBP (1%) denominated securities as of December 31, 2019, compared to 16%, 30%, 53%, and 1%, as of December 31, 2018.

Based on the amount of assets and liabilities denominated in EUR, USD and GBP as of December 31, 2019 and 2018, a 1% increase/decrease in the EUR to DKK exchange rate and a 10% increase/decrease in both USD to DKK exchange rate and GBP to DKK exchange rate will impact our net result before tax by approximately:


	Percentage		Impact of change
	change in		in exchange
(DKK million)	exchange rate*		rate**
2019
EUR	1	%	10
USD	10	%	1,053
GBP	10	%	—
2018
EUR	1	%	9
USD	10	%	362
GBP	10	%	5

*The analysis assumes that all other variables, in particular interest rates, remain constant.

**The movements in the income statement and equity arise from monetary items (cash, marketable securities, receivables and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.

Accordingly, significant changes in exchange rates could cause our net result to fluctuate significantly as gains and losses are recognized in the income statement. Our EUR exposure is mainly related to our marketable securities, contracts and other costs denominated in EUR. Since the introduction of EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark’s policy towards the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy towards the DKK/EUR.

The USD currency exposure was mainly related to cash deposits, marketable securities, and receivables related to our collaborations with Janssen and Novartis. Significant changes in the exchange rate of USD to DKK could cause the net result to change materially as shown in the table above. In prior years, Genmab has entered into derivative contracts to hedge a portion of the associated currency exposure of royalty payments from net sales of DARZALEX by Janssen. As of December 31, 2019, there were no derivatives outstanding.

The GBP currency exposure is mainly related to contracts and marketable securities denominated in GBP.

Interest Rate Risk

Genmab’s exposure to interest rate risk is primarily related to the marketable securities, as we currently do not have significant interest bearing debts.

Marketable Securities

The securities in which the group has invested bear interest rate risk, as a change in market derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis.

To control and minimize the interest rate risk, the group maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates.

As of December 31, 2019, the portfolio has an average effective duration of approximately 1.1 years (2018: 1.4 years) and no securities have an effective duration of more than 9 years (2018: 8 years), which means that a change in the interest rates of one percentage point will cause the fair value of the securities to change by approximately 1.1% (2018: 1.4%). Due to the short-term nature of the current investments and to the extent that we are able to hold the investments to maturity, we consider our current exposure to changes in fair value due to interest rate changes to be insignificant compared to the fair value of the portfolio.

As of December 31, 2019, and December 31, 2018, the maturity profile of our marketable securities is as follows:


(DKK million)
Year of Maturity	2019	2018
2019	—	2,880
2020	3,891	1,574
2021	2,190	505
2022	493	138
2023	102	75
2024+	743	401
Total	7,419	5,573

4.3—Financial Assets and Liabilities


Categories of Financial Assets and Liabilities	Note	2019	2018
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	7,419	5,573
Other Investments	3.4	149	—
Financial assets measured at amortized cost
Receivables ex. prepayments	3.5	2,939	1,318
Cash and cash equivalents		3,552	533
Financial liabilities measured at amortized cost:
Other payables	3.7	(840)	(318)
Lease Liabilities	3.3	(181)	—

Fair Value Measurement

Marketable Securities

All fair market values are determined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).

Other Investments

The Group’s other investments consist of a DKK 149 million investment in CureVac AG, the developer of mRNA technology, which was entered into on December 19, 2019 (Level 3).

Accounting Policies

Classification of Categories of Financial Assets and Liabilities

Genmab classifies its financial assets held into the following measurement categories:

those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

those to be measured at amortized cost.

The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. Genmab reclassifies debt investments when and only when its business model for managing those assets changes. Further details about the accounting policy for each of the categories are outlined in the respective notes.

Fair Value Measurement

The Genmab group measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that financial assets and liabilities measured at amortized costs such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or

In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Genmab group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Genmab group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instruments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset and liability, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

For assets and liabilities that are recognized in the financial statements on a recurring basis, the group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period. There have not been any transfers between the different levels during 2019 and 2018.

4.4—Marketable Securities


(DKK million)	2019		2018
Cost at January 1	5,494		4,195
Additions for the year	5,812		3,521
Disposals for the year	(3,926)		(2,222)
Cost at December 31	7,380		5,494

Fair value adjustment at January 1	79		(120)
Fair value adjustment for the year	(40)		199
Fair value adjustment at December 31	39		79

Net book value at December 31	7,419		5,573

Net book value in percentage of cost	101	%	101	%


	Market	Average			Market	Average
	value	effective	Share		value	effective	Share
(DKK million)	2019	duration	%		2018	duration	%
Kingdom of Denmark bonds and treasury bills	462	1.84	6	%	508	1.94	9	%
Danish mortgage-backed securities	1,227	2.33	17	%	1,177	2.58	21	%
DKK portfolio	1,689	2.20	23	%	1,685	2.39	30	%
EUR portfolio
European government bonds and treasury bills	873	1.33	12	%	875	1.38	16	%
USD portfolio
US government bonds and treasury bills	4,778	0.63	64	%	2,938	0.84	53	%
GBP portfolio
UK government bonds and treasury bills	79	0.55	1	%	75	0.55	1	%
Total portfolio	7,419	1.07	100	%	5,573	1.39	100	%

Marketable securities	7,419				5,573

Interest Income

Total interest income amounted to DKK 120 million in 2019 compared to DKK 63 million in 2018. The increase was due to the combination of higher yield and level of investment in marketable securities in 2019 as compared to 2018.

Fair Value Adjustment

The total fair value adjustment was an expense of DKK 40 million in 2019 compared to income of DKK 199 million in 2018. Fair value adjustments were primarily driven by foreign exchange movements and the timing of maturities and purchases of marketable securities.

Please refer to note 4.2 for additional information regarding the risks related to our marketable securities.

Accounting Policies

Marketable securities consist of investments in securities with a maturity greater than three months at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the group classifies its debt instruments:

Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.

Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.

Genmab’s portfolio is managed and evaluated on a fair value basis in accordance with its investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with the prior year’s classification. Genmab invests its cash in deposits with major financial institutions, in Danish mortgage bonds, and notes issued by the Danish, European and American governments. The securities can be purchased and sold using established markets.

Transactions are recognized at trade date.

4.5—Financial Income and Expenses


(DKK million)	2019	2018	2017
Financial income:
Interest and other financial income	120	63	41
Realized and unrealized gains on marketable securities (fair value through the income statement), net	9	—	—
Realized and unrealized gains on fair value hedges, net	—	2	30
Realized and unrealized exchange rate gains, net	99	178	—
Total financial income	228	243	72
Financial expenses:
Interest and other financial expenses	7	—	2
Realized and unrealized losses on marketable securities (fair value through the income statement), net	—	11	20
Realized and unrealized exchange rate losses, net	—	—	330
Total financial expenses	7	11	352
Net financial items	221	232	280

Interest and other financial income on financial assets measured at amortized cost	22	8	2
Interest and other financial expenses on financial liabilities measured at amortized cost	—	—	3

Realized and unrealized exchange rate gains, net of DKK 99 million in 2019 and DKK 178 million in 2018 were driven by foreign exchange movements, which positively impacted our USD denominated portfolio and cash holdings. The USD strengthened against the DKK during 2019 and 2018, resulting in realized and unrealized exchange rates gains. More specifically, the USD/DKK foreign exchange rate increased from 6.5213 at December 31, 2018 to 6.6759 at December 31, 2019, and from 6.2067 at December 31, 2017 to 6.5213 at December 31, 2018.

Realized and unrealized exchange rate losses, net of DKK 330 million in 2017 were driven by foreign exchange movements, which negatively impacted our USD denominated portfolio and cash holdings. The USD weakened significantly against the DKK during 2017, resulting in realized and unrealized exchange rates losses. More specifically, the USD/DKK foreign exchange rate decreased from 7.0528 at December 31, 2016 to 6.2067 at December 31, 2017. Please refer to note 4.2 for additional information on foreign currency risk.

Accounting Policies

Financial income and expenses include interest as well as realized and unrealized exchange rate adjustments and realized and unrealized gains and losses on marketable securities (designated as fair value through the income statement) and realized gains and losses and write-downs of other securities and equity interests (designated as available-for-sale financial assets). Interest and dividend income are shown separately from gains and losses on marketable securities and other securities and equity interests. Gains or losses relating to the ineffective portion of a cash flow hedge and changes in time value are recognized immediately in the income statement as part of the financial income or expenses.

4.6—Share-Based Instruments

Restricted Stock Unit Program

Genmab A/S has established an RSU program (equity-settled share-based payment transactions) as an incentive for all the Genmab group’s employees, members of the Executive Management, and members of the Board of Directors. RSUs are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S’ shareholders and are subject to the incentive guidelines (Remuneration Principles) adopted by the general meeting.

Under the terms of the RSU program, RSUs are subject to a cliff vesting period and become fully vested on the first banking day of the month following a period of three years from the date of grant. If an employee, member of Executive Management, or member of the Board of Directors ceases their employment or board membership prior to the vesting date, all RSUs that are granted, but not yet vested, shall lapse automatically.

However, if an employee, a member of the Executive Management or a member of the Board of Directors ceases employment or board membership due to retirement or age limitation in Genmab A/S’ articles of association, death, serious sickness or serious injury then all RSUs that are granted but not yet vested shall remain outstanding and will be settled in accordance with their terms.

In addition, for an employee or a member of the Executive Management, RSUs that are granted, but not yet vested shall remain outstanding and will be settled in accordance with their terms in instances where the employment relationship is terminated by Genmab without cause.

Within 30 days of the vesting date, the holder of an RSU receives one share in Genmab A/S for each RSU. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee’s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (“net settlement”). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make cash settlement instead of delivering shares.

The RSU program contains anti-dilution provisions if changes occur in Genmab’s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program.

RSU Activity in 2019, 2018 and 2017


				Number of
				RSUs held by
				former
	Number of	Number of		members of
	RSUs held by	RSUs held by	Number of	the Board of
	the Board of	the Executive	RSUs held by	Directors and
	Directors	Management	employees	employees	Total RSUs
Outstanding at January 1, 2017	18,688	64,258	18,291	1,150	102,387
Granted*	7,661	19,599	38,691	–	65,951
Settled	–	–	–	–	–
Transferred	(2,021)	–	(1,484)	3,505	–
Cancelled	–	–	(23)	(271)	(294)
Outstanding at December 31, 2017	24,328	83,857	55,475	4,384	168,044

Outstanding at January 1, 2018	24,328	83,857	55,475	4,384	168,044
Granted*	5,224	18,020	79,395	–	102,639
Settled	(9,425)	(35,725)	–	(2,300)	(47,450)
Transferred	–	–	(3,358)	3,358	–
Cancelled	–	–	(1,466)	(2,865)	(4,331)
Outstanding at December 31, 2018	20,127	66,152	130,046	2,577	218,902

Outstanding at January 1, 2019	20,127	66,152	130,046	2,577	218,902
Granted*	3,708	25,793	87,168	73	116,742
Settled	(2,631)	(19,080)	–	(478)	(22,189)
Transferred	(1,251)	–	(8,355)	9,606	–
Cancelled	–	–	–	(5,548)	(5,548)
Outstanding at December 31, 2019	19,953	72,865	208,859	6,230	307,907

*RSUs held by the Board of Directors includes RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.

Please refer to note 5.1 for additional information regarding the number of RSUs held by the Executive Management and the Board of Directors. The weighted average fair value of RSUs granted was DKK 1,511.70, DKK1,033.95 and DKK 1,128.30 in 2019, 2018 and 2017, respectively.

Warrant Program

Genmab A/S has established warrant programs (equity-settled share-based payment transactions) as an incentive for all the Genmab group’s employees, and members of the Executive Management. Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S’ shareholders. Warrant grants to Executive Management are subject to the incentive guidelines (Remuneration Principles) adopted by the general meeting.

Under the terms of the warrant programs, warrants are granted at an exercise price equal to the share price on the grant date. According to the warrant programs, the exercise price cannot be fixed at a lower price than the market price at the grant date. In connection with exercise, the warrants shall be settled with the delivery of shares in Genmab A/S. The warrant programs contain anti-dilution provisions if changes occur in Genmab’s share capital prior to the warrants being exercised.

Warrants Granted From August 2004 Until April 2012

Under the August 2004 warrant program, warrants can be exercised starting from one year after the grant date. As a general rule, the warrant holder may only exercise 25% of the warrants granted per full year of employment or affiliation with Genmab after the grant date.

However, the warrant holder will be entitled to continue to be able to exercise all warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause.

In case of a change of control event as defined in the warrant programs, the warrant holder will immediately be granted the right to exercise all of his/her warrants regardless of the fact that such warrants would otherwise only become fully vested at a later point in time. Warrant holders who are no longer employed by or affiliated with Genmab will, however, only be entitled to exercise such percentages as would otherwise have vested under the terms of the warrant program.

Warrants Granted From April 2012 Until March 2017

Following the Annual General Meeting in April 2012, a new warrant program was adopted by the Board of Directors. Whereas warrants granted under the August 2004 warrant program will lapse on the tenth anniversary of the grant date, warrants granted under the new April 2012 warrant program will lapse at the seventh anniversary of the grant date. All other terms in the warrant programs are identical.

Warrants Granted From March 2017

In March 2017, a new warrant program was adopted by the Board of Directors. Whereas warrants granted under the April 2012 warrant program vested annually over a four year period, warrants granted under the new March 2017 warrant program are subject to a cliff vesting period and become fully vested three years from the date of grant. All other terms in the warrant programs are identical.

Warrant Activity in 2019, 2018 and 2017


				Number of
				warrants held by
		Number of		former members
	Number of	warrants held		of the Executive
	warrants held	by the	Number of	Management,		Weighted
	by the Board	Executive	warrants held	Board of Directors	Total	average
	of Directors	Management	by employees	and employees	warrants	exercise price
Outstanding at January 1, 2017	129,742	877,418	644,097	539,054	2,190,311	311.52
Granted*	4,125	59,819	118,745	—	182,689	1,123.91
Exercised	(31,625)	(377,500)	(131,709)	(294,784)	(835,618)	257.19
Expired	—	—	—	(8,200)	(8,200)	348.20
Cancelled	—	—	(73)	(10,923)	(10,996)	722.48
Transfers	(10,000)	—	(56,765)	66,765	—	—
Outstanding at December 31, 2017	92,242	559,737	574,295	291,912	1,518,186	436.01
Exercisable at year end	79,380	472,119	262,414	270,458	1,084,371	233.81
Exercisable warrants in the money at year end	78,400	464,832	241,241	269,313	1,053,786	201.27

Outstanding at January 1, 2018	92,242	559,737	574,295	291,912	1,518,186	436.01
Granted*	3,161	50,464	222,882	—	276,507	1,034.66
Exercised	(20,925)	(130,000)	(46,883)	(114,089)	(311,897)	241.34
Expired	—	—	—	(37,875)	(37,875)	253.76
Cancelled	—	—	(4,582)	(17,129)	(21,711)	940.01
Transfers	—	—	(39,624)	39,624	—	—
Outstanding at December 31, 2018	74,478	480,201	706,088	162,443	1,423,210	592.14
Exercisable at year end	62,647	355,347	297,128	152,743	867,865	295.02
Exercisable warrants in the money at year end	60,688	340,775	257,115	148,701	807,279	230.43

Outstanding at January 1, 2019	74,478	480,201	706,088	162,443	1,423,210	592.14
Granted*	3,925	—	303,066	228	307,219	1,483.58
Exercised	(15,750)	(132,400)	(56,237)	(95,044)	(299,431)	212.23
Expired	—	—	—	(2,000)	(2,000)	129.75
Cancelled	—	—	—	(15,374)	(15,374)	1,049.34
Transfers	(319)	—	(93,944)	94,263	—	—
Outstanding at December 31, 2019	62,334	347,801	858,973	144,516	1,413,624	862.03
Exercisable at year end	50,227	230,233	225,855	131,933	638,248	407.89
Exercisable warrants in the money at year end	50,227	227,733	219,403	129,698	627,061	385.84

*Warrants held by the Board of Directors includes warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.

Please refer to note 5.1 for additional information regarding the number of warrants held by the Executive Management and the Board of Directors.

As of December 31, 2019, the 1,413,624 outstanding warrants amounted to 2% of the share capital, compared to 2% for 2018 and 2017.

For exercised warrants in 2019 the weighted average share price at the exercise date amounted to DKK 1,267.92, compared to DKK 1,206.11 in 2018 and DKK 1,368.32 in 2017.

Weighted Average Outstanding Warrants at December 31, 2019


		Number of	Weighted average	Number of
		warrants	remaining contractual	warrants
Exercise price	Grant Date	outstanding	life (in years)	exercisable
DKK
31.75	October 14, 2011	5,950	1.79	5,950
40.41	June 22, 2011	80,205	1.48	80,205
46.74	June 2, 2010	85,000	0.42	85,000
55.85	April 6, 2011	5,500	1.27	5,500
66.60	December 9, 2010	35,500	0.94	35,500
67.50	October 14, 2010	3,250	0.79	3,250
68.65	April 21, 2010	3,325	0.31	3,325
147.50	April 17, 2013	1,500	0.30	1,500
199.00	June 12, 2013	1,000	0.45	1,000
210.00	February 10, 2014	2,750	1.11	2,750
220.40	October 15, 2014	17,750	1.79	17,750
225.30	June 12, 2014	4,625	1.45	4,625
225.90	December 6, 2013	137,059	0.93	137,059
231.50	October 10, 2013	3,665	0.78	3,665
337.40	December 15, 2014	50,986	1.96	50,986
466.20	March 26, 2015	8,100	2.24	8,100
623.50	June 11, 2015	2,575	2.45	2,575
636.50	October 7, 2015	21,000	2.77	21,000
815.50	March 17, 2016	12,449	3.21	8,390
939.50	December 10, 2015	73,162	2.94	73,162
962.00	June 7, 2018	14,564	5.44	—
1,025.00	December 10, 2018	206,097	5.94	—
1,032.00	December 15, 2017	131,444	4.96	—
1,050.00	September 21, 2018	27,082	5.73	—
1,136.00	October 6, 2016	18,450	3.77	14,089
1,145.00	December 15, 2016	83,287	3.96	62,190
1,147.50	June 6, 2019	21,343	6.43	—
1,155.00	March 29, 2019	7,959	6.25	—
1,161.00	March 1, 2019	19,830	6.17	—
1,210.00	April 10, 2018	14,881	5.28	—
1,233.00	June 9, 2016	13,763	3.44	9,903
1,334.50	October 11, 2019	62,848	6.78	—
1,402.00	March 28, 2017	8,736	4.24	—
1,408.00	June 8, 2017	5,151	4.44	—
1,424.00	February 10, 2017	1,526	4.11	774
1,427.00	March 29, 2017	8,400	4.25	—
1,432.00	October 5, 2017	17,901	4.76	—
1,615.00	December 5, 2019	195,011	6.93	—

862.03		1,413,624	4.05	638,248

Weighted Average Outstanding Warrants at December 31, 2018


		Number of	Weighted average	Number of
		warrants	remaining contractual	warrants
Exercise price	Grant Date	outstanding	life (in years)	exercisable
DKK
31.75	October 14, 2011	7,525	2.79	7,525
40.41	June 22, 2011	85,975	2.48	85,975
45.24	April 25, 2012	1,000	0.32	1,000
46.74	June 2, 2010	85,000	1.42	85,000
55.85	April 6, 2011	8,500	2.27	8,500
66.60	December 9, 2010	37,750	1.94	37,750
67.50	October 14, 2010	3,250	1.79	3,250
68.65	April 21, 2010	5,450	1.31	5,450
79.25	October 9, 2012	5,000	0.78	5,000
80.55	December 5, 2012	111,750	0.93	111,750
98.00	January 31, 2013	1,375	1.08	1,375
129.75	October 8, 2009	5,075	0.77	5,075
147.50	April 17, 2013	7,750	1.30	7,750
174.00	June 17, 2009	25,000	0.46	25,000
199.00	June 12, 2013	1,000	1.45	1,000
210.00	February 10, 2014	3,088	2.11	3,088
220.40	October 15, 2014	33,800	2.79	33,800
225.30	June 12, 2014	7,975	2.45	7,975
225.90	December 6, 2013	175,047	1.93	175,047
231.50	October 10, 2013	7,850	1.78	7,850
234.00	April 15, 2009	6,100	0.29	6,100
337.40	December 15, 2014	90,945	2.96	90,945
466.20	March 26, 2015	11,061	3.24	6,664
623.50	June 11, 2015	6,350	3.45	3,913
636.50	October 7, 2015	24,500	3.77	16,250
815.50	March 17, 2016	14,837	4.21	6,362
939.50	December 10, 2015	80,874	3.94	57,880
962.00	June 7, 2018	14,714	6.44	—
1,025.00	December 10, 2018	210,437	6.94	—
1,032.00	December 15, 2017	133,637	5.96	—
1,050.00	September 21, 2018	33,226	6.73	—
1,136.00	October 6, 2016	19,450	4.77	9,725
1,145.00	December 15, 2016	86,660	4.96	43,675
1,210.00	April 10, 2018	14,954	6.28	—
1,233.00	June 9, 2016	14,438	4.44	6,713
1,402.00	March 28, 2017	8,736	5.24	—
1,408.00	June 8, 2017	5,224	5.44	—
1,424.00	February 10, 2017	1,606	5.11	478
1,427.00	March 29, 2017	8,400	5.25	—
1,432.00	October 5, 2017	17,901	5.76	—
592.14		1,423,210	3.76	867,865

4.7—Share Capital

Share Capital

The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.

On December 31, 2019, the share capital of Genmab A/S comprised 65,074,502 shares of DKK 1 each with one vote. There are no restrictions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obligation to allow his/her shares to be redeemed.

Until April 10, 2023, the Board of Directors is authorized to increase the nominal registered share capital on one or more occasions by up to nominally DKK 7,500,000 by subscription of new shares that shall have the same rights as the existing shares of Genmab. The capital increase can be made by cash or by non-cash payment and with or without pre-emption rights for the existing shareholders. Within the authorizations to increase the share capital by nominally DKK 7,500,000 shares, the Board of Directors may on one or more occasions and without pre-emption rights for the existing shareholders of Genmab issue up to nominally DKK 2,000,000 shares to employees of Genmab, and Genmab’s subsidiaries, by cash payment at market price or at a discount price as well as by the issue of bonus shares. No transferability restrictions or redemption obligations shall apply to the new shares, which shall be negotiable instruments in the name of the holder and registered in the name of the holder in Genmab’s Register of Shareholders. The new shares shall give the right to dividends and other rights as determined by the Board in its resolution to increase capital.

On July 17, 2019, the Board of Directors partly exercised the authority in accordance with the authorization described above, to increase the share capital without pre-emption rights for the existing shareholders by nominally DKK 2,850,000. Additionally, on July 17, 2019, the Board of Directors partly exercised the authority to increase the share capital without pre-emption rights for the existing shareholders by nominally DKK 427,500. The remaining amount of the authorization is thus DKK 4,222,500.

Until March 17, 2021, the Board of Directors is authorized by one or more issues to raise loans against bonds or other financial instruments up to a maximum amount of DKK 3 billion with a right for the lender to convert his/her claim to a maximum of nominally DKK 4,000,000 equivalent to 4,000,000 new shares (convertible loans). Convertible loans may be raised in DKK or the equivalent in foreign currency (including US dollar (USD) or euro (EUR)). The Board of Directors is also authorized to effect the consequential increase of the capital. Convertible loans may be raised against payment in cash or in other ways. The subscription of shares shall be with or without pre-emption rights for the shareholders and the convertible loans shall be offered at a subscription price and conversion price that in the aggregate at least corresponds to the market price of the shares at the time of the decision of the Board of Directors. The time limit for conversion may be fixed for a longer period than five (5) years after the raising of the convertible loan.

By decision of the general meeting on April 9, 2014, the Board of Directors was authorized to issue on one or more occasions warrants to subscribe Genmab A/S’ shares up to a nominal value of DKK 500,000. This authorization shall remain in force for a period ending on April 9, 2019. Further, by decision of the general meeting on March 28, 2017, the Board of Directors was authorized to issue on one or more occasions warrants to subscribe Genmab A/S’ shares up to a nominal value of DKK 500,000. This authorization shall remain in force for a period ending on March 28, 2022. Moreover, by decision of the General Meeting on March 29, 2019 the Board of Directors is authorized to issue on one or more occasions additional warrants to subscribe Genmab A/S’ shares up to a nominal value of DKK 500,000 to Genmab A/S’ employees as well as employees of Genmab A/S’ directly and indirectly owned subsidiaries, excluding executive management, and to make the related capital increases in cash up to a nominal value of DKK 500,000. This authorization shall remain in force for a period ending on March 28, 2024.

Subject to the rules in force at any time, the Board of Directors may reuse or reissue lapsed non-exercised warrants, if any, provided that the reuse or reissue occurs under the same terms and within the time limitations set out in the authorization to issue warrants.

As of December 31, 2019, a total of 346,337 warrants have been issued and a total of 9,988 warrants have been reissued under the March 28, 2017 authorization, and a total of 283,282 warrants have been issued and a total of 76 warrants have been reissued under the March 29, 2019 authorization. A total of 370,381 warrants remain available for issue and a total of 7,883 warrants remain available for reissue as of December 31, 2019.

By decision of the general meeting on March 17, 2016, the Board of Directors was authorized to repurchase Genmab A/S’ shares up to a nominal value of DKK 500,000 (500,000 shares). This authorization shall remain in force for a period ending on March 17, 2021. In addition, by decision of the general meeting on March 29, 2019, the Board of Directors was authorized to repurchase Genmab A/S’ shares up to a nominal value of DKK 500,000 (500,000 shares). This authorization shall remain in force for a period ending on March 28, 2024.

As of December 31, 2019, a total of 225,000 shares, with a nominal value of DKK 225,000, have been repurchased under the March 17, 2016 authorization. A total of 775,000 shares, with a nominal value of DKK 775,000, remain available to repurchase as of December 31, 2019.

Share Premium

The share premium reserve is comprised of the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s offerings, reduced by any external expenses directly attributable to the offerings. The share premium reserve can be distributed.

Changes in Share Capital During 2013 to 2019

The share capital of DKK 65 million at December 31, 2019 is divided into 65,074,502 shares at a nominal value of DKK 1 each.


	Number of
	shares	Share capital
		(DKK million)
December 31, 2013	51,755,722	51.8
Shares issued for cash	4,600,000	4.6
Exercise of warrants	611,697	0.6
December 31, 2014	56,967,419	57.0

Exercise of warrants	2,563,844	2.6
December 31, 2015	59,531,263	59.6

Exercise of warrants	818,793	0.8
December 31, 2016	60,350,056	60.4

Exercise of warrants	835,618	0.8
December 31, 2017	61,185,674	61.2

Exercise of warrants	311,897	0.3
December 31, 2018	61,497,571	61.5

Shares issued for cash	3,277,500	3.3
Exercise of warrants	299,431	0.3
December 31, 2019	65,074,502	65.1

On July 22, 2019, gross proceeds from the issuance of new shares amounted to $506 million (DKK 3,368 million) with a corresponding increase in share capital of 2,850,000 ordinary shares or 28,500,000 ADSs. The underwriters exercised in full their option to purchase an additional 427,500 ordinary shares or 4,275,000 ADSs bringing the total shares issued to 3,277,500 and total gross proceeds of the offering to $582 million (DKK 3,873 million), which was completed on July 23, 2019.

During 2019, 299,431 new shares were subscribed at a price of DKK 31.75 to DKK 1,424.00 in connection with the exercise of warrants under Genmab’s warrant program.

During 2018, 311,897 new shares were subscribed at a price of DKK 40.41 to DKK 1,233.00 in connection with the exercise of warrants under Genmab’s warrant program.

During 2017, 835,618 new shares were subscribed at a price of DKK 31.75 to DKK 1,233.00 in connection with the exercise of warrants under Genmab’s warrant program.

During 2016, 818,793 new shares were subscribed at a price of DKK 31.75 to DKK 636.50 in connection with the exercise of warrants under Genmab’s warrant program.

During 2015, 2,563,844 new shares were subscribed at a price of DKK 26.75 to DKK 364.00 in connection with the exercise of warrants under Genmab’s warrant program.

During 2014, 611,697 new shares were subscribed at a price of DKK 26.75 to DKK 234.00 in connection with the exercise of warrants under Genmab’s warrant program.

On January 24, 2014 Genmab completed a private placement with the issuance of 4,600,000 new shares.

Treasury Shares


	Number of		Proportion of
	shares	Share capital	share capital	Cost
		(DKK million)	%	(DKK million)
Shareholding at December 31, 2016	100,000	0.10	0.2	118

Purchase of treasury shares	—	—	—	—

Shareholding at December 31, 2017	100,000	0.1	0.2	118

Purchase of treasury shares	125,000	0.1	0.2	146
Shares used for funding RSU program	(47,450)	—	(0.1)	(56)

Shareholding at December 31, 2018	177,550	0.2	0.3	208

Shares used for funding RSU program	(13,629)	—	—	(16)

Shareholding at December 31, 2019	163,921	0.2	0.3	192

Genmab has two authorizations to repurchase shares as of December 31, 2019. The first authorization, granted on March 17, 2016, authorizes the Board of Directors to repurchase up to a total of 500,000 shares (with a nominal value of DKK 500,000) and shall lapse on March 17, 2021. The second authorization, granted on March 29, 2019, authorizes the Board of Directors to repurchase up to an additional 500,000 shares (with a nominal value of DKK 500,000) and shall lapse on March 28, 2024. The authorizations are intended to cover obligations in relation to the RSU program and reduce the dilution effect of share capital increases resulting from future exercises of warrants.

During 2018, Genmab acquired 125,000 of its own shares, approximately 0.2% of share capital, to cover its obligations under the RSU program. The total amount paid to acquire the shares, including directly attributable costs, was DKK 146 million and has been recognized as a deduction to shareholders’ equity. These shares are classified as treasury shares and are presented within retained earnings as of December 31, 2019 and 2018. The shares were acquired in accordance with the authorization granted by the Annual General Meeting in March 2016. There were no acquisitions of treasury shares in 2019 or 2017.

OTHER DISCLOSURES

12 Months Ended

Dec. 31, 2019

OTHER DISCLOSURES

OTHER DISCLOSURES

SECTION 5—OTHER DISCLOSURES

5.1—Remuneration of the Board of Directors and Executive Management

The total remuneration of the Board of Directors and Executive Management is as follows:

The remuneration packages for the Board of Directors and Executive Management are described below in further detail. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee performs an annual review of the remuneration packages. All incentive and variable remuneration shall be considered and adopted at the company’s annual general meeting.

In accordance with Genmab’s accounting policies, described in note 2.3, share-based compensation is included in the income statement and reported in the remuneration tables in this note. Such share-based compensation expense represents a calculated fair value of instruments granted and does not represent actual cash compensation received by the board members or executives. Please refer to note 4.6 for additional information regarding Genmab’s share-based compensation programs.

Remuneration to the Board of Directors

Annual board base fee and fees for committee work

Purpose and link to strategy: Ensure Genmab can attract qualified individuals to the Board of Directors.

Opportunity: Basic board fee of DKK 400,000—Deputy Chairman receives double and Chairman receives triple; Audit and Finance Committee membership basic fee of DKK 100,000 with Chairman receiving fee of DKK 150,000 plus a fee per meeting of DKK 10,000; Compensation Committee membership basic fee of DKK 80,000 with Chairman receiving fee of DKK 120,000 plus a fee per meeting of DKK 10,000; Nominating and Corporate Governance Committee membership basic fee of DKK 70,000 with Chairman receiving fee of DKK 100,000 plus a fee per meeting of DKK 10,000; and Scientific Committee membership basic fee of DKK 100,000 with Chairman receiving fee of DKK 130,000 plus a fee per meeting of DKK 10,000.

Changes compared to 2018 and 2017: None.

Share-Based Compensation

Purpose and link to strategy: Share-based instruments constitute a common part of the remuneration paid to members of the Board of Directors in competing international biotech and biopharmaceutical companies. The use of share-based instruments enables Genmab to remain competitive in the international market and to be able to attract and retain qualified members of the Board of Directors on a continuous basis.

Performance metrics: To ensure the Board of Directors’ independence and supervisory function, vesting of restricted stock units (RSUs) granted to members of the Board of Directors shall not be subject to fulfilment of forward-looking performance criteria.

Opportunity: A new member of the Board of Directors may be granted RSUs upon election corresponding to a value (at the time of grant) of up to four (4) times the fixed annual base fee.

In addition the members of the Board of Directors may be granted RSUs corresponding to a value (at the time of grant) of up to one (1) times the fixed annual base fee, for the Chairman the value shall be of up to two (2) times the fixed annual base fee and for the Deputy Chairman the value shall be of up to one point five (1.5) times the fixed annual base fee on an annual basis.

The share-based compensation expense for 2019 of DKK 5 million shown below includes the amortization of the non-cash share- based compensation expense relating to warrants granted before 2014 and RSUs granted over several periods. Following an amendment of the guidelines for incentive-based remuneration of the Board of Directors and Executive Management by the general meeting in 2014, share-based compensation granted to board members may only be in the form of RSUs. Please refer to note 4.6 for additional information regarding the ‘‘Number of RSUs held’’ and ‘‘Number of warrants held’’ overviews.

Changes compared to 2018 and 2017: None.


			Shared-based				Shared-based				Shared-based
	Base board	Committee	compensation		Base	Committee	compensation		Base	Committee	compensation
(DKK million)	fee	fees	expenses	2019	board fee	fees	expenses	2018	board fee	fees	expenses	2017
Mats Pettersson	1.2	0.2	0.8	2.2	1.2	0.3	0.9	2.4	1.2	0.3	1.0	2.5
Anders Gersel Pedersen	0.4	0.4	0.6	1.4	0.5	0.3	0.6	1.4	0.8	0.3	0.7	1.8
Pernille Erenbjerg	0.4	0.3	0.4	1.1	0.4	0.3	0.5	1.2	0.4	0.3	0.7	1.4
Paolo Paoletti	0.4	0.3	0.4	1.1	0.4	0.2	0.5	1.1	0.4	0.1	0.7	1.2
Rolf Hoffmann	0.4	0.3	0.8	1.5	0.4	0.3	0.7	1.4	0.3	0.2	0.4	0.9
Deirdre P. Connelly	0.8	0.5	0.9	2.2	0.7	0.3	0.7	1.7	0.3	0.2	0.4	0.9
Peter Storm Kristensen*	0.4	—	0.4	0.8	0.4	—	0.3	0.7	0.4	—	0.2	0.6
Rick Hibbert**	0.1	—	0.4	0.5	0.4	—	0.3	0.7	0.4	—	0.2	0.6
Daniel J. Bruno*	0.4	—	0.4	0.8	0.4	—	0.3	0.7	0.4	—	0.2	0.6
Mijke Zachariasse*	0.3	—	—	0.3	—	—	—	—	—	—	—	—
Burton G. Malkiel***	—	—	—	—	—	—	—	—	0.1	—	0.9	1.0
Total	4.8	2.0	5.1	11.9	4.8	1.7	4.8	11.3	4.7	1.4	5.4	11.5

*Employee elected board member

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019

*** Stepped down from the Board of Directors at the Annual General Meeting in March 2017

Remuneration to the Executive Management

Base Salary

Purpose and link to strategy: Reflect the individual’s skills and experience, role and responsibilities.

Performance metrics: Any increase based both on individual and company performance as well as benchmark analysis.

Opportunity: Fixed.

Changes compared to 2018 and 2017: Effective, January 1, 2019, base salary increased by 3% for the CEO, CFO, and 10% for the CDO in local currency, compared to 3% for the CEO and 3% for CFO, effective January 1, 2018 and 2017 and 3% for the CDO effective July 1, 2018 and 2017.

Pension and other benefits

Purpose and link to strategy: Provide a framework to save for retirement; provide customary benefits including car and telephone allowance; provide sign-on bonus for new Executive Management; and provide tax equalization payment for executive management.

Performance metrics: None

Opportunity: With respect to providing a framework to save for retirement, executive management is given a fixed amount or percentage of base salary. With respect to providing a sign-on bonus for new Executive Management, a new member of the Executive Management may receive a sign-on payment upon engagement subject to certain claw-back provisions. With respect to providing tax equalization payment for Executive Management, the CEO received €0.5 million and CFO received $0.1 million payments for tax equalization for the higher tax rate in Denmark versus their resident countries of the Netherlands and the United States.

Changes compared to 2018 and 2017: CEO received a tax equalization payment in 2019

Annual Cash Bonus

Purpose and link to strategy: Incentivize executives to achieve key objectives on an annual basis

Performance metrics: Achievement of predetermined and well-defined annual milestones

Opportunity: Maximum 60% to 100% of annual gross salaries dependent on their position.

Extraordinary bonuses are awarded up to a maximum up to 15% of their annual gross salaries, based on the occurrence of certain special events or achievements. In 2019, the current Executive Management team received a total cash bonus of DKK 15 million (2018: DKK 11 million).

Changes compared to 2018 and 2017: None.

Share-Based Compensation

Purpose and link to strategy: Incentivize executives over the longer term aligned to strategy and creation of shareholder value.

Performance metrics: Linked to Genmab’s financial and strategic priorities as an incentive to increase the future value of the company but also in recognition of past contributions and accomplishments.

Opportunity: As a main rule, the members of the executive management may on an annual basis be granted share-based instruments corresponding to a value (at the time of grant) of up to two (2) times the member’s annual base salary, calculated before any pension contribution and bonus payment, in the year of grant. However, in exceptional cases, international, and in particular US based, members of the executive management, may on an annual basis be granted share-based instruments corresponding to a value (at the time of grant) of up to four (4) times the member’s annual base salary, calculated before any pension contribution and bonus payment, in the year of grant.

Notwithstanding the above, in no event may the value (at the time of grant) of share-based instruments granted to a member of the executive management on an annual basis exceed DKK 25 million. Annual grant of share-based instruments to members of the executive management is used primarily as an incentive to increase the future value of the company but also in recognition of past contributions and accomplishments.

Furthermore, a new member of the executive management may be granted share-based instruments upon engagement or promotion. The share-based instruments granted to the members of the executive management may be in the form of restricted stock units or a combination of restricted stock units and warrants (options to subscribe for shares in the company). If members of the executive management are granted a combination of restricted stock units and warrants, the proportional value of the warrants may not exceed 25% of the total value (at the time of grant). Vesting of restricted stock units and warrants granted to members of the executive management may be subject to fulfilment of forward-looking performance criteria as determined by the board of directors.

The share-based compensation expense for 2019 of DKK 33 million shown below includes the amortization of the non-cash share-based compensation expense relating to warrants & RSUs granted over several periods. In 2019, 25,793 RSUs were granted to the Executive Management, with a total fair value of DKK 42 million (2018: 50,464 warrants and 18,020 RSUs, with a fair value of DKK 37 million). Please refer to note 4.6 for additional information regarding the ‘‘Number of RSUs held’’ and ‘‘Number of warrants held’’ overviews.

Changes compared to 2018 and 2017: Two changes related to Executive Management’s shared-based compensation in 2019 compared to 2018: (1) the members of the executive management may on an annual basis be granted share-based instruments corresponding to a value (at the time of grant) of up to four times the member’s annual base salary (2018: two times the member’s annual salary), and (2) the proportional value of the warrants may not exceed 25% of the total value at the time of grant (2018: 50%). None in 2017.

Shareholding requirement for members of Executive Management

Purpose and link to strategy: Incentivize executives over the longer term aligned to strategy and creation of shareholder value

Performance metrics: None.

Opportunity: Each member of the Executive Management shall be required to hold a number of Genmab A/S shares corresponding to the value of such member’s annual base salary:

The number of shares shall be fixed at commencement of the employment as, or promotion to, member of the Executive Management

May be built up over a five (5) year period from the date of employment or promotion

For current members of the Executive Management, the number of shares is finally fixed at the date of adoption of these Remuneration Principles (April 10, 2018)

The Board of Directors may diverge from this shareholding requirement

The Company shall be entitled to reclaim in full or in part variable components of remuneration paid to the member of the Executive Management on the basis of data, which proved to be misstated.

Warrants granted to the members of the Executive Management will be subject to an additional two (2) year lock-in period upon vesting.

Changes compared to 2018 and 2017: New requirement starting in 2018.


	2019
		Defined			Share-Based
		Contribution	Other	Annual Cash	compensation
(DKK million)	Base Salary	Plans	Benefits	Bonus	expenses	Total
Jan van de Winkel	7.3	1.0	3.6	8.4	14.9	35.2
David A. Eatwell	4.3	0.1	0.9	3.2	8.0	16.5
Judith Klimovsky	4.1	0.1	—	3.1	9.7	17.0
Total	15.7	1.2	4.5	14.7	32.6	68.7


	2018
		Defined			Share-Based
		Contribution	Other	Annual Cash	compensation
(DKK million)	Base Salary	Plans	Benefits	Bonus	expenses	Total
Jan van de Winkel	7.1	1.2	0.2	6.4	13.4	28.3
David A. Eatwell	3.9	0.2	1.4	2.1	8.1	15.7
Judith Klimovsky	3.6	0.1	0.2	2.1	5.9	11.9
Total	14.6	1.5	1.8	10.6	27.4	55.9


	2017
		Defined			Share-Based
		Contribution	Other	Annual Cash	compensation
(DKK million)	Base Salary	Plans	Benefits	Bonus	expenses	Total
Jan van de Winkel	6.9	1.1	0.2	6.2	12.6	27.0
David A. Eatwell	4.0	0.2	1.0	2.1	7.9	15.2
Judith Klimovsky	3.1	0.1	6.6	1.9	2.2	13.9
Total	14.0	1.4	7.8	10.2	22.7	56.1

Please refer to the section “Senior Management” in the Management section for additional information regarding the Executive Management

Severance Payments:

In the event Genmab terminates the service agreements with each member of the Executive Management team without cause, Genmab is obliged to pay the Executive Officer his existing salary for one or two years after the end of the one year notice period. However, in the event of termination by Genmab (unless for cause) or by a member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay a member of the Executive Management a compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. It furthermore follows from Genmab’s warrant and RSU programs, that in certain “good leaver” situations outstanding warrants and RSUs awarded under these programs will continue to vest which could potentially make the termination payments exceed two years of remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on our financial position is estimated to approximately DKK 46 million as of December 31, 2019, compared to DKK 42 million in 2018 and DKK 40 million in 2017. Please refer to note 5.5 for additional information regarding the potential impact in the event of change of control of Genmab.

Number of Ordinary Shares Owned and Share-Based Instruments Held


	December 31,				December 31,	Market value
Number of ordinary shares owned	2018	Acquired	Sold	Transfers	2019	(DKK million)*
Board of Directors
Mats Pettersson	24,800	7,207	—	—	32,007	47.4
Anders Gersel Pedersen	8,000	718	—	—	8,718	12.9
Pernille Erenbjerg	2,700	478	—	—	3,178	4.7
Paolo Paoletti	3,337	478	(478)	—	3,337	4.9
Rolf Hoffmann	1,050	—	—	—	1,050	1.6
Deirdre P. Connelly	2,200	—	—	—	2,200	3.3
Peter Storm Kristensen	—	500	(300)	—	200	0.3
Rick Hibbert**	—	—	—	—	—	—
Mijke Zachariasse	—	—	—	—	—	—
Daniel J. Bruno	—	—	—	—	—	—
	42,087	9,381	(778)	—	50,690	75.1
Executive Management
Jan van de Winkel	662,400	6,084	—	—	668,484	990.4
David A. Eatwell	30,825	49,436	—	—	80,261	118.9
Judith Klimovsky	—	—	—	—	—	—

	693,225	55,520	—	—	748,745	1,109.3
Total	735,312	64,901	(778)	—	799,435	1,184.4

*Market value is based on the closing price of the parent company's shares on the NASDAQ Copenhagen A/S at the balance sheet date or the last trading day prior to the balance sheet date.

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019.


	December 31,				December 31,	Market value
Number of ordinary shares owned	2017	Acquired	Sold	Transfers	2018	(DKK million)*
Board of Directors
Mats Pettersson	10,000	14,800	—	—	24,800	26.5
Anders Gersel Pedersen	7,000	5,475	(4,475)	—	8,000	8.5
Pernille Erenbjerg	—	2,700	—	—	2,700	2.9
Paolo Paoletti	637	2,700	—	—	3,337	3.6
Rolf Hoffmann	1,050	—	—	—	1,050	1.1
Deirdre P. Connelly	—	2,200	—	—	2,200	2.3
Peter Storm Kristensen	—	—	—	—	—	—
Rick Hibbert	—	—	—	—	—	—
Daniel J. Bruno	—	—	—	—	—	—
	18,687	27,875	(4,475)	—	42,087	44.9
Executive Management
Jan van de Winkel	640,000	22,400	—	—	662,400	707.1
David A. Eatwell	17,500	13,325	—	—	30,825	32.9
Judith Klimovsky	—	—	—	—	—	—

	657,500	35,725	—	—	693,225	740.0
Total	676,187	63,600	(4,475)	—	735,312	784.9

*Market value is based on the closing price of the parent company's shares on the NASDAQ Copenhagen A/S at the balance sheet date or the last trading day prior to the balance sheet date.


	December 31,				December 31,	Market value
Number of ordinary shares owned	2016	Acquired	Sold	Transfers	2017	(DKK million)*
Board of Directors
Mats Pettersson	10,000	—	—	—	10,000	10.3
Anders Gersel Pedersen	7,000	—	—	—	7,000	7.2
Burton G. Malkiel	19,375	2,000	—	(21,375)	—	—
Pernille Erenbjerg	—	—	—	—	—	—
Paolo Paoletti	637	—	—	—	637	0.6
Rolf Hoffmann	—	1,050	—	—	1,050	1.1
Deirdre P. Connelly	—	—	—	—	—	—
Peter Storm Kristensen	—	—	—	—	—	—
Rick Hibbert	—	—	—	—	—	—
Daniel J. Bruno	—	—	—	—	—	—
	37,012	3,050	—	(21,375)	18,687	19.2
Executive Management
Jan van de Winkel	602,500	37,500	—	—	640,000	658.6
David A. Eatwell	2,500	15,000	—	—	17,500	18.0
Judith Klimovsky	—	—	—	—	—	—

	605,000	52,500	—	—	657,500	676.6
Total	642,012	55,550	—	(21,375)	676,187	695.8

*Market value is based on the closing price of the parent company's shares on the NASDAQ Copenhagen A/S at the balance sheet date or the last trading day prior to the balance sheet date.


								Weighted average
							Black – Scholes	exercise price
	December 31,					December 31,	value warrants	outstanding
Number of warrants held	2018	Granted	Exercised	Expired	Transfers	2019	granted in 2019	warrants
							(DKK million)
Board of Directors
Mats Pettersson	26,250	—	(6,250)	—	—	20,000	—	225.90
Anders Gersel Pedersen	29,000	—	(9,000)	—	—	20,000	—	133.16
Pernille Erenbjerg	—	—	—	—	—	—	—	—
Paolo Paoletti	—	—	—	—	—	—	—	—
Rolf Hoffmann	—	—	—	—	—	—	—	—
Deirdre P. Connelly	—	—	—	—	—	—	—	—
Peter Storm Kristensen*	2,515	368	(500)	—	—	2,383	0.2	928.96
Rick Hibbert**	876	—	—		(876)	—	—	—
Mijke Zachariasse*	—	351	—	—	557	908	0.2	1,352.72
Daniel J. Bruno*	15,837	3,206	—	—	—	19,043	1.4	1,038.68

	74,478	3,925	(15,750)	—	(319)	62,334	1.8	487.74

Executive Management
Jan van de Winkel	108,068	—	(42,400)	—	—	65,668	—	1,060.39
David A. Eatwell	335,201	—	(90,000)	—	—	245,201	—	264.91
Judith Klimovsky	36,932	—	—	—	—	36,932	—	1,118.99

	480,201	—	(132,400)	—	—	347,801	—	505.80

Total	554,679	3,925	(148,150)	—	(319)	410,135	1.8	503.05

* Each employee-elected Board Member was granted warrants as an employee of Genmab A/S or its subsidiaries.

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019.


								Weighted average
							Black – Scholes	exercise price
	December 31,					December 31,	value warrants	outstanding
Number of warrants held	2017	Granted	Exercised	Expired	Transfers	2018	granted in 2018	warrants
							(DKK million)
Board of Directors
Mats Pettersson	38,750	—	(12,500)	—	—	26,250	—	207.23
Anders Gersel Pedersen	32,750	—	(3,750)	—	—	29,000	—	116.83
Pernille Erenbjerg	—	—	—	—	—	—	—	—
Paolo Paoletti	—	—	—	—	—	—	—	—
Rolf Hoffmann	—	—	—	—	—	—	—	—
Deirdre P. Connelly	—	—	—	—	—	—	—	—
Peter Storm Kristensen	2,515	—	—	—	—	2,515	—	663.38
Rick Hibbert*	1,451	350	(925)	—	—	876	0.1	998.81
Daniel J. Bruno*	16,776	2,811	(3,750)	—	—	15,837	1.0	922.01

	92,242	3,161	(20,925)	—	—	74,478	1.1	348.74

Executive Management
Jan van de Winkel	164,802	23,266	(80,000)	—	—	108,068	8.5	748.36
David A. Eatwell	373,056	12,145	(50,000)	—	—	335,201	4.4	215.41
Judith Klimovsky	21,879	15,053	—	—	—	36,932	5.5	1,118.99

	559,737	50,464	(130,000)	—	—	480,201	18.5	404.84

Total	651,979	53,625	(150,925)	—	—	554,679	19.6	397.31

* Each employee-elected Board Member was granted warrants as an employee of Genmab A/S or its subsidiaries.


								Weighted average
							Black – Scholes	exercise price
	December 31,					December 31,	value warrants	outstanding
Number of warrants held	2016	Granted	Exercised	Expired	Transfers	2017	granted in 2017	warrants
							(DKK million)
Board of Directors
Mats Pettersson	38,750	—	—	—	—	38,750	—	187.96
Anders Gersel Pedersen	54,000	—	(21,250)	—	—	32,750	—	108.80
Burton G. Malkiel	14,500	—	(4,500)	—	(10,000)	—	—	—
Pernille Erenbjerg	—	—	—	—	—	—	—	—
Paolo Paoletti	—	—	—	—	—	—	—	—
Rolf Hoffmann	—	—	—	—	—	—	—	—
Deirdre P. Connelly	—	—	—	—	—	—	—	—
Peter Storm Kristensen*	1,917	598	—	—	—	2,515	0.2	663.38
Rick Hibbert*	1,962	239	(750)	—	—	1,451	0.1	531.65
Daniel J. Bruno*	18,613	3,288	(5,125)	—	—	16,776	1.1	799.19

	129,742	4,125	(31,625)	—	(10,000)	92,242	1.4	289.39

Executive Management
Jan van de Winkel	392,841	24,461	(252,500)	—	—	164,802	8.2	455.68
David A. Eatwell	484,577	13,479	(125,000)	—	—	373,056	4.6	183.50
Judith Klimovsky	—	21,879	—	—	—	21,879	8.5	1,183.65

	877,418	59,819	(377,500)	—	-	559,737	21.3	302.73

Total	1,007,160	63,944	(409,125)	—	(10,000)	651,979	22.7	300.84


						Fair value
						RSUs
	December 31,				December 31,	granted in
Number of RSUs held	2018	Granted	Settled	Transfers	2019	2019
						(DKK million)
Board of Directors
Mats Pettersson	3,298	495	(957)	—	2,836	0.8
Anders Gersel Pedersen	2,278	247	(718)	—	1,807	0.4
Pernille Erenbjerg	1,649	247	(478)	—	1,418	0.4
Paolo Paoletti	1,649	247	(478)	—	1,418	0.4
Rolf Hoffmann	1,899	247	—	—	2,146	0.4
Deirdre P. Connelly	2,094	371	—	—	2,465	0.6
Peter Storm Kristensen*	1,481	351	—	—	1,832	0.6
Rick Hibbert**	1,439	—	—	(1,439)	—	—
Mijke Zachariasse*	—	346	—	188	534	0.6
Daniel J. Bruno*	4,340	1,157	—	—	5,497	1.8
	20,127	3,708	(2,631)	(1,251)	19,953	6.0
Executive Management
Jan van de Winkel	33,505	15,479	(11,387)	—	37,597	24.9
David A. Eatwell	20,068	—	(7,693)	—	12,375	—
Judith Klimovsky	12,579	10,314	—	—	22,893	16.7
	66,152	25,793	(19,080)	—	72,865	41.6
Total	86,279	29,501	(21,711)	(1,251)	92,818	47.6

* Each employee-elected Board Member was granted 247 RSUs as a member of the Board of Directors. The remaining RSUs were granted as an employee of Genmab A/S or its subsidiaries.

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019.


						Fair value
						RSUs
	December 31,				December 31,	granted in
Number of RSUs held	2017	Granted	Settled	Transfers	2018	2018
						(DKK million)
Board of Directors
Mats Pettersson	4,818	780	(2,300)	—	3,298	0.8
Anders Gersel Pedersen	3,613	390	(1,725)	—	2,278	0.4
Pernille Erenbjerg	3,959	390	(2,700)	—	1,649	0.4
Paolo Paoletti	3,959	390	(2,700)	—	1,649	0.4
Rolf Hoffmann	1,509	390	—	—	1,899	0.4
Deirdre P. Connelly	1,509	585	—	—	2,094	0.6
Peter Storm Kristensen*	1,091	390	—	—	1,481	0.4
Rick Hibbert*	924	515	—	—	1,439	0.5
Daniel J. Bruno*	2,946	1,394	—	—	4,340	1.4
	24,328	5,224	(9,425)	—	20,127	5.4
Executive Management
Jan van de Winkel	47,597	8,308	(22,400)	—	33,505	8.5
David A. Eatwell	29,056	4,337	(13,325)	—	20,068	4.4
Judith Klimovsky	7,204	5,375	—	—	12,579	5.5
	83,857	18,020	(35,725)	—	66,152	18.5
Total	108,185	23,244	(45,150)	—	86,279	23.8

* Each employee-elected Board Member was granted 390 RSUs as a member of the Board of Directors. The remaining RSUs were granted as an employee of Genmab A/S or its subsidiaries.


						Fair value
						RSUs
	December 31,				December 31,	granted in
Number of RSUs held	2016	Granted	Settled	Transfers	2017	2017
						(DKK million)
Board of Directors
Mats Pettersson	4,043	775	—	—	4,818	0.8
Anders Gersel Pedersen	3,032	581	—	—	3,613	0.6
Burton G. Malkiel	2,021	—	—	(2,021)	—	—
Pernille Erenbjerg	3,571	388	—	—	3,959	0.4
Paolo Paoletti	3,571	388	—	—	3,959	0.4
Rolf Hoffmann	—	1,509	—	—	1,509	2.0
Deirdre P. Connelly	—	1,509	—	—	1,509	2.0
Peter Storm Kristensen*	508	583	—	—	1,091	0.6
Rick Hibbert*	458	466	—	—	924	0.5
Daniel J. Bruno*	1,484	1,462	—	—	2,946	1.5
	18,688	7,661	—	(2,021)	24,328	8.8
Executive Management
Jan van de Winkel	39,606	7,991	—	—	47,597	8.2
David A. Eatwell	24,652	4,404	—	—	29,056	4.5
Judith Klimovsky	—	7,204	—	—	7,204	8.5
	64,258	19,599	—	—	83,857	21.3
Total	82,946	27,260	—	(2,021)	108,185	30.1

* Each employee-elected Board Member was granted 388 RSUs as a member of the Board of Directors. The remaining RSUs were granted as an employee of Genmab A/S or its subsidiaries.

Following Genmab A/S’ Annual General Meeting on March 29, 2019, the Board of Directors is comprised of five independent directors, one non-independent director, and three employee-elected directors. Mats Pettersson, Dr. Anders Gersel Pedersen, Deirdre P. Connelly, Pernille Erenbjerg, Rolf Hoffmann and Dr. Paolo Paoletti were re-elected to the Board of Directors for a one year period. Peter Storm Kristensen, Mijke Zachariasse and Dan Bruno were elected to the Board of Directors by the employees for a three year period. Dr. Rick Hibbert stepped down from the Board of Directors. The reclassification of the employee elected board members’ shares and share-based instruments is shown in the transferred column of the tables above. The Board of Directors convened and constituted itself with Mats Pettersson as Chairman and Deirdre P. Connelly as Deputy Chairman.

Other than the remuneration to the Board of Directors and the Executive Management and the transactions detailed in the tables above, no other significant transactions with the Board of Directors or the Executive Management took place during 2019.

5.2—Related Party Disclosures

Genmab’s related parties are the parent company’s Board of Directors, Executive Management, and close members of the family of these persons.

Transactions with the Board of Directors and Executive Management

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 Executive Management. Other than the remuneration and other transactions relating to the Board of Directors and Executive Management described in note 5.1, no other significant transactions have taken place with the Board of Directors or the Executive Management during 2019, 2018 or 2017.

5.3—Company Overview

Genmab A/S (parent company) holds investments either directly or indirectly in the following subsidiaries:


		Ownership and		Ownership and
		votes		votes
Name	Domicile	2019		2018
Genmab B.V.	Utrecht, the Netherlands	100	%	100	%
Genmab Holding B.V.	Utrecht, the Netherlands	100	%	100	%
Genmab US, Inc.	New Jersey, USA	100	%	100	%
Genmab K.K.	Tokyo, Japan	100	%	—

5.4—Commitments

Guarantees and Collaterals

There were no bank guarantees as of December 31, 2019 or 2018.

Other Purchase Obligations

The group has entered into a number of agreements primarily related to research and development activities. These short term contractual obligations amounted to DKK 564 million as of December 31, 2019, all of which is due in less than two years (2018: DKK 787 million).

We also have certain contingent commitments under our license and collaboration agreements that may become due for future payments. As of December 31, 2019, these contingent commitments amounted to approximately DKK 9,520 million in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our pre-clinical and clinical-stage development programs as compared to DKK 5,595 million as of December 31, 2018. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred.

In addition to the above obligations, we enter into a variety of agreements and financial commitments in the normal course of business. The terms generally allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement.

5.5—Contingent Assets, Contingent Liabilities and Subsequent Events

Contingent Assets and Liabilities

License and Collaboration Agreements

We are entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with our partners. Since the size and timing of such payments are uncertain until the milestones are reached, the agreements may qualify as contingent assets. However, it is impossible to measure the value of such contingent assets, and, accordingly, no such assets have been recognized.

As part of the license and collaboration agreements that Genmab has entered into, once a product is developed and commercialized, Genmab may be required to make milestone and royalty payments. It is impossible to measure the value of such future payments, but Genmab expects to generate future income from such products which will exceed any milestone and royalty payments due, and accordingly no such liabilities have been recognized.

Derivative Financial Instruments

Genmab has entered into an International Swaps and Derivatives Association master agreement.

The master agreement with Genmab’s financial institution counterparty also includes a credit support annex which contains provisions that require Genmab to post collateral should the value of the derivative liabilities exceed DKK 50 million (2018: DKK 50 million). As of December 31, 2019 and 2018, Genmab has not been required to post any collateral. There were no outstanding receivables related to derivative financial instruments as of December 31, 2019 or 2018.

In addition, the agreement requires Genmab to maintain a cash position of DKK 258.5 million at all times or the counterparty has the right to terminate the agreement. Upon termination, the DKK 50 million (2018: DKK 50 million) threshold amount is no longer applicable and the value of the derivative liability, if any, could be due to the counterparty upon request.

Legal Matter – MorphoSys Patent Infringement Complaint

In April 2016, MorphoSys filed a complaint at the U.S. District Court of Delaware against Genmab and Janssen Biotech, Inc. for patent infringement based on activities relating to the manufacture, use and sale of DARZALEX in the United States, which was subsequently amended to include two additional MorphoSys patents. In addition, a further claim by Janssen and us that the three MorphoSys patents were unenforceable due to inequitable conduct by MorphoSys was included in the case. On January 25, 2019, the District Court ruled on summary judgment that the three MorphoSys patents were invalid for lack of enablement. MorphoSys had the opportunity to appeal the District Court’s decision. On January 31, 2019, MorphoSys dismissed its infringement claims against us and Janssen, and we and Janssen, in turn, dismissed our inequitable conduct claims against MorphoSys. As such, there will be no further proceedings in the case.

Change of Control

In the event of a change of control, change of control clauses are included in some of our collaboration, development and license agreements as well as in service agreements for certain employees.

Collaboration, Development and License Agreements

We have entered into collaboration, development and license agreements with external parties, which may be subject to renegotiation in case of a change of control event in Genmab A/S. However, any changes in the agreements are not expected to have significant influence on our financial position.

Service Agreements with Executive Management and Employees

The service agreements with each member of the Executive Management may be terminated by Genmab with no less than 12 months’ notice and by the member of the Executive Management with no less than six months’ notice. In the event of a change of control of Genmab, the termination notice due to the member of the Executive Management is extended to 24 months. In the event of termination by Genmab (unless for cause) or by a member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay a member of Executive Management a compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. In case of a change of control event and the termination of service agreements of the Executive Management, the total impact on our financial position is estimated to approximately DKK 106 million as of December 31, 2019 (2018: DKK 98 million).

In addition, Genmab has entered into service agreements with 22 (2018: 26) current employees according to which Genmab may become obliged to compensate the employees in connection with a change of control of Genmab. If Genmab as a result of a change of control terminates the service agreement without cause, or changes the working conditions to the detriment of the employee, the employee shall be entitled to terminate the employment relationship without further cause with one month’s notice in which case Genmab shall pay the employee a compensation equal to one-half, one or two times the employee’s existing annual salary (including benefits). In case of the change of control event and the termination of all 22 service agreements the total impact on our financial position is estimated to approximately DKK 75 million as of December 31, 2019 (2018: DKK 81 million). Please refer to note 4.6 for additional information regarding change of control clauses related to share-based instruments granted to the Executive Management and employees.

Subsequent Events

No events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2019.

Accounting Policies

Contingent Assets and Liabilities

Contingent assets and liabilities are assets and liabilities that arose from past events but whose existence will only be confirmed by the occurrence or non-occurrence of future events that are beyond Genmab’s control.

Contingent assets and liabilities are not to be recognized in the financial statements, but are disclosed in the notes.

5.6—Fees to Auditors Appointed at the Annual General Meeting


(DKK million)	2019	2018	2017
PricewaterhouseCoopers
Audit services	1.9	1.1	1.1
Audit-related services	2.3	0.1	0.4
Tax and VAT services	0.5	0.4	0.7
Other services	2.4	0.1	—
Total	7.1	1.7	2.2

Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 5.2 million (DKK 0.6 million in 2018 and DKK 1.1 million in 2017). Other services than statutory audit of the financial statements comprise services relating to Genmab’s IPO on the Nasdaq in the U.S., tax and VAT compliance, agreed-upon procedures, opinions relating to grants, educational training and accounting advice.

5.7—Adjustments to Cash Flow Statement


(DKK million)	Note	2019	2018	2017
Adjustments for non-cash transactions:
Depreciation, amortization and impairment	3.1, 3.2	139	88	70
Share-based compensation expenses	2.3, 4.6	147	91	76
Other		5	—	—
Total adjustments for non-cash transactions		291	179	146

Changes in working capital:
Receivables		(1,658)	(768)	270
Deferred income		—	—	(77)
Other payables		440	134	47
Total changes in working capital		(1,218)	(634)	240

5.8—Collaborations and Technology Licenses

Our Collaborations

We enter into collaborations with biotechnology and pharmaceutical companies to advance the development and commercialization of our product candidates and to supplement our internal pipeline. We seek collaborations that will allow us to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of some of our collaborations that have had a significant impact or that we expect may in the near term have a significant impact on our financial results.

Collaboration with Janssen (Daratumumab/DARZALEX)

In August 2012, we entered into a global license, development, and commercialization agreement with Janssen for daratumumab (marketed as DARZALEX for the treatment of MM). Under this agreement, Janssen is fully responsible for developing and commercializing daratumumab and all costs associated therewith. We receive tiered royalty payments between 12% and 20% based on Janssen’s annual net product sales. The royalties payable by Janssen are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country (for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, Janssen’s obligation to pay royalties under this agreement will expire on a country-by-country basis on the later of the date that is 13 years after the first sale of daratumumab in such country or upon the expiration of the last-to-expire relevant product patent (as defined in the agreement) covering daratumumab in such country. We are also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.

Sales of DARZALEX have grown since it received its first marketing approval in the United States in 2015. In the fourth quarter of 2019, we moved from the 18% royalty tier (applicable to net sales exceeding $2.0 billion in a calendar year) to the royalty tier of 20% on the portion of net 2019 sales exceeding $3.0 billion. The total amount of potential milestone payments under the contract is approximately $1,015 million, and to date, we have recorded approximately $835 million in milestone payments from Janssen and could be entitled to receive up to $180 million in further payments if certain additional milestones are met.

Collaboration with Novartis (Ofatumumab)

Ofatumumab is commercialized by Novartis under a co-development and collaboration agreement with us, which it acquired from GSK in 2015. Under the agreement with Novartis, we are entitled to royalties of 20% of worldwide net sales of ofatumumab for the treatment of cancer and 10% of worldwide net sales for non-cancer treatments, as well as certain potential regulatory and sales milestones, of which only certain sales milestones remain. Novartis is fully responsible for all costs associated with developing and commercializing ofatumumab.

Collaboration with Seattle Genetics (Tisotumab vedotin)

In October 2011, we entered into a license and collaboration agreement with Seattle Genetics. In August 2017, Seattle Genetics exercised an option it was granted pursuant to this agreement to co-develop and co-commercialize tisotumab vedotin with us. All costs and profits for tisotumab vedotin will be shared on a 50:50 basis.

Our cost-sharing arrangement with Seattle Genetics in respect of the co-development and co-commercialization of tisotumab vedotin is such that, from time to time, one partner may be required to bear certain costs in furtherance of the collaboration for which it would be entitled to seek reimbursement of 50% of the costs from the other partner. Such reimbursements may not be immediate or may be offset by other costs incurred or profits received by one or both partners. As a result, we may incur costs for which we are not ultimately responsible, and this may affect our working capital, liquidity and availability of resources for other projects. On the other hand, we may also be responsible for reimbursing Seattle Genetics in respect of the portion of its spending in furtherance of the collaboration for which we are responsible. In addition, we record all development expenses incurred by us in connection with this collaboration as research and development expenses, while reimbursements received from Seattle Genetics related to such development expenses are recorded in revenue as reimbursement income.

Collaboration with BioNTech (DuoBody-PD-L1x4‑1BB and DuoBody-CD40x4‑1BB)

In May 2015, we entered an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using our DuoBody technology platform and antibodies. If BioNTech and us jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on predetermined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. Two product candidates are currently in development in connection with this agreement, DuoBody-PD-L1x4‑1BB and DuoBody-CD40x4‑1BB. We submitted CTAs for these products in 2019 and dosed the first patient in a Phase I/II study for DuoBody-PD-L1x4‑1BB in May 2019 and dosed the first patient in a Phase I/II for DuoBody-CD40x4‑1BB in September 2019.

Our cost sharing arrangement with BioNTech is similar to the one with Seattle Genetics described above with respect to tisotumab vedotin.

In-Licensed Technology

While not material in 2018 or in 2019, in the future, our results and financial condition could be affected by milestone payments and royalties related to technology we have licensed or acquired. This includes payments under our asset purchase agreement with IDD Biotech in connection with our development of HexaBody-DR5/DR5, our ADC license agreement with Seattle Genetics in connection with our enapotamab vedotin antibody and our research, collaboration and exclusive license agreement with Immatics to discover and develop next-generation bispecific immunotherapies to target multiple cancer indications.

Collaboration with CureVac

Under the terms of the agreement Genmab will provide CureVac with a $10 million upfront payment. The companies will collaborate on research to identify an initial product candidate and CureVac will contribute a portion of the overall costs for the development of this product candidate, up to the time of an Investigational New Drug Application. Genmab would thereafter be fully responsible for the development and commercialization of the potential product, in exchange for $280 million in development, regulatory and commercial milestones and tiered royalties in the range from mid-single to low-double digits to CureVac. The agreement also includes three additional options for Genmab to obtain commercial licenses to CureVac’s mRNA technology at pre-defined terms, exercisable within a five-year period. If Genmab exercises any of these options, it would fund all research and would develop and commercialize any resulting product candidates with CureVac eligible to receive between $275 million and $368 million in development, regulatory and commercial milestone payments for each product, dependent on the specific product concept. In addition, CureVac is eligible to receive tiered royalties in the range from mid-single digits up to low double digits per product. CureVac would retain an option to participate in development and/or commercialization of one of the potential additional programs under pre-defined terms and conditions. Further, Genmab made a €20 million equity investment in CureVac. Refer to note 3.4 for additional information regarding Genmab’s equity investment in CureVac.

Collaboration with Immatics

BASIS OF PRESENTATION (Policies)

12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

Nature of Business and Accounting Policies

1.1—Nature of the Business and Accounting Policies


Section 2—Results for the Year

2.1	Revenue
2.2	Information about Geographical Areas
2.3	Staff Costs
2.4	Corporate and Deferred Tax
2.5	Result per Share

Section 3—Operating Assets and Liabilities

3.1	Intangible Assets
3.2	Property, Plant and Equipment
3.3	Leases
3.4	Other Investments
3.5	Receivables
3.6	Provisions
3.7	Other Payables

Section 4—Capital Structure, Financial Risk and Related Items

4.3	Financial Assets and Liabilities
4.4	Marketable Securities
4.5	Financial Income and Expenses

Section 5—Other Disclosures

5.3	Contingent Assets, Contingent Liabilities and Subsequent Events

Materiality

Consolidated Financial Statements

Functional and Presentation Currency

The financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.

Foreign Currency

Transactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.

Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the income statement as financial items.

Classification of Operating Expenses in the Income Statement

Research and Development Expense

General and Administrative Expense

Statement of Cash Flow

The cash flow statement is presented using the indirect method with basis in the net result before tax.

Derivative Financial Instruments and Hedging Activities

Fair value hedge (hedges of the fair value of recognized assets or liabilities or a firm commitment); or

Cash flow hedge (hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction).

Movements on the hedging reserve in other comprehensive income are shown as part of the statement of shareholders’ equity. The full fair value of a hedging derivative is classified as a

Cash Flow Hedge

Fair Value Hedge

Treasury Shares

The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares are recognized in retained earnings.

Collaboration Agreements

New Accounting Policies and Disclosures

1.2—New Accounting Policies and Disclosures

New Accounting Policies and Disclosures

Genmab has, with effect from January 1, 2019, implemented IFRS 16. The impact of the adoption of the standard is described below.

The impact of the adoption of IFRS 16 on the financial statements as of January 1, 2019 is shown in the table and further described below:


		January 1,
(DKK million)		2019
Operating lease commitments disclosed as at December 31, 2018		184
Discounted using the incremental borrowing rate of 3.7%		(42)
(Less): short-term leases recognized on a straight-line basis as expense		(3)
Add/(less): adjustments as a result of a different treatment of extension and termination options		66
Lease liability recognized at January 1, 2019		205

For purposes of applying the modified retrospective approach in adoption of IFRS 16, Genmab has used the following practical expedients permitted by the standard:

applied the exemption not to recognize ROU assets and liabilities for leases with less than 12 months of lease term from January 1, 2019, and

excluded initial direct costs for the measurement of the ROU assets at the date of initial application

There are no ROU assets that meet the definition of investment property.

New Accounting Policies and Disclosures Effective in 2020 or Later

Management's Judgments and Estimates under IFRS

1.3—Management’s Judgments and Estimates under IFRS

Recognition of revenue – Note 2.1

Valuation assumptions in Black-Scholes pricing model – Note 2.3

Estimation of current and deferred income taxes – Note 2.4

Estimated useful life of intangible assets – Note 3.1

Capitalization of research and development costs – Note 3.1

BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

Schedule of impact of the adoption of IFRS 16 on the financial statements


		January 1,
(DKK million)		2019
Operating lease commitments disclosed as at December 31, 2018		184
Discounted using the incremental borrowing rate of 3.7%		(42)
(Less): short-term leases recognized on a straight-line basis as expense		(3)
Add/(less): adjustments as a result of a different treatment of extension and termination options		66
Lease liability recognized at January 1, 2019		205

RESULTS FOR THE YEAR (Tables)

12 Months Ended

Dec. 31, 2019

RESULTS FOR THE YEAR

Schedule of disaggregates of revenue by type of payment and collaboration partner under agreements


(DKK million)	2019	2018	2017
Revenue:
Royalties	3,155	1,741	1,061
Milestone payments	1,869	687	1,133
License fees	—	348	90
Reimbursement income	342	249	81
Total	5,366	3,025	2,365

Revenue split by collaboration partner:
Janssen (DARZALEX/Daratumumab & DuoBody)	4,983	2,390	2,214
Novartis (Arzerra/Ofatumumab)	23	338	48
Other collaboration partners	360	297	103
Total	5,366	3,025	2,365

Schedule of segment disclosures in the financial statements as the group’s business activities.


	2019		2018		2017
		Non-current		Non-current		Non-current
(DKK million)	Revenue	assets	Revenue	assets	Revenue	assets
Denmark	5,366	387	3,025	454	2,365	105
Netherlands	—	252	—	167	—	127
USA	—	68	—	11	—	6
Japan	—	—	—	—	—	—
Total	5,366	707	3,025	632	2,365	238

Schedule of staff cost


(DKK million)	2019	2018	2017
Wages and salaries	489	308	230
Share-based compensation	147	91	76
Defined contribution plans	39	24	19
Other social security costs	72	23	18
Government grants	(96)	(86)	(64)
Total	651	360	279

Staff costs are included in the income statement as follows:
Research and development expenses	572	324	249
General and administrative expenses	175	122	94
Government grants related to research and development expenses	(96)	(86)	(64)
Total	651	360	279

Average number of FTE	471	313	235
Number of FTE at year-end	548	377	257

Fair value of each warrant granted


Weighted Average	2019		2018		2017
Fair value per warrant on grant date	425.80		386.61		366.78
Share price	1,483.58		1,034.66		1,123.91
Exercise price	1,483.58		1,034.66		1,123.91
Expected dividend yield	0	%	0	%	0	%
Expected stock price volatility	34.2	%	41.7	%	38.5	%
Risk-free interest rate	(0.56)	%	(0.01)	%	(0.38)	%
Expected life of warrants	5 years		5 years		5 years

Schedule of corporate and deferred Tax


(DKK million)	2019	2018	2017
Current tax on result	444	161	133
Adjustment to prior years	—	—	(1)
Adjustment to deferred tax	294	458	626
Adjustment to valuation allowance	(45)	(479)	(798)
Total tax for the period in the income statement	693	140	(40)

Schedule of reconciliation of effective tax rate


(DKK million)	2019	2018	2017
Net result before tax	2,859	1,612	1,064

Computed 22% (2018 & 2017: 22%)	629	355	234

Tax effect of:
Recognition of previously unrecognized tax losses and deductible temporary differences	(19)	(267)	(286)
Non-deductible expenses/non-taxable income and other permanent differences, net	75	53	14
All other	8	(1)	(2)

Total tax effect	64	(215)	(274)

Total tax for the period in the income statement	693	140	(40)

Total tax for the period in shareholders' equity	(24)	(89)	(72)

Schedule of components of the deferred tax asset


(DKK million)	2019	2018
Tax deductible losses	359	653
Share-Based Instruments	130	119
Capitalized R&D Costs	—	4
Other temporary differences	1	8
	490	784
Valuation allowance	(351)	(398)
Total deferred tax assets	139	386

Schedule of net result


(DKK million)	2019	2018	2017
Net result	2,166	1,472	1,104

Schedule of Result Per Share


(Shares)	2019	2018	2017

Average number of shares outstanding	63,126,771	61,383,972	60,934,308
Average number of treasury shares	(163,958)	(116,466)	(100,000)
Average number of shares excl. treasury shares	62,962,813	61,267,506	60,834,308
Average number of share-based instruments, dilution	674,030	777,491	1,259,874
Average number of shares, diluted	63,636,843	62,044,997	62,094,182
Basic net result per share	34.40	24.03	18.14
Diluted net result per share	34.03	23.73	17.77

OPERATING ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about property, plant and equipment [line items]

Schedule of property, plant and equipment

				Total
		Equipment,		property,
2019	Leasehold	furniture and	Assets under	plant and
(DKK million)	improvements	fixtures	construction	equipment
Cost per January 1	95	217	1	313
Additions for the year	3	64	48	115
Transfers between the classes	—	—	—	—
Disposals for the year	—	(2)	—	(2)
Exchange rate adjustment	—	—	—	—
Cost at December 31	98	279	49	426

Accumulated depreciation and impairment at January 1	(8)	(143)	—	(151)
Depreciation for the year	(6)	(34)	—	(40)
Disposals for the year	—	—	—	—
Exchange rate adjustment	—	—	—	—
Accumulated depreciation on disposals	—	2	—	2
Accumulated depreciation and impairment at December 31	(14)	(175)	—	(189)
Carrying amount at December 31	84	104	49	237


				Total
		Equipment,		property,
2018	Leasehold	furniture and	Assets under	plant and
(DKK million)	improvements	fixtures	construction	equipment
Cost per January 1	11	170	68	249
Additions for the year	7	41	28	76
Transfers between the classes	83	12	(95)	—
Disposals for the year	(6)	(7)	—	(13)
Exchange rate adjustment	—	1	—	1
Cost at December 31	95	217	1	313

Accumulated depreciation and impairment at January 1	(6)	(129)	—	(135)
Depreciation for the year	(8)	(20)	—	(28)
Disposals for the year	6	6	—	12
Exchange rate adjustment	—	—	—	—
Accumulated depreciation and impairment at December 31	(8)	(143)	—	(151)
Carrying amount at December 31	87	74	1	162

Schedule of Depreciation, amortization, and impairments are included in the income statement

Summary of balance sheet amounts relating to leases


	December 31,	December 31,
(DKK million)	2019	2018
Right-of-use assets
Properties	173	—
Equipment	4	—
Total right-of-use assets	177	—

Lease liabilities
Current	26	—
Non-current	155	—
Total lease liabilities	181	—

Summary of statement of comprehensive income amounts relating to leases


	December 31,	December 31,	December 31,
(DKK million)	2019	2018	2017
Depreciation charge of right-of-use assets
Properties	27	—	—
Equipment	1	—	—
Total depreciation charge of right-of-use assets	28	—	—

Interest expense	7	—	—
Expense relating to short-term leases	6	—	—

Schedule of cash outflow for leases


	December 31,	Cash flows,	Other	December 31,
(DKK million)	2018	net	changes*	2019
Lease liabilities, due after 1 year	181	(38)	12	155
Lease liabilities, due within 1 year	24	—	2	26
Total lease liabilities	205	(38)	14	181

Schedule of future minimum payments under our leases


(DKK million)	2019	2018
Payment due
Less than 1 year	32	31
1 to 3 years	64	65
More than 3 years but less than 5 years	27	45
More than 5 years	93	106
Total	216	247

Schedules of Receivables


(DKK million)	2019	2018
Receivables related to collaboration agreements	2,849	1,266
Interest receivables	34	18
Other receivables	56	34
Prepayments	62	19
Total	3,001	1,337
Non-current receivables	11	10
Current receivables	2,990	1,327
Total	3,001	1,337

Schedule of straight-line basis o useful lives


Equipment, furniture and fixtures		3 - 5 years
Computer equipment		3 years
Leasehold improvements		5 years or the lease term, if shorter

Schedule of provisions


(DKK million)	2019	2018
Provisions per January 1	1	1
Additions during the year	1	—
Used during the year	—	—
Released during the year	—	—
Total at December 31	2	1
Non-current provisions	2	1
Current provisions	—	—
Total at December 31	2	1

Schedule of other payables


(DKK million)	2019	2018
Liabilities related to collaboration agreements	8	6
Staff cost liabilities	48	30
Other liabilities	715	213
Accounts payable	69	69
Total at December 31	840	318

Non-current other payables	1	2
Current other payables	839	316
Total at December 31	840	318

Intangible assets other than goodwill [Member]

Disclosure of detailed information about property, plant and equipment [line items]

Schedule of Intangible Assets

	Licenses,	Total
2019	Rights, and	Intangible
(DKK million)	Patents	Assets
Cost per January 1	798	798
Additions for the year	99	99
Disposals for the year	—	—
Exchange rate adjustment	—	—

Cost at December 31	897	897

Accumulated amortization and impairment per January 1	(328)	(328)
Amortization for the year	(99)	(99)
Disposals for the year	—	—
Exchange rate adjustment	—	—

Accumulated amortization and impairment per December 31	(427)	(427)
Carrying amount at December 31	470	470


	Licenses,	Total
2018	Rights, and	Intangible
(DKK million)	Patents	Assets
Cost per January 1	392	392
Additions for the year	406	406
Disposals for the year	—	—
Exchange rate adjustment	—	—

Cost at December 31	798	798

Accumulated amortization and impairment per January 1	(268)	(268)
Amortization for the year	(60)	(60)
Disposals for the year	—	—
Exchange rate adjustment	—	—

Accumulated amortization and impairment per December 31	(328)	(328)
Carrying amount at December 31	470	470

Schedule of Depreciation, amortization, and impairments are included in the income statement

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS (Tables)

12 Months Ended

Dec. 31, 2019

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS

Schedule of impact of exchange rate on our net result before tax


	Percentage		Impact of change
	change in		in exchange
(DKK million)	exchange rate*		rate**
2019
EUR	1	%	10
USD	10	%	1,053
GBP	10	%	—
2018
EUR	1	%	9
USD	10	%	362
GBP	10	%	5

Schedule of maturity profile of our marketable securities


(DKK million)
Year of Maturity	2019	2018
2019	—	2,880
2020	3,891	1,574
2021	2,190	505
2022	493	138
2023	102	75
2024+	743	401
Total	7,419	5,573

Schedule of Financial Assets and Liabilities


Categories of Financial Assets and Liabilities	Note	2019	2018
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	7,419	5,573
Other Investments	3.4	149	—
Financial assets measured at amortized cost
Receivables ex. prepayments	3.5	2,939	1,318
Cash and cash equivalents		3,552	533
Financial liabilities measured at amortized cost:
Other payables	3.7	(840)	(318)
Lease Liabilities	3.3	(181)	—

Schedule of marketable securities


(DKK million)	2019		2018
Cost at January 1	5,494		4,195
Additions for the year	5,812		3,521
Disposals for the year	(3,926)		(2,222)
Cost at December 31	7,380		5,494

Fair value adjustment at January 1	79		(120)
Fair value adjustment for the year	(40)		199
Fair value adjustment at December 31	39		79

Net book value at December 31	7,419		5,573

Net book value in percentage of cost	101	%	101	%

Schedule of portfolio of marketable securities


	Market	Average			Market	Average
	value	effective	Share		value	effective	Share
(DKK million)	2019	duration	%		2018	duration	%
Kingdom of Denmark bonds and treasury bills	462	1.84	6	%	508	1.94	9	%
Danish mortgage-backed securities	1,227	2.33	17	%	1,177	2.58	21	%
DKK portfolio	1,689	2.20	23	%	1,685	2.39	30	%
EUR portfolio
European government bonds and treasury bills	873	1.33	12	%	875	1.38	16	%
USD portfolio
US government bonds and treasury bills	4,778	0.63	64	%	2,938	0.84	53	%
GBP portfolio
UK government bonds and treasury bills	79	0.55	1	%	75	0.55	1	%
Total portfolio	7,419	1.07	100	%	5,573	1.39	100	%

Marketable securities	7,419				5,573

Schedule of finance income and expenses


(DKK million)	2019	2018	2017
Financial income:
Interest and other financial income	120	63	41
Realized and unrealized gains on marketable securities (fair value through the income statement), net	9	—	—
Realized and unrealized gains on fair value hedges, net	—	2	30
Realized and unrealized exchange rate gains, net	99	178	—
Total financial income	228	243	72
Financial expenses:
Interest and other financial expenses	7	—	2
Realized and unrealized losses on marketable securities (fair value through the income statement), net	—	11	20
Realized and unrealized exchange rate losses, net	—	—	330
Total financial expenses	7	11	352
Net financial items	221	232	280

Interest and other financial income on financial assets measured at amortized cost	22	8	2
Interest and other financial expenses on financial liabilities measured at amortized cost	—	—	3

Summary of RSUs activity


				Number of
				RSUs held by
				former
	Number of	Number of		members of
	RSUs held by	RSUs held by	Number of	the Board of
	the Board of	the Executive	RSUs held by	Directors and
	Directors	Management	employees	employees	Total RSUs
Outstanding at January 1, 2017	18,688	64,258	18,291	1,150	102,387
Granted*	7,661	19,599	38,691	–	65,951
Settled	–	–	–	–	–
Transferred	(2,021)	–	(1,484)	3,505	–
Cancelled	–	–	(23)	(271)	(294)
Outstanding at December 31, 2017	24,328	83,857	55,475	4,384	168,044

Outstanding at January 1, 2018	24,328	83,857	55,475	4,384	168,044
Granted*	5,224	18,020	79,395	–	102,639
Settled	(9,425)	(35,725)	–	(2,300)	(47,450)
Transferred	–	–	(3,358)	3,358	–
Cancelled	–	–	(1,466)	(2,865)	(4,331)
Outstanding at December 31, 2018	20,127	66,152	130,046	2,577	218,902

Outstanding at January 1, 2019	20,127	66,152	130,046	2,577	218,902
Granted*	3,708	25,793	87,168	73	116,742
Settled	(2,631)	(19,080)	–	(478)	(22,189)
Transferred	(1,251)	–	(8,355)	9,606	–
Cancelled	–	–	–	(5,548)	(5,548)
Outstanding at December 31, 2019	19,953	72,865	208,859	6,230	307,907

*RSUs held by the Board of Directors includes RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.

Summary of warrants activity


				Number of
				warrants held by
		Number of		former members
	Number of	warrants held		of the Executive
	warrants held	by the	Number of	Management,		Weighted
	by the Board	Executive	warrants held	Board of Directors	Total	average
	of Directors	Management	by employees	and employees	warrants	exercise price
Outstanding at January 1, 2017	129,742	877,418	644,097	539,054	2,190,311	311.52
Granted*	4,125	59,819	118,745	—	182,689	1,123.91
Exercised	(31,625)	(377,500)	(131,709)	(294,784)	(835,618)	257.19
Expired	—	—	—	(8,200)	(8,200)	348.20
Cancelled	—	—	(73)	(10,923)	(10,996)	722.48
Transfers	(10,000)	—	(56,765)	66,765	—	—
Outstanding at December 31, 2017	92,242	559,737	574,295	291,912	1,518,186	436.01
Exercisable at year end	79,380	472,119	262,414	270,458	1,084,371	233.81
Exercisable warrants in the money at year end	78,400	464,832	241,241	269,313	1,053,786	201.27

Outstanding at January 1, 2018	92,242	559,737	574,295	291,912	1,518,186	436.01
Granted*	3,161	50,464	222,882	—	276,507	1,034.66
Exercised	(20,925)	(130,000)	(46,883)	(114,089)	(311,897)	241.34
Expired	—	—	—	(37,875)	(37,875)	253.76
Cancelled	—	—	(4,582)	(17,129)	(21,711)	940.01
Transfers	—	—	(39,624)	39,624	—	—
Outstanding at December 31, 2018	74,478	480,201	706,088	162,443	1,423,210	592.14
Exercisable at year end	62,647	355,347	297,128	152,743	867,865	295.02
Exercisable warrants in the money at year end	60,688	340,775	257,115	148,701	807,279	230.43

Outstanding at January 1, 2019	74,478	480,201	706,088	162,443	1,423,210	592.14
Granted*	3,925	—	303,066	228	307,219	1,483.58
Exercised	(15,750)	(132,400)	(56,237)	(95,044)	(299,431)	212.23
Expired	—	—	—	(2,000)	(2,000)	129.75
Cancelled	—	—	—	(15,374)	(15,374)	1,049.34
Transfers	(319)	—	(93,944)	94,263	—	—
Outstanding at December 31, 2019	62,334	347,801	858,973	144,516	1,413,624	862.03
Exercisable at year end	50,227	230,233	225,855	131,933	638,248	407.89
Exercisable warrants in the money at year end	50,227	227,733	219,403	129,698	627,061	385.84

*Warrants held by the Board of Directors includes warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.

Schedule of Weighted Average Exercise Prices Of Warrants


		Number of	Weighted average	Number of
		warrants	remaining contractual	warrants
Exercise price	Grant Date	outstanding	life (in years)	exercisable
DKK
31.75	October 14, 2011	5,950	1.79	5,950
40.41	June 22, 2011	80,205	1.48	80,205
46.74	June 2, 2010	85,000	0.42	85,000
55.85	April 6, 2011	5,500	1.27	5,500
66.60	December 9, 2010	35,500	0.94	35,500
67.50	October 14, 2010	3,250	0.79	3,250
68.65	April 21, 2010	3,325	0.31	3,325
147.50	April 17, 2013	1,500	0.30	1,500
199.00	June 12, 2013	1,000	0.45	1,000
210.00	February 10, 2014	2,750	1.11	2,750
220.40	October 15, 2014	17,750	1.79	17,750
225.30	June 12, 2014	4,625	1.45	4,625
225.90	December 6, 2013	137,059	0.93	137,059
231.50	October 10, 2013	3,665	0.78	3,665
337.40	December 15, 2014	50,986	1.96	50,986
466.20	March 26, 2015	8,100	2.24	8,100
623.50	June 11, 2015	2,575	2.45	2,575
636.50	October 7, 2015	21,000	2.77	21,000
815.50	March 17, 2016	12,449	3.21	8,390
939.50	December 10, 2015	73,162	2.94	73,162
962.00	June 7, 2018	14,564	5.44	—
1,025.00	December 10, 2018	206,097	5.94	—
1,032.00	December 15, 2017	131,444	4.96	—
1,050.00	September 21, 2018	27,082	5.73	—
1,136.00	October 6, 2016	18,450	3.77	14,089
1,145.00	December 15, 2016	83,287	3.96	62,190
1,147.50	June 6, 2019	21,343	6.43	—
1,155.00	March 29, 2019	7,959	6.25	—
1,161.00	March 1, 2019	19,830	6.17	—
1,210.00	April 10, 2018	14,881	5.28	—
1,233.00	June 9, 2016	13,763	3.44	9,903
1,334.50	October 11, 2019	62,848	6.78	—
1,402.00	March 28, 2017	8,736	4.24	—
1,408.00	June 8, 2017	5,151	4.44	—
1,424.00	February 10, 2017	1,526	4.11	774
1,427.00	March 29, 2017	8,400	4.25	—
1,432.00	October 5, 2017	17,901	4.76	—
1,615.00	December 5, 2019	195,011	6.93	—

862.03		1,413,624	4.05	638,248


		Number of	Weighted average	Number of
		warrants	remaining contractual	warrants
Exercise price	Grant Date	outstanding	life (in years)	exercisable
DKK
31.75	October 14, 2011	7,525	2.79	7,525
40.41	June 22, 2011	85,975	2.48	85,975
45.24	April 25, 2012	1,000	0.32	1,000
46.74	June 2, 2010	85,000	1.42	85,000
55.85	April 6, 2011	8,500	2.27	8,500
66.60	December 9, 2010	37,750	1.94	37,750
67.50	October 14, 2010	3,250	1.79	3,250
68.65	April 21, 2010	5,450	1.31	5,450
79.25	October 9, 2012	5,000	0.78	5,000
80.55	December 5, 2012	111,750	0.93	111,750
98.00	January 31, 2013	1,375	1.08	1,375
129.75	October 8, 2009	5,075	0.77	5,075
147.50	April 17, 2013	7,750	1.30	7,750
174.00	June 17, 2009	25,000	0.46	25,000
199.00	June 12, 2013	1,000	1.45	1,000
210.00	February 10, 2014	3,088	2.11	3,088
220.40	October 15, 2014	33,800	2.79	33,800
225.30	June 12, 2014	7,975	2.45	7,975
225.90	December 6, 2013	175,047	1.93	175,047
231.50	October 10, 2013	7,850	1.78	7,850
234.00	April 15, 2009	6,100	0.29	6,100
337.40	December 15, 2014	90,945	2.96	90,945
466.20	March 26, 2015	11,061	3.24	6,664
623.50	June 11, 2015	6,350	3.45	3,913
636.50	October 7, 2015	24,500	3.77	16,250
815.50	March 17, 2016	14,837	4.21	6,362
939.50	December 10, 2015	80,874	3.94	57,880
962.00	June 7, 2018	14,714	6.44	—
1,025.00	December 10, 2018	210,437	6.94	—
1,032.00	December 15, 2017	133,637	5.96	—
1,050.00	September 21, 2018	33,226	6.73	—
1,136.00	October 6, 2016	19,450	4.77	9,725
1,145.00	December 15, 2016	86,660	4.96	43,675
1,210.00	April 10, 2018	14,954	6.28	—
1,233.00	June 9, 2016	14,438	4.44	6,713
1,402.00	March 28, 2017	8,736	5.24	—
1,408.00	June 8, 2017	5,224	5.44	—
1,424.00	February 10, 2017	1,606	5.11	478
1,427.00	March 29, 2017	8,400	5.25	—
1,432.00	October 5, 2017	17,901	5.76	—
592.14		1,423,210	3.76	867,865

Schedule of changes in share capital


	Number of
	shares	Share capital
		(DKK million)
December 31, 2013	51,755,722	51.8
Shares issued for cash	4,600,000	4.6
Exercise of warrants	611,697	0.6
December 31, 2014	56,967,419	57.0

Exercise of warrants	2,563,844	2.6
December 31, 2015	59,531,263	59.6

Exercise of warrants	818,793	0.8
December 31, 2016	60,350,056	60.4

Exercise of warrants	835,618	0.8
December 31, 2017	61,185,674	61.2

Exercise of warrants	311,897	0.3
December 31, 2018	61,497,571	61.5

Shares issued for cash	3,277,500	3.3
Exercise of warrants	299,431	0.3
December 31, 2019	65,074,502	65.1

Schedule Of Treasury Shares


	Number of		Proportion of
	shares	Share capital	share capital	Cost
		(DKK million)	%	(DKK million)
Shareholding at December 31, 2016	100,000	0.10	0.2	118

Purchase of treasury shares	—	—	—	—

Shareholding at December 31, 2017	100,000	0.1	0.2	118

Purchase of treasury shares	125,000	0.1	0.2	146
Shares used for funding RSU program	(47,450)	—	(0.1)	(56)

Shareholding at December 31, 2018	177,550	0.2	0.3	208

Shares used for funding RSU program	(13,629)	—	—	(16)

Shareholding at December 31, 2019	163,921	0.2	0.3	192

OTHER DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2019

OTHER DISCLOSURES

Summary of remuneration of the Board of Directors and Executive Management

Schduel of Remuneration to the Board of Directors


			Shared-based				Shared-based				Shared-based
	Base board	Committee	compensation		Base	Committee	compensation		Base	Committee	compensation
(DKK million)	fee	fees	expenses	2019	board fee	fees	expenses	2018	board fee	fees	expenses	2017
Mats Pettersson	1.2	0.2	0.8	2.2	1.2	0.3	0.9	2.4	1.2	0.3	1.0	2.5
Anders Gersel Pedersen	0.4	0.4	0.6	1.4	0.5	0.3	0.6	1.4	0.8	0.3	0.7	1.8
Pernille Erenbjerg	0.4	0.3	0.4	1.1	0.4	0.3	0.5	1.2	0.4	0.3	0.7	1.4
Paolo Paoletti	0.4	0.3	0.4	1.1	0.4	0.2	0.5	1.1	0.4	0.1	0.7	1.2
Rolf Hoffmann	0.4	0.3	0.8	1.5	0.4	0.3	0.7	1.4	0.3	0.2	0.4	0.9
Deirdre P. Connelly	0.8	0.5	0.9	2.2	0.7	0.3	0.7	1.7	0.3	0.2	0.4	0.9
Peter Storm Kristensen*	0.4	—	0.4	0.8	0.4	—	0.3	0.7	0.4	—	0.2	0.6
Rick Hibbert**	0.1	—	0.4	0.5	0.4	—	0.3	0.7	0.4	—	0.2	0.6
Daniel J. Bruno*	0.4	—	0.4	0.8	0.4	—	0.3	0.7	0.4	—	0.2	0.6
Mijke Zachariasse*	0.3	—	—	0.3	—	—	—	—	—	—	—	—
Burton G. Malkiel***	—	—	—	—	—	—	—	—	0.1	—	0.9	1.0
Total	4.8	2.0	5.1	11.9	4.8	1.7	4.8	11.3	4.7	1.4	5.4	11.5

*Employee elected board member

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019

*** Stepped down from the Board of Directors at the Annual General Meeting in March 2017

Schedule of executive compensation


	2019
		Defined			Share-Based
		Contribution	Other	Annual Cash	compensation
(DKK million)	Base Salary	Plans	Benefits	Bonus	expenses	Total
Jan van de Winkel	7.3	1.0	3.6	8.4	14.9	35.2
David A. Eatwell	4.3	0.1	0.9	3.2	8.0	16.5
Judith Klimovsky	4.1	0.1	—	3.1	9.7	17.0
Total	15.7	1.2	4.5	14.7	32.6	68.7


	2018
		Defined			Share-Based
		Contribution	Other	Annual Cash	compensation
(DKK million)	Base Salary	Plans	Benefits	Bonus	expenses	Total
Jan van de Winkel	7.1	1.2	0.2	6.4	13.4	28.3
David A. Eatwell	3.9	0.2	1.4	2.1	8.1	15.7
Judith Klimovsky	3.6	0.1	0.2	2.1	5.9	11.9
Total	14.6	1.5	1.8	10.6	27.4	55.9


	2017
		Defined			Share-Based
		Contribution	Other	Annual Cash	compensation
(DKK million)	Base Salary	Plans	Benefits	Bonus	expenses	Total
Jan van de Winkel	6.9	1.1	0.2	6.2	12.6	27.0
David A. Eatwell	4.0	0.2	1.0	2.1	7.9	15.2
Judith Klimovsky	3.1	0.1	6.6	1.9	2.2	13.9
Total	14.0	1.4	7.8	10.2	22.7	56.1

Shareholdings by the Board of Directors and Executive Management

	December 31,				December 31,	Market value
Number of ordinary shares owned	2018	Acquired	Sold	Transfers	2019	(DKK million)*
Board of Directors
Mats Pettersson	24,800	7,207	—	—	32,007	47.4
Anders Gersel Pedersen	8,000	718	—	—	8,718	12.9
Pernille Erenbjerg	2,700	478	—	—	3,178	4.7
Paolo Paoletti	3,337	478	(478)	—	3,337	4.9
Rolf Hoffmann	1,050	—	—	—	1,050	1.6
Deirdre P. Connelly	2,200	—	—	—	2,200	3.3
Peter Storm Kristensen	—	500	(300)	—	200	0.3
Rick Hibbert**	—	—	—	—	—	—
Mijke Zachariasse	—	—	—	—	—	—
Daniel J. Bruno	—	—	—	—	—	—
	42,087	9,381	(778)	—	50,690	75.1
Executive Management
Jan van de Winkel	662,400	6,084	—	—	668,484	990.4
David A. Eatwell	30,825	49,436	—	—	80,261	118.9
Judith Klimovsky	—	—	—	—	—	—

	693,225	55,520	—	—	748,745	1,109.3
Total	735,312	64,901	(778)	—	799,435	1,184.4

*Market value is based on the closing price of the parent company's shares on the NASDAQ Copenhagen A/S at the balance sheet date or the last trading day prior to the balance sheet date.

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019.


	December 31,				December 31,	Market value
Number of ordinary shares owned	2017	Acquired	Sold	Transfers	2018	(DKK million)*
Board of Directors
Mats Pettersson	10,000	14,800	—	—	24,800	26.5
Anders Gersel Pedersen	7,000	5,475	(4,475)	—	8,000	8.5
Pernille Erenbjerg	—	2,700	—	—	2,700	2.9
Paolo Paoletti	637	2,700	—	—	3,337	3.6
Rolf Hoffmann	1,050	—	—	—	1,050	1.1
Deirdre P. Connelly	—	2,200	—	—	2,200	2.3
Peter Storm Kristensen	—	—	—	—	—	—
Rick Hibbert	—	—	—	—	—	—
Daniel J. Bruno	—	—	—	—	—	—
	18,687	27,875	(4,475)	—	42,087	44.9
Executive Management
Jan van de Winkel	640,000	22,400	—	—	662,400	707.1
David A. Eatwell	17,500	13,325	—	—	30,825	32.9
Judith Klimovsky	—	—	—	—	—	—

	657,500	35,725	—	—	693,225	740.0
Total	676,187	63,600	(4,475)	—	735,312	784.9

*Market value is based on the closing price of the parent company's shares on the NASDAQ Copenhagen A/S at the balance sheet date or the last trading day prior to the balance sheet date.


	December 31,				December 31,	Market value
Number of ordinary shares owned	2016	Acquired	Sold	Transfers	2017	(DKK million)*
Board of Directors
Mats Pettersson	10,000	—	—	—	10,000	10.3
Anders Gersel Pedersen	7,000	—	—	—	7,000	7.2
Burton G. Malkiel	19,375	2,000	—	(21,375)	—	—
Pernille Erenbjerg	—	—	—	—	—	—
Paolo Paoletti	637	—	—	—	637	0.6
Rolf Hoffmann	—	1,050	—	—	1,050	1.1
Deirdre P. Connelly	—	—	—	—	—	—
Peter Storm Kristensen	—	—	—	—	—	—
Rick Hibbert	—	—	—	—	—	—
Daniel J. Bruno	—	—	—	—	—	—
	37,012	3,050	—	(21,375)	18,687	19.2
Executive Management
Jan van de Winkel	602,500	37,500	—	—	640,000	658.6
David A. Eatwell	2,500	15,000	—	—	17,500	18.0
Judith Klimovsky	—	—	—	—	—	—

	605,000	52,500	—	—	657,500	676.6
Total	642,012	55,550	—	(21,375)	676,187	695.8

*Market value is based on the closing price of the parent company's shares on the NASDAQ Copenhagen A/S at the balance sheet date or the last trading day prior to the balance sheet date.


								Weighted average
							Black – Scholes	exercise price
	December 31,					December 31,	value warrants	outstanding
Number of warrants held	2018	Granted	Exercised	Expired	Transfers	2019	granted in 2019	warrants
							(DKK million)
Board of Directors
Mats Pettersson	26,250	—	(6,250)	—	—	20,000	—	225.90
Anders Gersel Pedersen	29,000	—	(9,000)	—	—	20,000	—	133.16
Pernille Erenbjerg	—	—	—	—	—	—	—	—
Paolo Paoletti	—	—	—	—	—	—	—	—
Rolf Hoffmann	—	—	—	—	—	—	—	—
Deirdre P. Connelly	—	—	—	—	—	—	—	—
Peter Storm Kristensen*	2,515	368	(500)	—	—	2,383	0.2	928.96
Rick Hibbert**	876	—	—		(876)	—	—	—
Mijke Zachariasse*	—	351	—	—	557	908	0.2	1,352.72
Daniel J. Bruno*	15,837	3,206	—	—	—	19,043	1.4	1,038.68

	74,478	3,925	(15,750)	—	(319)	62,334	1.8	487.74

Executive Management
Jan van de Winkel	108,068	—	(42,400)	—	—	65,668	—	1,060.39
David A. Eatwell	335,201	—	(90,000)	—	—	245,201	—	264.91
Judith Klimovsky	36,932	—	—	—	—	36,932	—	1,118.99

	480,201	—	(132,400)	—	—	347,801	—	505.80

Total	554,679	3,925	(148,150)	—	(319)	410,135	1.8	503.05

* Each employee-elected Board Member was granted warrants as an employee of Genmab A/S or its subsidiaries.

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019.


								Weighted average
							Black – Scholes	exercise price
	December 31,					December 31,	value warrants	outstanding
Number of warrants held	2017	Granted	Exercised	Expired	Transfers	2018	granted in 2018	warrants
							(DKK million)
Board of Directors
Mats Pettersson	38,750	—	(12,500)	—	—	26,250	—	207.23
Anders Gersel Pedersen	32,750	—	(3,750)	—	—	29,000	—	116.83
Pernille Erenbjerg	—	—	—	—	—	—	—	—
Paolo Paoletti	—	—	—	—	—	—	—	—
Rolf Hoffmann	—	—	—	—	—	—	—	—
Deirdre P. Connelly	—	—	—	—	—	—	—	—
Peter Storm Kristensen	2,515	—	—	—	—	2,515	—	663.38
Rick Hibbert*	1,451	350	(925)	—	—	876	0.1	998.81
Daniel J. Bruno*	16,776	2,811	(3,750)	—	—	15,837	1.0	922.01

	92,242	3,161	(20,925)	—	—	74,478	1.1	348.74

Executive Management
Jan van de Winkel	164,802	23,266	(80,000)	—	—	108,068	8.5	748.36
David A. Eatwell	373,056	12,145	(50,000)	—	—	335,201	4.4	215.41
Judith Klimovsky	21,879	15,053	—	—	—	36,932	5.5	1,118.99

	559,737	50,464	(130,000)	—	—	480,201	18.5	404.84

Total	651,979	53,625	(150,925)	—	—	554,679	19.6	397.31

* Each employee-elected Board Member was granted warrants as an employee of Genmab A/S or its subsidiaries.


								Weighted average
							Black – Scholes	exercise price
	December 31,					December 31,	value warrants	outstanding
Number of warrants held	2016	Granted	Exercised	Expired	Transfers	2017	granted in 2017	warrants
							(DKK million)
Board of Directors
Mats Pettersson	38,750	—	—	—	—	38,750	—	187.96
Anders Gersel Pedersen	54,000	—	(21,250)	—	—	32,750	—	108.80
Burton G. Malkiel	14,500	—	(4,500)	—	(10,000)	—	—	—
Pernille Erenbjerg	—	—	—	—	—	—	—	—
Paolo Paoletti	—	—	—	—	—	—	—	—
Rolf Hoffmann	—	—	—	—	—	—	—	—
Deirdre P. Connelly	—	—	—	—	—	—	—	—
Peter Storm Kristensen*	1,917	598	—	—	—	2,515	0.2	663.38
Rick Hibbert*	1,962	239	(750)	—	—	1,451	0.1	531.65
Daniel J. Bruno*	18,613	3,288	(5,125)	—	—	16,776	1.1	799.19

	129,742	4,125	(31,625)	—	(10,000)	92,242	1.4	289.39

Executive Management
Jan van de Winkel	392,841	24,461	(252,500)	—	—	164,802	8.2	455.68
David A. Eatwell	484,577	13,479	(125,000)	—	—	373,056	4.6	183.50
Judith Klimovsky	—	21,879	—	—	—	21,879	8.5	1,183.65

	877,418	59,819	(377,500)	—	-	559,737	21.3	302.73

Total	1,007,160	63,944	(409,125)	—	(10,000)	651,979	22.7	300.84


						Fair value
						RSUs
	December 31,				December 31,	granted in
Number of RSUs held	2018	Granted	Settled	Transfers	2019	2019
						(DKK million)
Board of Directors
Mats Pettersson	3,298	495	(957)	—	2,836	0.8
Anders Gersel Pedersen	2,278	247	(718)	—	1,807	0.4
Pernille Erenbjerg	1,649	247	(478)	—	1,418	0.4
Paolo Paoletti	1,649	247	(478)	—	1,418	0.4
Rolf Hoffmann	1,899	247	—	—	2,146	0.4
Deirdre P. Connelly	2,094	371	—	—	2,465	0.6
Peter Storm Kristensen*	1,481	351	—	—	1,832	0.6
Rick Hibbert**	1,439	—	—	(1,439)	—	—
Mijke Zachariasse*	—	346	—	188	534	0.6
Daniel J. Bruno*	4,340	1,157	—	—	5,497	1.8
	20,127	3,708	(2,631)	(1,251)	19,953	6.0
Executive Management
Jan van de Winkel	33,505	15,479	(11,387)	—	37,597	24.9
David A. Eatwell	20,068	—	(7,693)	—	12,375	—
Judith Klimovsky	12,579	10,314	—	—	22,893	16.7
	66,152	25,793	(19,080)	—	72,865	41.6
Total	86,279	29,501	(21,711)	(1,251)	92,818	47.6

* Each employee-elected Board Member was granted 247 RSUs as a member of the Board of Directors. The remaining RSUs were granted as an employee of Genmab A/S or its subsidiaries.

** Stepped down from the Board of Directors at the Annual General Meeting in March 2019.


						Fair value
						RSUs
	December 31,				December 31,	granted in
Number of RSUs held	2017	Granted	Settled	Transfers	2018	2018
						(DKK million)
Board of Directors
Mats Pettersson	4,818	780	(2,300)	—	3,298	0.8
Anders Gersel Pedersen	3,613	390	(1,725)	—	2,278	0.4
Pernille Erenbjerg	3,959	390	(2,700)	—	1,649	0.4
Paolo Paoletti	3,959	390	(2,700)	—	1,649	0.4
Rolf Hoffmann	1,509	390	—	—	1,899	0.4
Deirdre P. Connelly	1,509	585	—	—	2,094	0.6
Peter Storm Kristensen*	1,091	390	—	—	1,481	0.4
Rick Hibbert*	924	515	—	—	1,439	0.5
Daniel J. Bruno*	2,946	1,394	—	—	4,340	1.4
	24,328	5,224	(9,425)	—	20,127	5.4
Executive Management
Jan van de Winkel	47,597	8,308	(22,400)	—	33,505	8.5
David A. Eatwell	29,056	4,337	(13,325)	—	20,068	4.4
Judith Klimovsky	7,204	5,375	—	—	12,579	5.5
	83,857	18,020	(35,725)	—	66,152	18.5
Total	108,185	23,244	(45,150)	—	86,279	23.8

* Each employee-elected Board Member was granted 390 RSUs as a member of the Board of Directors. The remaining RSUs were granted as an employee of Genmab A/S or its subsidiaries.


						Fair value
						RSUs
	December 31,				December 31,	granted in
Number of RSUs held	2016	Granted	Settled	Transfers	2017	2017
						(DKK million)
Board of Directors
Mats Pettersson	4,043	775	—	—	4,818	0.8
Anders Gersel Pedersen	3,032	581	—	—	3,613	0.6
Burton G. Malkiel	2,021	—	—	(2,021)	—	—
Pernille Erenbjerg	3,571	388	—	—	3,959	0.4
Paolo Paoletti	3,571	388	—	—	3,959	0.4
Rolf Hoffmann	—	1,509	—	—	1,509	2.0
Deirdre P. Connelly	—	1,509	—	—	1,509	2.0
Peter Storm Kristensen*	508	583	—	—	1,091	0.6
Rick Hibbert*	458	466	—	—	924	0.5
Daniel J. Bruno*	1,484	1,462	—	—	2,946	1.5
	18,688	7,661	—	(2,021)	24,328	8.8
Executive Management
Jan van de Winkel	39,606	7,991	—	—	47,597	8.2
David A. Eatwell	24,652	4,404	—	—	29,056	4.5
Judith Klimovsky	—	7,204	—	—	7,204	8.5
	64,258	19,599	—	—	83,857	21.3
Total	82,946	27,260	—	(2,021)	108,185	30.1

* Each employee-elected Board Member was granted 388 RSUs as a member of the Board of Directors. The remaining RSUs were granted as an employee of Genmab A/S or its subsidiaries.

Schedule of company overview


		Ownership and		Ownership and
		votes		votes
Name	Domicile	2019		2018
Genmab B.V.	Utrecht, the Netherlands	100	%	100	%
Genmab Holding B.V.	Utrecht, the Netherlands	100	%	100	%
Genmab US, Inc.	New Jersey, USA	100	%	100	%
Genmab K.K.	Tokyo, Japan	100	%	—

Summary of fees to auditors


(DKK million)	2019	2018	2017
PricewaterhouseCoopers
Audit services	1.9	1.1	1.1
Audit-related services	2.3	0.1	0.4
Tax and VAT services	0.5	0.4	0.7
Other services	2.4	0.1	—
Total	7.1	1.7	2.2

Summary of adjustments to cash flow statement


(DKK million)	Note	2019	2018	2017
Adjustments for non-cash transactions:
Depreciation, amortization and impairment	3.1, 3.2	139	88	70
Share-based compensation expenses	2.3, 4.6	147	91	76
Other		5	—	—
Total adjustments for non-cash transactions		291	179	146

Changes in working capital:
Receivables		(1,658)	(768)	270
Deferred income		—	—	(77)
Other payables		440	134	47
Total changes in working capital		(1,218)	(634)	240

BASIS OF PRESENTATION - Collaboration Agreements (Details) € in Millions, kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019 EUR (€)	Dec. 31, 2017	Dec. 31, 2019 Option	Dec. 31, 2019 USD ($)	Dec. 31, 2019 item	Dec. 31, 2019 DKK (kr)	Dec. 19, 2019 DKK (kr)
Collaboration Agreements
Ownership interest in joint venture		50.00%
Other investments \| kr						kr 149
Minimum
Collaboration Agreements
Collaborative arrangement, Development, Regulatory and commercial milestone payment				$ 275
Maximum
Collaboration Agreements
Collaborative arrangement, Development, Regulatory and commercial milestone payment				368
CureVac
Collaboration Agreements
Upfront Payment				10
Number of options			3		3
License exercisable term	5 years
Collaborative arrangement, Development, Regulatory and commercial milestone payment				280
Other investments	€ 20					kr 149	kr 149
CureVac \| Minimum
Collaboration Agreements
Collaborative arrangement, Development, Regulatory and commercial milestone payment				275
CureVac \| Maximum
Collaboration Agreements
Collaborative arrangement, Development, Regulatory and commercial milestone payment				$ 368

BASIS OF PRESENTATION - IFRS 16 Leasing (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Disclosure of initial application of standards or interpretations [line items]
Weighted average lessee’s incremental borrowing rate applied to the lease liabilities				3.70%
Operating lease commitments disclosed as at December 31, 2018				kr 184
Discounted using the group’s incremental borrowing rate of 3.7%				(42)
(Less): short-term leases recognized on a straight- line basis as expense				(3)
Add/(less): adjustments as a result of a different treatment of extension and termination options				66
Total lease liabilities	kr 181	kr 205		205
ROU assets	177			kr 205
Net result	2,166	1,472	kr 1,104
Cash flows from operating activities	1,326	1,015	1,589
Cash flows from financing activities	kr 3,660	kr (71)	kr 215
Practical Expedient , Statement that lessee accounts for short-term leases using recognition exemption	applied the exemption not to recognize ROU assets and liabilities for leases with less than 12 months of lease term from
ROU assets that meet the definition of investment property	kr 0
Increase (decrease) due to application of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Net result	4
Cash flows from operating activities	35
Cash flows from financing activities	kr 31

RESULTS FOR THE YEAR (Details) - DKK (kr) kr in Millions	12 Months Ended
RESULTS FOR THE YEAR (Details) - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Revenue	kr 5,366	kr 3,025	kr 2,365
Janssen (Darzalex/Daratumumab & DuoBody)
Revenue
Revenue	4,983	2,390	2,214
Novartis (Arzaerra/Ofatumumab)
Revenue
Revenue	23	338	48
Other collaboration partners
Revenue
Revenue	360	297	103
Royalties
Revenue
Revenue	3,155	1,741	1,061
Milestone payments
Revenue
Revenue	1,869	687	1,133
License fees
Revenue
Revenue		348	90
Reimbursement income
Revenue
Revenue	kr 342	kr 249	kr 81

RESULTS FOR THE YEAR - Geographical Areas (Details) kr in Millions	12 Months Ended
	Dec. 31, 2019 DKK (kr) item	Dec. 31, 2018 DKK (kr)	Dec. 31, 2017 DKK (kr)
Disclosure of geographical areas [line items]
Revenue	kr 5,366	kr 3,025	kr 2,365
Non-current assets	kr 707	632	238
Number of business unit \| item	1
DENMARK
Disclosure of geographical areas [line items]
Revenue	kr 5,366	3,025	2,365
Non-current assets	387	454	105
NETHERLANDS
Disclosure of geographical areas [line items]
Non-current assets	252	167	127
UNITED STATES
Disclosure of geographical areas [line items]
Non-current assets	kr 68	kr 11	kr 6

- Definition

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_32&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_34&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_102&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

RESULTS FOR THE YEAR - Staff Costs (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RESULTS FOR THE YEAR
Wages and salaries	kr 489	kr 308	kr 230
Share-based compensation	147	91	76
Defined contribution plans	39	24	19
Other social security costs	72	23	18
Government grants	(96)	(86)	(64)
Total	651	360	279
Research and development expenses	572	324	249
General and administrative expenses	175	122	94
Government grants related to research and development expenses	(96)	(86)	(64)
Total	kr 651	kr 360	kr 279
Average number of FTE	471	313	235
Number of FTE at year-end	548	377	257
Remuneration to board of directors	kr 96	kr 86	kr 64

RESULTS FOR THE YEAR - Valuation Assumptions for Warrants Granted (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair value per warrant on grant date	kr 425.80	kr 386.61	kr 366.78
Share price	1,483.58	1,034.66	1,123.91
Exercise price	kr 1,483.58	kr 1,034.66	kr 1,123.91
Expected dividend yield	0.00%	0.00%	0.00%
Expected stock price volatility	34.20%	41.70%	38.50%
Risk-free interest rate	(0.56%)	(0.01%)	(0.38%)
Expected life of warrants	5 years	5 years	5 years
Fair value of warrants granted	kr 131	kr 102	kr 67
Fair value of RSU granted (in dollars per share)	kr 1,511.70	kr 1,033.95	kr 1,128.30
RSUs
Fair value of RSU granted (in dollars per share)	kr 1,511.70	kr 1,033.95	kr 1,128.30
Fair value of RSU granted	kr 176	kr 106	kr 74

RESULTS FOR THE YEAR - Corporate and Deferred Tax (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RESULTS FOR THE YEAR
Current tax on result	kr 444	kr 161	kr 133
Adjustment to prior years			(1)
Adjustment to deferred tax	294	458	626
Adjustment to valuation allowance	(45)	(479)	(798)
Total tax expense (income)	kr 693	kr 140	kr (40)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

RESULTS FOR THE YEAR - A reconciliation of Genmab's effective tax (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RESULTS FOR THE YEAR
Net result before tax	kr 2,859	kr 1,612	kr 1,064
Computed 22% (2018 & 2017: 22%)	629	355	234
Recognition of previously unrecognized tax losses and deductible temporary differences	(19)	(267)	(286)
Non-deductible expenses/non-taxable income and other permanent differences, net	75	53	14
All other	8	(1)	(2)
Total tax effect	64	(215)	(274)
Total tax expense (income)	693	140	(40)
Total tax for the period in shareholders' equity	kr (24)	kr (89)	kr (72)
Applicable tax rate	22.00%	22.00%	22.00%

RESULTS FOR THE YEAR - Deferred tax asset (Details) - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	kr 490	kr 784
Deferred tax assets	139	386
Tax deductible losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	359	653
Share-Based Instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	130	119
Capitalized R&D Costs
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset		4
Other temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	1	8
Valuation allowance
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	kr 351	kr 398

RESULTS FOR THE YEAR - Valuation Assumptions for Warrants Granted Narrative (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RESULTS FOR THE YEAR
Corporate tax	kr (693.0)	kr (140.0)	kr 40.0
Current and deferred tax expense	722.0	407.0	246.0
Current tax benefit recorded directly in shareholders’ equity	24.0	24.0	72.0
Deferred tax benefit recorded directly in shareholders’ equity		66.0
Discrete tax benefit	29.0	268.0	kr 286.0
Gross tax loss carry forwards	1.6	kr 2.6
Gross tax loss carry forwards subject to expiration	kr 1.6

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

RESULTS FOR THE YEAR - Result Per Share (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RESULTS FOR THE YEAR
Net result	kr 2,166	kr 1,472	kr 1,104
Average number of shares outstanding	63,126,771	61,383,972	60,934,308
Average number of treasury shares	(163,958)	(116,466)	(100,000)
Average number of shares excl. treasury shares	62,962,813	61,267,506	60,834,308
Average number of share-based instruments, dilution	674,030	777,491	1,259,874
Average number of shares, diluted	63,636,843	62,044,997	62,094,182
Basic net result per share	kr 34.40	kr 24.03	kr 18.14
Diluted net result per share	kr 34.03	kr 23.73	kr 17.77
Warrants excluded from calculation of diluted net result per share	299,573	177,369	43,019
Warrants vested excluded from calculation of diluted net result per share	774	64,703	0

OPERATING ASSETS AND LIABILITIES - Intangible Assets (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets
Cost at beginning of period	kr 470
Cost at end of period	470	kr 470
Impairment loss on intangibles	0	0	kr 22
Cost
Intangible Assets
Cost at beginning of period	798	392
Additions for the year	99	406
Cost at end of period	897	798	392
Accumulated amortization and impairment
Intangible Assets
Cost at beginning of period	(328)	(268)
Amortization for the year	(99)	(60)
Cost at end of period	(427)	(328)	(268)
Licences, Rights and Patents
Intangible Assets
Cost at beginning of period	470
Cost at end of period	470	470
Licences, Rights and Patents \| Cost
Intangible Assets
Cost at beginning of period	798	392
Additions for the year	99	406
Cost at end of period	897	798	392
Licences, Rights and Patents \| Accumulated amortization and impairment
Intangible Assets
Cost at beginning of period	(328)	(268)
Amortization for the year	(99)	(60)
Cost at end of period	kr (427)	kr (328)	kr (268)

OPERATING ASSETS AND LIABILITIES - Research collaboration and license agreement (Details) € in Millions, kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 Option	Dec. 31, 2019 USD ($)	Dec. 31, 2019 item	Dec. 31, 2019 DKK (kr)	Dec. 19, 2019 DKK (kr)	Dec. 31, 2018 DKK (kr)	Jul. 31, 2018 property	Jul. 31, 2018 USD ($)	Jul. 31, 2018 item	Dec. 31, 2017 DKK (kr)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other investments \| kr					kr 149
Carrying amount of intangible asset \| kr					470		kr 470
CureVac
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment \| $			$ 10
Other investments	€ 20				149	kr 149
Number of options		3		3
License exercisable term	5 years
Collaborative arrangement, Development, Regulatory and commercial milestone payment \| $			280
Immatics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of proprietary targets of license								3		3
Number of additional proprietary targets of license \| item										2
Upfront Payment \| $									$ 54
Collaborative arrangement, Development, Regulatory and commercial milestone payment \| $									$ 550
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, Development, Regulatory and commercial milestone payment \| $			275
Minimum \| CureVac
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, Development, Regulatory and commercial milestone payment \| $			275
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, Development, Regulatory and commercial milestone payment \| $			368
Maximum \| CureVac
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, Development, Regulatory and commercial milestone payment \| $			$ 368
Licences, Rights and Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying amount of intangible asset \| kr					470		470
Licences, Rights and Patents \| CureVac
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying amount of intangible asset \| kr					67
Cost
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying amount of intangible asset \| kr					897		798				kr 392
Cost \| Immatics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying amount of intangible asset \| kr					274		323
Previously acquired licenses in use \| kr					152
Cost \| Licences, Rights and Patents
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Carrying amount of intangible asset \| kr					kr 897		kr 798				kr 392

OPERATING ASSETS AND LIABILITIES - Accounting policies and management estimates (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about intangible assets [line items]
Research and development expenses	kr 2,386	kr 1,431	kr 874
Carrying amount of intangible asset	kr 470	470
Actual useful life of intangibles	7 years
Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangibles	7 years
Licences, Rights and Patents
Disclosure of detailed information about intangible assets [line items]
Carrying amount of intangible asset	kr 470	kr 470
Licences, Rights and Patents \| Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangibles	5 years
Licences, Rights and Patents \| Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangibles	7 years

OPERATING ASSETS AND LIABILITIES - Property, Plant and Equipment (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment
Cost at beginning of period	kr 162
Cost at end of period	237	kr 162
Cost
Property, Plant and Equipment
Cost at beginning of period	313	249
Additions for the year	115	76
Disposals for the year	(2)	(13)
Exchange rate adjustment		1
Cost at end of period	426	313
Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(151)	(135)
Depreciation for the year	(40)	(28)
Disposals for the year		12
Accumulated depreciation on disposals	2
Cost at end of period	(189)	(151)
Leasehold improvements
Property, Plant and Equipment
Cost at beginning of period	87
Cost at end of period	84	87
Leasehold improvements \| Cost
Property, Plant and Equipment
Cost at beginning of period	95	11
Additions for the year	3	7
Transfers between the classes		83
Disposals for the year		(6)
Cost at end of period	98	95
Leasehold improvements \| Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(8)	(6)
Depreciation for the year	(6)	(8)
Disposals for the year		6
Cost at end of period	(14)	(8)
Equipment, furniture and fixtures
Property, Plant and Equipment
Cost at beginning of period	74
Cost at end of period	104	74
Equipment, furniture and fixtures \| Cost
Property, Plant and Equipment
Cost at beginning of period	217	170
Additions for the year	64	41
Transfers between the classes		12
Disposals for the year	(2)	(7)
Exchange rate adjustment		1
Cost at end of period	279	217
Equipment, furniture and fixtures \| Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(143)	(129)
Depreciation for the year	(34)	(20)
Disposals for the year		6
Accumulated depreciation on disposals	2
Cost at end of period	(175)	(143)
Assets under construction
Property, Plant and Equipment
Cost at beginning of period	1
Cost at end of period	49	1
Assets under construction \| Cost
Property, Plant and Equipment
Cost at beginning of period	1	68
Additions for the year	48	28
Transfers between the classes		(95)
Cost at end of period	kr 49	kr 1

OPERATING ASSETS AND LIABILITIES - Depreciation, amortization, and impairments are included in the income statement (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Research and development expenses	kr 37	kr 26	kr 12
General and administrative expenses	3	2
Total	40	28	12
Intangible assets other than goodwill [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Research and development expenses	99	60	58
Total	kr 99	kr 60	kr 58

OPERATING ASSETS AND LIABILITIES - Depreciation (Details)	12 Months Ended
	Dec. 31, 2019
Equipment, furniture and fixtures \| Minimum
Property, Plant and Equipment
Expected useful lives of assets	3 years
Equipment, furniture and fixtures \| Maximum
Property, Plant and Equipment
Expected useful lives of assets	5 years
Computer equipment
Property, Plant and Equipment
Expected useful lives of assets	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment
Expected useful lives of assets	5 years

OPERATING ASSETS AND LIABILITIES - Leases (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	kr 177	kr 205
Lease Liabilities
Current	26
Non-current	155
Total lease liabilities	181	kr 205	kr 205
Additions to right of use assets	0
Depreciation charge of right-of-use assets	28
Interest expense	7
Expense relating to short-term leases	6
Properties
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	173
Lease Liabilities
Depreciation charge of right-of-use assets	27
Equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	4
Lease Liabilities
Depreciation charge of right-of-use assets	kr 1

OPERATING ASSETS AND LIABILITIES - Total cash outflow for leases (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	kr 205
Cash flows, net	(38)
Other changes		kr 14
Lease liabilities	181	205
2019
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	181
Cash flows, net	(38)
Other changes		12
Lease liabilities	155	181
Lease liabilities, due after 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	24
Other changes		2
Lease liabilities	kr 26	kr 24

OPERATING ASSETS AND LIABILITIES - Future minimum payments under our leases (Details) - DKK (kr) kr in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	kr 90	kr 215	kr 216	kr 247
Estimated capital expenditures to fit out the space	kr 70	kr 176
Capital expenditure incurred and capitalized			48
Cash outflow for leases			38
2019
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases			32	31
Cash outflow for leases			38
1 to 3 years
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases			64	65
More than 3 years but less than 5 years
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases			27	45
2024+
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases			kr 93	kr 106

OPERATING ASSETS AND LIABILITIES - Other Investments (Details) € in Millions, kr in Millions	12 Months Ended
	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 DKK (kr)	Dec. 19, 2019 DKK (kr)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other investments		kr 149
CureVac
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other investments	€ 20	149	kr 149
Percentage of ownership interest	2.20%
Fair value of investment		kr 149

OPERATING ASSETS AND LIABILITIES - Receivables (Details) - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018
OPERATING ASSETS AND LIABILITIES
Receivables related to collaboration agreements	kr 2,849	kr 1,266
Interest receivables	34	18
Other receivables	56	34
Prepayments	62	19
Total	3,001	1,337
Non-current receivables	11	10
Current receivables	2,990	1,327
Losses related to receivables and the credit risk on receivables is limited	kr 0	kr 0

OPERATING ASSETS AND LIABILITIES - Provisions (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ASSETS AND LIABILITIES
Provisions at beginning of period	kr 1
Additions during the year	1
Provisions at end of period	2
Non-current provisions		kr 2	kr 1
Provisions at end of period	kr 1	kr 2	kr 1	kr 1

OPERATING ASSETS AND LIABILITIES - Other Payables (Details) - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018
OPERATING ASSETS AND LIABILITIES
Liabilities related to collaboration agreements	kr 8	kr 6
Staff cost liabilities	48	30
Other liabilities	715	213
Accounts payable	69	69
Total at December 31	840	318
Non-current other payables	1	2
Current other payables	839	kr 316
Pension obligations	kr 0

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Capital Management (Details) kr in Millions	12 Months Ended
	Dec. 31, 2019 DKK (kr) item	Dec. 31, 2018 DKK (kr)
Disclosure of credit risk exposure [line items]
Number of External Investment Managers \| item	2
Cash position from partnership collaboration income \| kr	kr 10,971	kr 6,106

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Financial Risk (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	100.00%	100.00%
EUR
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate	1.00%	1.00%
USD
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate	10.00%	10.00%
GBP
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate	10.00%	10.00%
Credit risk
Disclosure of credit risk exposure [line items]
Maximum credit exposure	kr 10,971	kr 6,106
Maximum credit exposure to receivables	3,001	1,337
Total value of bank deposits	kr 3,552	kr 533
Credit risk \| Triple A-rating from Moody’s, S&P or Fitch
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	91.00%	90.00%
Marketable securities including interest receivables	kr 7,453	kr 5,591
Currency risk
Disclosure of credit risk exposure [line items]
Revenue (as a percent)	97.00%	96.00%	96.00%
Currency risk \| EUR
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	12.00%	16.00%
Currency risk \| DKK
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	23.00%	30.00%
Currency risk \| USD
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	64.00%	53.00%
Currency risk \| GBP
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	1.00%	1.00%

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Assets and Liabilities in Foreign Currency (Details)	12 Months Ended
	Dec. 31, 2019 DKK (kr) item	Dec. 31, 2018 DKK (kr)
Disclosure of credit risk exposure [line items]
Central rate committed to maintain	7.46
Positive fluctuation in exchange rate	2.25%
Negative fluctuation in exchange rate	(2.25%)
Outstanding derivatives	kr 0
Average effective duration of portfolio	1 year 1 month 6 days	1 year 4 months 24 days
Number of securities in the portfolio \| item	0
Average effective duration of portfolio	1 year 26 days	1 year 4 months 21 days
Percentage point will cause the change in fair value of the securities	1
Minimum
Disclosure of credit risk exposure [line items]
Average effective duration of portfolio	9 years
Change in the interest rates	1.10%
Maximum
Disclosure of credit risk exposure [line items]
Average effective duration of portfolio		8 years
Change in the interest rates		1.40%
EUR
Disclosure of credit risk exposure [line items]
Percentage change in exchange rate	1.00%	1.00%
Impact of change in exchange rate	kr 10,000,000	kr 9,000,000
USD
Disclosure of credit risk exposure [line items]
Percentage change in exchange rate	10.00%	10.00%
Impact of change in exchange rate	kr 1,053,000,000	kr 362,000,000
GBP
Disclosure of credit risk exposure [line items]
Percentage change in exchange rate	10.00%	10.00%
Impact of change in exchange rate		kr 5,000,000

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Maturity profile of our marketable securities (Details) - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	kr 7,419	kr 5,573
2019
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current		2,880
2020
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	3,891	1,574
2021
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	2,190	505
2022
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	493	138
2023
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	102	75
2024+
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	kr 743	kr 401

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Financial Assets and Liabilities (Details) - DKK (kr) kr in Millions	Dec. 31, 2019	Dec. 31, 2018
Financial liabilities measured at amortized cost \| Other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	kr (840)	kr (318)
Financial liabilities measured at amortized cost \| Lease Liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	(181)
Financial assets measured at fair value through profit or loss \| Marketable Securities
Disclosure of detailed information about financial instruments [line items]
Financial Assets	7,419	5,573
Financial assets measured at fair value through profit or loss \| Other Investments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	149
Financial assets measured at amortized cost \| Receivables ex. prepayments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	2,939	1,318
Financial assets measured at amortized cost \| Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial Assets	kr 3,552	kr 533

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Financial Assets and Liabilities - Narrative (Details) € in Millions, kr in Millions	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 DKK (kr)	Dec. 19, 2019 DKK (kr)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other investments		kr 149
CureVac
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other investments	€ 20	kr 149	kr 149

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Marketable Securities (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities
Cost at the beginning of the period	kr 8,461
Cost at the end of the period	15,144	kr 8,461
Fair value adjustment for the period	40	199
Net book value at the end of the period	8,461	8,461	kr 15,144	kr 8,461
Marketable Securities
Marketable Securities
Fair value adjustment at the beginning of the period	79	(120)
Fair value adjustment for the period	(40)	199
Fair value adjustment at the end of the period	39	79
Net book value in percentage of cost			101.00%	101.00%
Cost \| Marketable Securities
Marketable Securities
Cost at the beginning of the period	5,494	4,195
Additions for the period	5,812	3,521
Disposals and maturities for the period	(3,926)	(2,222)
Cost at the end of the period	7,380	5,494
Net book value at the end of the period	5,494	4,195	kr 7,380	kr 5,494
Net Book value \| Marketable Securities
Marketable Securities
Cost at the beginning of the period	5,573
Cost at the end of the period	7,419	5,573
Net book value at the end of the period	kr 5,573	kr 5,573	kr 7,419	kr 5,573

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Marketable securities portfolio (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities
Market value	kr 7,419	kr 5,573
Average effective duration	1 year 26 days	1 year 4 months 21 days
Percentage of marketable securities	100.00%	100.00%
Interest Income on marketable securities	kr 120	kr 63
Fair value adjustment of expense or income	40	199
DKK portfolio
Marketable Securities
Market value	kr 1,689	kr 1,685
Average effective duration	2 years 2 months 12 days	2 years 4 months 21 days
Percentage of marketable securities	23.00%	30.00%
Kingdom of Denmark bonds and treasury bills
Marketable Securities
Market value	kr 462	kr 508
Average effective duration	1 year 10 months 2 days	1 year 11 months 9 days
Percentage of marketable securities	6.00%	9.00%
Danish mortgage-backed securities
Marketable Securities
Market value	kr 1,227	kr 1,177
Average effective duration	2 years 3 months 29 days	2 years 6 months 29 days
Percentage of marketable securities	17.00%	21.00%
European government bonds and treasury bills
Marketable Securities
Market value	kr 873	kr 875
Average effective duration	1 year 3 months 29 days	1 year 4 months 17 days
Percentage of marketable securities	12.00%	16.00%
US government bonds and treasury bills
Marketable Securities
Market value	kr 4,778	kr 2,938
Average effective duration	7 months 17 days	10 months 2 days
Percentage of marketable securities	64.00%	53.00%
UK government bonds and treasury bills
Marketable Securities
Market value	kr 79	kr 75
Average effective duration	6 months 18 days	6 months 18 days
Percentage of marketable securities	1.00%	1.00%

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Financial Income and Expenses (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial Income:
Interest and other financial income	kr 120	kr 63	kr 41
Realized and unrealized gains on marketable securities (fair value through the income statement), net	9
Realized and unrealized gains on fair value hedges, net		2	30
Realized and unrealized exchange rate gains, net	99	178
Total financial income	228	243	72
Financial expenses:
Interest and other financial expenses	(7)		(2)
Realized and unrealized losses on marketable securities (fair value through the income statement), net		(11)	(20)
Realized and unrealized exchange rate losses, net			(330)
Total financial expenses	7	11	352
Net financial items	221	232	280
Interest and other financial income on financial assets measured at amortized cost	kr 22	kr 8	2
Interest and other financial expenses on financial liabilities measured at amortized cost			kr 3
Increase in exchange rate due to positive impact on our USD denominated portfolio	6.6759%	6.5213%	6.2067%
Decrease in exchange rate due to negative impacted on our USD denominated portfolio			6.2067%	7.0528%

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Restricted Stock Unit Program (Details) - RSUs	12 Months Ended
	Dec. 31, 2019 shares
Share-Based Instruments
Vesting period	3 years
Period from vesting date for crediting shares	30 days
Number of shares per RSU	1

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - RSU Activity (Details)	12 Months Ended
	Dec. 31, 2019 EquityInstruments kr / shares shares	Dec. 31, 2018 EquityInstruments kr / shares shares	Dec. 31, 2017 EquityInstruments kr / shares shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled \| shares	15,374	21,711	10,996
Weighted average fair value of RSU granted \| kr / shares	kr 1,511.70	kr 1,033.95	kr 1,128.30
Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled \| shares		4,582	73
Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled \| shares	15,374	17,129	10,923
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	218,902	168,044	102,387
Granted	116,742	102,639	65,951
Settled \| shares	(22,189)	(47,450)
Cancelled \| shares	(5,548)	(4,331)	(294)
Outstanding at end of period	307,907	218,902	168,044
RSUs \| Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	20,127	24,328	18,688
Granted	3,708	5,224	7,661
Settled \| shares	(2,631)	(9,425)
Transferred \| shares	(1,251)		(2,021)
Outstanding at end of period	19,953	20,127	24,328
RSUs \| Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	66,152	83,857	64,258
Granted	25,793	18,020	19,599
Settled \| shares	(19,080)	(35,725)
Outstanding at end of period	72,865	66,152	83,857
RSUs \| Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	130,046	55,475	18,291
Granted	87,168	79,395	38,691
Transferred \| shares	(8,355)	(3,358)	(1,484)
Cancelled \| shares		(1,466)	(23)
Outstanding at end of period	208,859	130,046	55,475
RSUs \| Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	2,577	4,384	1,150
Granted	73
Settled \| shares	(478)	(2,300)
Transferred \| shares	9,606	3,358	3,505
Cancelled \| shares	(5,548)	(2,865)	(271)
Outstanding at end of period	6,230	2,577	4,384

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Warrant Activity (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	1,423,210	1,518,186	2,190,311
Granted	307,219	276,507	182,689
Exercised	(299,431)	(311,897)	(835,618)	(818,793)	(2,563,844)	(611,697)
Expired	(2,000)	(37,875)	(8,200)
Cancelled	(15,374)	(21,711)	(10,996)
Balance at end of period	1,413,624	1,423,210	1,518,186	2,190,311
Exercisable at year end	638,248	867,865	1,084,371
Exercisable warrants in the money at year end	627,061	807,279	1,053,786
Weighted average exercise price of warrants at beginning	kr 592.14	kr 436.01	kr 311.52
Weighted average exercise price of warrants granted	1,483.58	1,034.66	1,123.91
Weighted average exercise price of fair market value	1,267.92	1,206.11	1,368.32
Weighted average exercise price of warrants exercised	212.23	241.34	257.19
Weighted average exercise price of warrants expired	129.75	253.76	348.20
Weighted average exercise price of warrants cancelled	1,049.34	940.01	722.48
Weighted average exercise price of warrants at ending	kr 862.03	kr 592.14	kr 436.01	kr 311.52
Weighted Average Exercise Price Of Warrants Exercisable							kr 407.89	kr 295.02	kr 233.81
Weighted Average Exercise Price Of Warrants Exercisable In Money							kr 385.84	kr 230.43	kr 201.27
Exercise of warrants	kr 65	kr 75	kr 215
Percentage of share capital attributed to exercise of warrants		2.00%	2.00%
Number of warrants outstanding	1,423,210	1,518,186	2,190,311	2,190,311			1,413,624	1,423,210	1,518,186
Warrants outstanding (as a percent)		2.00%	2.00%
Weighted Average Exercise Price Of Warrants Outstanding	kr 592.14	kr 436.01	kr 311.52	kr 311.52			kr 862.03	kr 592.14	kr 436.01
Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	74,478	92,242	129,742
Granted	3,925	3,161	4,125
Exercised	(15,750)	(20,925)	(31,625)
Transfers	(319)		(10,000)
Balance at end of period	62,334	74,478	92,242	129,742
Exercisable at year end	50,227	62,647	79,380
Exercisable warrants in the money at year end	50,227	60,688	78,400
Number of warrants outstanding	74,478	92,242	129,742	129,742			62,334	74,478	92,242
Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	480,201	559,737	877,418
Granted		50,464	59,819
Exercised	(132,400)	(130,000)	(377,500)
Balance at end of period	347,801	480,201	559,737	877,418
Exercisable at year end	230,233	355,347	472,119
Exercisable warrants in the money at year end	227,733	340,775	464,832
Number of warrants outstanding	480,201	559,737	877,418	877,418			347,801	480,201	559,737
Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	706,088	574,295	644,097
Granted	303,066	222,882	118,745
Exercised	(56,237)	(46,883)	(131,709)
Cancelled		(4,582)	(73)
Transfers	(93,944)	(39,624)	(56,765)
Balance at end of period	858,973	706,088	574,295	644,097
Exercisable at year end	225,855	297,128	262,414
Exercisable warrants in the money at year end	219,403	257,115	241,241
Number of warrants outstanding	706,088	574,295	644,097	644,097			858,973	706,088	574,295
Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	162,443	291,912	539,054
Granted	228
Exercised	(95,044)	(114,089)	(294,784)
Expired	(2,000)	(37,875)	(8,200)
Cancelled	(15,374)	(17,129)	(10,923)
Transfers	94,263	39,624	66,765
Balance at end of period	144,516	162,443	291,912	539,054
Exercisable at year end	131,933	152,743	270,458
Exercisable warrants in the money at year end	129,698	148,701	269,313
Number of warrants outstanding	162,443	291,912	539,054	539,054			144,516	162,443	291,912
Warrants Granted from August 2004 until April 2012
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of share capital attributed to exercise of warrants	25.00%
Warrants outstanding (as a percent)	25.00%
Warrants Granted from April 2012 until March 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrant vesting period	4 years
Warrants Granted from March 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrant vesting period	3 years

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Weighted Average Outstanding Warrants (Details) - kr / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants outstanding	1,413,624	1,423,210	1,518,186	2,190,311
Number of warrants exercisable	638,248	867,865	1,084,371
31.75
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 31.75	kr 31.75
Number of warrants outstanding	5,950	7,525
Weighted average remaining contractual life	1 year 9 months 15 days	2 years 9 months 15 days
Number of warrants exercisable	5,950	7,525
40.41
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 40.41	kr 40.41
Number of warrants outstanding	80,205	85,975
Weighted average remaining contractual life	1 year 5 months 23 days	2 years 5 months 23 days
Number of warrants exercisable	80,205	85,975
46.74
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 46.74	kr 46.74
Number of warrants outstanding	85,000	85,000
Weighted average remaining contractual life	5 months 1 day	1 year 5 months 1 day
Number of warrants exercisable	85,000	85,000
55.85
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 55.85	kr 55.85
Number of warrants outstanding	5,500	8,500
Weighted average remaining contractual life	1 year 3 months 7 days	2 years 3 months 7 days
Number of warrants exercisable	5,500	8,500
66.60
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 66.60	kr 66.60
Number of warrants outstanding	35,500	37,750
Weighted average remaining contractual life	11 months 9 days	1 year 11 months 9 days
Number of warrants exercisable	35,500	37,750
67.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 67.50	kr 67.50
Number of warrants outstanding	3,250	3,250
Weighted average remaining contractual life	9 months 15 days	1 year 9 months 15 days
Number of warrants exercisable	3,250	3,250
68.65
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 68.65	kr 68.65
Number of warrants outstanding	3,325	5,450
Weighted average remaining contractual life	3 months 22 days	1 year 3 months 22 days
Number of warrants exercisable	3,325	5,450
147.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 147.50	kr 147.50
Number of warrants outstanding	1,500	7,750
Weighted average remaining contractual life	3 months 18 days	1 year 3 months 18 days
Number of warrants exercisable	1,500	7,750
199.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 199.00	kr 199.00
Number of warrants outstanding	1,000	1,000
Weighted average remaining contractual life	5 months 12 days	1 year 5 months 12 days
Number of warrants exercisable	1,000	1,000
210.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 210.00	kr 210.00
Number of warrants outstanding	2,750	3,088
Weighted average remaining contractual life	1 year 1 month 10 days	2 years 1 month 10 days
Number of warrants exercisable	2,750	3,088
220.40
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 220.40	kr 220.40
Number of warrants outstanding	17,750	33,800
Weighted average remaining contractual life	1 year 9 months 15 days	2 years 9 months 15 days
Number of warrants exercisable	17,750	33,800
225.30
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 225.30	kr 225.30
Number of warrants outstanding	4,625	7,975
Weighted average remaining contractual life	1 year 5 months 12 days	2 years 5 months 12 days
Number of warrants exercisable	4,625	7,975
225.90
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 225.90	kr 225.90
Number of warrants outstanding	137,059	175,047
Weighted average remaining contractual life	11 months 5 days	1 year 11 months 5 days
Number of warrants exercisable	137,059	175,047
231.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 231.50	kr 231.50
Number of warrants outstanding	3,665	7,850
Weighted average remaining contractual life	9 months 11 days	1 year 9 months 11 days
Number of warrants exercisable	3,665	7,850
337.40
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 337.40	kr 337.40
Number of warrants outstanding	50,986	90,945
Weighted average remaining contractual life	1 year 11 months 16 days	2 years 11 months 16 days
Number of warrants exercisable	50,986	90,945
466.20
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 466.20	kr 466.20
Number of warrants outstanding	8,100	11,061
Weighted average remaining contractual life	2 years 2 months 27 days	3 years 2 months 27 days
Number of warrants exercisable	8,100	6,664
623.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 623.50	kr 623.50
Number of warrants outstanding	2,575	6,350
Weighted average remaining contractual life	2 years 5 months 12 days	3 years 5 months 12 days
Number of warrants exercisable	2,575	3,913
636.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 636.50	kr 636.50
Number of warrants outstanding	21,000	24,500
Weighted average remaining contractual life	2 years 9 months 7 days	3 years 9 months 7 days
Number of warrants exercisable	21,000	16,250
815.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 815.50	kr 815.50
Number of warrants outstanding	12,449	14,837
Weighted average remaining contractual life	3 years 2 months 16 days	4 years 2 months 16 days
Number of warrants exercisable	8,390	6,362
939.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 939.50	kr 939.50
Number of warrants outstanding	73,162	80,874
Weighted average remaining contractual life	2 years 11 months 9 days	3 years 11 months 9 days
Number of warrants exercisable	73,162	57,880
962.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 962.00	kr 962.00
Number of warrants outstanding	14,564	14,714
Weighted average remaining contractual life	5 years 5 months 9 days	6 years 5 months 9 days
1025.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,025.00	kr 1,025.00
Number of warrants outstanding	206,097	210,437
Weighted average remaining contractual life	5 years 11 months 9 days	6 years 11 months 9 days
1032.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,032.00	kr 1,032.00
Number of warrants outstanding	131,444	133,637
Weighted average remaining contractual life	4 years 11 months 16 days	5 years 11 months 16 days
1050.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,050.00	kr 1,050.00
Number of warrants outstanding	27,082	33,226
Weighted average remaining contractual life	5 years 8 months 23 days	6 years 8 months 23 days
1136.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,136.00	kr 1,136.00
Number of warrants outstanding	18,450	19,450
Weighted average remaining contractual life	3 years 9 months 7 days	4 years 9 months 7 days
Number of warrants exercisable	14,089	9,725
1145.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,145.00	kr 1,145.00
Number of warrants outstanding	83,287	86,660
Weighted average remaining contractual life	3 years 11 months 16 days	4 years 11 months 16 days
Number of warrants exercisable	62,190	43,675
1147.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,147.50
Number of warrants outstanding	21,343
Weighted average remaining contractual life	6 years 5 months 5 days
1155.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,155.00
Number of warrants outstanding	7,959
Weighted average remaining contractual life	6 years 3 months
1161.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,161.00
Number of warrants outstanding	19,830
Weighted average remaining contractual life	6 years 2 months 1 day
1210.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,210.00	kr 1,210.00
Number of warrants outstanding	14,881	14,954
Weighted average remaining contractual life	5 years 3 months 11 days	6 years 3 months 11 days
1233.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,233.00	kr 1,233.00
Number of warrants outstanding	13,763	14,438
Weighted average remaining contractual life	3 years 5 months 9 days	4 years 5 months 9 days
Number of warrants exercisable	9,903	6,713
1334.50
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,334.50
Number of warrants outstanding	62,848
Weighted average remaining contractual life	6 years 9 months 11 days
1402.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,402.00	kr 1,402.00
Number of warrants outstanding	8,736	8,736
Weighted average remaining contractual life	4 years 2 months 27 days	5 years 2 months 27 days
1408.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,408.00	kr 1,408.00
Number of warrants outstanding	5,151	5,224
Weighted average remaining contractual life	4 years 5 months 9 days	5 years 5 months 9 days
1424.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,424.00	kr 1,424.00
Number of warrants outstanding	1,526	1,606
Weighted average remaining contractual life	4 years 1 month 10 days	5 years 1 month 10 days
Number of warrants exercisable	774	478
1427.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,427.00	kr 1,427.00
Number of warrants outstanding	8,400	8,400
Weighted average remaining contractual life	4 years 3 months	5 years 3 months
1432.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,432.00	kr 1,432.00
Number of warrants outstanding	17,901	17,901
Weighted average remaining contractual life	4 years 9 months 4 days	5 years 9 months 4 days
1615.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,615.00
Number of warrants outstanding	195,011
Weighted average remaining contractual life	6 years 11 months 5 days
862.03
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 862.03
Number of warrants outstanding	1,413,624
Weighted average remaining contractual life	4 years 18 days
Number of warrants exercisable	638,248
45.24
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 45.24
Number of warrants outstanding		1,000
Weighted average remaining contractual life		3 months 26 days
Number of warrants exercisable		1,000
79.25
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 79.25
Number of warrants outstanding		5,000
Weighted average remaining contractual life		9 months 11 days
Number of warrants exercisable		5,000
80.55
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 80.55
Number of warrants outstanding		111,750
Weighted average remaining contractual life		11 months 5 days
Number of warrants exercisable		111,750
98.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 98.00
Number of warrants outstanding		1,375
Weighted average remaining contractual life		1 year 29 days
Number of warrants exercisable		1,375
129.75
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 129.75
Number of warrants outstanding		5,075
Weighted average remaining contractual life		9 months 7 days
Number of warrants exercisable		5,075
174.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 174.00
Number of warrants outstanding		25,000
Weighted average remaining contractual life		5 months 16 days
Number of warrants exercisable		25,000
234.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 234.00
Number of warrants outstanding		6,100
Weighted average remaining contractual life		3 months 15 days
Number of warrants exercisable		6,100
592.14
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 592.14
Number of warrants outstanding		1,423,210
Weighted average remaining contractual life		3 years 9 months 4 days
Number of warrants exercisable		867,865

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Share Capital (Details)					12 Months Ended
	Mar. 17, 2021 DKK (kr) shares	Jul. 17, 2019 DKK (kr)	Mar. 29, 2019 DKK (kr) shares	Apr. 09, 2014 DKK (kr) shares	Dec. 31, 2019 DKK (kr) Vote item kr / shares shares	Mar. 17, 2016 DKK (kr) shares	Dec. 31, 2014 shares
Share Capital
Par value (in euros per share) \| kr / shares					kr 1
Number Of Shares Authorised \| shares					65,074,502
Number Of Votes \| Vote					1
Number of shares issued \| shares					3,277,500		4,600,000
Increase in authorized capital \| kr		kr 2,850,000
Additional Increase in authorized capital \| kr		427,500
Remaining amount of the authorization \| kr		kr 4,222,500
Warrants remain available for issue \| item					370,381
Warrants remain available for reissue \| item					7,883
Number of shares authorized to be repurchased \| shares			500,000		500,000
Nominal value of shares repurchases \| kr			kr 500,000		kr 500,000
Forecast
Share Capital
New shares issued on conversion of loan \| shares	4,000,000
Time limit for conversion of debt to equity	5 years
First authorization
Share Capital
Warrants issued \| item					346,337
Warrants reissued \| item					9,988
Number of shares authorized to be repurchased \| shares						500,000
Nominal value of shares repurchases \| kr						kr 500,000
Share repurchased \| shares					225,000
Share repurchased amount \| kr					kr 225,000
Shares available for repurchase \| shares					775,000
Shares available for repurchase amount \| kr					kr 775,000
Second authorization
Share Capital
Warrants issued \| item					283,282
Warrants reissued \| item					76
Number of shares authorized to be repurchased \| shares			500,000
Nominal value of shares repurchases \| kr			kr 500,000
Maximum
Share Capital
Number Of Shares Authorised \| shares					7,500,000
Number of shares issued \| shares					2,000,000
Warrants authorized to issue \| shares			500,000	500,000
Capital increases in cash \| kr			kr 500,000	kr 500,000
Maximum \| Forecast
Share Capital
Maximum amount of loans against bonds or other financial instruments \| kr	kr 3,000,000,000
Value of convertible loans \| kr	kr 4,000,000

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Changes in Share Capital (Details) kr / shares in Units, kr in Millions, $ in Millions					12 Months Ended
	Jul. 23, 2019 USD ($) shares	Jul. 23, 2019 DKK (kr) shares	Jul. 22, 2019 USD ($) shares	Jul. 22, 2019 DKK (kr) shares	Dec. 31, 2019 DKK (kr) kr / shares shares	Dec. 31, 2018 DKK (kr) kr / shares shares	Dec. 31, 2017 DKK (kr) kr / shares shares	Dec. 31, 2016 DKK (kr) kr / shares shares	Dec. 31, 2015 DKK (kr) kr / shares shares	Dec. 31, 2014 DKK (kr) kr / shares shares	Jan. 24, 2014 shares
Share Capital
Shares authorized					65,074,502
Nominal amount \| kr / shares					kr 1
Number of shares
Number of shares, at beginning of period					61,497,571	61,185,674	60,350,056	59,531,263	56,967,419	51,755,722
Shares issued (in shares)					3,277,500					4,600,000
Exercise of warrants					299,431	311,897	835,618	818,793	2,563,844	611,697
Number of shares, at end of period					65,074,502	61,497,571	61,185,674	60,350,056	59,531,263	56,967,419
Share capital
Share capital, at beginning of period \| kr					kr 61.0	kr 61.2	kr 60.4	kr 59.6	kr 57.0	kr 51.8
Shares issued for cash \| kr					3.3					4.6
Exersise of warrants \| kr					0.3	0.3	0.8	0.8	2.6	0.6
Share capital, at end of period \| kr					kr 65.1	kr 61.0	kr 61.2	kr 60.4	kr 59.6	kr 57.0
Gross proceeds from the issuance of new shares	$ 582	kr 3,873.0	$ 506	kr 3,368.0
Increase in share capital of ordinary shares			2,850,000	2,850,000
Number of shares issued					3,277,500					4,600,000
Minimum
Share capital
Exercise price warrants granted \| kr / shares					kr 31.75	kr 40.41	kr 31.75	kr 31.75	kr 26.75	kr 26.75
Maximum
Share capital
Exercise price warrants granted \| kr / shares					kr 1,424.00	kr 1,233.00	kr 1,233.00	kr 636.50	kr 364.00	kr 234.00
American Depository Receipt [Member]
Share capital
Increase in share capital of ordinary shares			28,500,000	28,500,000
Private placement
Number of shares
Shares issued (in shares)											4,600,000
Share capital
Number of shares issued											4,600,000
Underwriters option
Share capital
Increase in share capital of ordinary shares			427,500	427,500
Underwriters option \| American Depository Receipt [Member]
Share capital
Increase in share capital of ordinary shares	3,277,500	3,277,500	4,275,000	4,275,000

CAPITAL STRUCTURE, FINANCIAL RISK AND RELATED ITEMS - Treasury Shares (Details)	12 Months Ended
	Dec. 31, 2019 DKK (kr) item shares	Dec. 31, 2018 DKK (kr) shares	Dec. 31, 2017 DKK (kr) shares	Mar. 29, 2019 DKK (kr) shares
Number of shares
Number of shares at end of period \| shares	3,277,500
Share capital
Share capital, at beginning of period	kr 61,000,000	kr 61,200,000	kr 60,400,000
Purchase of treasury shares	0	146,000,000	0
Share capital, at end of period	kr 65,100,000	kr 61,000,000	kr 61,200,000
Cost
Number of authorization \| item	2
Number of shares authorized to be repurchased \| shares	500,000			500,000
Nominal value of shares repurchases	kr 500,000			kr 500,000
Treasury shares
Number of shares
Number of shares at beginning of period \| shares	177,550	100,000	100,000
Purchase of treasury shares. \| shares		125,000
Shares used for funding RSU program \| shares	(13,629)	(47,450)
Number of shares at end of period \| shares	163,921	177,550	100,000
Share capital
Share capital, at beginning of period	kr 200,000	kr 100,000	kr 100,000
Purchase of treasury shares		100,000
Share capital, at end of period	kr 200,000	kr 200,000	kr 100,000
Proportion of share capital
Proportion of share capital, at beginning of period	0.30%	0.20%	0.20%
Proportion of share capital on purchase of treasury shares		0.20%
Proportion of share capital on shares used for funding RSU program		(0.10%)
Proportion of share capital, at end of period	0.30%	0.30%	0.20%
Cost
Cost, at beginning of period	kr 208,000,000	kr 118,000,000	kr 118,000,000
Purchase of treasury shares		146,000,000
Shares used for funding RSU program	(16,000,000)	(56,000,000)
Cost at end of period	kr 192,000,000	kr 208,000,000	kr 118,000,000
RSUs
Number of shares
Purchase of treasury shares. \| shares		125,000
Share capital
Purchase of treasury shares		kr 146,000,000
Proportion of share capital
Proportion of share capital, at beginning of period	0.20%
Proportion of share capital, at end of period		0.20%

OTHER DISCLOSURES - Remuneration of the Board of Directors and Executive Management (Details)	12 Months Ended
	Dec. 31, 2019 DKK (kr) item	Dec. 31, 2018 DKK (kr)	Dec. 31, 2017 DKK (kr)
Remuneration of the Board of Directors and Executive Management
Wages and salaries	kr 42,000,000	kr 34,000,000	kr 39,000,000
Share-based compensation expenses	38,000,000	32,000,000	28,000,000
Defined contribution plans	1,000,000	1,000,000	1,000,000
Total	81,000,000	kr 67,000,000	kr 68,000,000
Basic board fee	kr 400,000
Number of times basic fee received by Deputy Chairman \| item	2
Number of times basic fee received by Chairman \| item	3
Audit and Finance Committee membership basic fee	kr 100,000
Audit and Finance Committee Chairman receiving fee	150,000
Audit and Finance Committee meeting fee	10,000
Compensation Committee membership basic fee	80,000
Compensation Committee Chairman receiving fee	120,000
Compensation Committee meeting fee	10,000
Nominating and Corporate Governance Committee membership basic fee	70,000
Nominating and Corporate Governance Committee Chairman receiving fee	100,000
Nominating and Corporate Governance Committee meeting fee	10,000
Scientific Committee membership basic fee	100,000
Scientific Committee Chairman receiving fee	130,000
Scientific Committee meeting fee	kr 10,000

OTHER DISCLOSURES - Share-Based Compensation (Details) - DKK (kr)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	kr 400,000
Share-based compensation expenses	1,000,000	kr 1,000,000	kr 1,000,000
Total	81,000,000	67,000,000	68,000,000
Board of Directors
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	4,800,000	4,800,000	4,700,000
Committee fees	2,000,000	1,700,000	1,400,000
Share-based compensation expenses	5,100,000	4,800,000	5,400,000
Total	11,900,000	11,300,000	11,500,000
Mats Pettersson
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	1,200,000	1,200,000	1,200,000
Committee fees	200,000	300,000	300,000
Share-based compensation expenses	800,000	900,000	1,000,000
Total	2,200,000	2,400,000	2,500,000
Anders Gersel Pedersen
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	400,000	500,000	800,000
Committee fees	400,000	300,000	300,000
Share-based compensation expenses	600,000	600,000	700,000
Total	1,400,000	1,400,000	1,800,000
Pernille Erenbjerg
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	400,000	400,000	400,000
Committee fees	300,000	300,000	300,000
Share-based compensation expenses	400,000	500,000	700,000
Total	1,100,000	1,200,000	1,400,000
Paolo Paoletti
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	400,000	400,000	400,000
Committee fees	300,000	200,000	100,000
Share-based compensation expenses	400,000	500,000	700,000
Total	1,100,000	1,100,000	1,200,000
Rolf Hoffmann
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	400,000	400,000	300,000
Committee fees	300,000	300,000	200,000
Share-based compensation expenses	800,000	700,000	400,000
Total	1,500,000	1,400,000	900,000
Deirdre P. Connelly
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	800,000	700,000	300,000
Committee fees	500,000	300,000	200,000
Share-based compensation expenses	900,000	700,000	400,000
Total	2,200,000	1,700,000	900,000
Peter Storm Kristensen
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	400,000	400,000	400,000
Share-based compensation expenses	400,000	300,000	200,000
Total	800,000	700,000	600,000
Rick Hibbert
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	100,000	400,000	400,000
Share-based compensation expenses	400,000	300,000	200,000
Total	500,000	700,000	600,000
Daniel Bruno
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	400,000	400,000	400,000
Share-based compensation expenses	400,000	300,000	200,000
Total	800,000	kr 700,000	600,000
Mijke Zachariasse
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	300,000
Total	kr 300,000
Burton G. Malkiel
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee			100,000
Share-based compensation expenses			900,000
Total			kr 1,000,000
RSUs \| New Board of Director \| Maximum
Shareholdings By Board Of Director And Executive Management Line Items
Value of shares granted on percentage of compensation	400.00%
RSUs \| Board of Directors \| Maximum
Shareholdings By Board Of Director And Executive Management Line Items
Value of shares granted on percentage of compensation	100.00%
RSUs \| Chairman \| Maximum
Shareholdings By Board Of Director And Executive Management Line Items
Value of shares granted on percentage of compensation	200.00%
RSUs \| Deputy Chairman \| Maximum
Shareholdings By Board Of Director And Executive Management Line Items
Value of shares granted on percentage of compensation	150.00%

OTHER DISCLOSURES - Remuneration To Executive Management (Details) € in Millions, kr in Millions, $ in Millions						12 Months Ended
	Jan. 01, 2019	Jul. 01, 2018	Jan. 01, 2018	Jul. 01, 2017	Jan. 01, 2017	Dec. 31, 2019 EUR (€) EquityInstruments	Dec. 31, 2019 USD ($) EquityInstruments	Dec. 31, 2019 DKK (kr) EquityInstruments	Dec. 31, 2018 DKK (kr) EquityInstruments	Dec. 31, 2017 DKK (kr) EquityInstruments
Remuneration to the Executive Management
Amount received by management								kr 38.0	kr 32.0	kr 28.0
Extraordinary bonus percentage						15.00%	15.00%	15.00%
Cash bonus								kr 15.0	kr 11.0
Value of warrants granted based on compensation								kr 25.0
Value of warrants portion in a total grant						25.00%	25.00%	25.00%	50.00%
Share-based compensation expenses								kr 1.0	kr 1.0	kr 1.0
RSUs
Remuneration to the Executive Management
Granted \| EquityInstruments						116,742	116,742	116,742	102,639	65,951
Minimum
Remuneration to the Executive Management
Percentage of annual cash bonus						60.00%	60.00%	60.00%
Maximum
Remuneration to the Executive Management
Percentage of annual cash bonus						100.00%	100.00%	100.00%
Executive Management
Remuneration to the Executive Management
Value of shares granted on percentage of compensation						400.00%	400.00%	400.00%	200.00%
Share-based compensation expenses							$ 32.6	kr 33.0	kr 27.4	kr 22.7
Warrants additional lock in period						2 years	2 years	2 years
Executive Management \| Warrants
Remuneration to the Executive Management
Granted \| EquityInstruments									50,464
Executive Management \| RSUs
Remuneration to the Executive Management
Granted \| EquityInstruments						25,793	25,793	25,793	18,020	19,599
Weighted average fair value at measurement date, other equity instruments granted								kr 42.0	kr 37.0
Executive Management \| Minimum
Remuneration to the Executive Management
Share holding period						5 years	5 years	5 years
Executive Management \| Maximum
Remuneration to the Executive Management
Value of shares granted on percentage of compensation						200.00%	200.00%	200.00%
Executive Management \| Maximum \| Foreign countries
Remuneration to the Executive Management
Value of shares granted on percentage of compensation						400.00%	400.00%	400.00%
CEO
Remuneration to the Executive Management
Percentage of increase in base salary	3.00%		3.00%
Amount received by management \| €						€ 0.5
CFO
Remuneration to the Executive Management
Percentage of increase in base salary	3.00%				3.00%
Amount received by management \| $							$ 0.1
CDO
Remuneration to the Executive Management
Percentage of increase in base salary	10.00%	3.00%		3.00%

OTHER DISCLOSURES - Shareholding Requirement For Members Of Executive Management (Details) kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 DKK (kr)	Dec. 31, 2018 DKK (kr)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 DKK (kr)
Share-Based Compensation
Share-based compensation expenses		kr 1.0	kr 1.0		kr 1.0
Total		81.0	67.0		68.0
Executive Management
Share-Based Compensation
Base Salary		15.7	14.6	$ 14.0
Defined Contribution Plans		1.2	1.5	1.4
Other Benefits		4.5	1.8		7.8
Annual Cash Bonus		14.7	10.6		10.2
Share-based compensation expenses	$ 32.6	33.0	27.4		22.7
Total	68.7		55.9		56.1
Jan van de Winkel
Share-Based Compensation
Base Salary		7.3	7.1	6.9
Defined Contribution Plans		1.0	1.2	1.1
Other Benefits		3.6	0.2		0.2
Annual Cash Bonus		8.4	6.4		6.2
Share-based compensation expenses	14.9		13.4		12.6
Total	35.2		28.3		27.0
David A. Eatwell
Share-Based Compensation
Base Salary		4.3	3.9	4.0
Defined Contribution Plans		0.1	0.2	0.2
Other Benefits		0.9	1.4		1.0
Annual Cash Bonus		3.2	2.1		2.1
Share-based compensation expenses	8.0		8.1		7.9
Total	16.5		15.7		15.2
Judith Klimovsky
Share-Based Compensation
Base Salary		4.1	3.6	3.1
Defined Contribution Plans		0.1	0.1	$ 0.1
Other Benefits			0.2		6.6
Annual Cash Bonus		kr 3.1	2.1		1.9
Share-based compensation expenses	9.7		5.9		2.2
Total	$ 17.0		kr 11.9		kr 13.9

OTHER DISCLOSURES - Severance Payments (Details) kr / shares in Units, kr in Millions		12 Months Ended
	Mar. 29, 2019 director	Dec. 31, 2019 DKK (kr) EquityInstruments kr / shares shares	Dec. 31, 2018 DKK (kr) EquityInstruments kr / shares shares	Dec. 31, 2017 DKK (kr) EquityInstruments kr / shares shares	Dec. 31, 2016 EquityInstruments shares	Dec. 31, 2015 shares	Dec. 31, 2014 shares
Shareholdings By Board Of Directors And Executive Management [Line items]
Total impact on financial position on termination of services \| kr		kr 46.0	kr 42.0	kr 40.0
Granted		307,219	276,507	182,689
Exercised		(299,431)	(311,897)	(835,618)	(818,793)	(2,563,844)	(611,697)
Expired		(2,000)	(37,875)	(8,200)
Number of independent directors \| director	5
Number of non-independent directors \| director	1
Number of employee-elected directors \| director	3
Re-elected term	1 year
Employee elected board of directors term	3 years
RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		218,902	168,044	102,387
Granted \| EquityInstruments		116,742	102,639	65,951
Outstanding at end of period \| EquityInstruments		307,907	218,902	168,044	102,387
Board of Directors And Executive Management [Member]
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		735,312	676,187	642,012
Acquired		64,901	63,600	55,550
Sold		(778)	(4,475)
Transfers				(21,375)
Balance at end of period		799,435	735,312	676,187	642,012
Market value \| kr		kr 1,184.4	kr 784.9	kr 695.8
Balance at beginning of period		554,679	651,979	1,007,160
Granted		3,925	53,625	63,944
Exercised		(148,150)	(150,925)	(409,125)
Transfers		(319)		(10,000)
Balance at end of period		410,135	554,679	651,979	1,007,160
Black – Scholes value warrants granted in 2019 \| kr		kr 1.8	kr 19.6	kr 22.7
Weighted average exercise price outstanding warrants \| kr / shares		kr 503.05	kr 397.31	kr 300.84
Fair value RSUs granted \| kr		kr 47.6	kr 23.8	kr 30.1
Board of Directors And Executive Management [Member] \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		86,279	108,185	82,946
Granted \| EquityInstruments		29,501	23,244	27,260
Settled		(21,711)	(45,150)
Transfers		(1,251)		(2,021)
Outstanding at end of period \| EquityInstruments		92,818	86,279	108,185	82,946
Board of Directors
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		42,087	18,687	37,012
Acquired		9,381	27,875	3,050
Sold		(778)	(4,475)
Transfers				(21,375)
Balance at end of period		50,690	42,087	18,687	37,012
Market value \| kr		kr 75.1	kr 44.9	kr 19.2
Balance at beginning of period		74,478	92,242	129,742
Granted		3,925	3,161	4,125
Exercised		(15,750)	(20,925)	(31,625)
Transfers		(319)		(10,000)
Balance at end of period		62,334	74,478	92,242	129,742
Black – Scholes value warrants granted in 2019 \| kr		kr 1.8	kr 1.1	kr 1.4
Weighted average exercise price outstanding warrants \| kr / shares		kr 487.74	kr 348.74	kr 289.39
Fair value RSUs granted \| kr		kr 6.0	kr 5.4	kr 8.8
Board of Directors \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		20,127	24,328	18,688
Granted \| EquityInstruments		3,708	5,224	7,661
Settled		(2,631)	(9,425)
Transfers		(1,251)		(2,021)
Outstanding at end of period \| EquityInstruments		19,953	20,127	24,328	18,688
Mats Pettersson
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		24,800	10,000	10,000
Acquired		7,207	14,800
Balance at end of period		32,007	24,800	10,000	10,000
Market value \| kr		kr 47.4	kr 26.5	kr 10.3
Balance at beginning of period		26,250	38,750	38,750
Exercised		(6,250)	(12,500)
Balance at end of period		20,000	26,250	38,750	38,750
Weighted average exercise price outstanding warrants \| kr / shares		kr 225.90	kr 207.23	kr 187.96
Fair value RSUs granted \| kr		kr 0.8	kr 0.8	kr 0.8
Mats Pettersson \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		3,298	4,818	4,043
Granted \| EquityInstruments		495	780	775
Settled		(957)	(2,300)
Outstanding at end of period \| EquityInstruments		2,836	3,298	4,818	4,043
Anders Gersel Pedersen
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		8,000	7,000	7,000
Acquired		718	5,475
Sold			(4,475)
Balance at end of period		8,718	8,000	7,000	7,000
Market value \| kr		kr 12.9	kr 8.5	kr 7.2
Balance at beginning of period		29,000	32,750	54,000
Exercised		(9,000)	(3,750)	(21,250)
Balance at end of period		20,000	29,000	32,750	54,000
Weighted average exercise price outstanding warrants \| kr / shares		kr 133.16	kr 116.83	kr 108.80
Fair value RSUs granted \| kr		kr 0.4	kr 0.4	kr 0.6
Anders Gersel Pedersen \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		2,278	3,613	3,032
Granted \| EquityInstruments		247	390	581
Settled		(718)	(1,725)
Outstanding at end of period \| EquityInstruments		1,807	2,278	3,613	3,032
Burton G. Malkiel
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period				19,375
Acquired				2,000
Transfers				(21,375)
Balance at end of period					19,375
Balance at beginning of period				14,500
Exercised				(4,500)
Transfers				(10,000)
Balance at end of period					14,500
Burton G. Malkiel \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments				2,021
Transfers				(2,021)
Outstanding at end of period \| EquityInstruments					2,021
Pernille Erenbjerg
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		2,700
Acquired		478	2,700
Balance at end of period		3,178	2,700
Market value \| kr		kr 4.7	kr 2.9
Fair value RSUs granted \| kr		kr 0.4	kr 0.4	kr 0.4
Pernille Erenbjerg \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		1,649	3,959	3,571
Granted \| EquityInstruments		247	390	388
Settled		(478)	(2,700)
Outstanding at end of period \| EquityInstruments		1,418	1,649	3,959	3,571
Paolo Paoletti
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		3,337	637	637
Acquired		478	2,700
Sold		(478)
Balance at end of period		3,337	3,337	637	637
Market value \| kr		kr 4.9	kr 3.6	kr 0.6
Fair value RSUs granted \| kr		kr 0.4	kr 0.4	kr 0.4
Paolo Paoletti \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		1,649	3,959	3,571
Granted \| EquityInstruments		247	390	388
Settled		(478)	(2,700)
Outstanding at end of period \| EquityInstruments		1,418	1,649	3,959	3,571
Rolf Hoffmann
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		1,050	1,050
Acquired				1,050
Balance at end of period		1,050	1,050	1,050
Market value \| kr		kr 1.6	kr 1.1	kr 1.1
Fair value RSUs granted \| kr		kr 0.4	kr 0.4	kr 2.0
Rolf Hoffmann \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		1,899	1,509
Granted \| EquityInstruments		247	390	1,509
Outstanding at end of period \| EquityInstruments		2,146	1,899	1,509
Deirdre P. Connelly
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		2,200
Acquired			2,200
Balance at end of period		2,200	2,200
Market value \| kr		kr 3.3	kr 2.3
Fair value RSUs granted \| kr		kr 0.6	kr 0.6	kr 2.0
Deirdre P. Connelly \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		2,094	1,509
Granted \| EquityInstruments		371	585	1,509
Outstanding at end of period \| EquityInstruments		2,465	2,094	1,509
Peter Storm Kristensen
Shareholdings By Board Of Directors And Executive Management [Line items]
Acquired		500
Sold		(300)
Balance at end of period		200
Market value \| kr		kr 0.3
Balance at beginning of period		2,515	2,515	1,917
Granted		368		598
Exercised		(500)
Balance at end of period		2,383	2,515	2,515	1,917
Black – Scholes value warrants granted in 2019 \| kr		kr 0.2		kr 0.2
Weighted average exercise price outstanding warrants \| kr / shares		kr 928.96	kr 663.38	kr 663.38
Fair value RSUs granted \| kr		kr 0.6	kr 0.4	kr 0.6
Employee-elected granted		247,000	390,000	388,000
Peter Storm Kristensen \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		1,481	1,091	508
Granted \| EquityInstruments		351	390	583
Outstanding at end of period \| EquityInstruments		1,832	1,481	1,091	508
Rick Hibbert
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		876	1,451	1,962
Granted			350	239
Exercised			(925)	(750)
Transfers		(876)
Balance at end of period			876	1,451	1,962
Black – Scholes value warrants granted in 2019 \| kr			kr 0.1	kr 0.1
Weighted average exercise price outstanding warrants \| kr / shares			kr 998.81	kr 531.65
Fair value RSUs granted \| kr			kr 0.5	kr 0.5
Employee-elected granted		247,000	390,000	388,000
Rick Hibbert \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		1,439	924	458
Granted \| EquityInstruments			515	466
Transfers		(1,439)
Outstanding at end of period \| EquityInstruments			1,439	924	458
Mijke Zachariasse
Shareholdings By Board Of Directors And Executive Management [Line items]
Granted		351
Transfers		557
Balance at end of period		908
Black – Scholes value warrants granted in 2019 \| kr		kr 0.2
Weighted average exercise price outstanding warrants \| kr / shares		kr 1,352.72
Fair value RSUs granted \| kr		kr 0.6
Employee-elected granted		247,000
Mijke Zachariasse \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Granted \| EquityInstruments		346
Transfers		188
Outstanding at end of period \| EquityInstruments		534
Daniel Bruno
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		15,837	16,776	18,613
Granted		3,206	2,811	3,288
Exercised			(3,750)	(5,125)
Balance at end of period		19,043	15,837	16,776	18,613
Black – Scholes value warrants granted in 2019 \| kr		kr 1.4	kr 1.0	kr 1.1
Weighted average exercise price outstanding warrants \| kr / shares		kr 1,038.68	kr 922.01	kr 799.19
Fair value RSUs granted \| kr		kr 1.8	kr 1.4	kr 1.5
Employee-elected granted		247,000	390,000	388,000
Daniel Bruno \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		4,340	2,946	1,484
Granted \| EquityInstruments		1,157	1,394	1,462
Outstanding at end of period \| EquityInstruments		5,497	4,340	2,946	1,484
Executive Management
Shareholdings By Board Of Directors And Executive Management [Line items]
Employee notice period		2 years
Total impact on financial position on termination of services \| kr		kr 106.0	kr 98.0
Balance at beginning of period		693,225	657,500	605,000
Acquired		55,520	35,725	52,500
Balance at end of period		748,745	693,225	657,500	605,000
Market value \| kr		kr 1,109.3	kr 740.0	kr 676.6
Balance at beginning of period		480,201	559,737	877,418
Granted			50,464	59,819
Exercised		(132,400)	(130,000)	(377,500)
Balance at end of period		347,801	480,201	559,737	877,418
Black – Scholes value warrants granted in 2019 \| kr			kr 18.5	kr 21.3
Weighted average exercise price outstanding warrants \| kr / shares		kr 505.80	kr 404.84	kr 302.73
Fair value RSUs granted \| kr		kr 41.6	kr 18.5	kr 21.3
Executive Management \| Maximum
Shareholdings By Board Of Directors And Executive Management [Line items]
Termination compensation period due to change in control		2 years
Executive Management \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		66,152	83,857	64,258
Granted \| EquityInstruments		25,793	18,020	19,599
Settled		(19,080)	(35,725)
Outstanding at end of period \| EquityInstruments		72,865	66,152	83,857	64,258
Jan van de Winkel
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		662,400	640,000	602,500
Acquired		6,084	22,400	37,500
Balance at end of period		668,484	662,400	640,000	602,500
Market value \| kr		kr 990.4	kr 707.1	kr 658.6
Balance at beginning of period		108,068	164,802	392,841
Granted			23,266	24,461
Exercised		(42,400)	(80,000)	(252,500)
Balance at end of period		65,668	108,068	164,802	392,841
Black – Scholes value warrants granted in 2019 \| kr			kr 8.5	kr 8.2
Weighted average exercise price outstanding warrants \| kr / shares		kr 1,060.39	kr 748.36	kr 455.68
Fair value RSUs granted \| kr		kr 24.9	kr 8.5	kr 8.2
Jan van de Winkel \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		33,505	47,597	39,606
Granted \| EquityInstruments		15,479	8,308	7,991
Settled		(11,387)	(22,400)
Outstanding at end of period \| EquityInstruments		37,597	33,505	47,597	39,606
David A. Eatwell
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		30,825	17,500	2,500
Acquired		49,436	13,325	15,000
Balance at end of period		80,261	30,825	17,500	2,500
Market value \| kr		kr 118.9	kr 32.9	kr 18.0
Balance at beginning of period		335,201	373,056	484,577
Granted			12,145	13,479
Exercised		(90,000)	(50,000)	(125,000)
Balance at end of period		245,201	335,201	373,056	484,577
Black – Scholes value warrants granted in 2019 \| kr			kr 4.4	kr 4.6
Weighted average exercise price outstanding warrants \| kr / shares		kr 264.91	kr 215.41	kr 183.50
Fair value RSUs granted \| kr			kr 4.4	kr 4.5
David A. Eatwell \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		20,068	29,056	24,652
Granted \| EquityInstruments			4,337	4,404
Settled		(7,693)	(13,325)
Outstanding at end of period \| EquityInstruments		12,375	20,068	29,056	24,652
Judith Klimovsky
Shareholdings By Board Of Directors And Executive Management [Line items]
Balance at beginning of period		36,932	21,879
Granted			15,053	21,879
Balance at end of period		36,932	36,932	21,879
Black – Scholes value warrants granted in 2019 \| kr			kr 5.5	kr 8.5
Weighted average exercise price outstanding warrants \| kr / shares		kr 1,118.99	kr 1,118.99	kr 1,183.65
Fair value RSUs granted \| kr		kr 16.7	kr 5.5	kr 8.5
Judith Klimovsky \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period \| EquityInstruments		12,579	7,204
Granted \| EquityInstruments		10,314	5,375	7,204
Outstanding at end of period \| EquityInstruments		22,893	12,579	7,204
Executive Officer
Shareholdings By Board Of Directors And Executive Management [Line items]
Employee notice period		1 year
Executive Officer \| Minimum
Shareholdings By Board Of Directors And Executive Management [Line items]
Number of period, termination severance payment		1 year
Executive Officer \| Maximum
Shareholdings By Board Of Directors And Executive Management [Line items]
Number of period, termination severance payment		2 years

OTHER DISCLOSURES - Company Overview (Details)	12 Months Ended
OTHER DISCLOSURES - Company Overview (Details)	Dec. 31, 2019	Dec. 31, 2018
Genmab B.V.
Company Overview
Ownership and votes (Percentage)	100.00%	100.00%
Genmab Holding B.V.
Company Overview
Ownership and votes (Percentage)	100.00%	100.00%
Genmab US, Inc.
Company Overview
Ownership and votes (Percentage)	100.00%	100.00%
Genmab K.K.
Company Overview
Ownership and votes (Percentage)	100.00%

OTHER DISCLOSURES - Commitments (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commitments
Short term contractual obligations	kr 564	kr 787
Maximum due term of obligations	2 years
Contingent commitments	kr 9,520	kr 5,595

OTHER DISCLOSURES - Contingent Assets and Contingent Liabilities (Details) kr in Millions	12 Months Ended
	Dec. 31, 2019 DKK (kr) agreement	Dec. 31, 2018 DKK (kr) agreement	Dec. 31, 2017 DKK (kr)
Derivative Financial Instruments
Collateral amount of derivative liabilties	kr 50.0	kr 50.0
Outstanding derivatives	0.0
Cash position	50.0	50.0
Minimum required cash position	258.5
Total impact on financial position on termination of services	46.0	42.0	kr 40.0
Trade Receivables
Derivative Financial Instruments
Outstanding derivatives	kr 0.0	0.0
Executive Management
Derivative Financial Instruments
Employee notice period	2 years
Total impact on financial position on termination of services	kr 106.0	98.0
Employees
Derivative Financial Instruments
Total impact on financial position on termination of services	kr 75.0	kr 81.0
Service agreements \| agreement	22	26

OTHER DISCLOSURES - Fees to Auditors (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fees to Auditors Appointed at the Annual General Meeting
Audit services	kr 1.9	kr 1.1	kr 1.1
Audit-related services	2.3	0.1	0.4
Tax and VAT services	0.5	0.4	0.7
Other services	2.4	0.1
Total	7.1	1.7	2.2
Fees for other services	kr 5.2	kr 0.6	kr 1.1

OTHER DISCLOSURES - Adjustments to Cash Flow Statement (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Adjustments to Cash Flow Statement
Depreciation, amortization and impairment	kr 139	kr 88	kr 70
Share-based compensation expenses	147	91	76
Other	5
Total adjustments for non-cash transactions	291	179	146
Receivables	(1,658)	(768)	270
Deferred income			(77)
Other payables	440	134	47
Total changes in working capital	kr (1,218)	kr (634)	kr 240

OTHER DISCLOSURES - Collaborations and Technology Licenses (Details) € in Millions, kr in Millions, $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($)	Jul. 31, 2018 USD ($) property	Aug. 31, 2012	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) Option	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 DKK (kr)	Dec. 19, 2019 DKK (kr)	Jul. 31, 2018 USD ($)	Jul. 31, 2018 item
Collaborations and Technology Licenses
Investments accounted for using equity method \| kr								kr 149
Janssen (Darzalex/Daratumumab & DuoBody)
Collaborations and Technology Licenses
Tiered royalty percentage	18.00%			20.00%
Royalty obligation expiration term after first sale of product					13 years
Applicable threshold net sale for calculating royalty percentage	$ 2.0			$ 3.0
Total milestone payment							$ 1,015.0
Milestone payments received					$ 835.0
Novartis (Arzaerra/Ofatumumab)
Collaborations and Technology Licenses
Royalty percentage for cancer treatment					20.00%
Royalty percentage for non-cancer treatment					10.00%
Seattle Genetics (Tisotumab vedotin)
Collaborations and Technology Licenses
Cost and profit sharing ratio					50
Cost reimbursement percentage					50.00%
CureVac
Collaborations and Technology Licenses
Upfront fee payable							10.0
Investments accounted for using equity method						€ 20		kr 149	kr 149
Collaborative arrangement, Development, Regulatory and commercial milestone payment							280.0
Options to obtain commercial licenses \| Option					3
Option exercisable period					5 years
Immatics
Collaborations and Technology Licenses
Development regulatory and commercial milestone payments to be made										$ 550.0
Collaborative arrangement, Development, Regulatory and commercial milestone payment										$ 550.0
Number of proprietary targets of license		3									3
Number of additional proprietary targets of license \| item											2
Upfront fee paid		$ 54.0
Minimum
Collaborations and Technology Licenses
Collaborative arrangement, Development, Regulatory and commercial milestone payment							275.0
Minimum \| Janssen (Darzalex/Daratumumab & DuoBody)
Collaborations and Technology Licenses
Tiered royalty percentage			12.00%
Minimum \| CureVac
Collaborations and Technology Licenses
Collaborative arrangement, Development, Regulatory and commercial milestone payment							275.0
Maximum
Collaborations and Technology Licenses
Collaborative arrangement, Development, Regulatory and commercial milestone payment							368.0
Maximum \| Janssen (Darzalex/Daratumumab & DuoBody)
Collaborations and Technology Licenses
Tiered royalty percentage			20.00%
Milestone payments receivable							180.0
Maximum \| CureVac
Collaborations and Technology Licenses
Collaborative arrangement, Development, Regulatory and commercial milestone payment							$ 368.0