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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF FEBRUARY 2021

COMMISSION FILE NUMBER 001-38976

Genmab A/S
(Exact name of Registrant as specified in its charter)

Kalvebod Brygge 43

1560 Copenhagen V

Denmark

+45 70 20 27 28
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes ◻ No ⌧

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes ◻ No ⌧

This report on Form 6-K shall be deemed to be incorporated by reference in Genmab A/S’s registration statements on Form S-8 (File No. 333-232693) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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DATE: February 23, 2021

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EXHIBIT INDEX

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GENMAB 2020 ANNUAL REPORT

Using Science to Turn Insights into Medicine

Our Purpose

To improve the lives of patients with cancer by creating and developing innovative and differentiated antibody products. It is our reason for being.

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Table of Contents

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Our Vision

By 2025, our own product has transformed cancer treatment, and we have a pipeline of knock-your-socks-off antibodies

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Management’s Review

Genmab is at an inflection point in a transformational journey as the company evolves into a fully integrated biotechnology innovation powerhouse, driven by its mission to impact patients’ lives.

About Genmab

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Our Purpose

To improve the lives of patients with cancer by creating and developing innovative and differentiated antibody products. It is our reason for being.

Genmab’s Growing Organization and Growing Presence

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Our Core Values

In our quest to turn science into medicine, we use these guideposts to transform the future of cancer treatment:

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Our Key Accomplishments

Each of our achievements stands as evidence of our unyielding determination, including:

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*Products developed and marketed by others incorporating Genmab technology and innovation

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Focused on Cancer

Millions of people are diagnosed with cancer each year. Cancer is the second leading cause of death worldwide, with about one in six deaths attributed to cancer. We believe antibody therapies are one of the keys to improving the lives of patients living with cancer. Our antibodies target two main categories of cancer: solid tumors and hematological cancers.

SOLID TUMORS

A solid tumor is an abnormal mass of tissue that usually does not contain any liquid or cysts. Solid tumors may be malignant (cancerous) or benign (non-cancerous). Solid tumors can occur in several places in the body, including the bones, muscles and organs. Sarcomas and carcinomas are examples of solid tumors.

HEMATOLOGICAL CANCERS

Hematological cancers, also called blood cancers, begin in the tissues that form blood, such as the bone marrow, or in the cells of the immune system. The three main types of blood cancers are leukemia, lymphoma and myeloma.

Approved Medicines Created by Genmab*

DARZALEX^® (daratumumab)

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Kesimpta^® (ofatumumab)

TEPEZZA^® (teprotumumab)

^*Products developed and marketed by others incorporating Genmab technology and innovation

Please see pages 28-37 of this Annual Report for detailed indication and safety information

Our Pipeline

Genmab is building a strong pipeline of proprietary antibody products that have the potential to make a real impact on the lives of cancer patients. When we consider which programs to develop, we look for differentiated antibodies that are first-in-class, offer better efficacy than current treatments, or are better tolerated, and have the potential to improve outcomes for cancer patients. In this way we are building a knock-your-socks-off pipeline that offers multiple possibilities for success and the potential to meet our 2025 Vision, while balancing the risks inherent in drug development. We are also working on an extensive portfolio of pre-clinical programs to fuel our pipeline of the future and bring us closer to achieving our 2025 Vision.

7 Genmab-owned ≥50% products in clinical development

3 approved medicines in collaboration

15 product candidates built on Genmab’s innovation in clinical development by other companies

4 proprietary antibody technologies

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Timeline

Key Events in Genmab’s 22-year Journey

A history of accomplishments rooted in science: From our start in Copenhagen in 1999, our continued commitment to oncology has given us purpose and a drive to improve the lives of patients with cancer. We strive to achieve this goal by working together as one team and building on our world-class research in antibodies to expand our capabilities beyond the lab.

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While we are proud of our past accomplishments for getting us to this point, we keep our eyes and minds focused on what is next. Our history has been powered by a dedication to developing antibody-based therapeutics. It is this same spirit that will guide us into the future.

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¹Epcoritamab 5:50 partnership with AbbVie; ²DuoBody-PD-L1x4-1BB 50:50 partnership with BioNTech; ³Tisotumab vedotin 50:50 partnership with Seagen; ⁴ Kesimpta^® (ofatumumab) developed by Novartis; ⁵DARZALEX^® (daratumumab) and DARZALEX FASPRO^® (daratumumab and hyaluronidase-fihj) developed by Janssen; ⁶TEPEZZA^® (teprotumumab) developed by Horizon; ⁷Amivantamab, developed by Janssen

2020 at a Glance

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Operational

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Financial

* Tisotumab vedotin 50:50 partnership with Seagen; Epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4 50:50 partnership with AbbVie; DuoBody-PD-L1x4-1BB and DuoBody-CD40x4-1BB 50:50 partnership with BioNTech, ^†See Consolidated Key Figures, page 18

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Progress Toward Our 2025 Vision

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Driving Toward Transformational Success

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A point of inflection: With two potential product launches in the coming years, we have never been in a better position to achieve our vision of transforming the lives of cancer patients.

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Making our 2025 Vision a reality: Genmab is a world-class antibody innovation powerhouse. We built a strong foundation that includes a robust pipeline built on our proprietary technology, partnerships with innovators and industry leaders and a solid financial base with growing recurring revenues. Genmab’s proprietary pipeline consists of modified antibody candidates, including bispecific T-cell engagers and next-generation immune checkpoint modulators, effector function enhanced antibodies and antibody-drug conjugates.

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From clinical to commercial - evolution into a fully integrated biotech: We are building and expanding internal capabilities such as medical affairs, safety, regulatory and data sciences, and are strengthening our R&D teams with key talent. We are also building commercialization excellence as we plan for the first Genmab-labeled medicine. Taken together, we are growing our internal competencies to become an end-to-end biotech.

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Broad oncology collaboration with AbbVie: A landmark event in Genmab’s history, this collaboration sets us on a path to accelerate, broaden and maximize the development and commercialization of some of our promising bispecific antibody products, with the ultimate goal to bring new potential therapies much faster to cancer patients.

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2020 has further strengthened Genmab’s position as a world-class innovation powerhouse in oncology: We further built up and evolved all areas of our business with now more than 750 employees.

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Chair’s Statement

Dear Shareholder,

In March of this year I was honored to be elected to the position of Chair of Genmab’s Board of Directors. When I first joined the Board, Genmab was a completely different company than it is today. In just three years we have grown our pipeline, our capabilities and our ambitions as a dual-listed company with more than 750 employees across four global sites.

A SUCCESSFUL STRATEGY

This phenomenal growth begins with our core purpose – to improve the lives of patients by creating and developing innovative antibody products. This purpose is linked to a laser-sharp three-pronged strategy: We focus on our core competence – combining our deep insight into antibody biology and disease targets to develop next-generation technologies and identify the best disease targets, leading to the development of differentiated best-in-class and first-in-class antibodies. Some of these innovations have led to medicines that, in turn, have allowed us to build a profitable and successful biotech. Our Vision is that by 2025 this strategy will have provided us with a pipeline of “knock-your-socks-off” antibodies, and our own product will have transformed cancer treatment. We are ahead of schedule in achieving this 2025 Vision and we are confident that our strategy will position us for continued success in the future.

COMMITMENT TO CORPORATE GOVERNANCE AND CSR

The Board of Directors and Genmab’s Senior Leadership are also committed to an integrated Corporate Social Responsibility (CSR) strategy, focusing on employee well-being, ethics and compliance in relation to our research, the environment and business ethics and transparency. In 2020 we embarked upon a more focused, business-driven CSR strategy to steer our efforts and build a foundational CSR program. A key part of this effort included our commitment to three United Nations Sustainable Development Goals (SDGs) that were most closely aligned with our business and that our teams can positively impact. We also benchmarked and examined our environmental, social and governance (ESG) activities, policies and disclosures to build a sustainable organization that meets ESG criteria of relevance to our business operations. We have adopted the Sustainability Accounting Standards Board (SASB) framework and will follow its guidelines to disclose key metrics on ESG activities of relevance to our business operations.

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As a company we also work diligently to continually improve our guidelines and policies for corporate governance, always taking into account trends in international and domestic requirements and recommendations. This commitment to corporate governance, like our dedication to CSR, is based on ethics and integrity. Our commitment to corporate governance also forms the basis of our effort to strengthen the confidence that existing and future shareholders, partners, employees and other stakeholders have in Genmab. The role of shareholders and their interaction with Genmab is important, and open and transparent communication is paramount to maintain the confidence of Genmab’s shareholders. As such, we conduct regular outreach and engage with our shareholders throughout the year.

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EXPERIENCED LEADERSHIP

In February of 2020 our long-tenured Chief Financial Officer (CFO), David Eatwell, retired from the company, and we welcomed Anthony Pagano into this position. Mr. Pagano joined Genmab in 2007 and even prior to becoming CFO, he played a key role in Genmab’s success and corporate development.

We further strengthened our Executive Management team in March with the appointment of Anthony Mancini as Chief Operating Officer (COO). Mr. Mancini brought to Genmab, and to this newly created role, strategic and operational leadership as well as a consistent track record of growth across North America, Europe and Australia.

We also welcomed a new member to our Board, Jonathan Peacock. Previously CFO at both Novartis and Amgen, he brings with him extensive experience in corporate finance, strategy and international expansion in the pharmaceutical industry.

In 2020 we continued to successfully execute our strategy to achieve our vision; we are progressing toward launching our own products so that patients with cancer may benefit from our innovations; and we are on a trajectory to become a fully integrated biotech and global oncology leader.

On behalf of the Board, I would like to thank Genmab’s dedicated employees for their commitment to the company during this challenging year, Jan van de Winkel and the rest of the senior leadership team for their inspiration and extraordinary leadership and all of our shareholders for their continued support.

Sincerely,

Deirdre P. Connelly
Board Chair

United Nations Sustainable Development Goals (SDGs)

Genmab embraces its responsibility to society and is pleased to join the effort to progress the United Nations SDGs. In 2020 we reviewed our CSR focus areas and related activities to determine which SDGs were most closely aligned with our business and determined to commit to Goals 3, 5 and 8. See Genmab’s 2020 CSR report for further details

Goal 3 — Good Health and Well-Being: Ensure healthy lives and promote well-being for all at all ages

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Goal 5 — Gender Equality: Achieve gender equality and empower all women and girls

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Goal 8 — Decent Work and Economic Growth: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

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GENMAB 2020 ANNUAL REPORT

Letter from the CEO

Dear Shareholder,

The past year was like no other in the history of Genmab. The challenges posed by the global COVID-19 pandemic were extraordinary, but so, too, are Genmab’s passionate and talented employees. I am proud to say that as an organization, we not only rose to meet the global challenges presented by 2020; we made tremendous strides in our evolution into a leading, fully integrated innovation powerhouse, and are closer than ever to achieving our 2025 Vision of transforming cancer treatment.

A TRANSFORMATIONAL YEAR

Genmab has a strong foundation of innovative science and an unparalleled history of repeated success in research and development. Over the course of the past few years, we strategically built on this foundation with the goal of evolving into a fully integrated end-to-end biotech. In 2020 we reached an inflection point in this evolution, created by a series of key events, including our broad oncology collaboration with AbbVie, the opening of our cutting-edge laboratories in the U.S. and the strategic development of our internal capabilities across our global sites — including our latest location in Tokyo, Japan.

By itself, the collaboration with AbbVie is a landmark achievement for Genmab. Both companies share a deep commitment to making a difference for patients, as well as a solid track record of innovation. The agreement put us on a path to accelerate, broaden and maximize the development of some of our promising bispecific antibody products, with the ultimate goal of bringing new potential medicines much faster to cancer patients. Genmab and AbbVie are equal partners, and we are working together to jointly make all strategy, development and commercialization decisions for three Genmab bispecific antibody products – epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4 – as well as potential novel differentiated cancer therapies created under our discovery research collaboration.

Maturing AND EXPANDING Pipeline

A key component of our collaboration with AbbVie is the development of epcoritamab. The first patient was treated with epcoritamab in 2018, and by the end of 2020 we announced the first Phase 3 study. At the beginning of 2021 the first patient was treated in the Phase 3 epcoritamab study and we announced the first Phase 3 study for tisotumab vedotin, our product candidate in development with Seagen. Based on the very favorable Phase 2 innovaTV 204 study results in metastatic cervical cancer, we anticipate, along with Seagen, filing our first Biologics License Application (BLA) for tisotumab vedotin in the first quarter of 2021.

In addition to these later-stage studies, our pipeline expanded in 2020 as we filed two INDs for HexaBody-CD38 and DuoBody-CD3x5T4. Subsequently, DuoBody-CD3x5T4 as well as DuoHexaBody-CD37 progressed into clinical development. We were also extremely pleased to present the first clinical data for DuoBody-PD-L1x4-1BB, one of our programs in development with BioNTech, at the Society for Immunotherapy of Cancer’s (SITC) 35th Anniversary Annual Meeting.

SIGNIFICANT EVOLUTION FOR GENMAB CREATED ANTIBODIES

In addition to the development of our own pipeline, there were great leaps forward with antibodies created by Genmab that are now being developed and marketed by other companies. Chief among these is

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GENMAB 2020 ANNUAL REPORT

DARZALEX^® (daratumumab), developed and commercialized by Janssen. DARZALEX^® has already revolutionized the treatment of multiple myeloma, and in 2020 it became the first and only subcutaneously administered CD38 antibody approved in the world. This route of administration significantly reduces treatment burden, as the fixed-dose injection is administered in approximately three to five minutes, offering patients a more convenient treatment experience.

An additional highly anticipated approval in 2020 was that of subcutaneous (SubQ) ofatumumab, as Kesimpta^®, in the U.S. for relapsing forms of multiple sclerosis (RMS). Kesimpta^®, which is being developed and marketed by Novartis, is the first B-cell therapy that can be self-administered by patients at home, using the Sensoready^® autoinjector pen, once monthly after starting therapy.

A third Genmab-created antibody was approved in 2020, with the U.S. Food and Drug Administration (U.S. FDA) approval of TEPEZZA^® (teprotumumab), developed and commercialized by Horizon Therapeutics, for thyroid eye disease (TED). TEPEZZA^® is the first and only U.S. FDA approved medicine for the treatment of TED, and it has had an incredibly successful launch, despite the impact of COVID-19.

It is also worth noting that Janssen submitted applications for approval for amivantamab in both the U.S. and in Europe in December. These are the first regulatory submissions for a product candidate that was created using Genmab’s proprietary DuoBody^® technology platform. Amivantamab is also the first DuoBody^® to receive Breakthrough Therapy Designation (BTD) from the U.S. FDA. These events, in addition to the advancement of epcoritamab into Phase 3, underscore the potential of our DuoBody^® technology platform to create innovative and differentiated antibody therapeutics.

Genmab’s Response to the COVID-19 PANDEMIC

The COVID-19 pandemic highlighted the importance of science-driven innovation to help solve the world’s most pressing issues and revealed just how interconnected we are as a society. This interdependence reinforces how critically important it is for Genmab to operate with a laser-sharp focus in our response to this unprecedented pandemic.
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Genmab continues to closely monitor developments related to the pandemic and follows recommendations from various authorities, including governments and global and local health agencies. Genmab established a COVID-19 response team, which I lead, that closely monitors the evolving situation, develops and implements precautionary measures to help limit the impact of COVID-19 at our workplace and on our communities and ensures business continuity.

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Genmab is actively monitoring the potential impact on our key priorities and assessing the situation on an ongoing basis in close contact with clinical trial sites, physicians and contract research organizations (CROs) to evaluate the impact and challenges posed by the COVID-19 situation and manage them accordingly.

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DELIVERING ON GENMAB’S COMMITMENT

I believe that 2020 was a turning point for Genmab, with events that turbocharged our evolution into a fully integrated biotech innovation powerhouse. This evolution will allow us to deliver on our commitment to patients and shareholders not only through successful partnered products, but with our own products that may revolutionize cancer treatment. None of our achievements – especially during this incredibly turbulent

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year - would be possible without our dedicated world-class team, the support of our Board of Directors, the patients who participate in our clinical trials, the investigators who help us trailblaze innovations and our shareholders who believe in our 2025 Vision. Thank you all for your continued support as we move into another exciting year.

Sincerely yours,

Jan van de Winkel, Ph.D.

President & Chief Executive Officer

Our Broad Oncology Collaboration with AbbVie

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On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4 and a discovery research collaboration for future differentiated antibody therapeutics for cancer. For epcoritamab, the companies will share commercial responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab will be the principal for net sales in the U.S. and Japan and receive tiered royalties on remaining global sales. For DuoHexaBody-CD37, DuoBody-CD3x5T4 and any product candidates developed as a result of the companies’ discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan. For the discovery research collaboration, which combines proprietary antibodies from both companies along with Genmab’s DuoBody^® technology and AbbVie’s payload and ADC technology, the companies will select and develop up to four additional differentiated next-generation antibody-based product candidates, potentially across both solid tumors and hematological malignancies. Genmab will conduct Phase 1 studies for these programs and AbbVie retains the right to opt-in to program development.

Under the terms of the agreement, Genmab received a USD 750 million upfront payment from AbbVie with the potential for Genmab to receive up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs, as well as tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan. Except for these royalty-bearing sales, the parties share in pre-tax profits from the sale of products on a 50:50 basis. Included in these potential milestones are up to USD 1.15 billion in payments related to clinical development and commercial success across the three existing bispecific antibody programs. In addition, and also included in these potential milestones, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestones. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, DuoHexaBody-CD37 and DuoBody-CD3x5T4, while Genmab will be responsible for 100% of the costs for the discovery research programs up to opt-in.

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GENMAB 2020 ANNUAL REPORT

Market Overview

Oncology: A Critical and Growing Market

Each year, millions of people are diagnosed with cancer, the second leading cause of death worldwide.¹ One in six deaths is cancer-related. The time to transform how cancer is treated is now.

What is Driving Change?

Global innovation in oncology is rapidly accelerating within an ever-evolving and progressing biopharmaceutical industry. An increase in the development and availability of monoclonal antibodies (MAbs) has fueled another wave of innovation, which includes multi-specific drugs that have the potential to reframe how we think about targeted therapies. This focus on specific molecular therapies, coupled with technological and diagnostic advancements, has provided important tools to offer greater promise of personalized therapies. In addition, continued commitment to data science, predictive analytics and translational medicine will help biotech companies like ours develop smarter, more efficacious cancer treatments. Through partnerships and collaborations with academia, pharma and other biotechs, we are seeking ways to accelerate development of cancer therapies via robust clinical development programs and more efficient clinical trials that may rapidly provide activity signals and lead to breakthrough therapies that may reach patients.

What is the Outlook?

By 2040, the global burden of cancer is expected to grow to more than 27 million new cases and more than 16 million deaths due to the growth and aging of the population.²

Improved understanding and treatment of cancer, coupled with innovation and collaboration, will continue to have a meaningful and transformative potential for patient outcomes. As science continues to unravel the interplay between cancer and anticancer immunity, increased investment in immuno-oncology research has yielded promising therapies poised to revolutionize cancer treatment. In addition, as competition for key oncology targets has intensified, development timelines have accelerated significantly, potentially opening up quicker paths to regulatory submissions and approvals, and eventually to patients who need new options.

At Genmab, we believe in the power of antibody therapeutics to disrupt traditional approaches to treating cancer. In fact, MAbs have experienced explosive growth to become some of the most successful and widely used treatments in oncology, with bispecific antibodies specifically emerging as promising candidates for differentiated therapies.³ Our pipeline’s focus on these unique multi-specific antibody products places us in an excellent position to transform cancer treatment. Continued growth of antibody therapeutics in the coming years is expected to be a significant growth driver in the oncology market.

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Genmab’s Position in Oncology

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GENMAB 2020 ANNUAL REPORT

Genmab is a biotechnology innovation powerhouse, pioneering the discovery, development and future commercialization of a new frontier of transformative antibody cancer medicines. Through our 22-year history, we have been unyielding in our efforts to better understand cancer and its impact on patients’ lives. To do so, we have had a laser-sharp focus on harnessing the power of human antibodies to develop differentiated cancer therapeutics.

We turn our deep understanding of antibody biology into inventive technology platforms, including DuoBody^®, HexaBody^®, DuoHexaBody^® and HexElect^® that fuel a transformative pipeline. Through our data-driven translational approach, we are continuing to uncover more about novel cancer pathways, biomarkers and targets that drive our research forward to transform the future of cancer treatment.

Our strong pipeline includes a number of potentially best-in-class or first-in-class product candidates, including two products in Phase 3 clinical development for patients with high unmet medical needs. We are excited by the prospect of potentially launching two of our own product candidates in the coming years with a focus on the U.S. and Japan.

We also have a depth and breadth of experience forging effective partnerships to bring therapies to patients faster. Our successful track record of over 20 key partnerships include three Genmab-created and approved antibody therapeutics commercialized by our partners. Our innovation- and collaboration-based culture has always been part of our DNA and is a major factor of our overall success.

We do not take our responsibility to help more patients through science lightly. As we look to the future of cancer care, we are working to identify the best disease targets, discover unique best- or first-in-class antibodies and develop next-generation antibody product candidates. As we work toward our vision of becoming a fully integrated biotechnology company, we will continue to strive to improve the lives of patients with cancer.

What Markets do We Operate In?

Our global footprint includes our headquarters in Copenhagen and world-class research and development facilities in Utrecht, Princeton and Tokyo. We are also building commercialization excellence as we plan for the first Genmab-labeled medicine, focusing our efforts, initially, on two priority markets, the U.S. and Japan. Through science, innovation and drug discovery and development, we are determined to positively impact the lives of people with cancer throughout the world.

¹ https://www.who.int/health-topics/cancer#tab=tab_1
²“Global Cancer Facts & Figures 4th Edition.” Global Cancer Facts & Figures, American Cancer Society, www.cancer.org/content/dam/cancer-org/research/cancer-facts-and-statistics/global-cancer-facts-and-figures/global-cancer-facts-and-figures-4th-edition.pdf.
³Research and Markets, “Bispecific Antibody Therapeutics Market (4th Edition), 2019-2030” published January 2020.

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2020 Achievements

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*Certain product candidates in development with partners, as noted

^†Now anticipated in 2021

^‡Announced on November 24, 2020 that development would not advance

1. 50:50 partnership w/ Seagen; 2. 50:50 partnership w/ AbbVie; 3. 50:50 partnership w/ BioNTech; 4. In dev. by Janssen; 5. In dev. by Novartis; 6. In dev. by Horizon

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Financial Performance

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DuoBody-PD-L1x4-1BB, additional investments in our product pipeline and the increase in new employees to support the expansion of our product pipeline.

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Consolidated Key Figures

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*     Prior period amounts have not been adjusted under the modified retrospective method to adopt IFRS 16 as of January 1, 2019. Further, 2017 and prior period amounts have not been adjusted under the modified retrospective method to adopt IFRS 15 as of January 1, 2018, and in accordance with the transitional provisions of IFRS 9, comparative figures for 2017 and prior have not been restated.

**   Cash, cash equivalents and marketable securities

***  Full-time equivalent

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2021 Outlook

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Revenue

We expect our 2021 revenue to be in the range of DKK 6,800 – 7,500 million, compared to DKK 10,111 million in 2020. Our revenue in 2020 was significantly impacted by the AbbVie collaboration and included DKK 4,398 million related to the portion of the upfront payment that was allocated to the license grants and recognized as revenue in 2020.

Our projected revenue for 2021 primarily consists of DARZALEX^® royalties of DKK 4,900 – 5,300 million. Such royalties are based on estimated DARZALEX^® 2021 net sales of USD 5.2 – 5.6 billion compared to actual net sales in 2020 of approximately USD 4.2 billion. Janssen has started reducing its royalty payments to Genmab by what it claims to be Genmab’s share of Janssen’s royalty payments to Halozyme in connection with subcutaneous sales beginning in the second quarter of 2020. Given the ongoing arbitration, Genmab has reflected this as a reduction to estimated 2021 revenue. The remainder of our revenue consists of royalties from TEPEZZA^® and Kesimpta^®, reimbursement revenue, milestones for epcoritamab under our AbbVie collaboration, and other milestones.

Operating Expenses

We anticipate our 2021 operating expenses to be in the range of DKK 5,500 – 5,800 million, compared to DKK 3,798 million in 2020. The increase is driven by the advancement of our clinical programs, continued investment in research and development, as well as building our commercial organization and infrastructure.

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Operating Result

We expect our operating result to be in the range of DKK 1,000 – 2,000 million in 2021, compared to DKK 6,313 million in 2020.

Outlook: Risks and Assumptions

In addition to factors already mentioned, the estimates above are subject to change due to numerous reasons, including but not limited to, the achievement of certain milestones associated with our collaboration agreements; our ongoing binding arbitration of two matters under our license agreement with Janssen relating to daratumumab; the timing and variation of development activities (including activities carried out by our collaboration partners) and related income and costs; DARZALEX^®, Kesimpta^® and TEPEZZA^® net sales and royalties paid to Genmab; and currency exchange rates (the 2021 guidance assumes a USD/DKK exchange rate of 6.0). The financial guidance assumes that no significant agreements are entered into during 2021 that could materially affect the results. Additionally, the COVID-19 pandemic could potentially materially adversely impact our business and financial performance, including our clinical trials, projected regulatory approval timelines, supply chain and revenues, and cause our actual results to differ materially from our 2021 Guidance and Key 2021 Priorities in this annual report.

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GENMAB 2020 ANNUAL REPORT

The global outbreak of COVID-19 may have long-term impacts on the development, regulatory approval and commercialization of our product candidates and on net sales of our approved products by our collaboration partners. The longer the pandemic continues, the more severe the impacts described below will be on our business. The extent, length and consequences of the pandemic are uncertain and impossible to predict. Genmab has established a COVID-19 response team, led by the CEO, that closely monitors the evolving situation, develops and implements precautionary measures to help limit the impact of COVID-19 at our workplace and on our communities and ensures business continuity. Genmab is also actively monitoring the potential impact on our Key 2021 Priorities and assessing the situation on an ongoing basis in close contact with clinical trial sites, physicians and contract research organizations to evaluate the impact and challenges posed by the COVID-19 situation and manage them accordingly. The full extent and nature of the impact of the COVID-19 pandemic and related containment measures on our business and financial performance is uncertain as the situation continues to develop. The factors discussed above, as well as other factors which are currently unforeseeable, may result in further and other unforeseen material adverse impacts on our business and financial performance, including on the net sales of DARZALEX®, Kesimpta® and TEPEZZA®, by our partners and on our royalty and milestone revenue therefrom.

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Key 2021 Priorities

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1. 50:50 partnership w/ Seagen; 2. 50:50 partnership w/ AbbVie; 3. 50:50 partnership w/ BioNTech

Business Model

At Genmab we have built a profitable and successful biotech that creates value for all our stakeholders

Our Strengths and Differentiators

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GENMAB 2020 ANNUAL REPORT

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Building a Fully Integrated Biotech Powerhouse

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Research: track record of success and investing for tomorrow

Development: Scaling up capabilities to expand from early- to late-stage

Commercialization: next step in our evolution

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Enabling functions: support growth and manage risk

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The value we create for stakeholders

Patients

230 ongoing clinical trials with Genmab-created antibodies

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Our people

>220 number of new full-time jobs created in 2020; among 50 EU companies in Goldman Sachs Womenomics Index

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Investors

67% increase in market capitalization in 2020

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Collaborations:

8 DuoBody^® products in clinical development by other companies

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Our Purpose

To improve the lives of patients with cancer by creating and developing innovative and differentiated antibody products

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Our Vision

By 2025, our own product has transformed cancer treatment, and we have a pipeline of knock-your-socks-off antibodies

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Our Values

Passion for innovation

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GENMAB 2020 ANNUAL REPORT

Determination—being the best at what we do

Integrity—we do the right thing

We work as one team and respect each other

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Where We Operate

Copenhagen, Denmark

Utrecht, the Netherlands

Princeton, United States

Tokyo, Japan

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Our Strategy

Focus on core competence

Turn science into medicine

Build a profitable and successful biotech

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GENMAB 2020 ANNUAL REPORT

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GENMAB 2020 ANNUAL REPORT

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1. 50:50 partnership w/ AbbVie; 2. 50:50 partnership w/ BioNTech; 3. In dev. by Janssen; 4. In dev. by Novartis; 5. In dev. by Horizon 6. 50:50 partnership w/ Seagen

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GENMAB 2020 ANNUAL REPORT

Our Business

Our world-class insight into antibody biology and disease targets, differentiated proprietary antibody technologies and strong collaborations position us well to create novel first-in-class or best-in-class therapeutic candidates.

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Research and Development Capabilities

At Genmab, we are inspired by nature and understand how antibodies work. We are deeply knowledgeable about antibody biology and our scientists exploit this expertise to create and develop differentiated antibody product candidates. We utilize a sophisticated and highly automated process to efficiently generate, select, produce and evaluate human antibody product candidates. Our research and development teams have established a fully integrated R&D enterprise and streamlined process to coordinate the activities of product discovery, pre-clinical testing, manufacturing, clinical trial design and execution and regulatory submissions across Genmab’s international operations. Through our expertise in antibody drug development, we pioneer technologies that allow us to create differentiated and potentially first-in-class or best-in-class antibody products with the capacity for improving patients’ lives. Our antibody expertise has also enabled us to create our cutting-edge technology platforms: DuoBody^®, HexaBody^®, DuoHexaBody^® and HexElect^®. We are also transforming ourselves by building on our world-class research in antibodies to expand our capabilities beyond the lab. We have expanded our scientific focus to use data science and artificial intelligence to discover new targets and biomarkers and bolster our in-depth translational medicine laboratory capabilities. All of this is in an effort to get the right antibody product to the right patient at the right dose.

Genmab’s discovery and pre-clinical research is conducted at its Research and Development Center in Utrecht, the Netherlands. The building is one of the first BREEAM (Building Research Establishment Environmental Assessment Method) Excellent laboratory buildings in the Netherlands. The R&D Center houses state-of-the-art laboratories including an advanced robotics lab, a modern auditorium, science café, and innovative brainstorm and meeting rooms. Located in close proximity to other life science companies and a world-class university, this space provides a bright, open and collaborative atmosphere to enable the Genmab team to continue to innovate and find new ways to help cancer patients. In order to accommodate Genmab’s growth, we also signed an agreement to occupy the first and second floors of the new “Accelerator” building, a multi-tenant building that will be connected directly to the R&D Center and that will be built to achieve the same BREEAM Excellent high sustainability standard. Completion of this building, which will contain both offices and laboratories, is expected in early 2022.

In addition, Genmab opened its new U.S. facility in 2020. This new space, which was modeled on the open and collaborative spirit of the R&D Center in Utrecht, includes both offices and laboratories. The opening of the Princeton translational research laboratories allows Genmab to expand its translational pre-clinical and clinical drug development research expertise and is part of the strategic growth of the company.

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GENMAB 2020 ANNUAL REPORT

Antibody Discovery and Development

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We are experts in antibody discovery and development. Our appreciation for, and understanding of, the power of the human immune system gives us a unique perspective on how to respond to the constant challenges of oncology drug development.

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GENMAB 2020 ANNUAL REPORT

Products and Technologies

Product Pipeline

At the end of 2020, Genmab’s proprietary pipeline of product candidates, where Genmab owns at least 50% of the program, consisted of seven clinical-stage antibodies*. Combined with product candidates being developed by other companies that were either created by Genmab or that incorporate Genmab’s innovation, our pipeline consists of over 20 antibodies in clinical development, including three approved products. In addition to the antibodies in clinical development, Genmab’s pipeline includes around 20 in-house and partnered pre-clinical programs. An overview of the development status of each of our clinical-stage product candidates is provided in the following sections. Detailed descriptions of dosing, efficacy and safety data from certain clinical trials have been disclosed in company announcements and media releases published via the Nasdaq Copenhagen stock exchange. Additional information is available on Genmab’s website, www.genmab.com.

*On November 24, 2020, Genmab announced that it would not advance the development of the clinical-stage antibody drug conjugate, enapotamab vedotin. While enapotamab vedotin showed some evidence of clinical activity, this was not optimized by different dose schedules and/or predictive biomarkers. Accordingly, the data from the expansion cohorts did not meet Genmab’s stringent criteria for proof-of-concept.

Approved Medicines Created by Genmab

DARZALEX^® / DARZALEX FASPRO^® (daratumumab / daratumumab and hyaluronidase-fihj, Janssen)

Kesimpta^® (ofatumumab, Novartis)

TEPEZZA^® (teprotumumab, Horizon)

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Proprietary Products in Development (≥50% Genmab ownership)

Tisotumab vedotin

Epcoritamab

DuoBody-PD-L1x4-1BB

DuoBody-CD40x4-1BB

HexaBody-DR5/DR5

DuoHexaBody-CD37

DuoBody-CD3x5T4

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Programs Incorporating Genmab’s Innovation

Amivantamab (Janssen)

Teclistamab (Janssen)

Mim8 (Novo Nordisk)

Camidanlumab tesirine (ADC Therapeutics)

PRV-015 (Provention Bio)

HuMax-IL8 (BMS)

Talquetamab (Janssen)
JNJ-70218902 (Janssen)

JNJ-63709178 (Janssen)

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GENMAB 2020 ANNUAL REPORT

JNJ-67571244 (Janssen)

JNJ-63898081 (Janssen)

Lu AF82422 (Lundbeck)

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Pre-clinical Programs

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GENMAB 2020 ANNUAL REPORT

Approved Medicines Created by Genmab¹

¹Products developed and marketed by others incorporating Genmab technology and innovation

²See local country prescribing information for precise indications

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GENMAB 2020 ANNUAL REPORT

Proprietary³ Products in Development

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³Certain product candidates in development with partners, as noted
⁴Genmab is developing HexaBody-CD38 in an exclusive worldwide license and option agreement with Janssen

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GENMAB 2020 ANNUAL REPORT

Programs Incorporating Genmab’s Innovation⁵

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⁵Products under development by a third-party incorporating Genmab technology and innovation

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Approved Medicines Created by Genmab

Products developed and marketed by others incorporating Genmab technology and innovation

DARZALEX^® (daratumumab)

Redefining the Treatment of Multiple Myeloma

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GENMAB 2020 ANNUAL REPORT

DARZALEX^® (daratumumab) is a human monoclonal antibody that binds with high affinity to the CD38 molecule, which is highly expressed on the surface of multiple myeloma cells and is also expressed by light-chain (AL) amyloidosis plasma cells. Daratumumab triggers a person’s own immune system to attack the cancer cells, resulting in rapid tumor cell death through multiple immune-mediated mechanisms of action and through immunomodulatory effects, in addition to direct tumor cell death, via apoptosis (programmed cell death). Genmab used technology licensed from Medarex to generate the CD38 antibody forming part of daratumumab. Daratumumab is being developed by Janssen under an exclusive worldwide license from Genmab to develop, manufacture and commercialize daratumumab (see Daratumumab Collaboration with Janssen Biotech, Inc. section for more information). DARZALEX^® (daratumumab) intravenous infusion and DARZALEX^® SubQ administration (daratumumab and hyaluronidase-fihj) are approved in certain territories for the treatment of adult patients with certain multiple myeloma indications as indicated on the following page.

As of December 31, 2020, DARZALEX^® (daratumumab) is indicated for the treatment of adult patients:

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GENMAB 2020 ANNUAL REPORT

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GENMAB 2020 ANNUAL REPORT

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As of December 31, 2020, DARZALEX FASPRO^® (daratumumab and hyaluronidase-fihj) SubQ administration is indicated for the treatment of adult patients in the U.S.:

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PI = proteasome inhibitor; Rd = lenalidomide and dexamethasone; Vd = bortezomib and dexamethasone; VMP = bortezomib, melphalan and prednisone; VTd = bortezomib, thalidomide and dexamethasone; ASCT = autologous stem cell transplant; Pd = pomalidomide and dexamethasone; Kd = carfilzomib and dexamethasone

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GENMAB 2020 ANNUAL REPORT

A comprehensive clinical development program for daratumumab is ongoing, including studies in AL amyloidosis and smoldering, maintenance and frontline multiple myeloma settings. Daratumumab has received two BTDs from the U.S. FDA for certain indications of multiple myeloma, including as a monotherapy for heavily pretreated multiple myeloma and in combination with certain other therapies for second-line treatment of multiple myeloma.

Safety Information for DARZALEX^®

The warnings and precautions for DARZALEX^® (daratumumab) include infusion reactions, interference with serological testing and interference with determination of complete response. The most frequently reported adverse reactions (incidence ≥20%) in clinical trials were: infusion reactions, neutropenia, thrombocytopenia, fatigue, nausea, diarrhea, constipation, vomiting, muscle spasms, arthralgia, back pain, pyrexia, chills, dizziness, insomnia, cough, dyspnea, peripheral edema, peripheral sensory neuropathy and upper respiratory tract infection.

Safety Information for DARZALEX FASPRO^®
The warnings and precautions for DARZALEX FASPRO^® (daratumumab and hyaluronidase-fihj) include hypersensitivity and other administration reactions, neutropenia, thrombocytopenia, embryo-fetal toxicity and interference with cross-matching and red blood cell antibody screening. The most frequently reported adverse reaction (incidence ≥20%) in clinical trials with DARZALEX FASPRO^® monotherapy was upper respiratory tracts infection.

Please consult the full U.S. Prescribing Information and the full European Summary of Product Characteristics for DARZALEX^® (daratumumab) and the full U.S. Prescribing Information for DARZALEX FASPRO^® (daratumumab and hyaluronidase-fihj) for all the labeled safety information.

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GENMAB 2020 ANNUAL REPORT

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FOURTH QUARTER UPDATES

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UPDATES FROM FIRST QUARTER TO THIRD QUARTER

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GENMAB 2020 ANNUAL REPORT

DARATUMUMAB DEVELOPMENT COVERING ALL STAGES OF MULTIPLE MYELOMA AND BEYOND – KEY ONGOING* TRIALS

*Does not include trials that may still be ongoing but have clinical data with published results and/or are the basis for an existing approval

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GENMAB 2020 ANNUAL REPORT

Kesimpta^® (ofatumumab)

Approved in RMS in the U.S.

Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule encompassing parts of the small and large extracellular loops. Genmab used technology licensed from Medarex to generate the CD20 antibody forming part of ofatumumab. A SubQ formulation of ofatumumab was investigated in two Phase 3 ASCLEPIOS clinical studies in RMS. The studies compared the efficacy and safety of SubQ ofatumumab versus teriflunomide in patients with RMS and were comprised of approximately 900 patients each. Based on these studies and data from the Phase 2 APLIOS study, which evaluated the bioequivalence of SubQ administration of ofatumumab via pre-filled syringe in August 2020, Kesimpta^® (ofatumumab) was approved by the U.S. FDA for the treatment of RMS in adults. Kesimpta^® is the first B-cell therapy that can be self-administered by patients at home using the Sensoready^® autoinjector pen, once monthly after starting therapy. Additional studies with RMS patients are ongoing. Ofatumumab in RMS is being developed and marketed worldwide by Novartis under a license agreement between Genmab and Novartis Pharma AG. (See Ofatumumab Collaboration with Novartis Pharma AG section for more information.)

Please consult the full U.S. Prescribing Information for all the labeled safety information for Kesimpta^®.

UPDATES FROM FIRST QUARTER TO THIRD QUARTER

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GENMAB 2020 ANNUAL REPORT

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TEPEZZA^® (teprotumumab)

First U.S. FDA-approved medicine for the treatment of TED

Teprotumumab, approved by the U.S. FDA in January 2020 under the trade name TEPEZZA^®, is a human monoclonal antibody that targets the Insulin-like Growth Factor-1 Receptor (IGF-1R), a well-validated target. Genmab used technology licensed from Medarex to generate the IGF-1R antibody forming part of teprotumumab. TEPEZZA^® is being developed and is commercialized by Horizon. The antibody was created by Genmab under a collaboration with Roche and development and commercialization of the product is now being conducted by Horizon under a license from Roche. Under the terms of Genmab’s agreement with

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GENMAB 2020 ANNUAL REPORT

Roche, Genmab will receive mid-single digit royalties on sales of TEPEZZA^®. Please consult the full U.S. Prescribing Information for all the labeled safety information for TEPEZZA^®.

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UPDATES FROM FIRST QUARTER TO THIRD QUARTER

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