0001558370-21-001428 | 6-K | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020
Document and Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	Genmab A/S
Entity Central Index Key	0001434265
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Comprehensive Income - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement
Revenue	kr 10,111	kr 5,366	kr 3,025
Research and development expenses	(3,137)	(2,386)	(1,431)
General and administrative expenses	(661)	(342)	(214)
Operating expenses	(3,798)	(2,728)	(1,645)
Operating result	6,313	2,638	1,380
Finance income	1,149	228	243
Finance expenses	(1,558)	(7)	(11)
Net result before tax	5,904	2,859	1,612
Corporate tax	(1,146)	(693)	(140)
Net result	kr 4,758	kr 2,166	kr 1,472
Basic net result per share	kr 73.00	kr 34.40	kr 24.03
Diluted net result per share	kr 72.21	kr 34.03	kr 23.73
Statement of Comprehensive Income
Net result	kr 4,758	kr 2,166	kr 1,472
Amounts which may be re-classified to the income statement:
Adjustment of foreign currency fluctuations on subsidiaries	(44)	6	10
Total comprehensive income	kr 4,714	kr 2,172	kr 1,482

Consolidated Balance Sheets - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Intangible assets	kr 338.0	kr 470.0
Property, plant and equipment	453.0	237.0
Right-of-use assets	283.0	177.0
Receivables	20.0	11.0
Deferred tax assets	177.0	139.0
Other investments	1,081.0	149.0
Total non-current assets	2,352.0	1,183.0
Corporate tax receivable	249.0
Receivables	2,463.0	2,990.0
Marketable securities	8,819.0	7,419.0
Cash and cash equivalents	7,260.0	3,552.0
Total current assets	18,791.0	13,961.0
Total assets	21,143.0	15,144.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	65.5	65.1
Share premium	11,894.0	11,755.0
Other reserves	54.0	98.0
Retained Earnings	7,107.0	2,130.0
Total shareholders' equity	19,121.0	14,048.0
Provisions	4.0	2.0
Lease liabilities	277.0	155.0
Deferred revenue	487.0
Other payables	1.0	1.0
Total non-current liabilities	769.0	158.0
Provisions	4.0	2.0
Corporate tax payable		73.0
Lease liabilities	42.0	26.0
Deferred revenue	26.0
Other payables	1,185.0	839.0
Total current liabilities	1,253.0	938.0
Total liabilities	2,022.0	1,096.0
Total shareholders' equity and liabilities	kr 21,143.0	kr 15,144.0

Consolidated Statements of Cash Flows - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net result before tax	kr 5,904	kr 2,859	kr 1,612
Reversal of financial items, net	409	(221)	(232)
Adjustment for non-cash transactions	459	291	179
Changes in operating assets and liabilities	987	(1,218)	(634)
Cash provided by operating activities before financial items	7,759	1,711	925
Interest received	170	111	44
Interest elements of lease payments	(9)	(7)
Interest paid	(11)	(13)
Corporate taxes (paid)/received	(1,476)	(476)	46
Net cash provided by operating activities	6,433	1,326	1,015
Cash flows from investing activities:
Investment in intangible assets		(32)	(406)
Investment in tangible assets	(307)	(79)	(72)
Marketable securities bought	(12,414)	(5,812)	(3,521)
Marketable securities sold	10,370	3,940	2,221
Net cash (used in) investing activities	(2,351)	(1,983)	(1,778)
Cash flows from financing activities:
Warrants exercised	140	65	75
Shares issued for cash		3,873
Costs related to issuance of shares		(238)
Principal elements of lease payments	(44)	(31)
Purchase of treasury shares			(146)
Payment of withholding taxes on behalf of employees on net settled RSUs	(25)	(9)
Net cash provided by (used in) financing activities	71	3,660	(71)
Changes in cash and cash equivalents	4,153	3,003	(834)
Cash and cash equivalents at the beginning of the period	3,552	533	1,348
Exchange rate adjustments	(445)	16	19
Cash and cash equivalents at the end of the period	7,260	3,552	533
Cash and cash equivalents include:
Bank deposits	5,054	2,884	kr 533
Short-term marketable securities	kr 2,206	kr 668

Consolidated Statements of Changes in Equity - DKK (kr) kr in Millions	Share capital	Share premium [Member]	Translation reserves	Retained Earnings [Member]	Total
Balance at beginning of period at Dec. 31, 2017	kr 61	kr 7,984	kr 82	kr (1,855)	kr 6,272
Number of shares, at beginning of period at Dec. 31, 2017					61,185,674
Change in accounting policy: Adoption of IFRS 15				151	kr 151
Balance at beginning of period at Dec. 31, 2017	61	7,984	82	(1,855)	kr 6,272
Number of shares, at beginning of period at Dec. 31, 2017					61,185,674
Net result				1,472	kr 1,472
Other comprehensive income			10		10
Total comprehensive income			10	1,472	1,482
Transactions with owners:
Exercise of warrants		75			75
Purchase of treasury shares				(146)	(146)
Share-based compensation expenses				91	91
Tax on items recognized directly in equity				89	89
Balance at end of period at Dec. 31, 2018	61	8,059	92	(198)	kr 8,014
Number of shares, at end of period at Dec. 31, 2018					61,497,571
Adjusted total equity at January 1, 2018	61	7,984	82	(1,704)	kr 6,423
Net result				2,166	2,166
Other comprehensive income			6		6
Total comprehensive income			6	2,166	2,172
Transactions with owners:
Exercise of warrants	1	64			65
Shares issued for cash	3	3,870			3,873
Expenses related to capital increases		(238)			(238)
Share-based compensation expenses				147	147
Net settlement of RSUs				(9)	(9)
Tax on items recognized directly in equity				24	24
Balance at end of period at Dec. 31, 2019	65	11,755	98	2,130	kr 14,048
Number of shares, at end of period at Dec. 31, 2019					65,074,502
Net result				4,758	kr 4,758
Other comprehensive income			(44)		(44)
Total comprehensive income			(44)	4,758	4,714
Transactions with owners:
Exercise of warrants	1	139			140
Share-based compensation expenses				200	200
Net settlement of RSUs				(25)	(25)
Tax on items recognized directly in equity				44	44
Balance at end of period at Dec. 31, 2020	kr 66	kr 11,894	kr 54	kr 7,107	kr 19,121
Number of shares, at end of period at Dec. 31, 2020					65,545,748

Basis of Presentation

12 Months Ended

Dec. 31, 2020

Basis of Presentation

Basis of Presentation

Section 1 – Basis of Presentation

These consolidated financial statements include Genmab A/S (the parent company) and subsidiaries over which the parent company has control. The Genmab consolidated Group is referenced herein as “Genmab” or the “Company”.

This section describes Genmab’s financial accounting policies including management’s judgements and estimates under International Financial Reporting Standards (IFRS). New or revised EU endorsed accounting standards and interpretations are described, in addition to how these changes are expected to impact the financial performance and reporting of Genmab.

Genmab describes the accounting policies in conjunction with each note with the aim to provide a more understandable description of each accounting area.

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, Genmab has three approved products commercialized by third-parties, a broad clinical and pre-clinical product pipeline and proprietary next-generation antibody technologies.

The consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further requirements in the Danish Financial Statements Act. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 23, 2021. Except as outlined in note 1.2, the financial statements have been prepared using the same accounting policies as 2019.

Please refer to the overview below to see in which note/section the detailed accounting policy is included.


Section 2 – Results for the Year	3.5 Receivables
2.1 Revenue	3.6 Provisions
2.2 Information about Geographical Areas	3.8 Other Payables
2.3 Staff Costs	Section 4 – Capital Structure, Financial Risk and Related Items
2.4 Corporate and Deferred Tax	4.3 Financial Assets and Liabilities
2.5 Result per Share	4.4 Marketable Securities
Section 3 – Operating Assets and Liabilities	4.5 Financial Income and Expenses
3.1 Intangible Assets	Section 5 – Other Disclosures
3.2 Property, Plant and Equipment	5.5 Contingent Assets, Contingent Liabilities and Subsequent Events
3.3 Leases
3.4 Other Investments

Materiality

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

The disclosure requirements are substantial in IFRS and for Danish listed companies. Genmab 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.

Genmab’s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries – prepared under Genmab’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 Genmab’s presentation currency are translated into Genmab’s presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.

Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ 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 income or expense.

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

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 Genmab’s research and development staff, license costs, manufacturing costs, pre-clinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of 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 Genmab, including pre-commercialization activities. 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 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.

Statements of Cash Flows

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

Cash flows from operating activities are stated as the net result before tax adjusted for net financial items, non-cash operating items such as depreciation, amortization, impairment losses, share-based compensation expenses, provisions, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.

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

Cash flows from financing activities are comprised of cash flows from the issuance of shares, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities. Finance lease transactions are considered non-cash transactions.

Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of three months or less on the date of acquisition.

The statements of cash flows cannot be derived solely from the financial statements.

Derivative Financial Instruments and Hedging Activities

Derivatives are initially recognized at fair value on the date the 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.

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.

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.

Genmab had no material hedge transactions in 2020, 2019, or 2018.

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.

Research Collaborations, License Agreements and Collaborative Agreements

Research Collaborations and License Agreements

Genmab continues to pursue the establishment of research collaborations and licensing agreements. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.

In regard to Genmab’s License Agreements with Janssen, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists. Refer to note 2.1 for additional information related to revenue from these parties.

Genmab’s other significant Research Collaborations and License arrangements are with Janssen (DuoBody®), CureVac and Immatics. Refer to note 3.4 for additional information regarding Genmab’s equity investment in CureVac.

Joint Collaborative Agreements

Genmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.

These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements are active participants and exposed to significant risks and rewards dependent on the commercial success of the activities of the collaboration. Genmab’s more significant collaboration agreements are with AbbVie (Epcoritamab), Seagen (Tisotumab vedotin) and BioNTech.

Refer to note 2.1 for additional information related to revenue from the AbbVie collaboration.

Refer to note 5.8 for detailed information regarding Genmab’s Research Collaborations, License Agreements and Collaborative Agreements.

1.2 New Accounting Policies and Disclosures

NEW ACCOUNTING POLICIES AND DISCLOSURES FOR 2020

Genmab has, with effect from January 1, 2020, implemented the following standards and amendments:

Definition of Material – Amendments to IAS 1 and IAS 8

Definition of a Business – Amendments to IFRS 3

Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7.

Revised Conceptual Framework for Financial Reporting

The implementation of the above amendments did not have any impact on amounts recognized in prior periods and is not expected to have a material impact in the current or future reporting periods.

NEW ACCOUNTING POLICIES AND DISCLOSURES EFFECTIVE IN 2021 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, 2021 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Genmab in current or future reporting periods and on foreseeable future transactions.

1.3 Management’s Judgements and Estimates under IFRS

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

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

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

Accounting judgements are made in the process of applying 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 judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.

The areas involving a high degree of judgement and estimation that are significant to the consolidated 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.


Accounting Policy	Key Accounting Estimates and Judgements	Note Reference	Estimation Risk
Revenue Recognition	Judgement in assessing the nature of combined performance obligations within contracts Estimation of partner net sales amounts in the calculation of royalties Judgement in assessing the probability of attainment of milestones	Note 2.1	Moderate / High
Share Based Compensation	Judgement in selecting assumptions required for valuation of Warrant grants	Note 2.3	Moderate
Current and deferred income taxes	Judgement and estimate regarding valuation of deferred income tax assets Estimation in developing the provision for any uncertain tax positions	Note 2.4	Moderate
Intangible assets	Estimation of useful lives of intangible assets Judgement in determining impairment of an intangible asset	Note 3.1	Moderate / low
Capitalization of research and development costs	Judgement involved in determining when a development project reached technological feasibility	Note 3.1	Low

Results for the Year

12 Months Ended

Dec. 31, 2020

Results for the Year

Results for the Year

Section 2 – Results for the Year

This section includes disclosures related to revenue, information about geographical areas, staff costs, corporate and deferred tax and result per share. A detailed description of the results for the year is provided in the Financial Review section in the Management’s Review.

2.1 – Revenue


(DKK million)	2020	2019	2018

Revenue:
Royalties	4,741	3,155	1,741
Reimbursement revenue	431	342	249
Milestone revenue	351	1,869	687
License revenue	4,588	-	348

Total	10,111	5,366	3,025

Revenue split by collaboration partner:
Janssen	4,693	4,983	2,390
AbbVie	4,398	-	-
Roche	305	7	-
BioNTech	230	115	83
Novartis	212	23	338
Seagen	201	226	162
Other collaboration partners	72	12	52

Total	10,111	5,366	3,025

Revenue may vary from period to period as revenue comprises royalties, milestone payments, license fees and reimbursement of certain research and development costs under Genmab’s collaboration agreements.

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. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods or services promised within each contract and identifies, as a performance obligation, and assesses whether each promised good or service is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Royalties: Certain of Genmab’s 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 Genmab’s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.

Reimbursement Revenue for R&D Services: Genmab’s research collaboration agreements include the provisions for reimbursement or cost sharing for research and development services and payment for full time equivalent employees (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 research services is recognized over time rather than a point in time.

Milestone Revenue: 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 Revenue 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 judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. Under all of Genmab’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.

AbbVie Collaboration Agreement

On June 10, 2020, Genmab entered into a broad collaboration agreement to jointly develop and commercialize epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4 and a discovery research collaboration for future differentiated antibody therapeutics for cancer. Under the terms of the agreement, Genmab received a USD 750 million upfront payment in July 2020.

Within this AbbVie Agreement, Genmab identified four performance obligations: (1) delivery of license for epcoritamab (2) delivery of license for DuoHexaBody-CD37 (3) delivery of license for DuoBody-CD3x5T4 (4) co-development costs related to the product concepts that will be under a separate research collaboration agreement. The total transaction price under the agreement was determined to be the USD 750 million (DKK 4,911 million) upfront payment as the future potential milestone amounts were not deemed to be highly probable as they are contingent upon success in future clinical trials and regulatory approvals which are not within Genmab’s control and were uncertain at the inception of the agreement. Milestones will be recognized when their achievement is deemed to be highly probable and a significant revenue reversal would not occur. Upon commercialization of products, if any, under this agreement, royalties and net sales-based milestones will be recognized when the related sales occur.

The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to discount rate, development timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to the product concepts, a cost-plus margin approach was utilized. The allocation of the transaction price to the performance obligations is summarized below:

• Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)

• Co-development activities for the product concepts: USD 78 million (DKK 513 million)

The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development and commercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaboration partner, and as such this part of the collaboration is not in scope of IFRS 15. Any cost reimbursement/cost sharing with AbbVie will not be recognized as revenue but accounted for as a decrease of the related research and development expenses.

The remaining transaction price of USD 78 million (DKK 513 million) related to the co-development activities for the product concepts was recorded as Deferred revenue and is expected to be recognized as revenue as activities are performed, which is estimated to be over a seven-year period. This seven-year period approximates an average development life cycle for these types of projects. Revenue will be recognized for the co-development activities based on a measure of Genmab’s efforts toward satisfying the performance obligation relative to the total expected efforts or inputs to satisfy the performance obligation. No revenue has been recognized in 2020. In future reporting periods, Genmab will reevaluate the estimates related to its efforts toward satisfying the performance obligation and may record a change in estimate if deemed necessary.

Genmab engaged third-party valuation specialists to assist with the allocation of the transaction price. In formulating the allocation of the transaction price various valuation techniques were utilized, including a discounted cash flow approach and a cost-plus margin approach.

The utilization of the discounted cash flow approach considered several factors including, but not limited to discount rate, development timeline, regulatory risks, estimated market demand and future revenue potential. The utilization of the cost-plus margin approach considered several factors, including but not limited to discount rate, estimated development costs, and profit margin.

Refer to note 5.8 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements

MANAGEMENT’S JUDGeMENTS AND ESTIMATES – revenue recognition

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

Genmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any of the product candidates or geographical markets and no segment information is currently prepared for internal reporting.

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


	Revenue	Non-current assets	Revenue	Non-current assets	Revenue	Non-current assets

(DKK million)	2020		2019		2018


Denmark	10,111	344	5,366	475	3,025	459
Netherlands	-	380	-	336	-	171
USA	-	370	-	84	-	12
Japan	-	-	-	-	-	-

Total	10,111	1,094	5,366	895	3,025	642

ACCOUNTING POLICIES

Geographical information is presented for Genmab’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, property, plant and equipment, right-of-use assets and receivables.

2.3 – Staff Costs



	2020	2019	2018
(DKK million)

Wages and salaries	694	489	308
Share-based compensation	200	147	91
Defined contribution plans	51	39	24
Other social security costs	108	72	23
Government grants	(119)	(96)	(86)

Total	934	651	360

Staff costs are included in the income statement as follows:
Research and development expenses	803	572	324
General and administrative expenses	250	175	122
Government grants related to research and development expenses	(119)	(96)	(86)

Total	934	651	360

Average number of FTE	656	471	313
Number of FTE at year-end	781	548	377

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 119 million in 2020, DKK 96 million in 2019 and DKK 86 million in 2018. These amounts are an offset to wages and salaries and research and development costs in the tables above. The increases in 2020, 2019 and 2018 were primarily due to increased research activities in the Netherlands.

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 JUDGeMENTS AND ESTIMATES

SHARE-BASED COMPENSATION EXPENSES

In accordance with IFRS 2, 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 2020, 2019 and 2018

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


Weighted average	2020	2019	2018
Fair value per warrant on grant date	631.51	425.80	368.61
Share price	2,009.79	1,483.58	1,034.66
Exercise price	2,009.79	1,483.58	1,034.66
Expected dividend yield	0%	0%	0%
Expected stock price volatility	37.0%	34.2%	41.7%
Risk-free interest rate	-0.01%	-0.56%	-0.01%
Expected life of warrants	5 years	5 years	5 years

Based on a weighted average fair value per warrant of DKK 631.51 in 2020, DKK 425.80 in 2019 and DKK 368.61 in 2018, the total fair value of warrants granted amounted to DKK 75 million, DKK 131 million and DKK 102 million on the grant date in 2020, 2019 and 2018, 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 1,927.83 in 2020, DKK 1,511.70 in 2019 and DKK 1,033.95 in 2018, the total fair value of RSUs granted amounted to DKK 90 million, DKK 176 million and DKK 106 million on the grant date in 2020, 2019 and 2018, respectively.

2.4 – Corporate and Deferred Tax

TAXATION – INCOME STATEMENT & SHAREHOLDERS’ EQUITY



	2020	2019	2018
(DKK million)


Current tax on result	1,191	444	161
Adjustment to deferred tax	(112)	294	458
Adjustment to valuation allowance	67	(45)	(479)

Total tax for the period in the income statement	1,146	693	140


	2020	2019	2018
(DKK million)

Net result before tax	5,904	2,859	1,612

Tax at the Danish corporation tax rate of 22% for all periods	1,299	629	355

Tax effect of:
Adjustment to valuation allowance	67	-	-
Recognition of previously unrecognized tax losses and deductible temporary differences	(222)	(19)	(267)
Non-deductible expenses/non-taxable income and other permanent differences, net	(5)	75	53
All other	7	8	(1)

Total tax effect	(153)	64	(215)

Total tax for the period in the income statement	1,146	693	140

Total tax for the period in shareholders' equity	(44)	(24)	(89)

Effective Tax Rate	19.4%	24.2%	8.7%

Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The Corporate tax expense was DKK 1,146 million in 2020, DKK 693 million in 2019 and DKK 140 million in 2018. Corporate tax expense in 2020 includes an addition to the U.S. valuation allowance of DKK 67 million. Corporate tax expense in 2019 and 2018 include reversals of a valuation allowances of DKK 29 million and DKK 268 million, respectively. In 2020, 2019 and 2018 tax benefits of DKK 44 million, DKK 24 million and DKK 89 million, respectively were recorded directly in shareholders’ equity, which related to excess tax benefits for share-based compensation.

TAXATION – BALANCE SHEET

Significant components of the deferred tax asset are as follows:


	2020	2019
(DKK million)

Tax deductible losses	333	359
Share-based instruments	236	130
Deferred revenue	113	-
Other temporary differences	10	1

Total	692	490

Valuation allowance	(515)	(351)

Total deferred tax assets	177	139

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 deferred tax assets is dependent upon the generation of future taxable income, the amount and timing of which are uncertain. The establishment of a 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, 2020, Genmab determined that it was more likely than not that all deferred tax assets in the United States (U.S.) are not realizable at this time. The decision to provide a full valuation allowance against U.S. deferred tax assets was made after management considered all available evidence, both positive and negative, including but not limited to Genmab’s historical operating results, taxable income or loss in recent periods by jurisdiction, cumulative income in recent years, forecasted earnings, future taxable income, and significant risk and uncertainty related to forecasts.

As of December 31, 2020 and 2019, Genmab had gross tax loss carry-forwards of DKK 1.6 billion to reduce future taxable income in the U.S. and Netherlands. The carry-forwards generally expire in various periods through 2040.

In addition to the deferred taxes listed above, Genmab has unrecognized unused tax benefits of approximately DKK 950 million to offset future taxable income in the US. These unused tax benefits expire in various periods through 2033.

ACCOUNTING POLICIES

CORPORATE TAX

Corporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders’ 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 certain 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 JUDGeMENTS AND ESTIMATES

DEFERRED TAX

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

Realization of deferred tax assets is dependent upon a number of factors, including 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 approvals, advancement of Genmab’s product pipeline, and other matters. 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)	2020	2019	2018

Net result	4,758	2,166	1,472

(Shares)

Average number of shares outstanding	65,315,975	63,126,771	61,383,972
Average number of treasury shares	(136,969)	(163,958)	(116,466)

Average number of shares excl. treasury shares	65,179,006	62,962,813	61,267,506
Average number of share-based instruments, dilution	706,869	674,030	777,491

Average number of shares, diluted	65,885,875	63,636,843	62,044,997



Basic net result per share	73.00	34.40	24.03
Diluted net result per share	72.21	34.03	23.73

In the calculation of the diluted net result per share for 2020, 68,605 warrants (none of which were vested) have been excluded as these share-based instruments are out of the money, compared to 299,573 (of which 744 were vested) for 2019. In 2018, 177,369 warrants (of which 64,703 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, 2020

Operating Assets and Liabilities

Operating Assets and Liabilities

Section 3 – Operating Assets and Liabilities

This section covers the operating assets and related liabilities that form the basis for Genmab’s activities. Deferred tax assets and liabilities are included in note 2.4. Assets related to Genmab’s financing activities are shown in section 4.

3.1 – Intangible Assets


2020			Licenses, Rights, and Patents
(DKK million)

Cost per January 1			897
Additions for the year			-
Disposals for the year			(5)
Exchange rate adjustment			(1)

Cost at December 31			891

Accumulated amortization and impairment per January 1			(427)
Amortization for the year			(109)
Impairment for the year			(22)
Disposals for the year			5
Exchange rate adjustment			-

Accumulated amortization and impairment per December 31			(553)

Carrying amount of Intangible Assets at December 31			338

2019			Licenses, Rights, and Patents
(DKK million)

Cost per January 1			798
Additions for the year			99
Disposals for the year			-
Exchange rate adjustment			-

Cost at December 31			897

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

Accumulated amortization and impairment per December 31			(427)

Carrying amount of Intangible Assets at December 31			470

(DKK million)	2020	2019	2018
Amortization and impairments are included in the income statement as follows:
Research and development expenses	131	99	60

Total	131	99	60

ACCOUNTING POLICIES

RESEARCH AND DEVELOPMENT

Genmab 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 gain access to targets and technologies identified by third parties.

Amortization

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.

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.

MANAGEMENT’S JUDGeMENTS AND ESTIMATES

RESEARCH AND DEVELOPMENT

Internally Generated Intangible Assets

According to the IAS 38, 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 humans 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, Genmab has not recognized such assets at this time and therefore all research and development costs are recognized in the income statement when incurred.

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 2020 and 2019, 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, 2020, the carrying amount of the intangible assets was DKK 338 million (2019 – 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


2020	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property, plant and equipment
(DKK million)

Cost per January 1	98	279	49	426
Additions for the year	8	74	225	307
Transfers between the classes	181	68	(249)	-
Disposals for the year	-	(2)	(5)	(7)
Exchange rate adjustment	-	(3)	(6)	(9)

Cost at December 31	287	416	14	717

Accumulated depreciation and impairment at January 1	(14)	(175)	-	(189)
Depreciation for the year	(25)	(47)	-	(72)
Impairment for the year	(4)	(3)	-	(7)
Disposals for the year	-	-	-	-
Exchange rate adjustment	-	1	-	1
Accumulated depreciation on disposals	-	3	-	3
Accumulated depreciation and impairment at December 31	(43)	(221)	-	(264)
				.
Carrying amount at December 31	244	195	14	453


2019	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property, plant and equipment
(DKK million)

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)
Impairment for the year	-	-	-	-
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


		2020	2019	2018
(DKK million)
Depreciation and impairments are included in the income statement as follows:
Research and development expenses		69	37	26
General and administrative expenses		10	3	2

Total		79	40	28

Capital expenditures in 2020 and 2019 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. Costs include direct costs 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	15 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

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

Genmab has entered into lease agreements with respect to office space and office equipment.

The leases are non-cancellable for various periods up to 2038.

Amounts recognized in the Consolidated Balance Sheets

The balance sheet shows the following amounts relating to leases:


	December 31,	December 31,
(DKK million)	2020	2019


Right-of-use assets
Properties	280	173
Equipment	3	4

Total right-of-use assets	283	177

Lease liabilities
Current	42	26
Non-current	277	155

Total lease liabilities	319	181

During 2020, there were additions to our right-of-use assets and lease liabilities related to the commencement of leases in the United States and the Netherlands with respect to office and laboratory space. There were no additions to the right-of-use assets and lease liabilities in 2019.

Amounts recognized in the Consolidated Statements of Comprehensive Income

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


	December 31,	December 31,	December 31,
(DKK million)	2020	2019	2018


Depreciation charge of right-of-use assets
Properties	35	27	-
Equipment	1	1	-

Total depreciation charge of right-of-use assets	36	28	-


Interest expense	9	7	-
Expense relating to short-term leases	3	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 was DKK 53 million and DKK 38 million in 2020 and 2019, respectively.

Future minimum payments under our leases as of December 31, 2020, December 31, 2019, and December 31, 2018, are as follows:


(DKK million)	2020	2019	2018

Payment due
Less than 1 year	53	32	31
1 to 3 years	85	64	65
More than 3 years but less than 5 years	62	27	45
More than 5 years	194	93	106

Total	394	216	247

During 2020, Genmab entered into a lease agreement with respect to the new headquarters in Denmark with a commencement date in March 2023 and is non-cancellable until March 2038. The total future minimum payments over the term of the lease are approximately DKK 342 million and estimated capital expenditures to fit out the space are approximately DKK 40 million. Additionally, Genmab amended a lease agreement for additional office and laboratory space in the United States with a commencement date in April 2021 and is non-cancellable until August 2031. The total future minimum payments over the term of the lease are approximately DKK 87 million and estimated capital expenditures to fit out the space are approximately DKK 53 million.

During 2019, Genmab entered into a lease agreement with respect to office and laboratory space in the Netherlands 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 117 million and estimated capital expenditures to fit out the space are approximately DKK 74 million.

Future minimum payments under our leases with commencement dates after December 31, 2020 are not included in the table above.

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 Genmab’s right to use an underlying asset for the lease term and lease liabilities represent Genmab’s 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.

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 Genmab’s leases do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is 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.

3.4 Other Investments

Genmab’s other investments consist primarily of an investment in common shares of CureVac N.V (“CureVac”). CureVac is also a strategic partner that is focused 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 was made in December 2019. In August 2020, CureVac AG had an IPO and its shares are now listed under CureVac N.V. The investment in CureVac is recorded at fair value through profit and loss. This investment represents 1.2% ownership of CureVac and is recorded at a fair value of DKK 1,067 million as of December 31, 2020 compared to DKK 149 million as of December 31, 2019.

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 within financial income or expense.

3.5 – Receivables


	2020	2019
(DKK million)
Receivables related to collaboration agreements	2,176	2,849
Interest receivables	55	34
Other receivables	98	56
Prepayments	154	62
Total	2,483	3,001

Non-current receivables	20	11
Current receivables	2,463	2,990

Total	2,483	3,001

During 2020 and 2019, 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, milestones and reductions of research and development costs from our collaboration agreements and are 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 period. Prepayments are measured at nominal value.

3.6 – Provisions


(DKK million)	2020	2019

Provisions per January 1	2	1
Additions during the year	2	1
Used during the year	-	-
Released during the year	-	-

Total at December 31	4	2

Non-current provisions	4	2
Current provisions	-	-

Total at December 31	4	2

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 POLICY

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 Genmab 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 Genmab 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 – Deferred Revenue

Genmab has recognized the following liabilities related to the AbbVie collaboration.


(DKK million)	2020	2019

Deferred revenue at January 1	-	-
Payment received	4,911	-
Revenue recognized during the year	(4,398)	-

Total at December 31	513	-

Non-current deferred revenue	487	-
Current deferred revenue	26	-

Total at December 31	513	-

Deferred revenue was recognized in connection with the AbbVie collaboration, as detailed in note 2.1. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million has been recognized as license revenue during 2020.

The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to two product concepts to be identified and controlled under a research agreement to be negotiated between Genmab and AbbVie. The product concepts relate to (1) Genmab antibodies conjugated with different linker payloads and (2) CD3 DuoBody® molecules. Genmab and AbbVie will conclude a research agreement that will govern the research and development activities in regard to the product concepts. As there have been no development activities for the product concepts at December 31, 2020, no recognition of deferred revenue has been made in 2020. This deferred revenue is estimated to be recognized over a seven-year period which reflects the period expected to develop a drug candidate.

Please refer to note 2.1 for additional information related to the AbbVie collaboration.

3.8 – Other Payables


(DKK million)	2020	2019


Liabilities related to collaboration agreements	15	8
Staff cost liabilities	134	48
Other liabilities	892	715
Accounts payable	145	69

Total at December 31	1,186	840

Non-current other payables	1	1
Current other payables	1,185	839

Total at December 31	1,186	840

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 next 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 COST 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.

Genmab’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, 2020

Capital Structure, Financial Risk and Related Items

Capital Structure, Financial Risk and Related Items

Section 4 – Capital Structure, Financial Risk and Related Items

This section includes disclosures related to how Genmab manages its capital structure, cash position and related risks and items. Genmab is primarily financed through partnership collaborations.

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, 2020, a cash position of DKK 16,079 million compared to DKK 10,971 million as of December 31, 2019. 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 2020.

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 Genmab’s operations.

The primary objective of Genmab’s investment activities is to preserve capital and ensure liquidity with a secondary objective of maximizing the return derived from security investments without significantly increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for which investments (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, Genmab’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, Genmab 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 of Genmab’s 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 marketable securities and bank deposits. The maximum credit exposure related to Genmab’s cash position was DKK 16,079 million as of December 31, 2020 compared to DKK 10,971 million as of December 31, 2019. The maximum credit exposure to Genmab’s receivables was DKK 2,483 million as of December 31, 2020 compared to DKK 3,001 million as of December 31, 2019.

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-	A3	A-

Genmab’s current portfolio is spread over a number of different securities and is conservative with a focus on liquidity and security. As of December 31, 2020, 99% of our marketable securities had an AA rating or higher from Moody’s, S&P, or Fitch compared to 100% as of December 31, 2019. The total value of marketable securities including interest receivables amounted to DKK 8,874 million at the end of 2020 compared to DKK 7,453 million at the end of 2019.

Bank Deposits

To reduce the credit risk on our bank deposits, Genmab policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F‑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 7,260 million as of December 31, 2020 compared to DKK 3,552 million at the end of 2019. The increase was primarily driven by the upfront payment of USD 750 million (DKK 4,911 million) related to the AbbVie collaboration.

Receivables

The credit risk related to our receivables is not significant based on the high quality nature of Genmab’s collaboration partners. As disclosed in note 2.1, Janssen is Genmab’s primary partner 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 generated 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 95% of total revenue in 2020 as compared to 97% in 2019 and 96% in 2018.

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 Genmab are DKK, EUR, USD and GBP, and Genmab limits its currency exposure by maintaining cash positions in these currencies. Genmab’s total marketable securities were invested in EUR (10%), DKK (19%), USD (70%) and GBP (1%) denominated securities as of December 31, 2020, compared to 12%, 23%, 64%, and 1%, as of December 31, 2019.

Based on the amount of assets and liabilities denominated in EUR, USD and GBP as of December 31, 2020 and 2019, 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 change	Impact of change
(DKK million)	in exchange rate*	in exchange rate**
2020
EUR	1%	8
USD	10%	1,480
GBP	10%	1
2019
EUR	1%	10
USD	10%	1,053
GBP	10%	-

* 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 Genmab’s net result to fluctuate significantly as gains and losses are recognized in the income statement. Genmab’s 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 toward 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 toward the DKK/EUR.

The USD currency exposure was mainly related to cash, marketable securities, and receivables related to our collaborations with Janssen, AbbVie, Novartis and Horizon. Significant changes in the exchange rate of USD to DKK could cause the net result to change materially as shown in the table above.

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 Genmab currently does 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, Genmab 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, 2020, the portfolio has an average effective duration of approximately 0.8 years (2019: 1.1 years) and no securities have an effective duration of more than 6 years (2019: 9 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 0.8% (2019: 1.1%). 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.


(DKK million)	2020	2019

Year of Maturity
2020	-	3,891
2021	6,195	2,190
2022	1,296	493
2023	314	102
2024	98	-
2025+	916	743
Total	8,819	7,419

4.3 —Financial Assets and Liabilities

CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES



(DKK million)	Note	2020	2019
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	8,819	7,419
Other investments	3.4	1,081	149
Financial assets measured at amortized cost
Receivables excluding prepayments	3.5	2,329	2,939
Cash and cash equivalents		7,260	3,552
Financial liabilities measured at amortized cost:
Other payables	3.8	(1,186)	(840)
Lease liabilities	3.3	(319)	(181)

FAIR VALUE MEASUREMENT


		2020				2019
(DKK million)	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets Measured at Fair Value
Marketable securities	4.4	8,819	-	-	8,819	7,419	-	-	7,419
Other investments	3.4	1,067	-	14	1,081	-	-	149	149

Marketable Securities

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

Other Investments

Other investments consist primarily of a DKK 1,067 million investment in common shares of CureVac. In August 2020, CureVac had an IPO. As a result, the common shares now have a published price quotation in an active market and therefore the fair value measurement was transferred from Level 3 to Level 1 of the fair value hierarchy as of December 31, 2020. There were no transfers in 2019.



(DKK million)	Other Investments
Fair value at January 1, 2020	149
Transfer to Level 1	(149)
Acquisitions	14
Fair value at December 31, 2020	14

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 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

Genmab 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 Genmab.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

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

For financial instruments that are measured in the balance sheet at fair value, IFRS 13 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 or 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, Genmab 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.

4.4 – Marketable Securities


(DKK million)	2020	2019


Cost at January 1	7,380	5,494
Additions for the year	12,414	5,812
Disposals for the year	(10,435)	(3,926)

Cost at December 31	9,359	7,380


Fair value adjustment at January 1	39	79
Fair value adjustment for the year	(579)	(40)

Fair value adjustment at December 31	(540)	39

Net book value at December 31	8,819	7,419

Net book value in percentage of cost	94%	101%

FAIR VALUE ADJUSTMENT

The total fair value adjustment was an expense of DKK 579 million in 2020 compared to an expense of DKK 40 million in 2019. Fair value adjustments were primarily driven by foreign exchange movements and the timing of maturities and purchases of marketable securities.


	Market value	Average effective	Share	Market value	Average effective	Share
	2020	duration	%	2019	duration	%
(DKK million)

Kingdom of Denmark bonds and treasury bills	462	1.65	5%	462	1.84	6%
Danish mortgage-backed securities	1,230	2.01	14%	1,227	2.33	17%

DKK portfolio	1,692	1.91	19%	1,689	2.20	23%

EUR portfolio
European government bonds and treasury bills	863	1.54	10%	873	1.33	12%
USD portfolio
US government bonds and treasury bills	6,193	0.41	70%	4,778	0.63	64%
GBP portfolio
UK government bonds and treasury bills	71	0.43	1%	79	0.55	1%

Total portfolio	8,819	0.81	100%	7,419	1.07	100%

Marketable securities	8,819			7,419

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 Genmab 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 financial income or expenses in the period in which it arises.

Genmab’s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at 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 United States 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)	2020	2019	2018
Financial income:
Interest and other financial income	184	120	63
Realized and unrealized gains on marketable securities (fair value through the income statement), net	-	9	-
Realized and unrealized gains on other investments, net	965	-	-
Realized and unrealized gains on fair value hedges, net	-	-	2
Realized and unrealized exchange rate gains, net	-	99	178

Total financial income	1,149	228	243


Financial expenses:
Interest and other financial expenses	(10)	(7)	-
Realized and unrealized losses on marketable securities (fair value through the income statement), net	(92)	-	(11)
Realized and unrealized exchange rate losses, net	(1,456)	-	-

Total financial expenses	(1,558)	(7)	(11)

Net financial items	(409)	221	232

Interest and other financial income on financial assets measured at amortized cost	7	22	8

Interest and other financial expenses on financial liabilities measured at amortized cost	(1)	-	-

INTEREST INCOME

Interest and other financial income of DKK 184 million in 2020 compared to DKK 120 million in 2019 increased primarily due to a higher cash position in 2020 compared to 2019, partly offset by lower interest rates in 2020 compared to 2019. Interest and other financial income of DKK 120 million in 2019 compared to DKK 63 million in 2018 increased primarily due to both higher cash position and interest rates in 2019 compared to 2018.

FOREIGN EXCHANGE RATE GAINS AND LOSSES

Realized and unrealized exchange rate losses, net of DKK 1,456 million in 2020 were driven by foreign exchange movements, which negatively impacted our USD denominated portfolio and cash holdings. The USD weakened against the DKK during 2020, resulting in realized and unrealized exchange rate losses. More specifically, the USD/DKK foreign exchange rate decreased from 6.6759 at December 31, 2019 to 6.0524 at December 31, 2020.

Realized and unrealized exchange rate gains, net of DKK 99 million in 2019 were driven by foreign exchange movements, which positively impacted our USD denominated portfolio and cash holdings. The USD strengthened against the DKK during 2019, resulting in realized and unrealized exchange rate gains. More specifically, the USD/DKK foreign exchange rate increased from 6.5213 at December 31, 2018 to 6.6759 at December 31, 2019. Please refer to note 4.2 for additional information on foreign currency risk.

OTHER INVESTMENTS

Realized and unrealized gains on other investments, net of DKK 965 million in 2020 was related to the unrealized change in fair value of Genmab’s investment in common shares of CureVac. There was no gain or loss attributable to other investments in 2019 or 2018.

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

RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the Executive Management are subject to the Remuneration Policy adopted at the Annual 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, 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. Beginning with the December 2020 RSU grant to members of the Board of Directors, all RSU grants to members of the Board of Directors will be subject to pro-rata vesting upon termination of board services. For further details, please see the 2020 Compensation Report.

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 2020, 2019 AND 2018


	Number of RSUs held by the Board of Directors	Number of RSUs held by the Executive Management	Number of RSUs held by employees	Number of RSUs held by former members of the Executive Management, Board of Directors and employees	Total RSUs
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

Outstanding at January 1, 2020	19,953	72,865	208,859	6,230	307,907
Granted*	2,929	9,032	34,431	130	46,522
Settled	(6,470)	(12,253)	(22,196)	(5,936)	(46,855)
Transferred	(2,822)	(2,334)	(22,762)	27,918	-
Cancelled	(1,025)	(1,128)	(958)	(10,535)	(13,646)

Outstanding at December 31, 2020	12,565	66,182	197,374	17,807	293,928

* 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 compensation of Executive Management and the Board of Directors.

The weighted average fair value of RSUs granted was DKK 1,927.83, DKK 1,511.70 and DKK 1,033.95 in 2020, 2019 and 2018, respectively.

WARRANT PROGRAM

Genmab A/S has established a warrant program (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 Genmab’s Remuneration Policy adopted at the Annual General Meeting.

Under the terms of the warrant program, warrants are granted at an exercise price equal to the share price on the grant date. According to the warrant program, 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 program contains 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 program, 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 program 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 program are identical.

WARRANT ACTIVITY IN 2020, 2019 AND 2018


	Number of warrants held by the Board of Directors	Number of warrants held by the Executive Management	Number of warrants held by employees	Number of warrants held by former members of the Executive Management, Board of Directors and employees	Total warrants	Weighted average exercise price

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

Outstanding at January 1, 2020	62,334	347,801	858,973	144,516	1,413,624	862.03
Granted*	-	7,771	110,041	416	118,228	2,009.79
Exercised	(24,438)	-	(122,015)	(324,793)	(471,246)	296.77
Expired	-	-	-	-	-	-
Cancelled	-	(28,424)	(589)	(43,125)	(72,138)	1,157.54
Transfers	(25,955)	(186,333)	(113,833)	326,121	-	-

Outstanding at December 31, 2020	11,941	140,815	732,577	103,135	988,468	1,247.22


Exercisable at year end	4,192	83,426	166,402	92,696	346,716	935.60
Exercisable warrants in the money at year end	4,192	83,426	166,402	92,696	346,716	935.60

* 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 compensation of Executive Management and the Board of Directors.

The number of outstanding warrants as a percentage of share capital at period end 2020, 2019 and 2018 was 2%, respectively. For exercised warrants in 2020, the weighted average share price at the exercise date amounted to DKK 2,035.29, compared to DKK 1,267.92 in 2019 and DKK 1,206.11 in 2018.

Weighted Average Outstanding Warrants at December 31, 2020


Exercise price	Grant Date	Number of warrants outstanding	Weighted average remaining contractual life (in years)	Number of warrants exercisable
DKK
31.75	October 14, 2011	1,260	0.79	1,260
40.41	June 22, 2011	24,290	0.48	24,290
55.85	April 6, 2011	125	0.27	125
220.40	October 15, 2014	1,045	0.79	1,045
225.30	June 12, 2014	2,440	0.45	2,440
337.40	December 15, 2014	20,287	0.96	20,287
466.20	March 26, 2015	4,150	1.24	4,150
623.50	June 11, 2015	850	1.45	850
636.50	October 7, 2015	12,950	1.77	12,950
815.50	March 17, 2016	7,042	2.21	7,042
939.50	December 10, 2015	44,675	1.94	44,675
962.00	June 7, 2018	14,355	4.44	-
1,025.00	December 10, 2018	182,352	4.94	-
1,032.00	December 15, 2017	111,144	3.96	111,144
1,050.00	September 21, 2018	26,497	4.73	-
1,136.00	October 6, 2016	11,761	2.77	11,761
1,145.00	December 15, 2016	63,410	2.96	63,410
1,147.50	June 6, 2019	19,290	5.43	-
1,155.00	March 29, 2019	7,959	5.25	-
1,161.00	March 1, 2019	19,528	5.17	-
1,210.00	April 10, 2018	14,138	4.28	-
1,233.00	June 9, 2016	10,870	2.44	10,870
1,334.50	October 11, 2019	54,096	5.78	-
1,362.50	March 26, 2020	33,573	6.24	-
1,402.00	March 28, 2017	7,335	3.24	7,335
1,408.00	June 8, 2017	1,641	3.44	1,641
1,424.00	February 10, 2017	1,427	3.11	1,053
1,427.00	March 29, 2017	8,400	3.25	8,400
1,432.00	October 5, 2017	11,988	3.76	11,988
1,615.00	December 5, 2019	185,403	5.93	-
1,948.00	June 3, 2020	15,582	6.43	-
2,317.00	October 7, 2020	43,641	6.77	-
2,381.00	December 15, 2020	24,964	6.96	-

1,247.22		988,468	4.60	346,716

Weighted Average Outstanding Warrants at December 31, 2019


Exercise price	Grant Date	Number of warrants outstanding	Weighted average remaining contractual life (in years)	Number of warrants 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

4.7 – Share Capital

SHARE CAPITAL

The share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.

On December 31, 2020, the share capital of Genmab A/S comprised 65,545,748 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 A/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, in connection with Genmab A/S’ initial public offering of American Depositary Shares (ADSs) in the United States and the listing of the ADSs on the Nasdaq Global Select Market, 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 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 Annual 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, 2020, a total of 346,337 warrants have been issued and a total of 17,759 warrants have been reissued under the March 28, 2017 authorization, and a total of 384,081 warrants have been issued and a total of 9,734 warrants have been reissued under the March 29, 2019 authorization. A total of 269,582 warrants remain available for issue and a total of 51,938 warrants remain available for reissue as of December 31, 2020.

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 2018 TO 2020

The share capital of DKK 66 million at December 31, 2020 is divided into 65,545,748 shares at a nominal value of DKK 1 each.


	Number of shares	Share capital
		(DKK million)

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

Exercise of warrants	471,246	0.4

December 31, 2020	65,545,748	65.5

During 2020, 471,246 new shares were subscribed at a price of DKK 31.75 to DKK 1,432.00 in connection with the exercise of warrants under Genmab’s warrant program.

On July 22, 2019, gross proceeds from the issuance of new shares amounted to USD 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 USD 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.

TREASURY SHARES


	Number of shares	Share capital	Proportion of share capital	Cost
		(DKK million)	%	(DKK million)


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

Shares used for funding RSU program	(31,815)	(0.1)	(0.1)	(50)

Shareholding at December 31, 2020	132,106	0.1	0.2	142

Genmab has two authorizations to repurchase shares as of December 31, 2020. 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 inter alia 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. Treasury shares are presented within Retained earnings as of December 31, 2020, 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 2020 or 2019.

As of December 31, 2020, 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, 2020.

Other Disclosures

12 Months Ended

Dec. 31, 2020

Other Disclosures

Other Disclosures

Section 5 – Other Disclosures

This section is comprised of various statutory disclosures or notes that are of secondary importance for the understanding of Genmab’s financials.

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:


(DKK million)	2020	2019	2018


Wages and salaries	48	42	34
Share-based compensation expenses	43	38	32
Defined contribution plans	2	1	1

Total	93	81	67

The remuneration packages for the Board of Directors and Executive Management are described in further detail in Genmab’s 2020 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board of Directors performs an annual review of the remuneration packages. All incentive and variable remuneration is 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


	Base board fee	Committee fees	Shared-based compensation expenses	2020	Base board fee	Committee fees	Shared-based compensation expenses	2019	Base board fee	Committee fees	Shared-based compensation expenses	2018
(DKK million)

Deirdre P. Connelly	1.1	0.5	0.7	2.3	0.8	0.5	0.9	2.2	0.7	0.3	0.7	1.7
Pernille Erenbjerg	0.7	0.4	0.4	1.5	0.4	0.3	0.4	1.1	0.4	0.3	0.5	1.2
Mats Pettersson*	0.3	0.1	1.6	2.0	1.2	0.2	0.8	2.2	1.2	0.3	0.9	2.4
Anders Gersel Pedersen	0.4	0.4	0.5	1.3	0.4	0.4	0.6	1.4	0.5	0.3	0.6	1.4
Paolo Paoletti	0.4	0.3	0.4	1.1	0.4	0.3	0.4	1.1	0.4	0.2	0.5	1.1
Rolf Hoffmann	0.4	0.3	0.5	1.2	0.4	0.3	0.8	1.5	0.4	0.3	0.7	1.4
Jonathan Peacock**	0.3	0.3	0.4	1.0	-	-	-	-	-	-	-	-
Peter Storm Kristensen*****	0.4	-	0.4	0.8	0.4	-	0.4	0.8	0.4	-	0.3	0.7
Rick Hibbert****	-	-	-	-	0.1	-	0.4	0.5	0.4	-	0.3	0.7
Rima Bawarshi Nassar***	0.1	-	-	0.1	-	-	-	-	-	-	-	-
Mijke Zachariasse*****	0.4	-	0.1	0.5	0.3	-	-	0.3	-	-	-	-
Daniel J. Bruno***	0.3	-	(0.4)	(0.1)	0.4	-	0.4	0.8	0.4	-	0.3	0.7

Total	4.8	2.3	4.6	11.7	4.8	2.0	5.1	11.9	4.8	1.7	4.8	11.3

* Stepped down from the Board of Directors at the Annual General Meeting in March 2020. ** Elected to the Board of Directors at the Annual General Meeting in March 2020.*** Daniel J. Bruno stepped down from the Board of Directors and Rima Bawarshi Nassar replaced Daniel J. Bruno on the Board of Directors as an employee elected board member during August 2020.

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

***** Employee elected board member

Please refer to the section “Board of Directors” in Management’s Review for additional information regarding the Board of Directors.

REMUNERATION TO THE EXECUTIVE MANAGEMENT


	2020
	Base Salary	Defined Contribution Plans	Other Benefits	Annual Cash Bonus	Share-Based Compensation Expenses	Total
(DKK million)

Jan van de Winkel	7.3	1.0	1.0	8.4	19.6	37.3
Anthony Pagano*	3.0	0.1	-	2.3	5.2	10.6
Anthony Mancini**	3.1	0.1	3.3	2.0	3.1	11.6
Judith Klimovsky	4.0	0.1	0.1	3.0	12.7	19.9
David A. Eatwell*	0.9	0.1	2.5	-	(2.3)	1.2

Total	18.3	1.4	6.9	15.7	38.3	80.6

* David A. Eatwell stepped down as CFO on February 29, 2020, and Anthony Pagano was appointed Chief Financial Officer and member of the Executive Management on March 1, 2020.

** Appointed Chief Operating Officer and member of the Executive Management in March 2020.


	2019
	Base Salary	Defined Contribution Plans	Other Benefits	Annual Cash Bonus	Share-Based Compensation Expenses	Total
(DKK million)

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
	Base Salary	Defined Contribution Plans	Other Benefits	Annual Cash Bonus	Share-Based Compensation Expenses	Total
(DKK million)

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

Please refer to the section “Senior Leadership” in Management’s Review 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/her existing salary for one or two years after the end of the one year notice period. However, in the event of termination by Genmab (unless for cause) or by 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. 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 be approximately DKK 52 million as of December 31, 2020 (2019: DKK 46 million, 2018: DKK 42 million).

Please refer to note 5.5 for additional information regarding the potential impact in the event of change of control of Genmab.

5.2 – Related Party Disclosures

Genmab’s related parties are the parent company’s subsidiaries, 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 2020, 2019 and 2018.

5.3 – Company Overview

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


Name	Domicile	Ownership and votes 2020	Ownership and votes 2019
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%	100%

5.4 – Commitments

GUARANTEES AND COLLATERALS

There were no bank guarantees as of December 31, 2020 or 2019.

OTHER PURCHASE OBLIGATIONS

Genmab has entered into a number of agreements primarily related to research and development activities. These short term contractual obligations amounted to DKK 1,074 million as of December 31, 2020, all of which is due in less than two years (2019: DKK 564 million).

Genmab also has certain contingent commitments under license and collaboration agreements that may become due for future payments. As of December 31, 2020, these contingent commitments amounted to approximately DKK 14,638 million (USD 2,418 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 9,520 million (USD 1,426 million) as of December 31, 2019. 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 Genmab the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement.

5.5 – Contingent Assets And Contingent Liabilities

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 or sales are generated, 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 (2019: DKK 50 million). As of December 31, 2020 and 2019, Genmab has not been required to post any collateral. There were no outstanding receivables related to derivative financial instruments as of December 31, 2020 or 2019.

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 (2019: 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 – Janssen Binding Arbitration

In September 2020, Genmab commenced binding arbitration of two matters arising under its license agreement with Janssen Biotech, Inc. (Janssen) relating to daratumumab. Under the license agreement, Genmab is, among other things, entitled to royalties from Janssen on sales of daratumumab (marketed as DARZALEX® for intravenous administration and for subcutaneous administration as DARZALEX FASPRO® in the U.S. and DARZALEX® SC in Europe). The arbitration first is to settle whether Genmab is required to share in Janssen’s royalty payments to Halozyme Therapeutics, Inc. for the Halozyme enzyme technology used in the subcutaneous formulation of daratumumab. The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of subcutaneous daratumumab sales. 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 beginning in the second quarter of 2020 and has continued to do so through December 31, 2020. The arbitration is also to settle whether Janssen’s obligation to pay royalties on sales of licensed product extends, in each applicable country, until the expiration or invalidation of the last-to-expire relevant Genmab-owned patent or the last-to-expire relevant Janssen-owned patent covering the product, as further defined and described in the license agreement.

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

Genmab has entered into collaboration, development and license agreements with external parties, which may be subject to renegotiation in case of a change of control event as specified in the individual agreements. 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 105 million as of December 31, 2020 (2019: DKK 106 million).

In addition, Genmab has entered into service agreements with 18 (2019: 22) 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 18 service agreements the total impact on Genmab’s consolidated financial position is estimated to approximately DKK 57 million as of December 31, 2020 (2019: DKK 75 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.

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 consolidated financial statements, but are disclosed in the notes.

5.6 – Fees to Auditors Appointed at the Annual General Meeting


(DKK million)	2020	2019	2018


PricewaterhouseCoopers
Audit services	4.9	1.9	1.1
Audit-related services	1.0	2.3	0.1
Tax and VAT services	0.3	0.5	0.4
Other services	-	2.4	0.1

Total	6.2	7.1	1.7

Fees for other services than statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab amounted to DKK 1.3 million in 2020 (DKK 5.2 million and DKK 0.6 million in 2019 and 2018). These services primarily include tax and VAT compliance, agreed-upon procedures, opinions relating to grants, educational training and accounting advice. The increase in fees from 2018 to 2019 was driven by additional services relating to Genmab’s IPO on the Nasdaq in the U.S.

5.7 – Adjustments to Cash Flow Statements


(DKK million)	Note	2020	2019	2018


Adjustments for non-cash transactions:
Depreciation, amortization and impairment	3.1, 3.2, 3.3	259	139	88
Share-based compensation expenses	2.3, 4.6	200	147	91
Other		-	5	-

Total adjustments for non-cash transactions		459	291	179

Change in operating assets and liabilities:
Receivables		306	(1,658)	(768)
Deferred revenue		513	-	-
Other payables		168	440	134

Total change in operating assets and liabilities		987	(1,218)	(634)

5.8 – Collaborations and Technology Licenses

Collaborations

Genmab enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercialization of our product candidates and to supplement our internal pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab’s collaborations that have had a significant impact or are expected in the near term have a significant impact on financial results.

Janssen (Daratumumab/DARZALEX®)

In 2012, Genmab, entered into a global license, development, and commercialization agreement with Janssen for daratumumab (marketed as DARZALEX® for the treatment of multiple myeloma indications). Under this agreement, Janssen is fully responsible for developing and commercializing daratumumab and all costs associated therewith. Genmab receives 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. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.

In September 2020, Genmab commenced binding arbitration of two matters arising under its license agreement with Janssen relating to daratumumab. Under the license agreement, Genmab is, among other things, entitled to royalties from Janssen on sales of daratumumab (marketed as DARZALEX® for intravenous administration and for subcutaneous administration as DARZALEX FASPRO® in the U.S. and DARZALEX® SC in Europe). The arbitration first is to settle whether Genmab is required to share in Janssen’s royalty payments to Halozyme Therapeutics, Inc. for the Halozyme enzyme technology used in the subcutaneous formulation of daratumumab. The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of subcutaneous daratumumab sales. 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 beginning in the second quarter of 2020 and has continued to do so. The arbitration is also to settle whether Janssen’s obligation to pay royalties on sales of licensed product extends, in each applicable country, until the expiration or invalidation of the last-to-expire relevant Genmab-owned patent or the last-to-expire relevant Janssen-owned patent covering the product, as further defined and described in the license agreement.

Novartis (Ofatumumab)

Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatumumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatumumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment of net sales for non-cancer treatments. In 2020 subcutaneous ofatumumab was approved by the U.S. FDA, as Kesimpta®, for the treatment of RMS in adults. Ofatumumab was also previously approved as Arzerra® for certain CLL indications. In 2019, the marketing authorization for Arzerra® was withdrawn in the EU and several other territories. In August 2020, Genmab announced that Novartis planned to transition Arzerra® to an oncology access program for CLL patients in the U.S. Genmab recognized USD 30 million lump sum from Novartis as payment for lost potential royalties. Ofatumumab is no longer in development for CLL.

Roche (Teprotumumab)

In May 2001, Genmab entered a collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded, and Roche made an equity investment in Genmab. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products and, in certain circumstances, Genmab could obtain rights to develop products based on disease targets identified by Roche. Teprotumumab was created by Genmab under the collaboration with Roche and development and commercialization of the product, approved in 2020 by the U.S. FDA, as TEPEZZA®, for the treatment of thyroid eye disease, is now being conducted by Horizon Therapeutics under a license from Roche. Under the terms of Genmab’s agreement with Roche, Genmab will receive mid-single digit royalties on sales of TEPEZZA®.

Seagen (Tisotumab vedotin)

In September 2010, Genmab and Seagen entered into an ADC collaboration, and a commercial license and collaboration agreement was executed in October 2011. Under the agreement, Genmab was granted rights to utilize Seagen’s ADC technology with its human monoclonal TF antibody. Seagen was granted rights to exercise a co-development and co-commercialization option at the end of Phase I clinical development for tisotumab vedotin. In August 2017, Seagen exercised its option to co-develop and co-commercialize tisotumab vedotin with Genmab. Under the agreement, Seagen and Genmab will each be responsible for leading tisotumab vedotin commercialization activities in certain territories. In October 2020, Genmab and Seagen entered into a joint commercialization agreement. Genmab will co-promote tisotumab vedotin in the U.S., and we will lead commercial operational activities and book sales in Japan, while Seagen will lead operational commercial activities in the U.S., Europe and China with a 50:50 cost and profit split in those markets. In any other markets, Seagen will be responsible for commercializing tisotumab vedotin and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.

AbbVie

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.

BioNTech

In May 2015, Genmab entered an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab’s DuoBody® technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodulatory targets, while Genmab provides proprietary antibodies and access to its DuoBody® technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the 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. Genmab and BioNTech have selected two product candidates for clinical development, DuoBody-CD40x4‑1BB (GEN1042) and DuoBody-PD-L1x4‑1BB (GEN1046), both of which are now in clinical trials.

Janssen (DuoBody®)

In July 2012, Genmab entered into a collaboration with Janssen to create and develop bispecific antibodies using our DuoBody® platform. Under this original agreement, Janssen had the right to use the DuoBody® technology to create panels of bispecific antibodies (up to 10 DuoBody® programs) to multiple disease target combinations. Genmab received an upfront payment of USD 3.5 million from Janssen and will potentially be entitled to milestone and license payments of up to approximately USD 175 million, as well as royalties for each commercialized DuoBody® product.

Under the terms of a December 2013 amendment, Janssen was entitled to work on up to 10 additional programs. Genmab received an initial payment of USD 2 million from Janssen. Under the terms of the original agreement, for each of the additional programs that Janssen successfully initiates, develops and commercializes, Genmab will potentially be entitled to receive average milestone and license payments of approximately USD 191 million. In addition, Genmab will be entitled to royalties on sales of any commercialized products. All research work is funded by Janssen.

Janssen had exercised 14 licenses under this collaboration, not all of which are active, and no further options remain for use by Janssen. As of December 31, 2020, seven DuoBody® product candidates created under this collaboration were in the clinic. One of these, amivantamab, is the first product candidate created using the DuoBody® technology platform to be submitted for regulatory approval.

Immatics

In July 2018, Genmab entered into a research collaboration and exclusive license agreement with 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 USD 54 million and Immatics is eligible to receive up to USD 550 million in development, regulatory and commercial milestone payments for each product, as well as tiered royalties on net sales.

CureVac
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 USD 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 USD 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 USD 275 million and USD 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 predefined terms and conditions. Further, Genmab made a EUR 20 million equity investment in CureVac.

5.9 – Subsequent Events

No events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2020.

Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2020

Basis of Presentation

Nature of Business and Accounting Policies

1.1 – Nature of the Business and Accounting Policies

Please refer to the overview below to see in which note/section the detailed accounting policy is included.


Section 2 – Results for the Year	3.5 Receivables
2.1 Revenue	3.6 Provisions
2.2 Information about Geographical Areas	3.8 Other Payables
2.3 Staff Costs	Section 4 – Capital Structure, Financial Risk and Related Items
2.4 Corporate and Deferred Tax	4.3 Financial Assets and Liabilities
2.5 Result per Share	4.4 Marketable Securities
Section 3 – Operating Assets and Liabilities	4.5 Financial Income and Expenses
3.1 Intangible Assets	Section 5 – Other Disclosures
3.2 Property, Plant and Equipment	5.5 Contingent Assets, Contingent Liabilities and Subsequent Events
3.3 Leases
3.4 Other Investments

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 income or expense.

Classification of Operating Expenses in the Income Statement

Research and Development Expense

General and Administrative Expense

Statements of Cash Flows

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

Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of three months or less on the date of acquisition.

The statements of cash flows cannot be derived solely from the financial statements.

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).

Genmab had no material hedge transactions in 2020, 2019, or 2018.

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.

Research Collaborations, License Agreements and Collaborative Agreements

Research Collaborations and License Agreements

Joint Collaborative Agreements

Refer to note 2.1 for additional information related to revenue from the AbbVie collaboration.

Refer to note 5.8 for detailed information regarding Genmab’s Research Collaborations, License Agreements and Collaborative Agreements.

New Accounting Policies and Disclosures

1.2 New Accounting Policies and Disclosures

NEW ACCOUNTING POLICIES AND DISCLOSURES FOR 2020

Genmab has, with effect from January 1, 2020, implemented the following standards and amendments:

Definition of Material – Amendments to IAS 1 and IAS 8

Definition of a Business – Amendments to IFRS 3

Interest Rate Benchmark Reform – Amendments to IFRS 9, IAS 39 and IFRS 7.

Revised Conceptual Framework for Financial Reporting

The implementation of the above amendments did not have any impact on amounts recognized in prior periods and is not expected to have a material impact in the current or future reporting periods.

NEW ACCOUNTING POLICIES AND DISCLOSURES EFFECTIVE IN 2021 OR LATER

Management's Judgments and Estimates under IFRS

1.3 Management’s Judgements and Estimates under IFRS


Accounting Policy	Key Accounting Estimates and Judgements	Note Reference	Estimation Risk
Revenue Recognition	Judgement in assessing the nature of combined performance obligations within contracts Estimation of partner net sales amounts in the calculation of royalties Judgement in assessing the probability of attainment of milestones	Note 2.1	Moderate / High
Share Based Compensation	Judgement in selecting assumptions required for valuation of Warrant grants	Note 2.3	Moderate
Current and deferred income taxes	Judgement and estimate regarding valuation of deferred income tax assets Estimation in developing the provision for any uncertain tax positions	Note 2.4	Moderate
Intangible assets	Estimation of useful lives of intangible assets Judgement in determining impairment of an intangible asset	Note 3.1	Moderate / low
Capitalization of research and development costs	Judgement involved in determining when a development project reached technological feasibility	Note 3.1	Low

Results for the Year (Tables)

12 Months Ended

Dec. 31, 2020

Results for the Year

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


(DKK million)	2020	2019	2018

Revenue:
Royalties	4,741	3,155	1,741
Reimbursement revenue	431	342	249
Milestone revenue	351	1,869	687
License revenue	4,588	-	348

Total	10,111	5,366	3,025

Revenue split by collaboration partner:
Janssen	4,693	4,983	2,390
AbbVie	4,398	-	-
Roche	305	7	-
BioNTech	230	115	83
Novartis	212	23	338
Seagen	201	226	162
Other collaboration partners	72	12	52

Total	10,111	5,366	3,025

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


	Revenue	Non-current assets	Revenue	Non-current assets	Revenue	Non-current assets

(DKK million)	2020		2019		2018


Denmark	10,111	344	5,366	475	3,025	459
Netherlands	-	380	-	336	-	171
USA	-	370	-	84	-	12
Japan	-	-	-	-	-	-

Total	10,111	1,094	5,366	895	3,025	642

Schedule of staff cost



	2020	2019	2018
(DKK million)

Wages and salaries	694	489	308
Share-based compensation	200	147	91
Defined contribution plans	51	39	24
Other social security costs	108	72	23
Government grants	(119)	(96)	(86)

Total	934	651	360

Staff costs are included in the income statement as follows:
Research and development expenses	803	572	324
General and administrative expenses	250	175	122
Government grants related to research and development expenses	(119)	(96)	(86)

Total	934	651	360

Average number of FTE	656	471	313
Number of FTE at year-end	781	548	377

Fair value of each warrant granted


Weighted average	2020	2019	2018
Fair value per warrant on grant date	631.51	425.80	368.61
Share price	2,009.79	1,483.58	1,034.66
Exercise price	2,009.79	1,483.58	1,034.66
Expected dividend yield	0%	0%	0%
Expected stock price volatility	37.0%	34.2%	41.7%
Risk-free interest rate	-0.01%	-0.56%	-0.01%
Expected life of warrants	5 years	5 years	5 years

Schedule of reconciliation of effective tax rate



	2020	2019	2018
(DKK million)


Current tax on result	1,191	444	161
Adjustment to deferred tax	(112)	294	458
Adjustment to valuation allowance	67	(45)	(479)

Total tax for the period in the income statement	1,146	693	140


	2020	2019	2018
(DKK million)

Net result before tax	5,904	2,859	1,612

Tax at the Danish corporation tax rate of 22% for all periods	1,299	629	355

Tax effect of:
Adjustment to valuation allowance	67	-	-
Recognition of previously unrecognized tax losses and deductible temporary differences	(222)	(19)	(267)
Non-deductible expenses/non-taxable income and other permanent differences, net	(5)	75	53
All other	7	8	(1)

Total tax effect	(153)	64	(215)

Total tax for the period in the income statement	1,146	693	140

Total tax for the period in shareholders' equity	(44)	(24)	(89)

Effective Tax Rate	19.4%	24.2%	8.7%

Schedule of components of the deferred tax asset


	2020	2019
(DKK million)

Tax deductible losses	333	359
Share-based instruments	236	130
Deferred revenue	113	-
Other temporary differences	10	1

Total	692	490

Valuation allowance	(515)	(351)

Total deferred tax assets	177	139

Schedule of Result Per Share


(DKK million)	2020	2019	2018

Net result	4,758	2,166	1,472

(Shares)

Average number of shares outstanding	65,315,975	63,126,771	61,383,972
Average number of treasury shares	(136,969)	(163,958)	(116,466)

Average number of shares excl. treasury shares	65,179,006	62,962,813	61,267,506
Average number of share-based instruments, dilution	706,869	674,030	777,491

Average number of shares, diluted	65,885,875	63,636,843	62,044,997



Basic net result per share	73.00	34.40	24.03
Diluted net result per share	72.21	34.03	23.73

Operating Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

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

Schedule of property, plant and equipment


2020	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property, plant and equipment
(DKK million)

Cost per January 1	98	279	49	426
Additions for the year	8	74	225	307
Transfers between the classes	181	68	(249)	-
Disposals for the year	-	(2)	(5)	(7)
Exchange rate adjustment	-	(3)	(6)	(9)

Cost at December 31	287	416	14	717

Accumulated depreciation and impairment at January 1	(14)	(175)	-	(189)
Depreciation for the year	(25)	(47)	-	(72)
Impairment for the year	(4)	(3)	-	(7)
Disposals for the year	-	-	-	-
Exchange rate adjustment	-	1	-	1
Accumulated depreciation on disposals	-	3	-	3
Accumulated depreciation and impairment at December 31	(43)	(221)	-	(264)
				.
Carrying amount at December 31	244	195	14	453


2019	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property, plant and equipment
(DKK million)

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)
Impairment for the year	-	-	-	-
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


		2020	2019	2018
(DKK million)
Depreciation and impairments are included in the income statement as follows:
Research and development expenses		69	37	26
General and administrative expenses		10	3	2

Total		79	40	28

Schedule of straight-line basis o useful lives


Equipment, furniture and fixtures	3‑5 years
Computer equipment	3 years
Leasehold improvements	15 years or the lease term, if shorter

Summary of balance sheet amounts relating to leases


	December 31,	December 31,
(DKK million)	2020	2019


Right-of-use assets
Properties	280	173
Equipment	3	4

Total right-of-use assets	283	177

Lease liabilities
Current	42	26
Non-current	277	155

Total lease liabilities	319	181

Summary of statement of comprehensive income amounts relating to leases


	December 31,	December 31,	December 31,
(DKK million)	2020	2019	2018


Depreciation charge of right-of-use assets
Properties	35	27	-
Equipment	1	1	-

Total depreciation charge of right-of-use assets	36	28	-


Interest expense	9	7	-
Expense relating to short-term leases	3	6	-

Schedule of future minimum payments under our leases


(DKK million)	2020	2019	2018

Payment due
Less than 1 year	53	32	31
1 to 3 years	85	64	65
More than 3 years but less than 5 years	62	27	45
More than 5 years	194	93	106

Total	394	216	247

Schedules of Receivables


	2020	2019
(DKK million)
Receivables related to collaboration agreements	2,176	2,849
Interest receivables	55	34
Other receivables	98	56
Prepayments	154	62
Total	2,483	3,001

Non-current receivables	20	11
Current receivables	2,463	2,990

Total	2,483	3,001

Schedule of provisions


(DKK million)	2020	2019

Provisions per January 1	2	1
Additions during the year	2	1
Used during the year	-	-
Released during the year	-	-

Total at December 31	4	2

Non-current provisions	4	2
Current provisions	-	-

Total at December 31	4	2

Schedule of deferred revenue


(DKK million)	2020	2019

Deferred revenue at January 1	-	-
Payment received	4,911	-
Revenue recognized during the year	(4,398)	-

Total at December 31	513	-

Non-current deferred revenue	487	-
Current deferred revenue	26	-

Total at December 31	513	-

Schedule of other payables


(DKK million)	2020	2019


Liabilities related to collaboration agreements	15	8
Staff cost liabilities	134	48
Other liabilities	892	715
Accounts payable	145	69

Total at December 31	1,186	840

Non-current other payables	1	1
Current other payables	1,185	839

Total at December 31	1,186	840

Intangible assets other than goodwill [Member]

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

Schedule of Intangible Assets


2020			Licenses, Rights, and Patents
(DKK million)

Cost per January 1			897
Additions for the year			-
Disposals for the year			(5)
Exchange rate adjustment			(1)

Cost at December 31			891

Accumulated amortization and impairment per January 1			(427)
Amortization for the year			(109)
Impairment for the year			(22)
Disposals for the year			5
Exchange rate adjustment			-

Accumulated amortization and impairment per December 31			(553)

Carrying amount of Intangible Assets at December 31			338

2019			Licenses, Rights, and Patents
(DKK million)

Cost per January 1			798
Additions for the year			99
Disposals for the year			-
Exchange rate adjustment			-

Cost at December 31			897

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

Accumulated amortization and impairment per December 31			(427)

Carrying amount of Intangible Assets at December 31			470

(DKK million)	2020	2019	2018
Amortization and impairments are included in the income statement as follows:
Research and development expenses	131	99	60

Total	131	99	60

Capital Structure, Financial Risk and Related Items (Tables)

12 Months Ended

Dec. 31, 2020

Capital Structure, Financial Risk and Related Items

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


	Percentage change	Impact of change
(DKK million)	in exchange rate*	in exchange rate**
2020
EUR	1%	8
USD	10%	1,480
GBP	10%	1
2019
EUR	1%	10
USD	10%	1,053
GBP	10%	-

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

Schedule of maturity profile of our marketable securities


(DKK million)	2020	2019

Year of Maturity
2020	-	3,891
2021	6,195	2,190
2022	1,296	493
2023	314	102
2024	98	-
2025+	916	743
Total	8,819	7,419

Schedule of Financial Assets and Liabilities



(DKK million)	Note	2020	2019
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	8,819	7,419
Other investments	3.4	1,081	149
Financial assets measured at amortized cost
Receivables excluding prepayments	3.5	2,329	2,939
Cash and cash equivalents		7,260	3,552
Financial liabilities measured at amortized cost:
Other payables	3.8	(1,186)	(840)
Lease liabilities	3.3	(319)	(181)


		2020				2019
(DKK million)	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets Measured at Fair Value
Marketable securities	4.4	8,819	-	-	8,819	7,419	-	-	7,419
Other investments	3.4	1,067	-	14	1,081	-	-	149	149

Schedule of level 3 reconciliation of assets



(DKK million)	Other Investments
Fair value at January 1, 2020	149
Transfer to Level 1	(149)
Acquisitions	14
Fair value at December 31, 2020	14

Schedule of marketable securities


(DKK million)	2020	2019


Cost at January 1	7,380	5,494
Additions for the year	12,414	5,812
Disposals for the year	(10,435)	(3,926)

Cost at December 31	9,359	7,380


Fair value adjustment at January 1	39	79
Fair value adjustment for the year	(579)	(40)

Fair value adjustment at December 31	(540)	39

Net book value at December 31	8,819	7,419

Net book value in percentage of cost	94%	101%

Schedule of portfolio of marketable securities


	Market value	Average effective	Share	Market value	Average effective	Share
	2020	duration	%	2019	duration	%
(DKK million)

Kingdom of Denmark bonds and treasury bills	462	1.65	5%	462	1.84	6%
Danish mortgage-backed securities	1,230	2.01	14%	1,227	2.33	17%

DKK portfolio	1,692	1.91	19%	1,689	2.20	23%

EUR portfolio
European government bonds and treasury bills	863	1.54	10%	873	1.33	12%
USD portfolio
US government bonds and treasury bills	6,193	0.41	70%	4,778	0.63	64%
GBP portfolio
UK government bonds and treasury bills	71	0.43	1%	79	0.55	1%

Total portfolio	8,819	0.81	100%	7,419	1.07	100%

Marketable securities	8,819			7,419

Schedule of finance income and expenses


(DKK million)	2020	2019	2018
Financial income:
Interest and other financial income	184	120	63
Realized and unrealized gains on marketable securities (fair value through the income statement), net	-	9	-
Realized and unrealized gains on other investments, net	965	-	-
Realized and unrealized gains on fair value hedges, net	-	-	2
Realized and unrealized exchange rate gains, net	-	99	178

Total financial income	1,149	228	243


Financial expenses:
Interest and other financial expenses	(10)	(7)	-
Realized and unrealized losses on marketable securities (fair value through the income statement), net	(92)	-	(11)
Realized and unrealized exchange rate losses, net	(1,456)	-	-

Total financial expenses	(1,558)	(7)	(11)

Net financial items	(409)	221	232

Interest and other financial income on financial assets measured at amortized cost	7	22	8

Interest and other financial expenses on financial liabilities measured at amortized cost	(1)	-	-

Summary of RSUs activity


	Number of RSUs held by the Board of Directors	Number of RSUs held by the Executive Management	Number of RSUs held by employees	Number of RSUs held by former members of the Executive Management, Board of Directors and employees	Total RSUs
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

Outstanding at January 1, 2020	19,953	72,865	208,859	6,230	307,907
Granted*	2,929	9,032	34,431	130	46,522
Settled	(6,470)	(12,253)	(22,196)	(5,936)	(46,855)
Transferred	(2,822)	(2,334)	(22,762)	27,918	-
Cancelled	(1,025)	(1,128)	(958)	(10,535)	(13,646)

Outstanding at December 31, 2020	12,565	66,182	197,374	17,807	293,928

Summary of warrants activity


	Number of warrants held by the Board of Directors	Number of warrants held by the Executive Management	Number of warrants held by employees	Number of warrants held by former members of the Executive Management, Board of Directors and employees	Total warrants	Weighted average exercise price

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

Outstanding at January 1, 2020	62,334	347,801	858,973	144,516	1,413,624	862.03
Granted*	-	7,771	110,041	416	118,228	2,009.79
Exercised	(24,438)	-	(122,015)	(324,793)	(471,246)	296.77
Expired	-	-	-	-	-	-
Cancelled	-	(28,424)	(589)	(43,125)	(72,138)	1,157.54
Transfers	(25,955)	(186,333)	(113,833)	326,121	-	-

Outstanding at December 31, 2020	11,941	140,815	732,577	103,135	988,468	1,247.22


Exercisable at year end	4,192	83,426	166,402	92,696	346,716	935.60
Exercisable warrants in the money at year end	4,192	83,426	166,402	92,696	346,716	935.60

Schedule of Weighted Average Exercise Prices Of Warrants


Exercise price	Grant Date	Number of warrants outstanding	Weighted average remaining contractual life (in years)	Number of warrants exercisable
DKK
31.75	October 14, 2011	1,260	0.79	1,260
40.41	June 22, 2011	24,290	0.48	24,290
55.85	April 6, 2011	125	0.27	125
220.40	October 15, 2014	1,045	0.79	1,045
225.30	June 12, 2014	2,440	0.45	2,440
337.40	December 15, 2014	20,287	0.96	20,287
466.20	March 26, 2015	4,150	1.24	4,150
623.50	June 11, 2015	850	1.45	850
636.50	October 7, 2015	12,950	1.77	12,950
815.50	March 17, 2016	7,042	2.21	7,042
939.50	December 10, 2015	44,675	1.94	44,675
962.00	June 7, 2018	14,355	4.44	-
1,025.00	December 10, 2018	182,352	4.94	-
1,032.00	December 15, 2017	111,144	3.96	111,144
1,050.00	September 21, 2018	26,497	4.73	-
1,136.00	October 6, 2016	11,761	2.77	11,761
1,145.00	December 15, 2016	63,410	2.96	63,410
1,147.50	June 6, 2019	19,290	5.43	-
1,155.00	March 29, 2019	7,959	5.25	-
1,161.00	March 1, 2019	19,528	5.17	-
1,210.00	April 10, 2018	14,138	4.28	-
1,233.00	June 9, 2016	10,870	2.44	10,870
1,334.50	October 11, 2019	54,096	5.78	-
1,362.50	March 26, 2020	33,573	6.24	-
1,402.00	March 28, 2017	7,335	3.24	7,335
1,408.00	June 8, 2017	1,641	3.44	1,641
1,424.00	February 10, 2017	1,427	3.11	1,053
1,427.00	March 29, 2017	8,400	3.25	8,400
1,432.00	October 5, 2017	11,988	3.76	11,988
1,615.00	December 5, 2019	185,403	5.93	-
1,948.00	June 3, 2020	15,582	6.43	-
2,317.00	October 7, 2020	43,641	6.77	-
2,381.00	December 15, 2020	24,964	6.96	-

1,247.22		988,468	4.60	346,716


Exercise price	Grant Date	Number of warrants outstanding	Weighted average remaining contractual life (in years)	Number of warrants 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

Schedule of changes in share capital


	Number of shares	Share capital
		(DKK million)

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

Exercise of warrants	471,246	0.4

December 31, 2020	65,545,748	65.5

Schedule Of Treasury Shares


	Number of shares	Share capital	Proportion of share capital	Cost
		(DKK million)	%	(DKK million)


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

Shares used for funding RSU program	(31,815)	(0.1)	(0.1)	(50)

Shareholding at December 31, 2020	132,106	0.1	0.2	142

Other Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Other Disclosures

Summary of remuneration of the Board of Directors and Executive Management


(DKK million)	2020	2019	2018


Wages and salaries	48	42	34
Share-based compensation expenses	43	38	32
Defined contribution plans	2	1	1

Total	93	81	67

Schedule of Remuneration to the Board of Directors


	Base board fee	Committee fees	Shared-based compensation expenses	2020	Base board fee	Committee fees	Shared-based compensation expenses	2019	Base board fee	Committee fees	Shared-based compensation expenses	2018
(DKK million)

Deirdre P. Connelly	1.1	0.5	0.7	2.3	0.8	0.5	0.9	2.2	0.7	0.3	0.7	1.7
Pernille Erenbjerg	0.7	0.4	0.4	1.5	0.4	0.3	0.4	1.1	0.4	0.3	0.5	1.2
Mats Pettersson*	0.3	0.1	1.6	2.0	1.2	0.2	0.8	2.2	1.2	0.3	0.9	2.4
Anders Gersel Pedersen	0.4	0.4	0.5	1.3	0.4	0.4	0.6	1.4	0.5	0.3	0.6	1.4
Paolo Paoletti	0.4	0.3	0.4	1.1	0.4	0.3	0.4	1.1	0.4	0.2	0.5	1.1
Rolf Hoffmann	0.4	0.3	0.5	1.2	0.4	0.3	0.8	1.5	0.4	0.3	0.7	1.4
Jonathan Peacock**	0.3	0.3	0.4	1.0	-	-	-	-	-	-	-	-
Peter Storm Kristensen*****	0.4	-	0.4	0.8	0.4	-	0.4	0.8	0.4	-	0.3	0.7
Rick Hibbert****	-	-	-	-	0.1	-	0.4	0.5	0.4	-	0.3	0.7
Rima Bawarshi Nassar***	0.1	-	-	0.1	-	-	-	-	-	-	-	-
Mijke Zachariasse*****	0.4	-	0.1	0.5	0.3	-	-	0.3	-	-	-	-
Daniel J. Bruno***	0.3	-	(0.4)	(0.1)	0.4	-	0.4	0.8	0.4	-	0.3	0.7

Total	4.8	2.3	4.6	11.7	4.8	2.0	5.1	11.9	4.8	1.7	4.8	11.3

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

***** Employee elected board member

Schedule of executive compensation


	2020
	Base Salary	Defined Contribution Plans	Other Benefits	Annual Cash Bonus	Share-Based Compensation Expenses	Total
(DKK million)

Jan van de Winkel	7.3	1.0	1.0	8.4	19.6	37.3
Anthony Pagano*	3.0	0.1	-	2.3	5.2	10.6
Anthony Mancini**	3.1	0.1	3.3	2.0	3.1	11.6
Judith Klimovsky	4.0	0.1	0.1	3.0	12.7	19.9
David A. Eatwell*	0.9	0.1	2.5	-	(2.3)	1.2

Total	18.3	1.4	6.9	15.7	38.3	80.6

* David A. Eatwell stepped down as CFO on February 29, 2020, and Anthony Pagano was appointed Chief Financial Officer and member of the Executive Management on March 1, 2020.

** Appointed Chief Operating Officer and member of the Executive Management in March 2020.


	2019
	Base Salary	Defined Contribution Plans	Other Benefits	Annual Cash Bonus	Share-Based Compensation Expenses	Total
(DKK million)

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
	Base Salary	Defined Contribution Plans	Other Benefits	Annual Cash Bonus	Share-Based Compensation Expenses	Total
(DKK million)

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

Schedule of company overview


Name	Domicile	Ownership and votes 2020	Ownership and votes 2019
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%	100%

Summary of fees to auditors


(DKK million)	2020	2019	2018


PricewaterhouseCoopers
Audit services	4.9	1.9	1.1
Audit-related services	1.0	2.3	0.1
Tax and VAT services	0.3	0.5	0.4
Other services	-	2.4	0.1

Total	6.2	7.1	1.7

Summary of adjustments to cash flow statement


(DKK million)	Note	2020	2019	2018


Adjustments for non-cash transactions:
Depreciation, amortization and impairment	3.1, 3.2, 3.3	259	139	88
Share-based compensation expenses	2.3, 4.6	200	147	91
Other		-	5	-

Total adjustments for non-cash transactions		459	291	179

Change in operating assets and liabilities:
Receivables		306	(1,658)	(768)
Deferred revenue		513	-	-
Other payables		168	440	134

Total change in operating assets and liabilities		987	(1,218)	(634)

Results for the Year - Revenue (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Revenue	kr 10,111	kr 5,366	kr 3,025
Janssen
Revenue
Revenue	4,693	4,983	2,390
AbbVie
Revenue
Revenue	4,398
Roche
Revenue
Revenue	305	7
BioNTech
Revenue
Revenue	230	115	83
Novartis (Arzaerra/Ofatumumab)
Revenue
Revenue	212	23	338
Seagen
Revenue
Revenue	201	226	162
Other collaboration partners
Revenue
Revenue	72	12	52
Royalties
Revenue
Revenue	4,741	3,155	1,741
Milestone payments
Revenue
Revenue	431	342	249
License fees
Revenue
Revenue	351	kr 1,869	687
Reimbursement income
Revenue
Revenue	kr 4,588		kr 348

Results for the Year - AbbVie Collaboration Agreement (Details) - AbbVie kr in Millions, $ in Millions			1 Months Ended	12 Months Ended
	Jun. 10, 2020 USD ($) item	Jun. 10, 2020 DKK (kr) item	Jul. 31, 2020 USD ($)	Dec. 31, 2020 DKK (kr)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payment \| $	$ 750		$ 750
Number of performance obligations	4	4
Contract transaction price	$ 750	kr 4,911
Number of delivery license programs	3	3
Revenue from performance obligations satisfied or partially satisfied in previous periods \| kr				kr 0
Performance obligation Revenue recognition period	7 years	7 years		7 years
Performance obligations satisfied at point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract transaction price	$ 672	kr 4,398
Performance obligations satisfied over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract transaction price	$ 78	kr 513

Results for the Year - Geographical Areas (Details) kr in Millions	12 Months Ended
	Dec. 31, 2020 DKK (kr) item	Dec. 31, 2019 DKK (kr)	Dec. 31, 2018 DKK (kr)
Disclosure of geographical areas [line items]
Revenue	kr 10,111	kr 5,366	kr 3,025
Non-current assets	kr 1,094	895	642
Number of business unit \| item	1
DENMARK
Disclosure of geographical areas [line items]
Revenue	kr 10,111	5,366	3,025
Non-current assets	344	475	459
NETHERLANDS
Disclosure of geographical areas [line items]
Non-current assets	380	336	171
UNITED STATES
Disclosure of geographical areas [line items]
Non-current assets	kr 370	kr 84	kr 12

- 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Results for the Year
Wages and salaries	kr 694	kr 489	kr 308
Share-based compensation	200	147	91
Defined contribution plans	51	39	24
Other social security costs	108	72	23
Government grants	(119)	(96)	(86)
Total	934	651	360
Research and development expenses	803	572	324
General and administrative expenses	250	175	122
Government grants related to research and development expenses	(119)	(96)	(86)
Total	kr 934	kr 651	kr 360
Average number of FTE	656	471	313
Number of FTE at year-end	781	548	377
Remuneration to board of directors	kr 119	kr 96	kr 86

Results for the Year - Valuation Assumptions for Warrants Granted (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair value per warrant on grant date	kr 631.51	kr 425.80	kr 368.61
Share price	2,009.79	1,483.58	1,034.66
Exercise price	kr 2,009.79	kr 1,483.58	kr 1,034.66
Expected dividend yield	0.00%	0.00%	0.00%
Expected stock price volatility	37.00%	34.20%	41.70%
Risk-free interest rate	(0.01%)	(0.56%)	(0.01%)
Expected life of warrants	5 years	5 years	5 years
Fair value of warrants granted	kr 75	kr 131	kr 102
Fair value of RSU granted (in dollars per share)	kr 1,927.83	kr 1,511.70	kr 1,033.95
RSUs
Fair value of RSU granted (in dollars per share)	kr 1,927.83	kr 1,511.70	kr 1,033.95
Fair value of RSU granted	kr 90	kr 176	kr 106

Results for the Year - Corporate and Deferred Tax (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Results for the Year
Current tax on result	kr 1,191	kr 444	kr 161
Adjustment to deferred tax	(112)	294	458
Adjustment to valuation allowance	67	(45)	(479)
Total tax expense (income)	kr 1,146	kr 693	kr 140

- 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Results for the Year
Net result before tax	kr 5,904	kr 2,859	kr 1,612
Tax at the Danish corporation tax rate of 22% for all periods	1,299	629	355
Adjustment to valuation allowance	67
Recognition of previously unrecognized tax losses and deductible temporary differences	(222)	(19)	(267)
Non-deductible expenses/non-taxable income and other permanent differences, net	(5)	75	53
All other	7	8	(1)
Total tax effect	(153)	64	(215)
Total tax expense (income)	1,146	693	140
Total tax for the period in shareholders' equity	kr (44)	kr (24)	kr (89)
Effective Tax Rate	19.40%	24.20%	8.70%
Applicable tax rate	22.00%	22.00%	22.00%

Results for the Year - Deferred tax asset (Details) - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	kr 692	kr 490
Deferred tax assets	177	139
Tax deductible losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	333	359
Share-Based Instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	236	130
Deferred Revenue
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	113
Other temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Gross deferred tax asset	10	1
Valuation allowance
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	kr 515	kr 351

Results for the Year - Valuation Assumptions for Warrants Granted Narrative (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Results for the Year
Corporate tax	kr (1,146)	kr (693)	kr (140)
Adjustment to valuation allowance	67
Reversals of valuation allowances		29	268
Current tax benefit recorded directly in shareholders' equity	44	24	kr 89
Gross tax loss carry forwards	1,600	kr 1,600
Unused tax benefits	kr 950

- 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Results for the Year
Net result	kr 4,758	kr 2,166	kr 1,472
Average number of shares outstanding	65,315,975	63,126,771	61,383,972
Average number of treasury shares	(136,969)	(163,958)	(116,466)
Average number of shares excl. treasury shares	65,179,006	62,962,813	61,267,506
Average number of share-based instruments, dilution	706,869	674,030	777,491
Average number of shares, diluted	65,885,875	63,636,843	62,044,997
Basic net result per share	kr 73.00	kr 34.40	kr 24.03
Diluted net result per share	kr 72.21	kr 34.03	kr 23.73
Warrants excluded from calculation of diluted net result per share	68,605	299,573	177,369
Warrants vested excluded from calculation of diluted net result per share	0	744	64,703

Operating Assets and Liabilities - Intangible Assets (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Cost at beginning of period	kr 470
Cost at end of period	338	kr 470
Licenses, Rights and Patents
Intangible Assets
Cost at beginning of period	470
Cost at end of period	338	470
Licenses, Rights and Patents \| Cost
Intangible Assets
Cost at beginning of period	897	798
Additions for the year		99
Disposals for the year	(5)
Exchange rate adjustment	(1)
Cost at end of period	891	897
Licenses, Rights and Patents \| Accumulated amortization and impairment
Intangible Assets
Cost at beginning of period	(427)	(328)
Amortization for the year	(109)	(99)
Disposals for the year	5
Cost at end of period	(553)	kr (427)
Impairment loss on intangibles	kr (22)

Operating Assets and Liabilities - Accounting policies and management estimates (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Research and development expenses	kr 3,137	kr 2,386	kr 1,431
Carrying amount of intangible asset	kr 338	470
Actual useful life of intangibles	7 years
Licenses, Rights and Patents
Disclosure of detailed information about intangible assets [line items]
Carrying amount of intangible asset	kr 338	kr 470
Licenses, Rights and Patents \| Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life of intangibles	5 years
Licenses, 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, 2020	Dec. 31, 2019
Property, Plant and Equipment
Cost at beginning of period	kr 237
Cost at end of period	453	kr 237
Cost
Property, Plant and Equipment
Cost at beginning of period	426	313
Additions for the year	307	115
Disposals for the year	(7)	(2)
Exchange rate adjustment	(9)
Cost at end of period	717	426
Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(189)	(151)
Depreciation for the year	(72)	(40)
Impairment for the year	(7)
Accumulated depreciation on disposals	3	2
Exchange rate adjustment	1
Cost at end of period	(264)	(189)
Leasehold improvements
Property, Plant and Equipment
Cost at beginning of period	84
Cost at end of period	244	84
Leasehold improvements \| Cost
Property, Plant and Equipment
Cost at beginning of period	98	95
Additions for the year	8	3
Transfers between the classes	181
Cost at end of period	287	98
Leasehold improvements \| Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(14)	(8)
Depreciation for the year	(25)	(6)
Impairment for the year	(4)
Cost at end of period	(43)	(14)
Equipment, furniture and fixtures
Property, Plant and Equipment
Cost at beginning of period	104
Cost at end of period	195	104
Equipment, furniture and fixtures \| Cost
Property, Plant and Equipment
Cost at beginning of period	279	217
Additions for the year	74	64
Transfers between the classes	68
Disposals for the year	(2)	(2)
Exchange rate adjustment	(3)
Cost at end of period	416	279
Equipment, furniture and fixtures \| Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(175)	(143)
Depreciation for the year	(47)	(34)
Impairment for the year	(3)
Accumulated depreciation on disposals	3	2
Exchange rate adjustment	1
Cost at end of period	(221)	(175)
Assets under construction
Property, Plant and Equipment
Cost at beginning of period	49
Cost at end of period	14	49
Assets under construction \| Cost
Property, Plant and Equipment
Cost at beginning of period	49	1
Additions for the year	225	48
Transfers between the classes	(249)
Disposals for the year	(5)
Exchange rate adjustment	(6)
Cost at end of period	kr 14	kr 49

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Research and development expenses	kr 69	kr 37	kr 26
General and administrative expenses	10	3	2
Total	79	40	28
Intangible assets other than goodwill [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Research and development expenses	131	99	60
Total	kr 131	kr 99	kr 60

Operating Assets and Liabilities - Depreciation (Details)	12 Months Ended
	Dec. 31, 2020
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
Property, Plant and Equipment
Expected useful lives of assets	15 years

Operating Assets and Liabilities - Amounts recognized in balance sheet and comprehensive income (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	kr 283	kr 177
Lease Liabilities
Current	42	26
Non-current	277	155
Total lease liabilities	319	181
Additions to right of use assets		0
Depreciation charge of right-of-use assets	36	28
Interest expense	9	7
Expense relating to short-term leases	3	6
Properties
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	280	173
Lease Liabilities
Depreciation charge of right-of-use assets	35	27
Equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	3	4
Lease Liabilities
Depreciation charge of right-of-use assets	kr 1	kr 1

Operating Assets and Liabilities - Future minimum payments under our leases (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	kr 394	kr 216	kr 247
Cash outflow for leases	53	38
DENMARK
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	342
Estimated capital expenditures to fit out the space	40
UNITED STATES
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	87
Estimated capital expenditures to fit out the space	53
NETHERLANDS
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases		117
Estimated capital expenditures to fit out the space		74
2020
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	53	32	31
1 to 3 years
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	85	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	62	27	45
2025+
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	kr 194	kr 93	kr 106

Operating Assets and Liabilities - Other Investments (Details) € in Millions, kr in Millions	12 Months Ended
	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 DKK (kr)
Collaboration Agreements
Other investments	kr 1,081		kr 149
CureVac
Collaboration Agreements
Other investments	kr 1,067	€ 20
Percentage of ownership interest	1.20%
Fair value of investment	kr 1,067		kr 149

Operating Assets and Liabilities - Receivables (Details) - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Assets and Liabilities
Receivables related to collaboration agreements	kr 2,176	kr 2,849
Interest receivables	55	34
Other receivables	98	56
Prepayments	154	62
Total	2,483	3,001
Non-current receivables	20	11
Current receivables	2,463	2,990
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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Assets and Liabilities
Provisions at beginning of period	kr 2	kr 1
Additions during the year	2	1
Provisions at end of period	4	2
Non-current provisions			kr 4	kr 2
Provisions at end of period	kr 4	kr 2	kr 4	kr 2

Operating Assets and Liabilities - Deferred Revenue (Details) kr in Millions, $ in Millions		1 Months Ended		12 Months Ended
	Jun. 10, 2020	Jul. 31, 2020 USD ($)	Jul. 31, 2020 DKK (kr)	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 DKK (kr)	Dec. 31, 2018 DKK (kr)	Dec. 31, 2020 DKK (kr)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognized during the year				kr (10,111)	kr (5,366)	kr (3,025)
Upfront payment recognized				10,111	kr 5,366	kr 3,025
AbbVie
Disclosure of disaggregation of revenue from contracts with customers [line items]
Payment received				4,911
Revenue recognized during the year				(4,398)
Total at December 31				513			kr 513
Non-current deferred revenue							487
Current deferred revenue							kr 26
Total at December 31				513
Upfront payment		$ 750	kr 4,911
Upfront payment recognized				4,398
Revenue from performance obligations satisfied or partially satisfied in previous periods				kr 0
Performance Obligation Revenue Recognition Period	7 years			7 years

Operating Assets and Liabilities - Other Payables (Details) - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Assets and Liabilities
Liabilities related to collaboration agreements	kr 15	kr 8
Staff cost liabilities	134	48
Other liabilities	892	715
Accounts payable	145	69
Total at December 31	1,186	840
Non-current other payables	1	1
Current other payables	1,185	kr 839
Pension obligations	kr 0

Capital Structure, Financial Risk and Related Items - Capital Management (Details) kr in Millions	12 Months Ended
	Dec. 31, 2020 DKK (kr) item	Dec. 31, 2019 DKK (kr)
Capital Structure, Financial Risk and Related Items
Number of External Investment Managers \| item	2
Cash position from partnership collaboration income \| kr	kr 16,079	kr 10,971

Capital Structure, Financial Risk and Related Items - Financial Risk (Details) kr in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Jun. 10, 2020 USD ($)	Jul. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 USD ($)	Dec. 31, 2018	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 DKK (kr)
Disclosure of credit risk exposure [line items]
Percentage of marketable securities			100.00%		100.00%		100.00%	100.00%
AbbVie
Disclosure of credit risk exposure [line items]
Upfront payment \| $	$ 750	$ 750
EUR
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate			1.00%	1.00%	1.00%
DKK
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate			10.00%	10.00%	10.00%
USD
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate			10.00%	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%	10.00%
Credit risk
Disclosure of credit risk exposure [line items]
Maximum credit exposure \| kr							kr 16,079	kr 10,971
Maximum credit exposure to receivables					$ 3,001		2,483
Total value of bank deposits \| kr							kr 7,260	kr 3,552
Credit risk \| AbbVie
Disclosure of credit risk exposure [line items]
Upfront payment			$ 750	kr 4,911
Credit risk \| Triple A-rating from Moody's, S&P or Fitch
Disclosure of credit risk exposure [line items]
Percentage of marketable securities			99.00%		100.00%		99.00%	100.00%
Marketable securities including interest receivables \| $			$ 8,874		$ 7,453
Currency risk
Disclosure of credit risk exposure [line items]
Revenue (as a percent)			95.00%	95.00%	97.00%	96.00%
Currency risk \| EUR
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)			10.00%	10.00%	12.00%
Currency risk \| DKK
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)			19.00%	19.00%	23.00%
Currency risk \| USD
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)			70.00%	70.00%	64.00%
Currency risk \| GBP
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)			1.00%	1.00%	1.00%

Capital Structure, Financial Risk and Related Items - Assets and Liabilities in Foreign Currency (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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%)
Average effective duration of portfolio	9 months 18 days	1 year 1 month 6 days
Average effective duration of portfolio	9 months 22 days	1 year 26 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	6 years
Change in the interest rates	0.80%
Maximum
Disclosure of credit risk exposure [line items]
Average effective duration of portfolio		9 years
Change in the interest rates		1.10%
EUR
Disclosure of credit risk exposure [line items]
Percentage change in exchange rate	1.00%	1.00%
Impact of change in exchange rate	kr 8	kr 10
USD
Disclosure of credit risk exposure [line items]
Percentage change in exchange rate	10.00%	10.00%
Impact of change in exchange rate	kr 1,480	kr 1,053
GBP
Disclosure of credit risk exposure [line items]
Percentage change in exchange rate	10.00%	10.00%
Impact of change in exchange rate	kr 1

Capital Structure, Financial Risk and Related Items - Maturity profile of our marketable securities (Details) - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	kr 8,819	kr 7,419
2020
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current		3,891
2021
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	6,195	2,190
2022
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	1,296	493
2023
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	314	102
2024
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	98
2025+
Disclosure of financial assets [line items]
Ifrs Marketable Securities Current	kr 916	kr 743

Capital Structure, Financial Risk and Related Items - Financial Assets and Liabilities (Details) - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial liabilities measured at amortized cost \| Other payables
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	kr (1,186)	kr (840)
Financial liabilities measured at amortized cost \| Lease Liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	(319)	(181)
Financial assets measured at fair value through profit or loss \| Marketable Securities
Disclosure of detailed information about financial instruments [line items]
Financial Assets	8,819	7,419
Financial assets measured at fair value through profit or loss \| Other Investments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	1,081	149
Financial assets measured at amortized cost \| Receivables ex. prepayments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	2,329	2,939
Financial assets measured at amortized cost \| Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial Assets	kr 7,260	kr 3,552

Capital Structure, Financial Risk and Related Items - Fair Value Measurement (Details) - Net Book value - DKK (kr) kr in Millions	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 8,819	kr 7,419
Marketable Securities \| Level 1
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	8,819	7,419
Other Investments
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	1,081	149
Other Investments \| Level 1
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	1,067
Other Investments \| Level 3
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 14	kr 149

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

Capital Structure, Financial Risk and Related Items - Financial Assets and Liabilities - Narrative (Details) € in Millions, kr in Millions	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 DKK (kr)
Collaboration Agreements
Other investments	kr 1,081		kr 149
CureVac
Collaboration Agreements
Other investments	kr 1,067	€ 20

Capital Structure, Financial Risk and Related Items - Fair Value of Other Investment (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities \| Net Book value
Financial Assets
Fair value at January 1, 2020	kr 7,419
Fair value at December 31, 2020	8,819	kr 7,419
Other Investments
Financial Assets
Transfer to Level 1		0
Transfer to level 3		0
Other Investments \| Net Book value
Financial Assets
Fair value at January 1, 2020	149
Fair value at December 31, 2020	1,081	149
Level 3 \| Other Investments \| Net Book value
Financial Assets
Fair value at January 1, 2020	149
Transfer to Level 1	(149)
Acquisitions	14
Fair value at December 31, 2020	kr 14	kr 149

- Definition

+ References + Details

Capital Structure, Financial Risk and Related Items - Marketable Securities (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities
Cost at the beginning of the period	kr 15,144
Cost at the end of the period	21,143	kr 15,144
Foreign exchange adjustments	579	40
Marketable Securities
Marketable Securities
Fair value adjustment at the beginning of the period	39	79
Fair value adjustment for the period	(579)	(40)
Fair value adjustment at the end of the period	kr (540)	kr 39
Net book value in percentage of cost	0.94%	1.01%
At Cost \| Marketable Securities
Marketable Securities
Cost at the beginning of the period	kr 7,380	kr 5,494
Additions for the year	12,414	5,812
Disposals for the year	(10,435)	(3,926)
Cost at the end of the period	9,359	7,380
Net Book value \| Marketable Securities
Marketable Securities
Cost at the beginning of the period	7,419
Cost at the end of the period	kr 8,819	kr 7,419

Capital Structure, Financial Risk and Related Items - Marketable securities portfolio (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities
Market value	kr 8,819	kr 7,419
Average effective duration	9 months 22 days	1 year 26 days
Percentage of marketable securities	100.00%	100.00%
DKK portfolio
Marketable Securities
Market value	kr 1,692	kr 1,689
Average effective duration	1 year 10 months 28 days	2 years 2 months 12 days
Percentage of marketable securities	19.00%	23.00%
Kingdom of Denmark bonds and treasury bills
Marketable Securities
Market value	kr 462	kr 462
Average effective duration	1 year 7 months 24 days	1 year 10 months 2 days
Percentage of marketable securities	5.00%	6.00%
Danish mortgage-backed securities
Marketable Securities
Market value	kr 1,230	kr 1,227
Average effective duration	2 years 4 days	2 years 3 months 29 days
Percentage of marketable securities	14.00%	17.00%
European government bonds and treasury bills
Marketable Securities
Market value	kr 863	kr 873
Average effective duration	1 year 6 months 15 days	1 year 3 months 29 days
Percentage of marketable securities	10.00%	12.00%
US government bonds and treasury bills
Marketable Securities
Market value	kr 6,193	kr 4,778
Average effective duration	4 months 28 days	7 months 17 days
Percentage of marketable securities	70.00%	64.00%
UK government bonds and treasury bills
Marketable Securities
Market value	kr 71	kr 79
Average effective duration	5 months 5 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial Income:
Interest and other financial income	kr 184	kr 120	kr 63
Realized and unrealized gains on marketable securities (fair value through the income statement), net		9
Realized and unrealized gains on other investments, net	965
Realized and unrealized gains on fair value hedges, net			2
Realized and unrealized exchange rate gains, net		99	178
Total financial income	1,149	228	243
Financial expenses:
Interest and other financial expenses	(10)	(7)
Realized and unrealized losses on marketable securities, net	(92)		(11)
Realized and unrealized exchange rate losses, net	(1,456)
Total financial expenses	(1,558)	(7)	(11)
Net financial items	kr (409)	kr 221	kr 232
Increase In Foreign Exchange Rate Due To Increase In Dollar Denominated Portfolio		6.6759%	6.5213%
Decrease In Foreign Exchange Rate Due To Decrease In Dollar Denominated Portfolio	6.0524%	6.6759%
Interest Expense And Other Financial Expenses On Financial Liabilities Measured At Amortised Cost	kr (1)
Interest revenue for financial assets measured at amortised cost	7	kr 22	kr 8
Gain (Loss) On Other Investments		kr 0	kr 0
CureVac
Financial Income:
Realized and unrealized gains on other investments, net	kr 965

Capital Structure, Financial Risk and Related Items - Restricted Stock Unit Program (Details) - RSUs	12 Months Ended
	Dec. 31, 2020 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, 2020 kr / shares shares	Dec. 31, 2019 kr / shares shares	Dec. 31, 2018 kr / shares shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	72,138	15,374	21,711
Weighted average fair value of RSU granted \| kr / shares	kr 1,927.83	kr 1,511.70	kr 1,033.95
Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	28,424
Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	589		4,582
Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	43,125	15,374	17,129
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	307,907	218,902	168,044
Granted	46,522	116,742	102,639
Settled	(46,855)	(22,189)	(47,450)
Cancelled	(13,646)	(5,548)	(4,331)
Outstanding at end of period	293,928	307,907	218,902
RSUs \| Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	19,953	20,127	24,328
Granted	2,929	3,708	5,224
Settled	(6,470)	(2,631)	(9,425)
Transferred	(2,822)	(1,251)
Cancelled	(1,025)
Outstanding at end of period	12,565	19,953	20,127
RSUs \| Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	72,865	66,152	83,857
Granted	9,032	25,793	18,020
Settled	(12,253)	(19,080)	(35,725)
Transferred	(2,334)
Cancelled	(1,128)
Outstanding at end of period	66,182	72,865	66,152
RSUs \| Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	208,859	130,046	55,475
Granted	34,431	87,168	79,395
Settled	(22,196)
Transferred	(22,762)	(8,355)	(3,358)
Cancelled	(958)		(1,466)
Outstanding at end of period	197,374	208,859	130,046
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	6,230	2,577	4,384
Granted	130	73
Settled	(5,936)	(478)	(2,300)
Transferred	27,918	9,606	3,358
Cancelled	(10,535)	(5,548)	(2,865)
Outstanding at end of period	17,807	6,230	2,577

Capital Structure, Financial Risk and Related Items - Warrant Activity (Details) - kr / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	1,413,624	1,423,210	1,518,186
Granted	118,228	307,219	276,507
Exercised	(471,246)	(299,431)	(311,897)
Expired		(2,000)	(37,875)
Cancelled	(72,138)	(15,374)	(21,711)
Balance at end of period	988,468	1,413,624	1,423,210
Exercisable at year end	346,716	638,248	867,865
Exercisable warrants in the money at year end	346,716	627,061	807,279
Weighted average exercise price of warrants at beginning	kr 862.03	kr 592.14	kr 436.01
Weighted average exercise price of warrants granted	2,009.79	1,483.58	1,034.66
Weighted average exercise price of fair market value	2,035.29	1,267.92	1,206.11
Weighted average exercise price of warrants exercised	296.77	212.23	241.34
Weighted average exercise price of warrants expired		129.75	253.76
Weighted average exercise price of warrants cancelled	1,157.54	1,049.34	940.01
Weighted average exercise price of warrants at ending	1,247.22	862.03	592.14
Weighted Average Exercise Price Of Warrants Exercisable	935.60	407.89	295.02
Weighted Average Exercise Price Of Warrants Exercisable In Money	kr 935.60	kr 385.84	kr 230.43
Percentage of share capital attributed to exercise of warrants	2.00%	2.00%	2.00%
Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	62,334	74,478	92,242
Granted		3,925	3,161
Exercised	(24,438)	(15,750)	(20,925)
Transfers	(25,955)	(319)
Balance at end of period	11,941	62,334	74,478
Exercisable at year end	4,192	50,227	62,647
Exercisable warrants in the money at year end	4,192	50,227	60,688
Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	347,801	480,201	559,737
Granted	7,771		50,464
Exercised		(132,400)	(130,000)
Cancelled	(28,424)
Transfers	(186,333)
Balance at end of period	140,815	347,801	480,201
Exercisable at year end	83,426	230,233	355,347
Exercisable warrants in the money at year end	83,426	227,733	340,775
Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	858,973	706,088	574,295
Granted	110,041	303,066	222,882
Exercised	(122,015)	(56,237)	(46,883)
Cancelled	(589)		(4,582)
Transfers	(113,833)	(93,944)	(39,624)
Balance at end of period	732,577	858,973	706,088
Exercisable at year end	166,402	225,855	297,128
Exercisable warrants in the money at year end	166,402	219,403	257,115
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	144,516	162,443	291,912
Granted	416	228
Exercised	(324,793)	(95,044)	(114,089)
Expired		(2,000)	(37,875)
Cancelled	(43,125)	(15,374)	(17,129)
Transfers	326,121	94,263	39,624
Balance at end of period	103,135	144,516	162,443
Exercisable at year end	92,696	131,933	152,743
Exercisable warrants in the money at year end	92,696	129,698	148,701
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 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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants outstanding	988,468	1,413,624	1,423,210	1,518,186
Number of warrants exercisable	346,716	638,248	867,865
Exercise Price 31.75 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 31.75	kr 31.75
Number of warrants outstanding	1,260	5,950
Weighted average remaining contractual life	9 months 15 days	1 year 9 months 15 days
Number of warrants exercisable	1,260	5,950
Exercise Price 40.41 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 40.41	kr 40.41
Number of warrants outstanding	24,290	80,205
Weighted average remaining contractual life	5 months 23 days	1 year 5 months 23 days
Number of warrants exercisable	24,290	80,205
Exercise Price 55.85 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 55.85	kr 55.85
Number of warrants outstanding	125	5,500
Weighted average remaining contractual life	3 months 7 days	1 year 3 months 7 days
Number of warrants exercisable	125	5,500
Exercise Price 220.40 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 220.40	kr 220.40
Number of warrants outstanding	1,045	17,750
Weighted average remaining contractual life	9 months 15 days	1 year 9 months 15 days
Number of warrants exercisable	1,045	17,750
Exercise Price 225.30 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 225.30	kr 225.30
Number of warrants outstanding	2,440	4,625
Weighted average remaining contractual life	5 months 12 days	1 year 5 months 12 days
Number of warrants exercisable	2,440	4,625
Exercise Price 337.40 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 337.40	kr 337.40
Number of warrants outstanding	20,287	50,986
Weighted average remaining contractual life	11 months 16 days	1 year 11 months 16 days
Number of warrants exercisable	20,287	50,986
Exercise Price 466.20 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 466.20	kr 466.20
Number of warrants outstanding	4,150	8,100
Weighted average remaining contractual life	1 year 2 months 27 days	2 years 2 months 27 days
Number of warrants exercisable	4,150	8,100
Exercise Price 623.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 623.50	kr 623.50
Number of warrants outstanding	850	2,575
Weighted average remaining contractual life	1 year 5 months 12 days	2 years 5 months 12 days
Number of warrants exercisable	850	2,575
Exercise Price 636.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 636.50	kr 636.50
Number of warrants outstanding	12,950	21,000
Weighted average remaining contractual life	1 year 9 months 7 days	2 years 9 months 7 days
Number of warrants exercisable	12,950	21,000
Exercise Price 815.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 815.50	kr 815.50
Number of warrants outstanding	7,042	12,449
Weighted average remaining contractual life	2 years 2 months 16 days	3 years 2 months 16 days
Number of warrants exercisable	7,042	8,390
Exercise Price 939.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 939.50	kr 939.50
Number of warrants outstanding	44,675	73,162
Weighted average remaining contractual life	1 year 11 months 9 days	2 years 11 months 9 days
Number of warrants exercisable	44,675	73,162
Exercise Price 962.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 962.00	kr 962.00
Number of warrants outstanding	14,355	14,564
Weighted average remaining contractual life	4 years 5 months 9 days	5 years 5 months 9 days
Exercise Price 1025.00 [Member]
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	182,352	206,097
Weighted average remaining contractual life	4 years 11 months 9 days	5 years 11 months 9 days
Exercise Price 1032.00 [Member]
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	111,144	131,444
Weighted average remaining contractual life	3 years 11 months 16 days	4 years 11 months 16 days
Number of warrants exercisable	111,144
Exercise Price 1050.00 [Member]
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	26,497	27,082
Weighted average remaining contractual life	4 years 8 months 23 days	5 years 8 months 23 days
Exercise Price 1136.00 [Member]
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	11,761	18,450
Weighted average remaining contractual life	2 years 9 months 7 days	3 years 9 months 7 days
Number of warrants exercisable	11,761	14,089
Exercise Price 1145.00 [Member]
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	63,410	83,287
Weighted average remaining contractual life	2 years 11 months 16 days	3 years 11 months 16 days
Number of warrants exercisable	63,410	62,190
Exercise Price 1147.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,147.50	kr 1,147.50
Number of warrants outstanding	19,290	21,343
Weighted average remaining contractual life	5 years 5 months 5 days	6 years 5 months 5 days
Exercise Price 1155.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,155.00	kr 1,155.00
Number of warrants outstanding	7,959	7,959
Weighted average remaining contractual life	5 years 3 months	6 years 3 months
Exercise Price 1161.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,161.00	kr 1,161.00
Number of warrants outstanding	19,528	19,830
Weighted average remaining contractual life	5 years 2 months 1 day	6 years 2 months 1 day
Exercise Price 1210.00 [Member]
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	14,138	14,881
Weighted average remaining contractual life	4 years 3 months 11 days	5 years 3 months 11 days
Exercise Price 1233.00 [Member]
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	10,870	13,763
Weighted average remaining contractual life	2 years 5 months 9 days	3 years 5 months 9 days
Number of warrants exercisable	10,870	9,903
Exercise Price 1334.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,334.50	kr 1,334.50
Number of warrants outstanding	54,096	62,848
Weighted average remaining contractual life	5 years 9 months 11 days	6 years 9 months 11 days
Exercise Price 1362.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,362.50
Number of warrants outstanding	33,573
Weighted average remaining contractual life	6 years 2 months 27 days
Exercise Price 1402.00 [Member]
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	7,335	8,736
Weighted average remaining contractual life	3 years 2 months 27 days	4 years 2 months 27 days
Number of warrants exercisable	7,335
Exercise Price 1408.00 [Member]
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	1,641	5,151
Weighted average remaining contractual life	3 years 5 months 9 days	4 years 5 months 9 days
Number of warrants exercisable	1,641
Exercise Price 1424.00 [Member]
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	1,427	1,526
Weighted average remaining contractual life	3 years 1 month 10 days	4 years 1 month 10 days
Number of warrants exercisable	1,053	774
Exercise Price 1427.00 [Member]
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	3 years 3 months	4 years 3 months
Number of warrants exercisable	8,400
Exercise Price 1432.00 [Member]
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	11,988	17,901
Weighted average remaining contractual life	3 years 9 months 4 days	4 years 9 months 4 days
Number of warrants exercisable	11,988
Exercise Price 1615.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,615.00	kr 1,615.00
Number of warrants outstanding	185,403	195,011
Weighted average remaining contractual life	5 years 11 months 5 days	6 years 11 months 5 days
Exercise Price 1948.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,948.00
Number of warrants outstanding	15,582
Weighted average remaining contractual life	6 years 5 months 5 days
Exercise Price 2317.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 2,317.00
Number of warrants outstanding	43,641
Weighted average remaining contractual life	6 years 9 months 7 days
Exercise Price 2381.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 2,381.00
Number of warrants outstanding	24,964
Weighted average remaining contractual life	6 years 11 months 16 days
Exercise Price 46.74 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 46.74
Number of warrants outstanding		85,000
Weighted average remaining contractual life		5 months 1 day
Number of warrants exercisable		85,000
Exercise Price 66.60 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 66.60
Number of warrants outstanding		35,500
Weighted average remaining contractual life		11 months 9 days
Number of warrants exercisable		35,500
Exercise Price 67.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 67.50
Number of warrants outstanding		3,250
Weighted average remaining contractual life		9 months 15 days
Number of warrants exercisable		3,250
Exercise Price 68.65 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 68.65
Number of warrants outstanding		3,325
Weighted average remaining contractual life		3 months 22 days
Number of warrants exercisable		3,325
Exercise Price 147.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 147.50
Number of warrants outstanding		1,500
Weighted average remaining contractual life		3 months 18 days
Number of warrants exercisable		1,500
Exercise Price 199.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 199.00
Number of warrants outstanding		1,000
Weighted average remaining contractual life		5 months 12 days
Number of warrants exercisable		1,000
Exercise Price 210.00 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 210.00
Number of warrants outstanding		2,750
Weighted average remaining contractual life		1 year 1 month 10 days
Number of warrants exercisable		2,750
Exercise Price 225.90 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 225.90
Number of warrants outstanding		137,059
Weighted average remaining contractual life		11 months 5 days
Number of warrants exercisable		137,059
Exercise Price 231.50 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price		kr 231.50
Number of warrants outstanding		3,665
Weighted average remaining contractual life		9 months 11 days
Number of warrants exercisable		3,665
Exercise Price 1247.22 [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price	kr 1,247.22
Number of warrants outstanding	988,468
Weighted average remaining contractual life	4 years 7 months 6 days
Number of warrants exercisable	346,716
Exercise Price 862.03 [Member]
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

Capital Structure, Financial Risk and Related Items - Share Capital (Details)	Mar. 17, 2021 DKK (kr) shares	Jul. 17, 2019 DKK (kr)	Mar. 28, 2017 DKK (kr) shares	Dec. 31, 2020 Vote item kr / shares shares	Dec. 31, 2019 shares	Mar. 29, 2019 DKK (kr) shares	Mar. 17, 2016 DKK (kr) shares
Share Capital
Par value (in euros per share) \| kr / shares				kr 1
Number Of Shares Authorised \| shares				65,545,748
Number Of Votes \| Vote				1
Number of shares issued \| shares					3,277,500
Increase in authorized capital		kr 2,850,000
Additional Increase in authorized capital		427,500
Remaining amount of the authorization		kr 4,222,500
Warrants authorized to issue \| shares			500,000
Capital increases in cash			kr 500,000
Warrants remain available for issue \| item				269,582
Warrants remain available for reissue \| item				51,938
Nominal value of shares repurchases			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				17,759
Number of shares authorized to be repurchased \| shares							500,000
Nominal value of shares repurchases							kr 500,000
Second authorization
Share Capital
Warrants issued \| item				384,081
Warrants reissued \| item				9,734
Number of shares authorized to be repurchased \| shares						500,000
Nominal value of shares repurchases						kr 500,000
Maximum
Share Capital
Number Of Shares Authorised \| shares				7,500,000
Number of shares issued \| shares				2,000,000
Maximum \| Forecast
Share Capital
Maximum amount of loans against bonds or other financial instruments	kr 3,000,000,000
Value of convertible loans	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, 2020 DKK (kr) kr / shares shares	Dec. 31, 2019 DKK (kr) kr / shares shares	Dec. 31, 2018 DKK (kr) kr / shares shares
Share Capital
Shares authorized					65,545,748
Nominal amount \| kr / shares					kr 1
Number of shares
Number of shares, at beginning of period					65,074,502	61,497,571	61,185,674
Shares issued (in shares)						3,277,500
Exercise of warrants					471,246	299,431	311,897
Number of shares, at end of period					65,545,748	65,074,502	61,497,571
Share capital
Share capital, at beginning of period \| kr					kr 65.1	kr 61.5	kr 61.2
Shares issued for cash \| kr						3.3
Exercise of warrants \| kr					0.4	0.3	0.3
Share capital, at end of period \| kr					kr 65.5	kr 65.1	kr 61.5
Gross proceeds from the issuance of new shares	$ 582	kr 3,873.0
Increase in share capital of ordinary shares			2,850,000	2,850,000
Minimum
Share capital
Exercise price warrants granted \| kr / shares					kr 31.75	kr 31.75	kr 40.41
Maximum
Share capital
Exercise price warrants granted \| kr / shares					kr 1,432.00	kr 1,424.00	kr 1,233.00
American Depository Receipt [Member]
Share capital
Gross proceeds from the issuance of new shares			$ 506	kr 3,368.0
Increase in share capital of ordinary shares			28,500,000	28,500,000
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, 2020 DKK (kr) item shares	Dec. 31, 2019 DKK (kr) shares	Dec. 31, 2018 DKK (kr) shares	Mar. 29, 2019 DKK (kr) shares	Mar. 28, 2017 DKK (kr)	Mar. 17, 2016 DKK (kr) shares
Number of shares
Number of shares at beginning of period \| shares	3,277,500
Number of shares at end of period \| shares		3,277,500
Share capital
Share capital, at beginning of period	kr 65,100,000	kr 61,500,000	kr 61,200,000
Purchase of treasury shares			146,000,000
Share capital, at end of period	kr 65,500,000	kr 65,100,000	kr 61,500,000
Cost
Number of authorization \| item	2
Nominal value of shares repurchases					kr 500,000
Treasury shares [Member]
Number of shares
Number of shares at beginning of period \| shares	163,921	177,550	100,000
Purchase of treasury shares. \| shares	0	0	125,000
Shares used for funding RSU program \| shares	(31,815)	(13,629)	(47,450)
Number of shares at end of period \| shares	132,106	163,921	177,550
Share capital
Share capital, at beginning of period	kr 200,000	kr 200,000	kr 100,000
Purchase of treasury shares			100,000
Shares used for funding RSU program	(100,000)
Share capital, at end of period	kr 100,000	kr 200,000	kr 200,000
Proportion of share capital
Proportion of share capital, at beginning of period	0.30%	0.30%	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%)		(0.10%)
Proportion of share capital, at end of period	0.20%	0.30%	0.30%
Cost
Cost, at beginning of period	kr 192,000,000	kr 208,000,000	kr 118,000,000
Purchase of treasury shares			146,000,000
Shares used for funding RSU program	(50,000,000)	(16,000,000)	(56,000,000)
Cost at end of period	kr 142,000,000	kr 192,000,000	kr 208,000,000
RSUs
Number of shares
Purchase of treasury shares. \| shares			125,000
Proportion of share capital
Proportion of share capital on purchase of treasury shares			0.20%
Cost
Purchase of treasury shares			kr 146,000,000
First authorization
Cost
Number of shares authorized to be repurchased \| shares						500,000
Nominal value of shares repurchases						kr 500,000
Share repurchased \| shares	225,000
Share repurchased amount	kr 225,000
Shares available for repurchase \| shares	775,000
Shares available for repurchase amount	kr 775,000
Second authorization
Cost
Number of shares authorized to be repurchased \| shares				500,000
Nominal value of shares repurchases				kr 500,000

Other Disclosures - Remuneration of the Board of Directors and Executive Management (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Remuneration of the Board of Directors and Executive Management
Wages and salaries	kr 48	kr 42	kr 34
Share-based compensation expenses	43	38	32
Defined contribution plans	2	1	1
Total	kr 93	kr 81	kr 67

Other Disclosures - Share-Based Compensation (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shareholdings By Board Of Director And Executive Management Line Items
Share-based compensation expenses	kr 2.0	kr 1.0	kr 1.0
Total	93.0	81.0	67.0
Board of Directors
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	4.8	4.8	4.8
Committee fees	2.3	2.0	1.7
Share-based compensation expenses	4.6	5.1	4.8
Total	11.7	11.9	11.3
Deirdre P. Connelly
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	1.1	0.8	0.7
Committee fees	0.5	0.5	0.3
Share-based compensation expenses	0.7	0.9	0.7
Total	2.3	2.2	1.7
Pernille Erenbjerg
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.7	0.4	0.4
Committee fees	0.4	0.3	0.3
Share-based compensation expenses	0.4	0.4	0.5
Total	1.5	1.1	1.2
Mats Pettersson
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.3	1.2	1.2
Committee fees	0.1	0.2	0.3
Share-based compensation expenses	1.6	0.8	0.9
Total	2.0	2.2	2.4
Anders Gersel Pedersen
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.4	0.4	0.5
Committee fees	0.4	0.4	0.3
Share-based compensation expenses	0.5	0.6	0.6
Total	1.3	1.4	1.4
Paolo Paoletti
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.4	0.4	0.4
Committee fees	0.3	0.3	0.2
Share-based compensation expenses	0.4	0.4	0.5
Total	1.1	1.1	1.1
Rolf Hoffmann
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.4	0.4	0.4
Committee fees	0.3	0.3	0.3
Share-based compensation expenses	0.5	0.8	0.7
Total	1.2	1.5	1.4
Jonathan Peacock
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.3
Committee fees	0.3
Share-based compensation expenses	0.4
Total	1.0
Peter Storm Kristensen
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.4	0.4	0.4
Share-based compensation expenses	0.4	0.4	0.3
Total	0.8	0.8	0.7
Rick Hibbert
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee		0.1	0.4
Share-based compensation expenses		0.4	0.3
Total		0.5	0.7
Rima Bawarshi Nassar
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.1
Total	0.1
Mijke Zachariasse
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.4	0.3
Share-based compensation expenses	0.1
Total	0.5	0.3
Daniel Bruno
Shareholdings By Board Of Director And Executive Management Line Items
Basic board fee	0.3	0.4	0.4
Share-based compensation expenses	(0.4)	0.4	0.3
Total	kr (0.1)	kr 0.8	kr 0.7

Other Disclosures - Shareholding Requirement For Members Of Executive Management (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation
Share-based compensation expenses	kr 2.0	kr 1.0	kr 1.0
Total	93.0	81.0	67.0
Executive Management
Share-Based Compensation
Base Salary	18.3	15.7	14.6
Defined Contribution Plans	1.4	1.2	1.5
Other Benefits	6.9	4.5	1.8
Annual Cash Bonus	15.7	14.7	10.6
Share-based compensation expenses	38.3	32.6	27.4
Total	80.6	68.7	55.9
Jan van de Winkel
Share-Based Compensation
Base Salary	7.3	7.3	7.1
Defined Contribution Plans	1.0	1.0	1.2
Other Benefits	1.0	3.6	0.2
Annual Cash Bonus	8.4	8.4	6.4
Share-based compensation expenses	19.6	14.9	13.4
Total	37.3	35.2	28.3
Anthony Pagano
Share-Based Compensation
Base Salary	3.0
Defined Contribution Plans	0.1
Annual Cash Bonus	2.3
Share-based compensation expenses	5.2
Total	10.6
Anthony Mancini
Share-Based Compensation
Base Salary	3.1
Defined Contribution Plans	0.1
Other Benefits	3.3
Annual Cash Bonus	2.0
Share-based compensation expenses	3.1
Total	11.6
David A. Eatwell
Share-Based Compensation
Base Salary	0.9	4.3	3.9
Defined Contribution Plans	0.1	0.1	0.2
Other Benefits	2.5	0.9	1.4
Annual Cash Bonus		3.2	2.1
Share-based compensation expenses	(2.3)	8.0	8.1
Total	1.2	16.5	15.7
Judith Klimovsky
Share-Based Compensation
Base Salary	4.0	4.1	3.6
Defined Contribution Plans	0.1	0.1	0.1
Other Benefits	0.1		0.2
Annual Cash Bonus	3.0	3.1	2.1
Share-based compensation expenses	12.7	9.7	5.9
Total	kr 19.9	kr 17.0	kr 11.9

Other Disclosures - Severance Payments (Details) kr in Millions	12 Months Ended
	Dec. 31, 2020 DKK (kr) shares	Dec. 31, 2019 DKK (kr) shares	Dec. 31, 2018 DKK (kr) shares
Shareholdings By Board Of Directors And Executive Management [Line items]
Total impact on financial position on termination of services \| kr	kr 52	kr 46	kr 42
Granted	118,228	307,219	276,507
Exercised	(471,246)	(299,431)	(311,897)
Expired		(2,000)	(37,875)
RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period	307,907	218,902	168,044
Granted	46,522	116,742	102,639
Outstanding at end of period	293,928	307,907	218,902
Board of Directors
Shareholdings By Board Of Directors And Executive Management [Line items]
Granted		3,925	3,161
Exercised	(24,438)	(15,750)	(20,925)
Board of Directors \| RSUs
Shareholdings By Board Of Directors And Executive Management [Line items]
Outstanding at beginning of period	19,953	20,127	24,328
Granted	2,929	3,708	5,224
Outstanding at end of period	12,565	19,953	20,127
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 105	kr 106
Granted	7,771		50,464
Exercised		(132,400)	(130,000)
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	72,865	66,152	83,857
Granted	9,032	25,793	18,020
Outstanding at end of period	66,182	72,865	66,152
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, 2020	Dec. 31, 2019
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%	100.00%

Other Disclosures - Commitments (Details) kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 DKK (kr)
Commitments
Short term contractual obligations		kr 1,074		kr 564
Maximum due term of obligations	2 years
Contingent commitments	$ 2,418	kr 14,638	$ 1,426	kr 9,520

Other Disclosures - Contingent Assets and Contingent Liabilities (Details) kr in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2020 item	Dec. 31, 2020 DKK (kr) agreement	Dec. 31, 2019 DKK (kr) agreement	Dec. 31, 2018 DKK (kr)
Derivative Financial Instruments
Collateral amount of derivative liabilities		kr 50.0	kr 50.0
Cash position		50.0	50.0
Minimum required cash position		258.5
Total impact on financial position on termination of services		52.0	46.0	kr 42.0
Janssen Biotech, Inc.
Derivative Financial Instruments
Number of matter under litigation \| item	2
Trade Receivables [Member]
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 105.0	106.0
Employees
Derivative Financial Instruments
Total impact on financial position on termination of services		kr 57.0	kr 75.0
Service agreements \| agreement		18	22

Other Disclosures - Fees to Auditors (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fees to Auditors Appointed at the Annual General Meeting
Audit services	kr 4.9	kr 1.9	kr 1.1
Audit-related services	1.0	2.3	0.1
Tax and VAT services	0.3	0.5	0.4
Other services		2.4	0.1
Total	6.2	7.1	1.7
Fees for other services	kr 1.3	kr 5.2	kr 0.6

Other Disclosures - Adjustments to Cash Flow Statement (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Adjustments to Cash Flow Statement
Depreciation, amortization and impairment	kr 259	kr 139	kr 88
Share-based compensation expenses	200	147	91
Other		5
Total adjustments for non-cash transactions	459	291	179
Receivables	306	(1,658)	(768)
Deferred income	513
Other payables	168	440	134
Total changes in working capital	kr 987	kr (1,218)	kr (634)

Other Disclosures - Collaborations and Technology Licenses (Details) € in Millions, kr in Millions, $ in Millions		1 Months Ended						12 Months Ended
	Jun. 10, 2020 USD ($) item	Oct. 31, 2020	Sep. 30, 2020 item	Aug. 31, 2020 USD ($)	Jul. 31, 2020 USD ($)	Dec. 31, 2019 EUR (€) Option	Jul. 31, 2018 USD ($) item	Dec. 31, 2020 USD ($) Option item	Dec. 31, 2012	Dec. 31, 2020 DKK (kr)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 DKK (kr)
Collaborations and Technology Licenses
Investments accounted for using equity method \| kr										kr 1,081		kr 149
Janssen
Collaborations and Technology Licenses
Royalty obligation expiration term after first sale of product								13 years
Number of matter under litigation \| item			2
Milestone payments receivable								$ 191.0
Upfront payment								$ 3.5
Number of additional programs \| item								10
Initial payments received								$ 2.0
Number of license exercised \| item								14
Number of license options remaining to be exercised \| Option								0
Number of duo body product candidates created per the agreement. \| item								7
Novartis (Arzaerra/Ofatumumab)
Collaborations and Technology Licenses
Royalty percentage for non-cancer treatment								10.00%
Lump sum payment received				$ 30.0
Seagen
Collaborations and Technology Licenses
Cost and profit sharing ratio		50
AbbVie
Collaborations and Technology Licenses
Number of additional candidates selected \| item	4
Upfront payment	$ 750.0				$ 750.0
Ratio of share of profits before income taxes	50
Number of performance obligations \| item	4
Number of delivery license programs \| item	3
Percentage of discover research and development cost responsible by the entity	100.00%
BioNTech
Collaborations and Technology Licenses
Number of additional candidates selected \| item								2
Upfront fee paid								$ 10.0
CureVac
Collaborations and Technology Licenses
Upfront fee payable											$ 10.0
Collaborative arrangement, Development, Regulatory and commercial milestone payment											280.0
Options to obtain commercial licenses \| Option						3
Option exercisable period						5 years
Investments accounted for using equity method						€ 20				kr 1,067
Immatics
Collaborations and Technology Licenses
Development regulatory and commercial milestone payments to be made							$ 550.0
Number of proprietary targets of license \| item							3
Number of additional proprietary targets of license \| item							2
Upfront fee paid							$ 54.0
Minimum \| Janssen
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 \| Janssen
Collaborations and Technology Licenses
Tiered royalty percentage									20.00%
Milestone payments receivable								$ 175.0
Maximum \| CureVac
Collaborations and Technology Licenses
Collaborative arrangement, Development, Regulatory and commercial milestone payment											$ 368.0
Development Regulatory and Sales Milestone \| Maximum \| AbbVie
Collaborations and Technology Licenses
Receivables	$ 3,150.0
Countries Outside United States and Japan \| Minimum \| AbbVie
Collaborations and Technology Licenses
Royalty percent on sales	22.00%
Countries Outside United States and Japan \| Maximum \| AbbVie
Collaborations and Technology Licenses
Royalty percent on sales	26.00%
Clinical Development and Commercial Success Across all Three Programs \| Development Regulatory and Sales Milestone \| AbbVie
Collaborations and Technology Licenses
Receivables	$ 1,150.0
Success of all Four Next Generation Antibody Product Candidates Developed \| Development Regulatory and Sales Milestone \| AbbVie
Collaborations and Technology Licenses
Receivables	$ 2,000.0