0001558370-21-011244 | 6-K | XBRL Viewer

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2021
Document Information [Line Items]
Document Type	6-K
Document Period End Date	Jun. 30, 2021
Entity Registrant Name	Genmab A/S
Entity Central Index Key	0001434265
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Comprehensive Income - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement
Revenue	kr 1,972	kr 5,451	kr 3,553	kr 6,343
Research and development expenses	(921)	(775)	(1,769)	(1,490)
General and administrative expenses	(264)	(179)	(465)	(285)
Operating expenses	(1,185)	(954)	(2,234)	(1,775)
Operating result	787	4,497	1,319	4,568
Financial income	65	42	700	119
Financial expenses	(430)	(211)	(173)	(5)
Net result before tax	422	4,328	1,846	4,682
Corporate tax	(116)	(950)	(444)	(1,035)
Net result	kr 306	kr 3,378	kr 1,402	kr 3,647
Basic net result per share	kr 4.68	kr 51.88	kr 21.44	kr 56.07
Diluted net result per share	kr 4.64	kr 51.35	kr 21.25	kr 55.52
Statement of Comprehensive Income
Net result	kr 306	kr 3,378	kr 1,402	kr 3,647
Amounts which will be re-classified to the income statement:
Adjustment of foreign currency fluctuations on subsidiaries	(13)	(9)	28
Fair value adjustments of cash flow hedges:
Total comprehensive income	kr 293	kr 3,369	kr 1,430	kr 3,647

Consolidated Balance Sheets - DKK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Intangible assets	kr 297	kr 338
Property, plant and equipment	535	453
Right-of-use assets	384	283
Receivables	33	20
Deferred tax assets	177	177
Other investments	753	1,081
Total non-current assets	2,179	2,352
Corporate tax receivable		249
Receivables	2,429	2,463
Marketable securities	8,398	8,819
Cash and cash equivalents	9,477	7,260
Total current assets	20,304	18,791
Total assets	22,483	21,143
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	66	66
Share premium	11,940	11,894
Other reserves	82	54
Retained earnings	8,164	7,107
Shareholders' equity	20,252	19,121
Provisions	8	4
Lease liabilities	384	277
Deferred revenue	487	487
Other payables	1	1
Total non-current liabilities	880	769
Corporate tax payable	186
Lease liabilities	59	42
Deferred revenue	26	26
Other payables	1,080	1,185
Total current liabilities	1,351	1,253
Total liabilities	2,231	2,022
Total shareholders' equity and liabilities	kr 22,483	kr 21,143

Consolidated Statements of Cash Flows - DKK (kr) kr in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net result before tax	kr 1,846	kr 4,682
Reversal of financial items, net	(527)	(114)
Adjustments for non-cash transactions	227	182
Changes in operating assets and liabilities	(105)	(2,570)
Cash flow from operating activities before financial items	1,441	2,180
Interest received	107	77
Interest elements of lease payments	(6)	(3)
Interest paid		(4)
Corporate taxes paid	(2)	(97)
Cash flow from operating activities	1,540	2,153
Cash flows from investing activities:
Investment in tangible assets	(107)	(203)
Marketable securities bought	(7,410)	(3,006)
Marketable securities sold	8,137	4,137
Other investments bought	(92)
Other investments sold	438
Cash flow from investing activities	966	928
Cash flows from financing activities:
Warrants exercised	46	54
Principal elements of lease payments	(29)	(17)
Purchase of treasury shares	(437)
Payment of withholding taxes on behalf of employees on net settled RSUs	(40)	(18)
Cash flow from financing activities	(460)	19
Change in cash and cash equivalents	2,046	3,100
Cash and cash equivalents at the beginning of the period	7,260	3,552
Exchange rate adjustments	171	(47)
Cash and cash equivalents at the end of the period	9,477	6,605
Cash and cash equivalents include:
Bank deposits	6,908	3,602
Short-term marketable securities	kr 2,569	kr 3,003

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, 2019	kr 65	kr 11,755	kr 98	kr 2,130	kr 14,048
Net result				3,647	3,647
Total comprehensive income				3,647	3,647
Transactions with owners:
Exercise of warrants		71			71
Share-based compensation expenses				98	98
Net settlement of RSUs				(18)	(18)
Tax on items recognized directly in equity				25	25
Balance at end of period at Jun. 30, 2020	65	11,826	98	5,882	17,871
Balance at beginning of period at Dec. 31, 2020	66	11,894	54	7,107	19,121
Net result				1,402	1,402
Other comprehensive income			28		28
Total comprehensive income			28	1,402	1,430
Transactions with owners:
Exercise of warrants		46			46
Purchase of treasury shares				(447)	(447)
Share-based compensation expenses				142	142
Net settlement of RSUs				(40)	(40)
Balance at end of period at Jun. 30, 2021	kr 66	kr 11,940	kr 82	kr 8,164	kr 20,252

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Basis of Presentation

Basis of Presentation

Note 1 – Basis of Presentation

Accounting Policies

These interim statements of the Genmab group (Genmab or the Company) have been prepared in accordance with IAS 34 as issued by the International Accounting Standards Board (IASB) and in accordance with IAS 34 as endorsed by the EU and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been reviewed or audited by Genmab’s external auditors.

The interim report has been prepared using the same accounting policies as outlined in Section 1 – Basis of Presentation in the financial statements in the Genmab 2020 Annual Report (Annual Report). A number of new or amended standards became applicable for the current reporting period. Genmab was not required to change its accounting policies as a result of adopting these standards. These interim financial statements should be read in conjunction with the Annual Report.

Management Judgments and Estimates under IFRS

In preparing interim reports, certain provisions under IFRS require management to make judgments (various accounting estimates and assumptions) which may significantly impact the group’s financial statements. For a description of significant judgments and estimates, refer to Note 1.3 in the Annual Report.

Information about Geographical Areas

Genmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting. Refer to Note 2.2 in the Annual Report for further details.

Revenue

6 Months Ended

Jun. 30, 2021

Revenue

Revenue

Note 2 – Revenue

Genmab enters into license and collaboration agreements that are within the scope of IFRS 15, under which it licenses certain rights to its product candidates to third parties and also may participate in the development of the product candidates. The terms of these arrangements typically include payment to Genmab of one or more of the following: non-refundable, upfront license fees; exclusive designation fees; annual license maintenance fees; additional target fees; development, regulatory and commercial milestone payments; reimbursements for research and development services; and royalties on net sales of licensed products. Each of these payments results in revenue from contracts with customers.

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 as DARZALEX FASPRO in the United States and as DARZALEX SC in Europe for SC administration). 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 SC formulation of daratumumab. The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of SC 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 June 30, 2021. Given the ongoing arbitration, Genmab has reflected this reduction in its royalty revenues each quarter. The impact to the first half of 2021 royalties is estimated to be DKK 146 million. The impact to the first half of 2020 royalties is not material. 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.

The table below summarizes Genmab’s revenue by type and collaboration partner under Genmab’s agreements. This information provides the reader additional information regarding the nature, amount, timing and uncertainty of Genmab’s revenue and how cash flows might be affected by economic factors.


	6 Months Ended	6 Months Ended
	June 30, 2021	June 30, 2020
(DKK million)
Revenue by type:
Royalties	2,595	1,738
Reimbursement revenue	227	175
Milestone revenue	731	32
License revenue	—	4,398

Total	3,553	6,343

Revenue by collaboration partner:
Janssen	2,846	1,652
AbbVie	245	4,398
Roche	162	83
Seagen	56	99
BioNTech	171	76
Novartis	73	9
Other collaboration partners	—	26

Total	3,553	6,343

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 (DKK 4,911 million) upfront payment in July 2020. Genmab recognized DKK 4,398 million as license revenue during the first half of 2020 driven by the delivery of licenses for the three programs described above. Genmab recorded DKK 513 million as deferred revenue related to co-development activities for product concepts and is expected to be recognized as revenue activities are performed, which is estimated to be over a seven-year period. No revenue has been recognized in the first half of 2021 or 2020 as co-development activities for product concepts have not yet commenced. Refer to Note 2.1 in the Annual Report for further details of the AbbVie collaboration agreement.

Financial Instruments

6 Months Ended

Jun. 30, 2021

Financial Instruments

Financial Instruments

Note 3 – Financial Instruments


	June 30,	December 31,
	2021	2020
(DKK million)

Marketable securities	8,398	8,819
Other investments	753	1,081
Financial assets measured at fair value	9,151	9,900

As of June 30, 2021, Genmab’s marketable securities were administrated by two external investment managers. The investment guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab’s activities and financial position. During the first half of 2021, Genmab’s investment policy was amended to allow investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody’s. The amended policy also includes additional allowable investment types, none of which were purchased during the first half of 2021.

Genmab’s current portfolio is spread over a number of different securities with a focus on liquidity and security. Genmab’s total marketable securities were invested in EUR (10%), DKK (20%), USD (69%) and GBP (1%) denominated securities as of June 30, 2021, compared to 10%, 19%, 70%, and 1%, as of December 31, 2020.

As of June 30, 2021, and December 31, 2020, 99% of Genmab’s marketable securities had an AA rating or higher from Moody’s, S&P, or Fitch.

Fair Value Measurement

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).


(DKK million)	June 30, 2021				December 31, 2020
Assets Measured at Fair Value	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Marketable securities	8,398	—	—	8,398	8,819	—	—	8,819
Other investments	729	—	24	753	1,067	—	14	1,081

Marketable Securities

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

Other Investments

Other investments as of June 30, 2021 consist primarily of a DKK 650 million investment in common shares of CureVac, compared to DKK 1,067 million as of December 31, 2020. During the first half of 2021, Genmab sold 35% of its investment in common shares of CureVac. Proceeds received from the sale of shares were DKK 438 million.

During the second quarter of 2021, Genmab made an investment in common shares of Bolt. As of June 30, 2021, the investment in Bolt was valued at DKK 79 million.

The investments in CureVac and Bolt are recorded at fair value through profit and loss. The fair value of Genmab’s investments in CureVac and Bolt are determined using unadjusted quoted prices in established markets (Level 1).

Finance Income and Expenses

6 Months Ended

Jun. 30, 2021

Financial Income and Expenses

Note 4 – Financial Income and Expenses


	6 Months Ended	6 Months Ended
	June 30, 2021	June 30, 2020
(DKK million)

Financial income:
Interest and other financial income	127	83
Foreign exchange rate gain, net	573	36

Total financial income	700	119

Financial expenses:
Interest and other financial expenses	(6)	(4)
Loss on marketable securities, net	(134)	(1)
Loss on other investments, net	(33)	—

Total financial expenses	(173)	(5)

Net financial items	527	114

Foreign exchange rate gain, net was DKK 573 million in the first half of 2021 as compared to DKK 36 million in the first half of 2020. The increase was driven by the strengthening of the USD against the DKK in 2021 that positively impacted our USD denominated marketable securities portfolio and cash holdings. Refer to Note 4.2 in the Annual Report for further details of foreign currency risk.

Loss on marketable securities, net of DKK 134 million in the first half of 2021 was primarily driven by the movements in interest rates in the United States and Europe.

Share-Based Instruments

6 Months Ended

Jun. 30, 2021

Share-Based Instruments

Schedule of share-based payment

Note 5 – Share-Based Instruments

Restricted Stock Unit Program

Genmab A/S established an RSU program as an incentive for all the Genmab group’s employees, members of the Executive Management, and members of the Board of Directors.

For details of the RSU program prior to changes in 2021, refer to Note 4.6 in the Annual Report.

In February 2021, the RSU program was amended (the “2021 RSU Program”). Under the terms of the 2021 RSU Program, the Board may decide, in its sole discretion, to accelerate the vesting of the RSUs held by a participant, or accelerate the vesting of the RSUs and make a cash settlement in case of (1) a change of control event as defined in the 2021 RSU Program, if a participant’s employment terms are materially changed to his or her detriment during the 12-month period following the change in control event, or if the participant, who is a member of the Board, is replaced by a new board member or such participant's seat on the Board is eliminated due to a reduction in the number of board members, or (2) certain other extraordinary transactions as described in the 2021 RSU Program.

Under the terms of the 2021 RSU Program, in the event an RSU holder separates from the Company under circumstances in which the RSU holder is considered a “bad-leaver,” such as being dismissed for cause or during the employment probationary period, unvested RSU will be forfeited. RSU holders may maintain a pro rata portion of unvested RSUs if they separate from the Company under circumstances where they are considered “good-leavers,” such as dismissal without cause or termination of employment due to the Company’s material breach of the RSU holder’s employment terms, or if the participant is a member of the Board, if the membership of the Board ceases for any other reason than as a result of the participants death. All unvested RSUs will be forfeited in the event of termination of employment due to the RSU holder’s death.

During the first half of 2021, 159,567 RSUs were granted with a weighted average fair value of DKK 2,149.55 per RSU. During the first half of 2020, 22,672 RSUs were granted with a weighted average fair value of DKK 1,491.16 per RSU.

During the first half of 2021, 49,012 RSUs vested, compared to 39,438 RSUs during the first half of 2020. Genmab settles RSUs using shares issued from treasury stock. A portion of the settlement is withheld to satisfy individual statutory tax withholding obligations in certain jurisdictions which remain in Genmab’s treasury share account.

Warrant Program

Genmab A/S established warrant programs as an incentive for all the Genmab group’s employees, and members of the Executive Management.

For details of the warrant programs prior to changes in 2021, refer to Note 4.6 in the Annual Report.

In February 2021, the Warrant Program was amended (the “2021 Warrant Program”). Under the terms of the 2021 Warrant Program, the Board may decide, in its sole discretion, to accelerate the vesting of the warrants held by a warrant holder in case of (1) a change of control event as defined in the 2021 Warrant Program, if a warrant holder’s employment terms are materially changed to his or her detriment during the 12-month period following a change in control event, or (2) certain other extraordinary transactions as described in the 2021 Warrant Program.

Under the 2021 Warrant Program, if a warrant holder separates from the Company under circumstances in which the warrant holder is considered a “bad-leaver,” such as being dismissed for cause or during the employment probationary period, unvested warrants will be forfeited. Warrant holders may maintain a pro rata portion of unvested warrants if they separate from the Company under circumstances where they are considered “good-leavers,” such as dismissal without cause or termination of employment due to the Company’s material breach of the warrant holder’s employment terms. All unvested warrants will be forfeited in the event of termination of employment due to the warrant holder’s death.

During the first half of 2021, 147,568 warrants were granted to Genmab employees with a weighted average exercise price of DKK 2,189.21 per warrant and a weighted average Black-Scholes fair market value of DKK 683.79 per warrant. During the first half of 2020, 49,323 warrants were granted to Genmab employees with a weighted average exercise price of DKK 1,548.22 per warrant and a weighted average Black-Scholes fair market value of DKK 465.70 per warrant.

During the first half of 2021, 74,992 warrants were exercised with a weighted average exercise price on date of grant of DKK 606.22 with proceeds to Genmab of DKK 46 million. The warrants exercised increased share capital accordingly and corresponded to approximately 0.11% of share capital. During the first half of 2020, 272,078 warrants were exercised with a weighted average exercise price on date of grant of DKK 261.06 with proceeds to Genmab of DKK 71 million. The warrants exercised increased share capital accordingly and corresponded to approximately 0.42% of share capital.

Share-based compensation expense

Share-based compensation expenses related to Genmab RSU and warrant programs for the first half of 2021 totaled DKK 142 million compared to DKK 98 million for the first half of 2020.

Share repurchases

In general, Genmab intends to purchase its own shares in order to cover a portion of the obligations in relation to RSUs. Authorization to purchase Genmab shares up to a nominal value of DKK 500,000 (500,000 shares) was given by the shareholders at the annual general meeting in March 2016. As of December 31, 2020, a total of 225,000 shares, with a nominal value of DKK 225,000, had been repurchased under the March 2016 authorization. The March 2016 authorization expired in March 2021. Additionally, in March 2019, Genmab shareholders authorized the repurchase up to an additional nominal value of DKK 500,000 (500,000 shares). A portion of the shares that may be repurchased under this authorization may be used to cover Genmab’s obligations in relation to the RSUs. Moreover, in April 2021, Genmab shareholders authorized us to repurchase up to an additional nominal value of DKK 500,000 (500,000 shares) to cover obligations under our share-based remuneration programs.

As announced on February 23, 2021, Genmab initiated a share buy-back program. During the first half of 2021, Genmab acquired 200,000 of its own shares, representing approximately 0.3% of share capital. The total amount paid to acquire the shares, including directly attributable costs, was DKK 447 million and has been recognized as a deduction to shareholders’ equity. These shares are classified as treasury shares and are presented within retained earnings on the balance sheet as of June 30, 2021. There were no share repurchases during the first half of 2020.

As of June 30, 2021, 299,206 treasury shares were held by Genmab to cover the obligations in relation to the RSU program and to mitigate the dilutive effect of share capital increases resulting from future exercises of warrants.

Related Parties

6 Months Ended

Jun. 30, 2021

Related Parties

Related Parties

Note 6 – Related Parties

Genmab’s related parties are the Genmab A/S’ (parent company) subsidiaries, Board of Directors, Executive Management, and close members of the family of these persons.

Genmab has service agreements with, and has made equity compensation grants to, members of Executive Management in the ordinary course of business.

Transactions with Related Parties

During the first half of 2021, there were no material related party transactions.

Key Changes to Executive Management and the Board of Directors

During the first half of 2021, there was one change to the Executive Management team. Effective March 1, 2021, Tahamtan Ahmadi, previously Senior Vice President, Head of Oncology, was appointed Executive Vice President and Chief Medical Officer, Head of Experimental Medicines. He joins the existing Executive Management team of Jan van de Winkel, President and Chief Executive Officer, Judith Klimovsky, Executive Vice President and Chief Development Officer, Anthony Pagano, Executive Vice President and Chief Financial Officer and Anthony Mancini, Executive Vice President and Chief Operating Officer.

There were no changes to the Board of Directors during the first half of 2021. Following Genmab A/S' Annual General Meeting on April 13, 2021, the Board of Directors is comprised of five independent board members, one non-independent board member, and three employee-elected board members. They are Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Dr. Paolo Paoletti, Jonathan Peacock, Dr. Anders Gersel Pedersen, Peter Storm Kristensen, Dr. Mijke Zachariasse and Rima Bawarshi Nassar, respectively.

Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

Note 7 – Leases

Amounts recognized in the balance sheet

The balance sheet shows the following amounts relating to leases:


	June 30,	December 31,
	2021	2020
(DKK million)
Right-of-use assets
Properties	381	280
Equipment	3	3

Total right-of-use assets	384	283

Lease liabilities
Current	59	42
Non-current	384	277

Total lease liabilities	443	319

During the first half of 2021, there were additions to Genmab’s right-of-use assets and lease liabilities related to the commencement of leases in Japan and the United States with respect to office space. During the first half of 2020, there were additions to Genmab’s 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.

Significant leases not yet commenced

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.

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.

Amounts recognized in the statement of comprehensive income

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


	6 Months Ended	6 Months Ended
	June 30, 2021	June 30, 2020
(DKK million)
Depreciation charge of right-of-use assets
Properties	25	14
Equipment	1	1

Total depreciation charge of right-of-use assets	26	15

Interest expense	6	3
Expense relating to short-term leases	1	2

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.

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events

Subsequent Events

Note 8 - Subsequent Events to the Balance Sheet Date

No events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of June 30, 2021.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2021
Basis of Presentation
Accounting Policies	Accounting Policies These interim statements of the Genmab group (Genmab or the Company) have been prepared in accordance with IAS 34 as issued by the International Accounting Standards Board (IASB) and in accordance with IAS 34 as endorsed by the EU and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been reviewed or audited by Genmab’s external auditors. The interim report has been prepared using the same accounting policies as outlined in Section 1 – Basis of Presentation in the financial statements in the Genmab 2020 Annual Report (Annual Report). A number of new or amended standards became applicable for the current reporting period. Genmab was not required to change its accounting policies as a result of adopting these standards. These interim financial statements should be read in conjunction with the Annual Report.
Management Judgments and Estimates under IFRS	Management Judgments and Estimates under IFRS In preparing interim reports, certain provisions under IFRS require management to make judgments (various accounting estimates and assumptions) which may significantly impact the group’s financial statements. For a description of significant judgments and estimates, refer to Note 1.3 in the Annual Report.
Information about Geographical Areas	Information about Geographical Areas Genmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting. Refer to Note 2.2 in the Annual Report for further details.

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue

Schedule of revenue by type and collaboration partner under agreements


	6 Months Ended	6 Months Ended
	June 30, 2021	June 30, 2020
(DKK million)
Revenue by type:
Royalties	2,595	1,738
Reimbursement revenue	227	175
Milestone revenue	731	32
License revenue	—	4,398

Total	3,553	6,343

Revenue by collaboration partner:
Janssen	2,846	1,652
AbbVie	245	4,398
Roche	162	83
Seagen	56	99
BioNTech	171	76
Novartis	73	9
Other collaboration partners	—	26

Total	3,553	6,343

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Financial Assets


	June 30,	December 31,
	2021	2020
(DKK million)

Marketable securities	8,398	8,819
Other investments	753	1,081
Financial assets measured at fair value	9,151	9,900


(DKK million)	June 30, 2021				December 31, 2020
Assets Measured at Fair Value	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Marketable securities	8,398	—	—	8,398	8,819	—	—	8,819
Other investments	729	—	24	753	1,067	—	14	1,081

Finance Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Finance Income and Expenses

Schedule of finance income and expenses


	6 Months Ended	6 Months Ended
	June 30, 2021	June 30, 2020
(DKK million)

Financial income:
Interest and other financial income	127	83
Foreign exchange rate gain, net	573	36

Total financial income	700	119

Financial expenses:
Interest and other financial expenses	(6)	(4)
Loss on marketable securities, net	(134)	(1)
Loss on other investments, net	(33)	—

Total financial expenses	(173)	(5)

Net financial items	527	114

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases

Summary of balance sheet amounts relating to leases

The balance sheet shows the following amounts relating to leases:


	June 30,	December 31,
	2021	2020
(DKK million)
Right-of-use assets
Properties	381	280
Equipment	3	3

Total right-of-use assets	384	283

Lease liabilities
Current	59	42
Non-current	384	277

Total lease liabilities	443	319

Summary of statement of comprehensive income amounts relating to leases

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


	6 Months Ended	6 Months Ended
	June 30, 2021	June 30, 2020
(DKK million)
Depreciation charge of right-of-use assets
Properties	25	14
Equipment	1	1

Total depreciation charge of right-of-use assets	26	15

Interest expense	6	3
Expense relating to short-term leases	1	2

Basis of Presentation (Details)	Jun. 30, 2021 item
Basis of Presentation
Number of business unit	1

Revenue (Details) - DKK (kr) kr in Millions	6 Months Ended
Revenue (Details) - DKK (kr) kr in Millions	Jun. 30, 2021	Jun. 30, 2020
Revenue
Revenue	kr 3,553	kr 6,343
Reduction In Royalty Revenue	146
Janssen
Revenue
Revenue	2,846	1,652
AbbVie
Revenue
Revenue	245	4,398
Roche
Revenue
Revenue	162	83
Seagen
Revenue
Revenue	56	99
BioNTech
Revenue
Revenue	171	76
Novartis (Arzaerra/Ofatumumab)
Revenue
Revenue	73	9
Other collaboration partners
Revenue
Revenue		26
Royalties
Revenue
Revenue	2,595	1,738
Reimbursement income
Revenue
Revenue	227	175
Milestone payments
Revenue
Revenue	kr 731	32
License fees
Revenue
Revenue		4,398
License fees \| AbbVie
Revenue
Revenue		kr 4,398

Revenue - AbbVie Collaboration Agreement (Details) kr in Millions, $ in Millions		1 Months Ended		6 Months Ended
	Jun. 10, 2020 DKK (kr) item	Jul. 31, 2020 DKK (kr)	Jul. 31, 2020 USD ($)	Jun. 30, 2021 DKK (kr)	Jun. 30, 2020 DKK (kr)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue				kr 3,553	kr 6,343
License fees
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue					4,398
AbbVie
Disclosure of disaggregation of revenue from contracts with customers [line items]
Upfront payment		kr 4,911	$ 750
Revenue				kr 245	4,398
Number of delivery license programs \| item	3
Performance obligation Revenue recognition period	7 years
AbbVie \| Performance obligations satisfied over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract transaction price	kr 513
AbbVie \| License fees
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue					kr 4,398

Financial Instruments - Financial Assets and Liabilities (Details) - DKK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Financial Assets	kr (9,151)	kr (9,900)
Marketable Securities
Disclosure of detailed information about financial instruments [line items]
Financial Assets	8,398	8,819
Other Investments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	kr 753	kr 1,081

- 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

Financial Instruments - Financial Risk (Details)	6 Months Ended	12 Months Ended	18 Months Ended
Financial Instruments - Financial Risk (Details)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021
Credit risk \| Triple A-rating from Moody's, S&P or Fitch
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)			99.00%
Currency risk \| EUR
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	10.00%	10.00%
Currency risk \| DKK
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	20.00%	19.00%
Currency risk \| USD
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	69.00%	70.00%
Currency risk \| GBP
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	1.00%	1.00%

Financial Instruments - Fair Value Measurement (Details) - DKK (kr) kr in Millions	Jun. 30, 2021	Dec. 31, 2020
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr (9,151)	kr (9,900)
Marketable Securities
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	8,398	8,819
Marketable Securities \| Level 1
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	8,398	8,819
Other Investments
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	753	1,081
Other Investments \| Level 1
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	729	1,067
Other Investments \| Level 3
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 24	kr 14

- Definition

+ References + Details

Financial Instruments - Other Investments (Details) - DKK (kr) kr in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Collaboration Agreements
Other investments	kr 753	kr 1,081
CureVac
Collaboration Agreements
Other investments	kr 650	kr 1,067
Percentage of investment in common shares	35.00%
Proceeds from sale of shares	kr 438
Bolt
Collaboration Agreements
Other investments	kr 79

Financial Income and Expenses (Details) - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financial Income:
Interest and other financial income			kr 127	kr 83
Foreign exchange rate gain, net			573	36
Total financial income	kr 65	kr 42	700	119
Financial expenses:
Interest and other financial expenses			(6)	(4)
Loss on marketable securities, net			(134)	(1)
Loss on other investments, net			(33)
Total financial expenses	kr (430)	kr (211)	(173)	(5)
Net financial items			kr 527	kr 114

Capital Structure, Financial Risk and Related Items - Fair Value of Other Investment (Details) kr in Millions	Jun. 30, 2021 DKK (kr)
Financial Assets
Fair value at January 1, 2020	kr (9,900)
Fair value at December 31, 2020	(9,151)
Marketable Securities
Financial Assets
Fair value at January 1, 2020	8,819
Fair value at December 31, 2020	8,398
Other Investments
Financial Assets
Fair value at January 1, 2020	1,081
Fair value at December 31, 2020	753
Level 3 \| Other Investments
Financial Assets
Fair value at January 1, 2020	14
Fair value at December 31, 2020	kr 24

- Definition

+ References + Details

Capital Structure, Financial Risk and Related Items - Marketable Securities (Details) kr in Millions	Jun. 30, 2021 DKK (kr)
Marketable Securities
Cost at the beginning of the period	kr 21,143
Cost at the end of the period	kr 22,483

Share-Based Instruments - Part 1 (Details) - RSUs	6 Months Ended
Share-Based Instruments - Part 1 (Details) - RSUs	Jun. 30, 2021 EquityInstruments kr / shares	Jun. 30, 2020 EquityInstruments kr / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	159,567	22,672
Vested	49,012	39,438
Weighted average fair value of RSU granted \| kr / shares	kr 2,149.55	kr 1,491.16

Share-Based Instruments - Part 2 (Details) - DKK (kr) kr / shares in Units, kr in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	147,568	49,323
Exercised	74,992	272,078
Weighted average exercise price of warrants granted	kr 2,189.21	kr 1,548.22
Weighted average exercise price of fair market value	683.79	465.70
Weighted average exercise price of warrants exercised	kr 606.22	kr 261.06
Exercise of warrants	kr 46	kr 54
Percentage of share capital attributed to exercise of warrants	0.11%	0.42%
Share-based compensation expenses	kr 142	kr 98
Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise of warrants	kr 46	kr 71

Share-Based Instruments - Part 3 (Details) - Restricted Stock Units Program - DKK (kr)		6 Months Ended		12 Months Ended
	Feb. 23, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Apr. 30, 2021	Mar. 31, 2019	Mar. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount of stock repurchase plan authorized					kr 500,000	kr 500,000	kr 500,000
Number of shares authorized to be repurchased	200,000				500,000	500,000	500,000
Repurchased shares			0	225,000
Repurchased values				kr 225,000
Percentage of share capital	0.30%
Treasury stock shares		299,206
Purchase of treasury shares	kr (447,000,000)

Related Parties (Details) - Key Changes to Executive Management	Apr. 13, 2021 item
Disclosure of transactions between related parties [line items]
Number of independent board members	5
Number of non independent board members	1
Number of employee elected board members	3

Leases (Details) - DKK (kr) kr in Millions	6 Months Ended
Leases (Details) - DKK (kr) kr in Millions	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	kr 384		kr 283
Lease Liabilities
Current	59		42
Non-current	384		277
Total lease liabilities	443		319
Depreciation charge of right-of-use assets	26	kr 15
Interest expense	6	3
Expense relating to short-term leases	1	2
Total future minimum payments			342	kr 117
Estimated capital expenditure for lease			40	kr 74
Properties
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	381		280
Lease Liabilities
Depreciation charge of right-of-use assets	25	14
Equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	3		kr 3
Lease Liabilities
Depreciation charge of right-of-use assets	kr 1	kr 1