0001558370-22-012999 | 6-K | XBRL Viewer

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2022
Document Information [Line Items]
Document Type	6-K
Document Period End Date	Jun. 30, 2022
Entity Registrant Name	Genmab A/S
Entity Central Index Key	0001434265
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

STATEMENTS OF COMPREHENSIVE INCOME - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement
Revenue	kr 3,162	kr 1,972	kr 5,281	kr 3,553
Research and development expenses	(1,282)	(921)	(2,435)	(1,769)
Selling, general and administrative expenses	(633)	(264)	(1,085)	(465)
Operating expenses	(1,915)	(1,185)	(3,520)	(2,234)
Operating profit	1,247	787	1,761	1,319
Financial income	1,442	65	1,879	700
Financial expenses	(200)	(430)	(539)	(173)
Net profit before tax	2,489	422	3,101	1,846
Corporate tax	(598)	(116)	(745)	(444)
Net profit	kr 1,891	kr 306	kr 2,356	kr 1,402
Basic net profit per share	kr 28.87	kr 4.68	kr 35.97	kr 21.44
Diluted net profit per share	kr 28.66	kr 4.64	kr 35.71	kr 21.25
Statement of Comprehensive Income
Net profit	kr 1,891	kr 306	kr 2,356	kr 1,402
Amounts which will be re-classified to the income statement:
Adjustment of foreign currency fluctuations on subsidiaries	13	(13)	29	28
Fair value adjustments of cash flow hedges:
Total comprehensive income	kr 1,904	kr 293	kr 2,385	kr 1,430

BALANCE SHEETS - DKK (kr) kr in Millions	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Intangible assets	kr 216	kr 254
Property and equipment	684	621
Right-of-use assets	554	354
Receivables	66	27
Deferred tax assets	264	264
Other investments	201	371
Total non-current assets	1,985	1,891
Corporate tax receivable		31
Receivables	3,876	3,367
Marketable securities	11,799	10,381
Cash and cash equivalents	9,816	8,957
Total current assets	25,491	22,736
Total assets	27,476	24,627
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	66	66
Share premium	12,063	12,029
Other reserves	110	81
Retained earnings	12,243	10,020
Total shareholders' equity	24,482	22,196
Provisions	7	13
Lease liabilities	554	363
Deferred revenue	487	487
Other payables	2
Total non-current liabilities	1,050	863
Provisions	6
Corporate tax payable	257
Lease liabilities	80	62
Deferred revenue	26	26
Other payables	1,575	1,480
Total current liabilities	1,944	1,568
Total liabilities	2,994	2,431
Total shareholders' equity and liabilities	kr 27,476	kr 24,627

STATEMENTS OF CASH FLOWS - DKK (kr) kr in Millions	6 Months Ended
STATEMENTS OF CASH FLOWS - DKK (kr) kr in Millions	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net profit before tax	kr 3,101	kr 1,846
Reversal of financial items, net	(1,340)	(527)
Adjustments for non-cash transactions	347	227
Changes in operating assets and liabilities	(179)	(105)
Cash flows from operating activities before financial items	1,929	1,441
Interest received	80	107
Interest elements of lease payments	(7)	(6)
Interest paid	(1)
Corporate taxes paid	(455)	(2)
Net cash provided by operating activities	1,546	1,540
Cash flows from investing activities:
Investment in tangible assets	(125)	(107)
Marketable securities bought	(4,061)	(7,410)
Marketable securities sold	2,965	8,137
Other investments bought	(22)	(92)
Other investments sold		438
Net cash (used in) / provided by investing activities	(1,243)	966
Cash flows from financing activities:
Warrants exercised	34	46
Principal elements of lease payments	(30)	(29)
Purchase of treasury shares	(211)	(437)
Payment of withholding taxes on behalf of employees on net settled RSUs	(71)	(40)
Net cash (used in) financing activities	(278)	(460)
Change in cash and cash equivalents	25	2,046
Cash and cash equivalents at the beginning of the period	8,957	7,260
Exchange rate adjustments	834	171
Cash and cash equivalents at the end of the period	9,816	9,477
Cash and cash equivalents include:
Bank deposits	8,810	6,908
Short-term marketable securities	kr 1,006	kr 2,569

STATEMENTS OF CHANGES IN EQUITY - DKK (kr) kr in Millions	Issued capital [member]	Share premium [Member]	Translation reserves	Retained Earnings [Member]	Total
Balance at beginning of period at Dec. 31, 2020	kr 66	kr 11,894	kr 54	kr 7,107	kr 19,121
Net profit				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	66	11,940	82	8,164	20,252
Balance at beginning of period at Dec. 31, 2021	66	12,029	81	10,020	22,196
Net profit				2,356	2,356
Other comprehensive income			29		29
Total comprehensive income			29	2,356	2,385
Transactions with owners:
Exercise of warrants		34			34
Purchase of treasury shares				(270)	(270)
Share-based compensation expenses				208	208
Net settlement of RSUs				(71)	(71)
Balance at end of period at Jun. 30, 2022	kr 66	kr 12,063	kr 110	kr 12,243	kr 24,482

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

Basis of Presentation

6 Months Ended

Jun. 30, 2022

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 2021 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 Judgements and Estimates under IFRS

In preparing interim reports, certain provisions under IFRS require management to make judgements (various accounting estimates and assumptions), which may significantly impact the group’s financial statements. For a description of significant judgements 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, 2022

Revenue

Revenue

Note 2 – Revenue

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


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
(DKK million)
Revenue by type:
Royalties	4,727	2,595
Reimbursement revenue	287	227
Milestone revenue	176	731
Collaboration revenue	91	—
Total	5,281	3,553

Revenue by collaboration partner:
Janssen	4,206	2,846
AbbVie	—	245
Roche	390	162
Novartis	305	73
BioNTech	231	171
Seagen	138	56
Other	11	—
Total	5,281	3,553

Royalties by product:
DARZALEX	4,024	2,360
TEPEZZA	390	162
Kesimpta	296	72
Other	17	1
Total	4,727	2,595

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 net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the United States and as DARZALEX SC in Europe for SC administration). In April 2022, the arbitral tribunal issued an award in the binding arbitration of the two matters. Genmab did not seek a review of the award, and the award is now final.

The first matter concerned the question as to whether Janssen’s obligation to pay royalties on net 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. As to that matter, the tribunal determined by majority opinion that Janssen’s obligation to pay royalties to Genmab on net sales of licensed product, in each applicable country, extends through the expiration or invalidation of the last-to-expire relevant Genmab-owned patent covering the product or use thereof, but not the relevant Janssen-owned patent. The relevant Genmab-owned issued U.S., European and Japanese patents will expire in the late 2020s and early 2030s.

The second matter concerned the question as to whether Genmab is required to share in Janssen’s royalty payments to Halozyme for the Halozyme enzyme technology used in the SC formulation of daratumumab (marketed as DARZALEX FASPRO in the U.S.). The royalties Janssen pays to Halozyme represent a mid-single digit percentage rate of SC daratumumab net sales. As to that matter, the tribunal ruled by majority opinion that Janssen is permitted to continue reducing its royalty payments to Genmab as an offset against a share of Janssen’s royalty payments made to Halozyme.

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

Financial Instruments

6 Months Ended

Jun. 30, 2022

Financial Instruments

Financial Instruments

Note 3 – Financial Instruments

Genmab’s portfolio is spread over a number of different securities with a focus on liquidity and the preservation of capital. Genmab’s marketable securities in USD, DKK, EUR, and GBP as a percentage of total marketable securities was as follows:


	June 30,		December 31,
	2022		2021
Percent

USD	79	%	75	%
DKK	13	%	16	%
EUR	7	%	8	%
GBP	1	%	1	%
Total	100	%	100	%

As of June 30, 2022, 71% of Genmab’s marketable securities were long-term A rated or higher, or short-term A-1 / P-1 rated by S&P, Moody’s or Fitch compared to 68% as of December 31, 2021.

The table below shows the fair value measurements by level for Genmab’s financial assets measured at fair value through profit or loss:


(DKK million)	June 30, 2022				December 31, 2021
Assets Measured at Fair Value	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Marketable securities	11,799	—	—	11,799	10,381	—	—	10,381
Other investments	150	—	51	201	344	—	27	371

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, 2022 consist primarily of a DKK 138 million investment in common shares of CureVac, compared to DKK 318 million as of December 31, 2021. During the second quarter of 2021, Genmab made an investment in common shares of Bolt. As of June 30, 2022, the investment in Bolt was valued at DKK 12 million, compared to DKK 26 million as of December 31, 2021.

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

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

Financial Income and Expenses

6 Months Ended

Jun. 30, 2022

Financial Income and Expenses

Financial Income and Expenses

Note 4 – Financial Income and Expenses


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
(DKK million)

Financial income:
Interest and other financial income	87	127
Foreign exchange rate gain, net	1,792	573

Total financial income	1,879	700

Financial expenses:
Interest and other financial expenses	(10)	(6)
Loss on marketable securities, net	(315)	(134)
Loss on other investments, net	(214)	(33)

Total financial expenses	(539)	(173)

Net financial items	1,340	527

Foreign exchange rate gain, net was DKK 1,792 million in the first six months of 2022 compared to DKK 573 million in the first six months of 2021. The USD strengthened against the DKK in each period which positively impacted our USD denominated marketable securities and cash holdings, but to a greater extent in 2022. Refer to Note 4.2 in the Annual Report for further details regarding foreign currency risk.

Loss on marketable securities, net was DKK 315 million in the first six months of 2022 compared to DKK 134 million in the first six months of 2021. The increase in fair value losses on marketable securities was primarily driven by increases in interest rates in the United States and Europe.

Loss on other investments, net was DKK 214 million in the first six months of 2022 compared to DKK 33 million in the first six months of 2021. The change was driven by the decrease in fair value of Genmab’s investment in common shares of CureVac and Bolt.

Share-Based Instruments

6 Months Ended

Jun. 30, 2022

Share-Based Instruments

Share-Based Instruments

Note 5 – Share-Based Instruments

Restricted Stock Unit Program

Genmab A/S established RSU programs as an incentive for all Genmab employees, members of the registered Executive Management, and members of the Board of Directors.


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
RSUs granted	240,741	159,567
Weighted average fair value per RSU granted (DKK)	2,178.22	2,149.55

RSUs vested	82,001	49,012

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

Warrant Program

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


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
Warrants granted	230,112	147,568
Weighted average exercise price per warrant granted (DKK)	2,178.40	2,189.21
Weighted average Black-Scholes fair value per warrant granted (DKK)	629.05	683.79

Warrants exercised	34,987	74,992
Weighted average exercise price on date of grant per warrant exercised (DKK)	983.98	606.22
% change in share capital - warrants exercised	0.05%	0.11%

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

Share-based compensation expense

Share-based compensation expenses related to Genmab RSU and warrant programs for the first six months of 2022 was DKK 208 million compared to DKK 142 million for the first six months of 2021.

Share repurchases

In general, Genmab intends to purchase its own shares in order to cover a portion of obligations in relation to RSUs. As of June 30, 2022, Genmab has two authorizations to repurchase shares: the 2021 and 2019 authorizations. The 2016 authorization expired in March 2021.


	2021 Authorization	2019 Authorization	2016 Authorization
Number of shares authorized for repurchase	500,000	500,000	500,000
Actual shares repurchased under authorization	—	294,000	255,000
Shares available for repurchase as of June 30, 2022	500,000	206,000	—

As announced on June 17, 2022, Genmab initiated a share buy-back program. During the first six months of 2022, Genmab acquired 124,000 of its own shares, representing approximately 0.2% of share capital as of December 31, 2021. The total amount paid to acquire the shares, including directly attributable costs, was DKK 270 million and was recognized as a deduction to shareholders’ equity. During the first six months of 2021, Genmab acquired 200,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2020. The total amount paid to acquire the shares, including directly attributable costs, was DKK 447 million and was recognized as a deduction to shareholders’ equity. These shares are classified as treasury shares and are presented within retained earnings on the balance sheet as of June 30, 2022.

As of June 30, 2022, 357,885 treasury shares were held by Genmab to cover obligations in relation to the RSU programs and to mitigate the dilutive effect of share capital increases resulting from future exercises of warrants.

Related Parties

6 Months Ended

Jun. 30, 2022

Related Parties

Related Parties

Note 6 – Related Parties

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

Genmab has not granted any loans, guarantees or other commitments to or on behalf of any of the members of the Board of Directors or members of the registered Executive Management.

Other than the remuneration and other transactions relating to the Board of Directors and the registered Executive Management described in Note 5.1 in the Annual Report, there were no material related party transactions during the first six months of 2022.

Changes to the Executive Management Team and the Board of Directors

During the first six months of 2022, there were two changes to the Executive Management Team. Effective March 1, 2022, Chris Cozic was appointed Executive Vice President and Chief People Officer, and Birgitte Stephensen was appointed Executive Vice President and Chief Legal Officer. They join 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, Anthony Mancini, Executive Vice President and Chief Operating Officer, and Tahamtan Ahmadi, Executive Vice President and Chief Medical Officer. Chris Cozic and Birgitte Stephensen are not regarded as executive managers pursuant to the Danish Companies Act and will therefore not be registered with the Danish Business Authority.

Following Genmab A/S’ Annual General Meeting on March 29, 2022, the Board of Directors is comprised of five independent board members, one non-independent board member, and three employee-elected board members. Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Dr. Paolo Paoletti, and Dr. Anders Gersel Pedersen were re-elected to the Board of Directors for a one-year period. Elizabeth O’Farrell was newly elected for a one-year period. Mijke Zachariasse, Martin Schultz and Takahiro Hamatani were elected to the Board of Directors by the employees for a three-year period. Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board of Directors.

Leases

6 Months Ended

Jun. 30, 2022

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,
	2022	2021
(DKK million)
Right-of-use assets
Properties	553	352
Equipment	1	2

Total right-of-use assets	554	354

Lease liabilities
Current	80	62
Non-current	554	363

Total lease liabilities	634	425

During the first six months of 2022, there were additions to Genmab’s right-of-use assets and lease liabilities related to the commencement of leases in the Netherlands with respect to office and laboratory space. During the first six months of 2021, there were additions to Genmab’s right-of-use assets and lease liabilities related to the commencement of a lease in Japan with respect to office 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 339 million and estimated capital expenditures to fit out the space are approximately DKK 40 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, 2022	June 30, 2021
(DKK million)
Depreciation charge of right-of-use assets
Properties	30	25
Equipment	1	1

Total depreciation charge of right-of-use assets	31	26

Interest expense	7	6
Expense relating to short-term leases	—	1

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 to the Balance Sheet Date

6 Months Ended

Jun. 30, 2022

Subsequent Events to the Balance Sheet Date

Subsequent Events to the Balance Sheet Date

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, 2022.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
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 2021 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 Judgements and Estimates under IFRS In preparing interim reports, certain provisions under IFRS require management to make judgements (various accounting estimates and assumptions), which may significantly impact the group’s financial statements. For a description of significant judgements 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, 2022

Revenue

Schedule of revenue by type and collaboration partner under agreements


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
(DKK million)
Revenue by type:
Royalties	4,727	2,595
Reimbursement revenue	287	227
Milestone revenue	176	731
Collaboration revenue	91	—
Total	5,281	3,553

Revenue by collaboration partner:
Janssen	4,206	2,846
AbbVie	—	245
Roche	390	162
Novartis	305	73
BioNTech	231	171
Seagen	138	56
Other	11	—
Total	5,281	3,553

Royalties by product:
DARZALEX	4,024	2,360
TEPEZZA	390	162
Kesimpta	296	72
Other	17	1
Total	4,727	2,595

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Financial Instruments

Schedule of total marketable securities by currency


	June 30,		December 31,
	2022		2021
Percent

USD	79	%	75	%
DKK	13	%	16	%
EUR	7	%	8	%
GBP	1	%	1	%
Total	100	%	100	%

Schedule of Financial Assets


(DKK million)	June 30, 2022				December 31, 2021
Assets Measured at Fair Value	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Marketable securities	11,799	—	—	11,799	10,381	—	—	10,381
Other investments	150	—	51	201	344	—	27	371

Financial Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Financial Income and Expenses

Schedule of financial income and expenses


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
(DKK million)

Financial income:
Interest and other financial income	87	127
Foreign exchange rate gain, net	1,792	573

Total financial income	1,879	700

Financial expenses:
Interest and other financial expenses	(10)	(6)
Loss on marketable securities, net	(315)	(134)
Loss on other investments, net	(214)	(33)

Total financial expenses	(539)	(173)

Net financial items	1,340	527

Share-Based Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Instruments

Summary of RSUs activity


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
RSUs granted	240,741	159,567
Weighted average fair value per RSU granted (DKK)	2,178.22	2,149.55

RSUs vested	82,001	49,012

Summary of warrants activity


	6 Months Ended	6 Months Ended
	June 30, 2022	June 30, 2021
Warrants granted	230,112	147,568
Weighted average exercise price per warrant granted (DKK)	2,178.40	2,189.21
Weighted average Black-Scholes fair value per warrant granted (DKK)	629.05	683.79

Warrants exercised	34,987	74,992
Weighted average exercise price on date of grant per warrant exercised (DKK)	983.98	606.22
% change in share capital - warrants exercised	0.05%	0.11%

Schedule of share repurchases


	2021 Authorization	2019 Authorization	2016 Authorization
Number of shares authorized for repurchase	500,000	500,000	500,000
Actual shares repurchased under authorization	—	294,000	255,000
Shares available for repurchase as of June 30, 2022	500,000	206,000	—

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases

Summary of balance sheet amounts relating to leases

The balance sheet shows the following amounts relating to leases:


	June 30,	December 31,
	2022	2021
(DKK million)
Right-of-use assets
Properties	553	352
Equipment	1	2

Total right-of-use assets	554	354

Lease liabilities
Current	80	62
Non-current	554	363

Total lease liabilities	634	425

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, 2022	June 30, 2021
(DKK million)
Depreciation charge of right-of-use assets
Properties	30	25
Equipment	1	1

Total depreciation charge of right-of-use assets	31	26

Interest expense	7	6
Expense relating to short-term leases	—	1

Basis of Presentation (Details)	Jun. 30, 2022 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, 2022	Jun. 30, 2021
Revenue
Revenue	kr 5,281	kr 3,553
Janssen
Revenue
Revenue	4,206	2,846
AbbVie
Revenue
Revenue		245
Roche
Revenue
Revenue	390	162
Novartis (Arzaerra/Ofatumumab)
Revenue
Revenue	305	73
BioNTech
Revenue
Revenue	231	171
Seagen
Revenue
Revenue	138	56
Other collaboration partners
Revenue
Revenue	11
Royalties
Revenue
Revenue	4,727	2,595
Royalties \| DARZALEX
Revenue
Revenue	4,024	2,360
Royalties \| TEPEZZA
Revenue
Revenue	390	162
Royalties \| Kesimpta
Revenue
Revenue	296	72
Royalties \| Other Royalty Product
Revenue
Revenue	17	1
Reimbursement income
Revenue
Revenue	287	227
Milestone payments
Revenue
Revenue	176	kr 731
Collaboration revenue
Revenue
Revenue	kr 91

Financial Instruments - Financial Risk (Details)	6 Months Ended	12 Months Ended
Financial Instruments - Financial Risk (Details)	Jun. 30, 2022	Dec. 31, 2021
Credit risk \| Triple A-rating from Moody's, S&P or Fitch
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	71.00%	68.00%
Currency risk
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	100.00%	100.00%
Currency risk \| United States of America, Dollars
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	79.00%	75.00%
Currency risk \| DKK
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	13.00%	16.00%
Currency risk \| Euro Member Countries, Euro
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	7.00%	8.00%
Currency risk \| United Kingdom, Pounds
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	1.00%	1.00%

Financial Instruments - Fair Value Measurement (Details) - Net Book value - DKK (kr) kr in Millions	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 11,799	kr 10,381
Marketable Securities \| Level 1 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	11,799	10,381
Other
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	201	371
Other \| Level 1 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	150	344
Other \| Level 3 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 51	kr 27

- 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 - Other Investments (Details) - DKK (kr) kr in Millions	Jun. 30, 2022	Dec. 31, 2021
Collaboration Agreements
Other investments	kr 201	kr 371
CureVac
Collaboration Agreements
Other investments	138	318
Bolt
Collaboration Agreements
Other investments	kr 12	kr 26

Financial Income and Expenses (Details) - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financial Income:
Interest and other financial income			kr 87	kr 127
Foreign exchange rate gain, net			1,792	573
Total financial income	kr 1,442	kr 65	1,879	700
Financial expenses:
Interest and other financial expenses			(10)	(6)
Loss on marketable securities, net			(315)	(134)
Loss on other investments, net			(214)	(33)
Total financial expenses	kr (200)	kr (430)	(539)	(173)
Net financial items			kr 1,340	kr 527

Share-Based Instruments - Restricted Stock Unit Program (Details) - RSUs	6 Months Ended
	Jun. 30, 2022 EquityInstruments kr / shares	Jun. 30, 2021 EquityInstruments kr / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	240,741	159,567
Weighted average fair value of RSU granted \| kr / shares	kr 2,178.22	kr 2,149.55
Vested	82,001	49,012

Share-Based Instruments - Warrant Program (Details) - DKK (kr) kr / shares in Units, kr in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise of warrants	kr 34	kr 46
Share-based compensation expenses	kr 208	kr 142
Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	230,112	147,568
Exercised	34,987	74,992
Weighted average exercise price of warrants granted	kr 2,178.40	kr 2,189.21
Weighted average exercise price of fair market value	629.05	683.79
Weighted average exercise price of warrants exercised	kr 983.98	kr 606.22
Percentage of share capital attributed to exercise of warrants	0.05%	0.11%

Share-Based Instruments - Share repurchases (Details) kr in Millions	6 Months Ended
	Jun. 30, 2022 DKK (kr) item shares	Jun. 30, 2021 DKK (kr) shares	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of authorization \| item	2
Treasury shares acquired	124,000	200,000
Percentage of share capital repurchased			0.20%	0.30%
Acquisition of treasury shares \| kr	kr 270	kr 447
RSU
Disclosure of terms and conditions of share-based payment arrangement [line items]
Treasury shares acquired	357,885
2021 Authorization
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized for repurchase	500,000
Shares available for repurchase	500,000
2019 Authorization
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized for repurchase	500,000
Actual shares repurchased under authorization	294,000
Shares available for repurchase	206,000
2016 Authorization
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized for repurchase	500,000
Actual shares repurchased under authorization	255,000

Related Parties (Details)		6 Months Ended
Related Parties (Details)	Mar. 29, 2022 director	Jun. 30, 2022 item
Disclosure of transactions between related parties [line items]
Number of changes to executive management team \| item		2
Board of Directors and Executive Management
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
Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Dr. Paolo Paoletti, and Dr. Anders Gersel Pedersen
Disclosure of transactions between related parties [line items]
Re-election to the board of directors term	1 year
Elizabeth O'Farrell
Disclosure of transactions between related parties [line items]
Board of directors term	1 year
Mijke Zachariasse, Martin Schultz and Takahiro Hamatani
Disclosure of transactions between related parties [line items]
Board of directors term	3 years

Leases (Details) - DKK (kr) kr in Millions	6 Months Ended
Leases (Details) - DKK (kr) kr in Millions	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	kr 554	kr 354	kr 354
Lease Liabilities
Current	80	62	62
Non-current	554	363	kr 363
Total lease liabilities	634	425
Depreciation charge of right-of-use assets	31	26
Interest expense	7	6
Expense relating to short-term leases		1
Office and laboratory space \| DENMARK
Lease Liabilities
Total future minimum payments	339
Estimated capital expenditure for lease	40
Properties
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	553	352
Lease Liabilities
Depreciation charge of right-of-use assets	30	25
Equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	1	2
Lease Liabilities
Depreciation charge of right-of-use assets	kr 1	kr 1