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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF AUGUST 2023

COMMISSION FILE NUMBER 001-38976

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

Kalvebod Brygge 43

1560 Copenhagen V

Denmark

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

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

Form 20-F ⌧ Form 40-F ◻

Exhibit 99.1 to this report on Form 6-K shall be deemed to be incorporated by reference in Genmab A/S’s registration statement on Form S-8 (File No. 333-232693, 333-232693 and 333-262970) and in the outstanding prospectus contained in such registration statement.

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SIGNATURE

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

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DATE: August 3, 2023

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EXHIBIT INDEX

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Exhibit 99.1

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Genmab Announces Financial Results for the First Half of 2023

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August 3, 2023 Copenhagen, Denmark;

Interim Report for the First Six Months Ended June 30, 2023

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Highlights

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“The U.S. FDA approval of EPKINLY as the first bispecific antibody to treat adults with relapsed or refractory DLBCL was an important milestone both for Genmab and for patients in need of an innovative treatment option administered subcutaneously. We would like to thank the patients and investigators who took part in the EPCORE NHL-1 trial that was the basis of this approval, as well as the unstoppable team at Genmab responsible for the discovery, development and now commercialization of EPKINLY. We also thank our partners at AbbVie for their excellent collaboration as we work together to bring EPKINLY to cancer patients,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

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Financial Performance First Half of 2023

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Genmab Announces Financial Results for the First Half of 2023

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Outlook

As announced in Company Announcement No. 36, Genmab updated its 2023 financial guidance driven by the continued strong growth of DARZALEX net sales and higher total royalty revenues from DARZALEX and other marketed products, partly offset by increased and accelerated investment for epcoritamab clinical trials and progression of other pipeline products.

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*Operating profit does not sum due to rounding

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Conference Call

Genmab will hold a conference call in English to discuss the results for the first half of 2023 today, Thursday, August 3, at 6:00 pm CEST, 5:00 pm BST or 12:00 pm EDT. To join the call please use the below registration link. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN: https://register.vevent.com/register/BI9658367403a443db8fda64d31a3cfbc5. A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investors.

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Contact

Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs

T: +1 609 524 0065; E: mmp@genmab.com

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Andrew Carlsen, Vice President, Head of Investor Relations

T: +45 3377 9558; E: acn@genmab.com

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Interim Report for the First Half of 2023

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CONTENTS

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Interim Report for the First Half of 2023

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CONSOLIDATED KEY FIGURES

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* Full-time equivalent or team members

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Interim Report for the First Half of 2023

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OUTLOOK

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* Operating profit does not sum due to rounding

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As previously announced on July 28, 2023, Genmab updated its 2023 financial guidance driven by the continued strong growth of DARZALEX net sales and higher total royalty revenues from DARZALEX and other marketed products, partly offset by increased and accelerated investment for epcoritamab clinical trials and progression of other pipeline products.

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Revenue

Genmab expects its 2023 revenue to be in the range of DKK 15,500 – 16,500 million, an increase to the previous guidance of DKK 14,600 – 16,100 million, driven by the continued strong growth of DARZALEX net sales and higher total royalty revenues from DARZALEX and other marketed products. DARZALEX royalties are based on Genmab’s revised estimate of DARZALEX 2023 net sales of USD 9.8 – 10.0 billion compared to Genmab’s previous estimate of USD 9.4 – 10.0 billion.

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Operating Expenses

Genmab anticipates its 2023 operating expenses to be in the range of DKK 10,400 – 10,900 million, an increase to the previous guidance of DKK 9,800 – 10,600 million, primarily related to increased and accelerated investment for epcoritamab clinical trials and progression of other pipeline products.

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Operating Profit

Genmab now expects its 2023 operating profit to be in the range of DKK 4,500 – 6,000 million, compared to the previous guidance of DKK 3,900 – 6,200 million, driven primarily by the items described above.

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Outlook: Risks and Assumptions

In addition to factors already mentioned, the estimates above are subject to change due to numerous reasons, including but not limited to, the achievement of certain milestones associated with Genmab’s collaboration agreements; the timing and variation of development activities (including activities carried out by Genmab’s collaboration partners) and related income and costs; DARZALEX, DARZALEX FASPRO^®, Kesimpta, TEPEZZA, RYBREVANT and TECVAYLI net sales and royalties paid to Genmab; changing rates of inflation; and currency exchange rates (the 2023 guidance assumes a USD / DKK exchange rate of 6.8). The financial guidance assumes that no significant new agreements are entered into during the remainder of 2023 that could materially affect the results. Refer to the section “Significant Risks and Uncertainties” in this interim report for matters that may cause Genmab’s actual results to differ materially from 2023 Guidance and Key 2023 Priorities in this interim report.

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The factors discussed above, as well as other factors that are currently unforeseeable, may result in further and other unforeseen material adverse impacts on Genmab’s business and financial performance, including on the sales of Tivdak and EPKINLY, and on the net sales of DARZALEX, Kesimpta, TEPEZZA, RYBREVANT and TECVAYLI by Genmab’s collaboration partners and on Genmab’s royalties, collaboration revenue and milestone revenue therefrom.

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Interim Report for the First Half of 2023

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KEY 2023 PRIORITIES

1. Co-development w/ AbbVie; 2. Subject to regulatory approvals; 3. Subject to supportive U.S. FDA feedback; 4. Co-development w/ Seagen; 5. Co-development w/ BioNTech

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PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST HALF OF 2023

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At the end of the first half of 2023, Genmab’s proprietary pipeline of investigational medicines, where we are responsible for at least 50% of development, consisted of nine antibodies in clinical development. These include Genmab’s U.S. FDA approved medicines, Tivdak, which Genmab is co-developing globally and co-promoting in the U.S. in collaboration with Seagen and EPKINLY, which Genmab is co-developing and co-commercializing in collaboration with AbbVie. In addition to our own pipeline, there are multiple investigational medicines in development by global pharmaceutical and biotechnology companies, including five approved medicines powered by Genmab’s technology and innovations. Beyond the investigational medicines in clinical development, our pipeline also includes multiple pre-clinical programs. An overview of the development status of our approved medicines and of each of our investigational medicines is provided in the following section, including updates for the second quarter of 2023. For events that occurred during the first quarter of 2023, please refer to Genmab’s Q1 2023 report. Detailed descriptions of dosing, efficacy and safety data from certain clinical trials have been disclosed in company announcements and media releases published via the Nasdaq Copenhagen A/S (Nasdaq Copenhagen) stock exchange and may also be found in Genmab’s filings with the U.S. Securities and

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Interim Report for the First Half of 2023

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Exchange Commission (SEC). Additional information is available on Genmab’s website, www.genmab.com. The information accessible through our website is not part of this report and is not incorporated by reference herein.

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Genmab Proprietary Products¹

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Approved Medicines

¹Approved and investigational medicines where Genmab has ≥50% ownership, in co-development with partners as indicated.
²Refer to U.S. prescribing information for precise indication and safety information.
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Interim Report for the First Half of 2023

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Pipeline, Including Further Development for Approved Medicines

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³Genmab is developing HexaBody^®-CD38 in an exclusive worldwide license and option agreement with Janssen.

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Tivdak (tisotumab vedotin-tftv) – First and only U.S. FDA approved antibody-drug conjugate (ADC) for recurrent or metastatic cervical cancer

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Tisotumab vedotin is an ADC composed of Genmab’s human monoclonal antibody directed to TF and Seagen’s ADC technology that utilizes a protease-cleavable linker that covalently attaches the microtubule-disrupting agent monomethyl auristatin E to the antibody. Genmab used technology licensed from Medarex Inc. (Medarex) to generate the TF antibody forming part of tisotumab vedotin. Tisotumab vedotin-tftv, marketed as Tivdak, is the first and only U.S. FDA approved ADC for the treatment of adult patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy. Tisotumab vedotin is being co-developed by Genmab and Seagen. Under a joint commercialization agreement, Genmab is co-promoting Tivdak in the U.S. and will lead commercial

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Interim Report for the First Half of 2023

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operational activities in Japan. Seagen is leading commercial operational activities in the U.S. and will lead commercial operational activities in Europe and China. In these four markets there will be a 50:50 cost and profit split. In other markets, Seagen will commercialize Tivdak and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies have joint decision-making power on the worldwide development and commercialization strategy for Tivdak. The companies have a number of additional ongoing clinical trials for Tivdak, including a confirmatory Phase 3 trial in recurrent or metastatic cervical cancer.

Please consult the U.S. Prescribing Information for Tivdak for the labeled indication and safety information, including the boxed warning.

Second Quarter 2023 Update

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EPKINLY (epcoritamab-bysp) – First U.S. FDA approved bispecific antibody to treat adults with relapsed or refractory DLBCL

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Interim Report for the First Half of 2023

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Epcoritamab is a proprietary bispecific antibody created using Genmab’s DuoBody technology platform. Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically validated target on malignant B-cells. Genmab used technology licensed from Medarex to generate the CD20 antibody forming part of epcoritamab. Epcoritamab-bysp, marketed as EPKINLY, is the first U.S. FDA approved bispecific for the treatment of adults with relapsed or refractory DLBCL, NOS, including DLBCL arising from indolent lymphoma, and high-grade B‑cell lymphoma, after two or more lines of systemic therapy. In 2020, Genmab entered into a collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab. The companies share commercial responsibilities in the U.S. and pending approval, will share commercial responsibilities in Japan, with AbbVie responsible for further global commercialization. Genmab will record sales in the U.S. and Japan and receive tiered royalties on remaining global sales outside of these territories. The companies have a broad clinical development program for epcoritamab including three ongoing Phase 3 trials and additional trials in planning.

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Please consult the U.S. Prescribing Information for EPKINLY for the labeled indication and safety information, including the boxed warning.

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Second Quarter 2023 Updates

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Interim Report for the First Half of 2023

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GEN1046 (BNT311) – Bispecific next-generation immunotherapy

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GEN1046 (DuoBody-PD-L1x4-1BB, BNT311) is a proprietary bispecific antibody, jointly owned by Genmab and BioNTech, created using Genmab’s DuoBody technology platform. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1046 on a 50:50 basis. GEN1046 is designed to induce an antitumor immune response by simultaneous and complementary PD-L1 blockade and conditional 4-1BB stimulation using an inert DuoBody format. Three clinical trials in solid tumors are ongoing, including a Phase 2 trial of GEN1046 as monotherapy or in combination with pembrolizumab in patients with recurrent metastatic NSCLC.

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Second Quarter 2023 Update

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GEN1042 (BNT312) – Potential first-in-class bispecific agonistic antibody

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GEN1042 (DuoBody-CD40x4-1BB, BNT312) is a proprietary bispecific antibody, jointly owned by Genmab and BioNTech, created using Genmab’s DuoBody technology platform. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1042 on a 50:50 basis. CD40 and 4-1BB were selected as targets to enhance both dendritic cells and antigen-dependent T-cell activation, using an inert DuoBody format. Phase 1/2 clinical trials of GEN1042 in solid tumors are ongoing.

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Second Quarter 2023 Update

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GEN3014 – HexaBody-based investigational medicine with potential in hematological malignancies

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GEN3014 (HexaBody-CD38) is a human CD38 monoclonal antibody-based investigational medicine created using Genmab’s HexaBody technology platform. In pre-clinical models of hematological malignancies, GEN3014 demonstrated highly potent complement-dependent cytotoxicity and showed potent anti-tumor activity. In June 2019, Genmab entered into an exclusive worldwide license and option

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Interim Report for the First Half of 2023

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agreement with Janssen to develop and commercialize GEN3014. A Phase 1/2 clinical trial in hematologic malignancies is ongoing and includes an arm comparing GEN3014 to daratumumab in anti-CD38 monoclonal antibody-naïve relapsed or refractory multiple myeloma patients.

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Second Quarter 2023 Update

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GEN3009 – First DuoHexaBody program in clinical development

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GEN3009 (DuoHexaBody-CD37) is a bispecific antibody that targets two non-overlapping CD37 epitopes, created using Genmab’s DuoHexaBody technology platform. The DuoHexaBody technology platform combines the dual targeting of our DuoBody technology platform with the enhanced potency of our HexaBody technology platform, creating bispecific antibodies with target-mediated enhanced hexamerization. A Phase 1/2 clinical trial in hematologic malignancies, including in combination with epcoritamab, is ongoing.

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GEN1047 – Bispecific antibody with potential in solid tumors

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GEN1047 (DuoBody-CD3xB7H4) is a bispecific antibody-based investigational medicine created using Genmab’s DuoBody technology platform. B7H4 is an immune checkpoint protein expressed on malignant cells in various solid cancers including breast, ovarian and lung cancer. In pre-clinical studies, GEN1047 induced T-cell mediated cytotoxicity of B7H4-positive tumor cells. GEN1047 is being developed for the potential treatment of solid cancer indications known to express B7H4. A Phase 1/2 clinical trial of GEN1047 in malignant solid tumors is ongoing.

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GEN1053 (BNT313) – HexaBody-based investigational medicine with potential in solid tumors

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GEN1053 (HexaBody-CD27, BNT313) is a CD27 antibody that utilizes Genmab’s HexaBody technology, specifically engineered to form an antibody hexamer (a formation of six antibodies) upon binding its target on the cell membrane of T cells. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1053 on a 50:50 basis. A Phase 1/2 clinical trial of GEN1053 in solid tumors is ongoing.

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Interim Report for the First Half of 2023

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GEN1056 (BNT322) – First-in-human trial recruiting

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GEN1056 (BNT322) is an antibody product being co-developed by Genmab and BioNTech for the treatment of solid tumors and for use in combination with other products. A first-in-human Phase 1 clinical trial of GEN1056 in patients with advanced solid tumors is ongoing.

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Pre-clinical Programs

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Our pre-clinical pipeline includes immune effector function enhanced antibodies developed with our HexaBody technology platform and bispecific antibodies created with our DuoBody technology platform. We are also working with our partners to generate additional new antibody-based product concepts. A number of the pre-clinical programs are carried out in cooperation with our collaboration partners.

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Second Quarter 2023 Updates

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Programs Powered by Genmab’s Technology and Innovations

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In addition to Genmab’s own pipeline of investigational medicines, our innovations and proprietary technology platforms are applied in the pipelines of global pharmaceutical and biotechnology companies. These companies are running clinical development programs with antibodies created by Genmab or created using Genmab’s proprietary DuoBody bispecific antibody technology platform. The programs run from Phase 1 development to approved medicines. The tables in this section include those therapies that have been approved in certain territories as well as clinical stage investigational medicines in Phase 2 development or later. Under the agreements for these products Genmab is entitled to certain potential milestones and royalties.

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Interim Report for the First Half of 2023

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Approved Medicines

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¹See local prescribing information for precise indication and safety information.

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≥ Phase 2 Development, Including Further Development for Approved Medicines

²UltiMAb transgenic mouse technology licensed from Medarex, a wholly owned subsidiary of Bristol Myers Squibb.

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Interim Report for the First Half of 2023

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DARZALEX (daratumumab) – Redefining the treatment of multiple myeloma

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Daratumumab is a human monoclonal antibody that binds with high affinity to the CD38 molecule, which is highly expressed on the surface of multiple myeloma cells and is also expressed by AL amyloidosis plasma cells. Genmab used technology licensed from Medarex to generate the CD38 antibody. Daratumumab is being developed by Janssen under an exclusive worldwide license from Genmab to develop, manufacture and commercialize daratumumab. Under the terms of the agreement, Genmab is entitled to double digit royalties between 12% and 20% with Janssen reducing such royalty payments for Genmab’s share of Janssen’s royalty payments made to Halozyme. Daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the United States and as DARZALEX SC in Europe for SC administration) is approved in a large number of territories for the treatment of adult patients with certain multiple myeloma indications and is the only approved therapy in the U.S., Europe and Japan for the treatment of adult patients with AL amyloidosis.

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Please consult the European Summary of Product Characteristics for DARZALEX and DARZALEX SC and the U.S. Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety information.

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Kesimpta (ofatumumab) – Approved for the treatment of RMS

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Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule encompassing parts of the small and large extracellular loops. Genmab used technology licensed from Medarex to generate the CD20 antibody. Ofatumumab, marketed as Kesimpta, is approved in territories including the U.S., Europe and Japan for the treatment of certain adult patients with RMS. Kesimpta is the first B-cell therapy that can be self-administered by patients at home using the Sensoready autoinjector pen, once monthly after starting therapy. Ofatumumab is being developed and marketed worldwide by Novartis under a license agreement between Genmab and Novartis. Under the terms of the agreement, Genmab is entitled to 10% royalties on net sales of Kesimpta.

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Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for the labeled indication and safety information for Kesimpta.

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Interim Report for the First Half of 2023

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TEPEZZA (teprotumumab-trbw) – First U.S. FDA-approved medicine for the treatment of TED

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Teprotumumab-trbw, approved by the U.S. FDA under the trade name TEPEZZA, is a human monoclonal antibody that targets the Insulin-like Growth Factor 1 Receptor (IGF-1R), a validated target. Genmab used technology licensed from Medarex to generate the IGF-1R antibody. The antibody was created by Genmab under a collaboration with Roche and development and commercialization of the product is now being conducted by Horizon under a sublicense from Roche. Under the terms of Genmab’s agreement with Roche, Genmab will receive mid-single digit royalties on net sales of TEPEZZA.

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Please consult the U.S. Prescribing Information for the labeled indication and safety information for TEPEZZA.

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RYBREVANT (amivantamab) – First regulatory approvals for a DuoBody-based medicine

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In July 2012, Genmab entered into a collaboration with Janssen to create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of these, Janssen’s amivantamab, is a fully human bispecific antibody that targets epidermal growth factor receptor (EGFR) and cMet, two validated cancer targets. The two antibody libraries used to produce amivantamab were both generated by Genmab. In collaboration with Janssen, the antibody pair used to create amivantamab was selected. Janssen is responsible for the development and commercialization of amivantamab.

In 2021, Janssen received approvals in the U.S., Europe and other markets for amivantamab, marketed as RYBREVANT, for the treatment of certain adult patients with NSCLC with EGFR exon 20 insertion mutations. These were the first regulatory approvals for a therapy that was created using Genmab’s proprietary DuoBody bispecific technology platform. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT.

Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for RYBREVANT for the labeled indication and safety information.

TECVAYLI (teclistamab) – Bispecific antibody approved for the treatment of relapsed and refractory multiple myeloma

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In July 2012, Genmab entered into a collaboration with Janssen to create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of the products subsequently discovered

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Interim Report for the First Half of 2023

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and developed by Janssen is teclistamab, a bispecific antibody that targets CD3, which is expressed on T-cells and B-cell maturation antigen (BCMA), which is expressed in mature B lymphocytes.

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In August 2022, Janssen received conditional marketing authorization from the European Commission for subcutaneously administered teclistamab, marketed as TECVAYLI, as monotherapy for the treatment of adult patients with relapsed and refractory multiple myeloma. Patients must have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 antibody and have demonstrated disease progression on the last therapy. In October 2022, Janssen received U.S. FDA approval of TECVAYLI (teclistamab-cqyv) for the treatment of adult patients with relapsed or refractory multiple myeloma, who previously received four or more prior lines of therapy, including a proteasome inhibitor, immunomodulatory drug and anti-CD38 monoclonal antibody.

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Under our agreement with Janssen, Genmab is eligible to receive milestones and receives a mid-single digit royalty on net sales of TECVAYLI.
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Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for TECVAYLI for the labeled indication and safety information.

SIGNIFICANT RISKS AND UNCERTAINTIES

As a biotech company, Genmab faces a number of risks and uncertainties. These are common for the industry and relate to operations, intellectual property, research and development, commercialization and financial activities. For further information about risks and uncertainties which Genmab faces, refer to the 2022 Annual Report filed with NASDAQ Copenhagen and the Form 20-F filed with the U.S. SEC, both of which were filed in February 2023. At the date of this interim report, there have been no significant changes to Genmab’s overall risk profile since the publication of these reports. See Genmab’s Form 20-F for a detailed summary of risks related to our collaborations.

FINANCIAL REVIEW

The interim report is prepared on a consolidated basis for the Genmab Group. The financial statements are published in Danish Kroner (DKK).

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Genmab received U.S. FDA approval on May 19, 2023 for EPKINLY to treat adults with relapsed or refractory diffuse large B-cell lymphoma (DLBCL).

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Revenue

Genmab’s revenue was DKK 7,052 million for the first six months of 2023 compared to DKK 5,281 million for the first six months of 2022. The increase of DKK 1,771 million, or 34%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis, respectively, a milestone achieved under our collaboration with AbbVie for the first commercial sale of EPKINLY in the United States, and higher reimbursement revenue driven by increased activities under our collaboration agreements with BioNTech.

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Interim Report for the First Half of 2023

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Royalties

Royalty revenue amounted to DKK 5,935 million in the first six months of 2023 compared to DKK 4,727 million in the first six months of 2022. The increase of DKK 1,208 million, or 26%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our daratumumab collaboration with Janssen and ofatumumab collaboration with Novartis, respectively. The table below summarizes Genmab’s royalty revenue by product.

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Net sales of DARZALEX by Janssen were USD 4,695 million in the first six months of 2023 compared to USD 3,842 million in the first six months of 2022. The increase of USD 853 million, or 22%, was driven by share gains in all regions. Royalty revenue on net sales of DARZALEX was DKK 4,904 million in the first six months of 2023 compared to DKK 4,024 million in the first six months of 2022, an increase of DKK 880 million. The percentage increase in royalties of 22% is consistent with the percentage increase in the underlying net sales primarily due to a higher effective royalty rate and a higher average exchange rate between the USD and DKK for the first six months of 2023, offset by the increase in Genmab’s Halozyme royalty deductions in connection with the increase in SC product net sales and other foreign exchange impacts. Under our license agreement with Janssen for DARZALEX, for purposes of calculating royalties due to Genmab, net sales for non-U.S. denominated currencies are translated to U.S. dollars at a specific annual Currency Hedge Rate. This contractual agreement is the driver for the other foreign exchange rate impacts discussed above.

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Net sales of Kesimpta by Novartis were USD 873 million in the first six months of 2023 compared to USD 434 million in the first six months of 2022. The increase of USD 439 million, or 101%, was primarily due to sales growth across all regions driven by increased demand and strong access. Royalty revenue on net sales of Kesimpta was DKK 600 million in the first six months of 2023 compared to DKK 296 million in the first six months of 2022, an increase of DKK 304 million, or 103%.

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Royalty revenue on estimated net sales of TEPEZZA was DKK 336 million in the first six months of 2023 compared to DKK 390 million in the first six months of 2022, a decrease of DKK 54 million, or 14%.

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Interim Report for the First Half of 2023

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Janssen was granted approval for TECVAYLI for the treatment of relapsed or refractory multiple myeloma during the third quarter of 2022 in Europe and in the fourth quarter of 2022 in the U.S. Royalties were not material for the first six months of 2023.

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Royalty revenue fluctuations from period to period are driven by the level of product net sales, foreign currency exchange rate movements and more specifically to DARZALEX, the contractual arrangement related to annual Currency Hedge Rate, and Genmab’s share of Janssen’s royalty payments to Halozyme in connection with SC product net sales.

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Reimbursement Revenue

Reimbursement revenue amounted to DKK 483 million in the first six months of 2023 compared to DKK 287 million in the first six months of 2022. The increase of DKK 196 million, or 68%, was primarily driven by higher activities under our collaboration agreements with BioNTech for DuoBody-CD40x4-1BB and DuoBody-PD-L1x4-1BB.

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Milestone Revenue

Milestone revenue was DKK 455 million in the first six months of 2023 compared to DKK 176 million in the first six months of 2022, an increase of DKK 279 million, or 159%, primarily driven by an AbbVie milestone achieved during the second quarter of 2023 related to the first commercial sale of EPKINLY in the United States.

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Milestone revenue may fluctuate significantly from period to period due to both the timing of achievements and the varying amount of each individual milestone under our license and collaboration agreements.

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Collaboration Revenue

Collaboration revenue was DKK 140 million for the first six months of 2023 compared to DKK 91 million for the first six months of 2022, an increase of DKK 49 million, or 54%, driven by the increase in net sales of TIVDAK.

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Net Product Sales

Following the approval of EPKINLY on May 19, 2023, Genmab recognized net product sales of DKK 39 million through June 30, 2023. As EPKINLY is Genmab’s first commercialized product for which Genmab is recording net product sales, there were no net product sales recognized during the first six months of 2022.

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Refer to Financial Statement Note 2 in this interim report for further details about revenue.

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Key Developments to Revenue – Second Quarter of 2023

Genmab’s revenue was DKK 4,198 million for the second quarter of 2023 compared to DKK 3,162 million for the second quarter of 2022. The increase of DKK 1,036 million, or 33%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis, respectively, and a milestone achieved under our collaboration with AbbVie for the first commercial sale of EPKINLY in the United States.

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Research and Development Expenses

Research and development expenses amounted to DKK 3,594 million in the first six months of 2023 compared to DKK 2,435 million in the first six months of 2022. The increase of DKK 1,159 million, or 48%, was driven by the continued advancement of epcoritamab under our collaboration with AbbVie, increase

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Interim Report for the First Half of 2023

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in product pipeline and activities, and the increase in team members to support the expansion of our product pipeline.

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Research and development expenses accounted for 70% of total operating expenses in the first six months of 2023 compared to 69% in the first six months of 2022.

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Key Developments to Research and Development Expenses – Second Quarter of 2023

No significant key developments other than the items described above.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses were DKK 1,524 million in the first six months of 2023 compared to DKK 1,085 million in the first six months of 2022. The increase of DKK 439 million, or 40%, was driven by the continued expansion of Genmab’s commercialization capabilities through the increase in team members to support the launch of EPKINLY in the U.S. which occurred during the second quarter of 2023, and the investment in Genmab’s broader organizational capabilities. Included in Selling, general and administrative expenses is Cost of product sales which were immaterial for the second quarter of 2023.

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Selling, general and administrative expenses accounted for 30% of total operating expenses in the first six months of 2023 compared to 31% for the first six months of 2022.

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Key Developments to Selling, General and Administrative Expenses – Second Quarter of 2023

Selling, general and administrative expenses were DKK 848 million for the second quarter of 2023 compared to DKK 633 million for the second quarter of 2022. The increase of DKK 215 million, or 34%, was driven by increased commercialization activities to support the launch of EPKINLY in the U.S. for the period.

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No significant key developments other than the items described above.

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Operating Profit

Operating profit was DKK 1,934 million in the first six months of 2023 compared to DKK 1,761 million in the first six months of 2022. Operating profit was DKK 1,497 million in the second quarter of 2023 compared to DKK 1,247 million in the second quarter of 2022.

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Interim Report for the First Half of 2023

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Net Financial Items

Net financial items were comprised of the following:

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Interest Income

Interest income was DKK 401 million in the first six months of 2023 compared to DKK 87 million in the first six months of 2022. The increase of DKK 314 million was driven by higher effective interest rates in the U.S., Europe and Denmark, and higher cash and cash equivalents and marketable securities.

Foreign Exchange Rate Gains and Losses

Foreign exchange rate loss, net was DKK 439 million in the first six months of 2023 compared to foreign exchange rate gain, net of DKK 1,792 million in the first six months of 2022. The USD weakened against the DKK in the first six months of 2023, negatively impacting our USD denominated securities and cash holdings. The USD strengthened against the DKK in the first six months of 2022, positively impacting our USD denominated securities and cash holdings.

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Marketable Securities Gains and Losses

Gain on marketable securities, net was DKK 89 million in the first six months of 2023 compared to loss on marketable securities, net of DKK 315 million in the first six months of 2022. The increase of DKK 404 million was primarily driven by interest rate outlooks for the U.S. and Europe.

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Other Investments

Gain on other investments, net was DKK 37 million in the first six months of 2023 compared to loss on other investments, net of DKK 214 million in the first six months of 2022. The change was primarily due to the significant decrease in fair value of Genmab’s investment in common shares of CureVac impacting the first six months of 2022.

Refer to Financial Statement Note 4 in this interim report for further details about the net financial items.

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Interim Report for the First Half of 2023

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Key Developments to Net Financial Items – Second Quarter of 2023

No significant key developments other than the items described above.

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Corporate Tax

Corporate tax expense for the first six months of 2023 was DKK 426 million compared to DKK 745 million for the first six months of 2022. The decrease in corporate tax expense is primarily the result of Genmab’s lower net profit before tax and a decrease in the estimated annual effective tax rate in the first six months of 2023 to 21.2% from 24.0% in the first six months of 2022. The decrease in Genmab’s effective tax rate was mainly driven by the ability to offset current taxable income through the deduction of research and development costs in the Netherlands and utilization of U.S. net operating loss carryforwards.

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Key Developments to Corporate Tax – Second Quarter of 2023

No significant key developments other than the items described above.

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Net Profit

Net profit for the first six months of 2023 was DKK 1,583 million compared to DKK 2,356 million in the first six months of 2022. Net profit for the second quarter of 2023 was DKK 1,357 million compared to DKK 1,891 million in the second quarter of 2022. The decrease was driven by the items described above.

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Liquidity and Capital Resources

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Net cash provided by operating activities is primarily related to our operating profit, changes in operating assets and liabilities, reversal of net financial items, and adjustments related to non-cash transactions. Cash provided by operating activities increased compared to the first six months of 2022 primarily driven by significant AbbVie milestones achieved with related cash received during the first six months of 2023 and cash received for DARZALEX royalties as a result of increasing net sales.

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Net cash (used in) investing activities primarily reflects differences between the proceeds received from the sale and maturity of our investments and amounts invested, and the cash paid for investments in tangible and intangible assets. The increase in net cash (used in) investing activities is primarily driven by purchases of marketable securities exceeding sales and maturities to a greater extent during the first six months of 2023 compared to the first six months of 2022.

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Interim Report for the First Half of 2023

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Net cash (used in) financing activities is primarily related to the purchase of treasury shares, exercise of warrants, lease payments, and payment of withholding taxes on behalf of employees on net settled Restricted Stock Units (RSUs). The increase in cash used in financing activities between the periods is primarily driven by cash payments for the purchase of treasury shares of DKK 564 million in the first six months of 2023 compared to DKK 211 million for the first six months of 2022.

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Genmab’s USD denominated cash and cash equivalents, and marketable securities represented 88% of Genmab’s total cash and cash equivalents, and marketable securities as of June 30, 2023 compared to 86% as of December 31, 2022.

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Cash and cash equivalents included short-term marketable securities of DKK 634 million as of June 30, 2023 compared to DKK 594 million as of December 31, 2022. In accordance with our accounting policy, securities purchased with a maturity of less than ninety days at the date of acquisition are classified as cash and cash equivalents. Refer to Financial Statement Note 3 in this interim report for further details about our marketable securities.

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Key Developments to Cash Flows – Second Quarter of 2023

No significant key developments other than the items described above.

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Balance Sheet

As of June 30, 2023, total assets were DKK 31,978 million compared to DKK 30,278 million on December 31, 2022. As of June 30, 2023, assets were mainly comprised of marketable securities of DKK 14,010 million, cash and cash equivalents of DKK 10,874 million and current receivables of DKK 4,690 million. The current receivables consist primarily of amounts related to royalties and milestones from our collaboration agreements.

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As of June 30, 2023, total liabilities were DKK 3,223 million compared to DKK 2,837 million on December 31, 2022. The increase in total liabilities of DKK 386 million, or 14%, was primarily driven by the increase in lease liabilities for our new headquarters in Denmark that commenced during the first half of 2023 and accruals related to the expansion of our product pipeline.

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Shareholders’ equity as of June 30, 2023 was DKK 28,755 million compared to DKK 27,441 million on December 31, 2022. The increase of DKK 1,314 million, or 5%, was primarily driven by Genmab’s net profit for the period, partly offset by the purchase of treasury shares. Genmab’s equity ratio was 90% as of June 30, 2023 compared to 91% as of December 31, 2022.

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Team Members

As of June 30, 2023, the total number of team members was 2,015 compared to 1,445 as of June 30, 2022. The increase was primarily driven by the expansion and acceleration of our pipeline, as well as the investment in the expansion of Genmab’s commercialization capabilities, including support for the launch of EPKINLY in the U.S. during the second quarter of 2023 and broader organizational capabilities.

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Interim Report for the First Half of 2023

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Legal Matters – Janssen Binding Arbitrations

In September 2020, Genmab commenced binding arbitration of two matters arising under its license agreement with Janssen relating to daratumumab. In April 2022, the arbitral tribunal issued an award in the binding arbitration of the two matters in favor of Janssen. Genmab did not seek a review of the award, and the award is now final.

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On June 9, 2022, Genmab announced the commencement of a second arbitration under the daratumumab license agreement with Janssen with claims for milestone payments for daratumumab SC of USD 405 million and a separate 13-year royalty term for daratumumab SC on a country-by-country basis, from the date of the first commercial sale of daratumumab SC in each such country. This second arbitration followed from the award in the prior arbitration, where the tribunal ruled in favor of Janssen on the question as to whether Genmab is required to share in Janssen’s royalty payments to Halozyme for its technology used in the daratumumab SC product. The tribunal based its ruling on the finding that DARZALEX FASPRO constitutes a new licensed product under the license agreement.

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On April 21, 2023, the arbitral tribunal dismissed Genmab’s claims regarding the second arbitration, on the basis that these claims should have been brought in the first arbitration. One arbitrator dissented. Genmab has filed a request for review of the award. See Company Announcement nos. 24 and 25.

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Interim Report for the First Half of 2023

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STATEMENTS OF COMPREHENSIVE INCOME

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