0001558370-24-011511 | 6-K | XBRL Viewer

Revenue (Details) - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
Revenue (Details) - DKK (kr) kr in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Revenue by type	kr 5,402	kr 4,169	kr 9,545	kr 7,003
Revenue by collaboration partner	4,971	4,130	8,791	6,964
Royalties by product	4,569	3,478	7,673	5,886
Deferred revenue			0
DARZALEX
Revenue
Royalties by product	3,731	2,923	6,113	4,855
Kesimpta
Revenue
Royalties by product	553	334	990	600
TEPEZZA
Revenue
Royalties by product	161	170	342	336
Other
Revenue
Royalties by product	124	51	228	95
Janssen
Revenue
Revenue by collaboration partner	3,844	2,974	6,323	5,054
Roche
Revenue
Revenue by collaboration partner	161	170	342	336
Novartis
Revenue
Revenue by collaboration partner	558	337	999	606
BioNTech
Revenue
Revenue by collaboration partner	259	216	509	446
Pfizer
Revenue
Revenue by collaboration partner	137	85	256	174
AbbVie
Revenue
Revenue by collaboration partner	12	348	362	348
Royalties
Revenue
Revenue by type	4,569	3,478	7,673	5,886
Reimbursement revenue
Revenue
Revenue by type	289	228	569	483
Milestone revenue
Revenue
Revenue by type		351	343	455
Collaboration revenue
Revenue
Revenue by type	113	73	206	140
Net product sales
Revenue
Revenue by type	kr 431	kr 39	754	39
Net Product Sales			kr 754	kr 39

Financial Income and Expenses

6 Months Ended

Jun. 30, 2024

Financial Income and Expenses

Financial Income and Expenses

Note 6 – Financial Income and Expenses


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(DKK million)

Financial income:
Interest and other financial income	292	227	609	428
Gain on marketable securities	85	86	218	248
Gain on other investments	114	33	121	62
Foreign exchange rate gain	395	-	1,045	—

Total financial income	886	346	1,993	738

Financial expenses:
Interest and other financial expenses	(19)	(25)	(48)	(40)
Loss on marketable securities	(39)	(82)	(129)	(159)
Loss on other investments	(85)	(3)	(98)	(25)
Foreign exchange rate loss	(256)	(10)	(316)	(439)

Total financial expenses	(399)	(120)	(591)	(663)

Net financial items	487	226	1,402	75

Interest Income

Interest income was DKK 609 million in the first six months of 2024 compared to DKK 428 million in the first six months of 2023. The increase of DKK 181 million was driven by higher cash and cash equivalents and marketable securities, as well as higher interest rates on USD denominated marketable securities in the first six months of 2024 compared to the first six months of 2023.

Foreign Exchange Rate Gains and Losses

Foreign exchange rate gain, net was DKK 729 million, comprised of DKK 1,045 million foreign exchange rate gains, offset by DKK 316 million foreign exchange rate losses in the first six months of 2024 compared to foreign exchange rate loss of DKK 439 million in the first six months of 2023. The USD strengthened against the DKK in the first six months of 2024, positively impacting our USD denominated securities and cash holdings. The USD weakened against the DKK in the first six months of 2023, negatively impacting our USD denominated securities and cash holdings.


	June 30, 2024	December 31, 2023	June 30, 2023	December 31, 2022

USD/DKK Foreign Exchange Rates	6.9664	6.7447	6.8539	6.9722

% Increase/(decrease) from prior year-end	3.3%		(1.7)%

Financial Instruments

6 Months Ended

Jun. 30, 2024

Financial Instruments

Financial Instruments

Note 5 – 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,
	2024		2023
Percent

USD	78	%	81	%
DKK	13	%	12	%
EUR	8	%	6	%
GBP	1	%	1	%
Total	100	%	100	%

As of June 30, 2024, 70% of Genmab’s marketable securities were long-term A rated or higher, or short-term A-1 / P-1 rated compared to 72% as of December 31, 2023.

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, 2024				December 31, 2023
Assets Measured at Fair Value	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Marketable securities	11,402	—	—	11,402	13,268	—	—	13,268
Other investments	38	14	144	196	47	—	87	134

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 primarily consist of investments in certain strategic investment funds. Genmab’s share of the fair value of these fund investments is determined based on the valuation of the underlying investments included in the fund. Investments in publicly traded equity securities included in these strategic investment funds are valued based at the most recent sale price or official closing price reported on the exchange or over-the-counter market on which they trade, while investments in non-publicly traded equity securities are based on other factors, including but not limited to, type of the security, the size of the holding, the initial cost of the security, the price and extent of public trading in similar securities of the comparable companies, an analysis of the company's or issuer's financial statements and with respect to debt securities, the maturity and creditworthiness. As such, these fund investments have been characterized as Level 3 investments as fair values are not entirely based on observable market data.

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

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

Summary of balance sheet amounts relating to leases


	June 30,	December 31,
	2024	2023
(DKK million)
Right-of-use assets
Properties	928	686

Total right-of-use assets	928	686

Lease liabilities
Current	94	90
Non-current	925	680

Total lease liabilities	1,019	770

Summary of statement of comprehensive income amounts relating to leases


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(DKK million)
Depreciation charge of right-of-use assets
Properties	26	23	48	44

Total depreciation charge of right-of-use assets	26	23	48	44

CONDENSED CONSOLIDATED 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, 2022	kr 66	kr 12,309	kr 98	kr 14,809	kr 27,282
Net profit				1,545	1,545
Other comprehensive income			14		14
Total comprehensive income			14	1,545	1,559
Transactions with owners:
Exercise of warrants		103			103
Purchase of treasury shares				(564)	(564)
Share-based compensation expenses				271	271
Withholding taxes on behalf of employees on net settled RSUs				(93)	(93)
Balance at end of period at Jun. 30, 2023	66	12,412	112	15,968	28,558
Balance at beginning of period at Dec. 31, 2023	66	12,461	60	19,023	31,610
Net profit				2,733	2,733
Other comprehensive income			174		174
Total comprehensive income			174	2,733	2,907
Transactions with owners:
Exercise of warrants		75			75
Purchase of treasury shares				(3,879)	(3,879)
Share-based compensation expenses				349	349
Withholding taxes on behalf of employees on net settled RSUs				(93)	(93)
Balance at end of period at Jun. 30, 2024	kr 66	kr 12,536	kr 234	kr 18,133	kr 30,969

- 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

Financial Income and Expenses (Details) - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financial Income:
Interest and other financial income	kr 292	kr 227	kr 609	kr 428
Gain on marketable securities	85	86	218	248
Gain on other investments	114	33	121	62
Foreign exchange rate gain	395		1,045
Total financial income	886	346	1,993	738
Increase in Interest Income			181
Financial expenses:
Interest and other financial expenses	(19)	(25)	(48)	(40)
Loss on marketable securities	(39)	(82)	(129)	(159)
Loss on other investments	(85)	(3)	(98)	(25)
Foreign exchange rate loss	(256)	(10)	(316)	(439)
Total financial expenses	(399)	(120)	(591)	(663)
Net financial items	kr 487	kr 226	kr 1,402	kr 75

Revenue

6 Months Ended

Jun. 30, 2024

Revenue

Revenue

Note 3 – Revenue

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


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(DKK million)
Revenue by type:
Royalties	4,569	3,478	7,673	5,886
Reimbursement revenue	289	228	569	483
Milestone revenue	—	351	343	455
Collaboration revenue	113	73	206	140
Net product sales	431	39	754	39
Total	5,402	4,169	9,545	7,003

Revenue by collaboration partner:
Janssen	3,844	2,974	6,323	5,054
Roche	161	170	342	336
Novartis	558	337	999	606
BioNTech	259	216	509	446
Pfizer	137	85	256	174
AbbVie	12	348	362	348
Total*	4,971	4,130	8,791	6,964

Royalties by product:
DARZALEX	3,731	2,923	6,113	4,855
Kesimpta	553	334	990	600
TEPEZZA	161	170	342	336
Other**	124	51	228	95
Total	4,569	3,478	7,673	5,886

* Excludes Genmab’s Net product sales

** Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.

Net Product Sales

Genmab recognized net product sales of DKK 754 million during the first six months of 2024 compared to DKK 39 million in the first six months of 2023. EPKINLY was approved in the U.S. in May 2023 and Japan in September 2023.

Deferred Revenue

As part of the continued evaluation of deferred revenue related to the AbbVie Agreement, during the first six months of 2024, Genmab’s classification of deferred revenue reflects the current estimate of co-development activities as of June 30, 2024, with no deferred revenue recognized as revenue. These co-development activities are related to a performance obligation in connection with the product concepts under a research option agreement.

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

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue for the period.

Schedule of revenue by type, collaboration partner, and product under agreements.


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(DKK million)
Revenue by type:
Royalties	4,569	3,478	7,673	5,886
Reimbursement revenue	289	228	569	483
Milestone revenue	—	351	343	455
Collaboration revenue	113	73	206	140
Net product sales	431	39	754	39
Total	5,402	4,169	9,545	7,003

Revenue by collaboration partner:
Janssen	3,844	2,974	6,323	5,054
Roche	161	170	342	336
Novartis	558	337	999	606
BioNTech	259	216	509	446
Pfizer	137	85	256	174
AbbVie	12	348	362	348
Total*	4,971	4,130	8,791	6,964

Royalties by product:
DARZALEX	3,731	2,923	6,113	4,855
Kesimpta	553	334	990	600
TEPEZZA	161	170	342	336
Other**	124	51	228	95
Total	4,569	3,478	7,673	5,886

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - DKK (kr) kr in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net profit before tax	kr 3,843	kr 1,960
Financial income	(1,993)	(738)
Financial expenses	591	663
Adjustments for non-cash transactions
Share-based compensation expense	349	271
Depreciation	160	125
Amortization	26	27
Impairment charges	64
Change in operating assets and liabilities, excluding the effect of acquisitions:
Receivables	(1,049)	1,270
Inventories	21	(51)
Other payables	758	171
Cash flows from operating activities before financial items	2,770	3,698
Interest received	596	384
Interest elements of lease payments	(16)	(11)
Corporate taxes paid	(324)	(400)
Net cash provided by operating activities	3,026	3,671
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(12,246)
Post combination equity awards	(79)
Investment in intangible assets		(10)
Investment in tangible assets	(55)	(201)
Marketable securities bought	(5,237)	(7,112)
Marketable securities sold	7,437	5,490
Other investments bought	(33)	(15)
Net cash (used in) investing activities	(10,213)	(1,848)
Cash flows from financing activities:
Warrants exercised	75	103
Principal elements of lease payments	(43)	(50)
Purchase of treasury shares	(3,585)	(564)
Payment of withholding taxes on behalf of employees on net settled RSUs	(93)	(93)
Net cash (used in) financing activities	(3,646)	(604)
Change in cash and cash equivalents	(10,833)	1,219
Cash and cash equivalents at the beginning of the period	14,867	9,893
Exchange rate adjustments	297	(238)
Cash and cash equivalents at the end of the period	4,331	10,874
Cash and cash equivalents include:
Bank deposits	4,318	10,240
Short-term marketable securities	kr 13	kr 634

Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

Note 9 – Leases

Amounts recognized in the Condensed Consolidated Balance Sheets

The Consolidated Balance Sheets show the following amounts relating to leases:


	June 30,	December 31,
	2024	2023
(DKK million)
Right-of-use assets
Properties	928	686

Total right-of-use assets	928	686

Lease liabilities
Current	94	90
Non-current	925	680

Total lease liabilities	1,019	770

During the first six months of 2024, there were additions to Genmab’s right-of-use assets and lease liabilities related to the commencement of leases in the U.S. with respect to office and laboratory space and in Japan with respect to office space. During the first six months of 2023, there were additions to Genmab’s right-of-use assets and lease liabilities related to the commencement of a lease for the new headquarters in Denmark.

Amounts recognized in the Condensed Consolidated Statements of Comprehensive Income

The Consolidated Statements of Comprehensive Income show the following amounts relating to leases:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(DKK million)
Depreciation charge of right-of-use assets
Properties	26	23	48	44

Total depreciation charge of right-of-use assets	26	23	48	44

Variable lease payments, short-term lease expense, lease interest expense and low-value leases are not material.

Acquisition of Businesses (Tables)

6 Months Ended

Jun. 30, 2024

Acquisition of Businesses

Schedule of details of acquisition


	Total Consideration
	Amounts in USD millions	Amounts in DKK millions
Cash paid for outstanding shares	1,718	11,798
Cash for equity compensation attributable to pre-combination service	187	1,289
Total consideration	1,905	13,087
Cash acquired	(122)	(841)
Cash used for acquisition of business	1,783	12,246


	Amounts Recognized as of the Acquisition Date
	Amounts in USD millions	Amounts in DKK millions
Cash and cash equivalents	122	841
Other current assets*	4	29
Property and equipment	6	41
IPR&D	1,540	10,577
Technology platform intangible asset	181	1,243
Other non-current assets**	3	21
Non-current deferred tax liability	(297)	(2,039)
Other current liabilities***	(15)	(108)
Total identifiable net assets	1,544	10,605
Goodwill	361	2,482
Total consideration	1,905	13,087

*Includes receivables and other investments

**Includes other investments and right-of use assets

***Includes other payables, deferred revenue, current deferred tax liability and lease liabilities

From the Acquisition Date through June 30, 2024, Genmab’s Condensed Consolidated Statements of Comprehensive Income include no revenue and the following expenses associated with the acquisition and operations of ProfoundBio (in DKK millions):


Consolidated Statements of Comprehensive Income (DKK million):	Acquisition Date through June 30, 2024
Research and development expenses	70
Selling, general and administrative expenses	7
Acquisition and integration related charges*	139
Total	216

*Acquisition related charges incurred from the Acquisition Date through June 30, 2024, are comprised of payments to holders of outstanding ProfoundBio equity awards related to post-combination services (DKK 79 million). The remaining expenses are integration related charges incurred from the Acquisition Date through June 30, 2024, which are comprised of professional fees incurred to assist with the integration of ProfoundBio into Genmab’s operations post-acquisition. Additionally, prior to the Acquisition Date, Genmab recorded DKK 113 million in Acquisition and integration related charges in Genmab’s Consolidated Statements of Comprehensive Income related to professional due diligence procedures in connection with the acquisition of ProfoundBio.

The following table provides Genmab’s consolidated revenue and net profit for the first six months of 2024 as if the acquisition of ProfoundBio had occurred on January 1, 2024 (in DKK millions):


(DKK million)	Six Month Period Ended June 30, 2024
Revenue	9,545
Net Profit	2,516

Acquisition of Businesses - Purchase price allocation (Details) - May 21, 2024 - ProfoundBio kr in Millions, $ in Millions	DKK (kr)	USD ($)
Purchase price allocation
Cash and cash equivalents	kr 841	$ 122
Other current assets	29	4
Property and equipment	41	6
Other non-current assets	21	3
Non-current deferred tax liability	(2,039)	(297)
Other current liabilities	(108)	(15)
Total identifiable net assets	10,605	1,544
Goodwill	2,482	361
Total consideration	13,087	1,905
IPR&D
Purchase price allocation
Intangible asset	10,577	1,540
Technology platform intangible asset
Purchase price allocation
Intangible asset	kr 1,243	$ 181

Intangible Assets & Goodwill (Details) - DKK (kr) kr in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets
Intangible assets	kr 12,011		kr 101
Estimated useful life of intangibles	15 years
Amortization expense	kr 26	kr 27
Goodwill	2,518
ProfoundBio
Intangible Assets
Additions through acquisition	1,261
Goodwill	2,518		0
Gross
Intangible Assets
Intangible assets	12,901		901
Accumulated Amortization
Intangible Assets
Intangible assets	(826)		(800)
Accumulated impairment
Intangible Assets
Intangible assets	(64)
IPR&D
Intangible Assets
Additions through acquisition	10,728
Amortizable Intangible Assets
Intangible Assets
Intangible assets	1,283
Amortizable Intangible Assets \| Gross
Intangible Assets
Intangible assets	2,173
Amortizable Intangible Assets \| Accumulated Amortization
Intangible Assets
Intangible assets	(826)
Amortizable Intangible Assets \| Accumulated impairment
Intangible Assets
Intangible assets	(64)
Non-amortized Intangible Assets \| IPR&D
Intangible Assets
Intangible assets	10,728
Non-amortized Intangible Assets \| IPR&D \| Gross
Intangible Assets
Intangible assets	10,728
Licenses & Patents \| Amortizable Intangible Assets
Intangible Assets
Intangible assets	31		101
Licenses & Patents \| Amortizable Intangible Assets \| Gross
Intangible Assets
Intangible assets	912		901
Licenses & Patents \| Amortizable Intangible Assets \| Accumulated Amortization
Intangible Assets
Intangible assets	(817)		kr (800)
Licenses & Patents \| Amortizable Intangible Assets \| Accumulated impairment
Intangible Assets
Intangible assets	(64)
Technology platform intangible asset \| Amortizable Intangible Assets
Intangible Assets
Intangible assets	1,252
Technology platform intangible asset \| Amortizable Intangible Assets \| Gross
Intangible Assets
Intangible assets	1,261
Technology platform intangible asset \| Amortizable Intangible Assets \| Accumulated Amortization
Intangible Assets
Intangible assets	kr (9)

Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payments

Summary of RSUs activity


	Six Months Ended
	June 30,
	2024	2023
RSUs granted	452,485	281,061
Weighted average fair value per RSU granted (DKK)	2,010.05	2,640.65

RSUs vested	130,579	87,719

Summary of warrants activity


	Six Months Ended
	June 30,
	2024	2023
Warrants granted	345,079	193,853
Weighted average exercise price per warrant granted (DKK)	2,006.50	2,657.01
Weighted average Black-Scholes fair value per warrant granted (DKK)	650.72	937.43

Warrants exercised	62,374	76,852
Weighted average exercise price on date of grant per warrant exercised (DKK)	1,208.46	1,337.58
% change in share capital - warrants exercised	0.09%	0.12%

Schedule of share repurchases


	2024 Authorization	2023 Authorization	2021 Authorization
Number of shares authorized for repurchase¹	3,500,000	500,000	500,000
Actual shares repurchased under authorization	1,821,853	—	450,000
Shares available for repurchase as of June 30, 2024	1,678,147	500,000	50,000
¹ Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 Authorizations

Basis of Presentation

6 Months Ended

Jun. 30, 2024

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 (Interim Financial Reporting) 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 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 2023 Annual Report (Annual Report). A number of amended standards became applicable for the current reporting period. There was no impact to Genmab’s financial statements as a result of adopting these amended standards. These interim financial statements should be read in conjunction with the Annual Report.

The below accounting policies have been implemented upon Genmab completing the acquisition of ProfoundBio, Inc. (ProfoundBio) on May 21, 2024.

Business Combinations

The acquisition method of accounting is used to account for all acquisitions where the target company meets the definition of a business in accordance with IFRS 3 (Business Combinations). The purchase price for a business is comprised of the fair value of the assets transferred and liabilities owned to the former owners, including option holders, of the acquired business and the fair value of any asset or liability resulting from a contingent consideration arrangement. Any amount of the purchase price which effectively comprises a settlement of a pre-existing relationship is not part of the exchange for the acquiree and is therefore not included in the consideration for the purpose of applying the acquisition method. Settlements of pre-existing relationships are accounted for as separate transactions in accordance with the relevant IFRS standards.

Identifiable assets and liabilities and contingent liabilities assumed are measured at fair value on the date of acquisition by applying relevant valuation methods. Acquisition-related charges are expensed as incurred and included in Acquisition and integration related charges. Goodwill is recognized as the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed.

Other Intangible Assets

Definite-Lived and IPR&D Intangible Assets

Intangible assets acquired in a business combination are recognized at fair value at the acquisition date. Intangible assets with definite useful lives are amortized based on the straight-line method over their estimated useful lives and reviewed for impairment if certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Amortization commences for in-process research and development (IPR&D) intangible assets after regulatory approval has been obtained or when assets are put in use. IPR&D intangible assets are tested for impairment at least annually or when a triggering event occurs that could indicate a potential impairment. Impairments of intangible assets are reviewed at each reporting date for possible reversal.

Goodwill

Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed in a business combination accounted for by the acquisition method of accounting and is not amortized, but is subject to impairment testing. Goodwill is allocated to each of the group’s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that the fair value of net assets in a cash-generating unit are below their carrying amounts. Quantitative goodwill impairment tests are based on management’s projections and the anticipated net present value of estimated future cash flows from marketable products.

If the carrying amount of goodwill exceeds the recoverable amount, which is determined based on discounted projected cash flows, any impairment is measured as the difference between those discounted projected cash flows and the carrying amount. Impairments of goodwill are prohibited from future reversals.

Management Judgements and Estimates under IFRS Accounting Standards

In preparing interim reports, certain provisions under IFRS Accounting Standards (IFRS) require management to make judgements (various accounting estimates and assumptions), which may significantly impact Genmab’s financial statements. The interim report has been prepared using the same judgments and estimates as outlined in Section 1 – Basis of Presentation in the financial statements in the Annual Report. For a description of significant judgements and estimates, refer to Note 1.3 in the Annual Report. Additionally, upon Genmab completing the acquisition of ProfoundBio on May 21, 2024, management has determined that the below estimates related to intangible assets are an area that require significant judgement. Refer below for further information on the key accounting estimates related to the valuation of intangible assets utilized in preparation of the consolidated financial statements.

Fair Value of Intangible Assets in a Business Combination

The application of the acquisition method involves the use of significant estimates because the identifiable net assets of the acquiree are recognized at their fair values for which observable market prices are typically not available. This is particularly relevant for intangible assets which require use of valuation techniques typically based on estimates of present value of future uncertain cash flows. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical and commercial success, revenue growth rates, operating margins, and royalty rates).

Impairment Assessment of Intangible Assets and Goodwill

If circumstances or changes in Genmab’s operations indicate that the carrying amount of intangible assets, including goodwill, may not be recoverable, management reviews the asset for impairment. The basis for the review is the recoverable amount of the intangible asset, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow generated from the intangible asset. If the carrying amount of an intangible asset is greater than the recoverable amount, the intangible asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment is identified. Impairments on intangible assets (excluding goodwill) are reviewed at each reporting date for possible reversal.

Factors considered material that could trigger an impairment test include the following:

• Development of a competing drug

• Realized sales trending below predicted sales

• Inconsistent or unfavorable clinical readouts

• Changes in the legal framework covering patents, rights and licenses

• Advances in medicine and/or technology that affect the medical treatments

• Adverse impact on reputation and/or brand names

• Relationship to other intangible assets or property, plant and equipment

Impairments of intangible assets are recognized in the Consolidated Income Statements as research and development expenses.

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, product sales 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.

Reclassifications and Revisions

To facilitate comparison of information across periods, certain immaterial reclassifications and revisions have been made to prior period amounts to conform to the current period’s presentation. Refer to Note 1.4 in the Annual Report for further details.

CONDENSED CONSOLIDATED BALANCE SHEETS - DKK (kr) kr in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Intangible assets	kr 12,011	kr 101
Property and equipment	952	955
Right-of-use assets	928	686
Receivables	77	62
Deferred tax assets		212
Other investments	196	134
Goodwill	2,518
Total non-current assets	16,682	2,150
Inventories	36	57
Receivables	6,168	4,947
Marketable securities	11,402	13,268
Cash and cash equivalents	4,331	14,867
Total current assets	21,937	33,139
Total assets	38,619	35,289
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	66	66
Share premium	12,536	12,461
Other reserves	234	60
Retained earnings	18,133	19,023
Total shareholders' equity	30,969	31,610
Lease liabilities	925	680
Deferred revenue	480	480
Deferred tax liabilities	1,853
Other payables	28	35
Total non-current liabilities	3,286	1,195
Corporate tax payable	837	54
Lease liabilities	94	90
Deferred revenue	33	33
Other payables	3,400	2,307
Total current liabilities	4,364	2,484
Total liabilities	7,650	3,679
Total shareholders' equity and liabilities	kr 38,619	kr 35,289

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME STATEMENT
Revenue	kr 5,402	kr 4,169	kr 9,545	kr 7,003
Cost of product sales	(190)	(21)	(375)	(21)
Research and development expenses	(2,502)	(1,853)	(4,801)	(3,594)
Selling, general and administrative expenses	(894)	(827)	(1,676)	(1,503)
Acquisition and integration related charges	(176)		(252)
Total costs and operating expenses	(3,762)	(2,701)	(7,104)	(5,118)
Operating profit	1,640	1,468	2,441	1,885
Financial income	886	346	1,993	738
Financial expenses	(399)	(120)	(591)	(663)
Net profit before tax	2,127	1,694	3,843	1,960
Corporate tax	(719)	(359)	(1,110)	(415)
Net profit	1,408	1,335	2,733	1,545
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations	126	(5)	174	14
Total comprehensive income	kr 1,534	kr 1,330	kr 2,907	kr 1,559
Basic net profit per share	kr 21.85	kr 20.46	kr 42.13	kr 23.66
Diluted net profit per share	kr 21.70	kr 20.28	kr 41.85	kr 23.45

Share-Based Payments

6 Months Ended

Jun. 30, 2024

Share-Based Payments

Share-Based Payments

Note 7 – Share-Based Payments

Restricted Stock Unit Program

Genmab has established an RSU program (equity-settled share-based payment transactions) as an incentive for Genmab’s employees, members of the Executive Management, and members of the Board of Directors. RSUs granted to Executive Management are performance-based.


	Six Months Ended
	June 30,
	2024	2023
RSUs granted	452,485	281,061
Weighted average fair value per RSU granted (DKK)	2,010.05	2,640.65

RSUs vested	130,579	87,719

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

Warrant Program

Genmab has established a warrant program (equity-settled share-based payment transactions) as an incentive for all Genmab employees. Following Genmab’s Annual General Meeting on March 29, 2023, members of the registered Executive Management and members of the Board of Directors may only be granted RSUs.


	Six Months Ended
	June 30,
	2024	2023
Warrants granted	345,079	193,853
Weighted average exercise price per warrant granted (DKK)	2,006.50	2,657.01
Weighted average Black-Scholes fair value per warrant granted (DKK)	650.72	937.43

Warrants exercised	62,374	76,852
Weighted average exercise price on date of grant per warrant exercised (DKK)	1,208.46	1,337.58
% change in share capital - warrants exercised	0.09%	0.12%

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

Share-Based Compensation Expense

Share-based compensation expenses related to Genmab’s RSU and warrant programs for the first six months of 2024 were DKK 349 million compared to DKK 271 million for the first six months of 2023.

Share Repurchases

As of June 30, 2024, Genmab’s 2021 and 2023 authorizations have shares available for repurchase, whereas Genmab’s 2019 authorization has expired. In addition, at Genmab’s Annual General Meeting on March 13, 2024, a new authorization to acquire treasury shares up to a nominal amount of DKK 3,500,000 was granted.


	2024 Authorization	2023 Authorization	2021 Authorization
Number of shares authorized for repurchase¹	3,500,000	500,000	500,000
Actual shares repurchased under authorization	1,821,853	—	450,000
Shares available for repurchase as of June 30, 2024	1,678,147	500,000	50,000
¹ Nominal value of DKK 3,500,000 for 2024, and DKK 500,000 for 2023 and 2021 Authorizations

As announced on February 14, 2024, and March 15, 2024, Genmab initiated two share buy-back programs. The purpose of the share buy-back program announced on February 14, 2024, was to honor Genmab’s commitments under the RSU program. The share buy-back program announced on March 15, 2024, was in support of Genmab’s capital allocation strategy. During the first six months of 2024, Genmab acquired 2,011,853 of its own shares under both programs, representing approximately 3.0% of share capital as of December 31, 2023. The total amount incurred to acquire the shares, including directly attributable costs, was DKK 3,879 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 Consolidated Balance Sheets as of June 30, 2024. During the first six months of 2023, Genmab acquired 220,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2022. The total amount incurred to acquire the shares, including directly attributable costs, was DKK 564 million and was recognized as a deduction to shareholders’ equity.

As of June 30, 2024, 2,670,991 treasury shares were held by Genmab.

Intangible Assets & Goodwill

6 Months Ended

Jun. 30, 2024

Intangible Assets & Goodwill

Intangible Assets & Goodwill

Note 4 – Intangible Assets & Goodwill



(DKK million)	Gross Carrying Value	Accumulated Amortization	Impairment	Intangible Assets, Net

June 30, 2024
Amortizable Intangible Assets:
Licenses & Patents	912	(817)	(64)	31
Technology Platform	1,261	(9)	-	1,252
	2,173	(826)	(64)	1,283
Non-amortized Intangible Assets:
Acquired IPR&D Rights	10,728	-	-	10,728

Total Intangible Assets	12,901	(826)	(64)	12,011

December 31, 2023

Amortizable Intangible Assets:
Licenses & Patents	901	(800)	-	101

Total Intangible Assets	901	(800)	-	101

Intangible Assets

The increase in the gross carrying value of intangible assets during the first six months of 2024 was primarily due to the addition of approximately DKK 10,728 million of IPR&D and DKK 1,261 million of a technology platform asset from the ProfoundBio acquisition. The technology platform asset is being amortized over its estimated useful life of 15 years. Refer to Note 2 for additional details.

Amortization expense was DKK 26 million and DKK 27 million for the first six months of 2024 and 2023, respectively, which was recorded in Research and development expenses in the Condensed Consolidated Statements of Comprehensive Income

Goodwill

The carrying amount of goodwill was DKK 2,518 million as of June 30, 2024 due to the acquisition of ProfoundBio (refer to Note 2). There was no goodwill balance as of December 31, 2023.

Financial Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Financial Income and Expenses

Schedule of finance income and expenses


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(DKK million)

Financial income:
Interest and other financial income	292	227	609	428
Gain on marketable securities	85	86	218	248
Gain on other investments	114	33	121	62
Foreign exchange rate gain	395	-	1,045	—

Total financial income	886	346	1,993	738

Financial expenses:
Interest and other financial expenses	(19)	(25)	(48)	(40)
Loss on marketable securities	(39)	(82)	(129)	(159)
Loss on other investments	(85)	(3)	(98)	(25)
Foreign exchange rate loss	(256)	(10)	(316)	(439)

Total financial expenses	(399)	(120)	(591)	(663)

Net financial items	487	226	1,402	75

Schedule of foreign exchange rates


	June 30, 2024	December 31, 2023	June 30, 2023	December 31, 2022

USD/DKK Foreign Exchange Rates	6.9664	6.7447	6.8539	6.9722

% Increase/(decrease) from prior year-end	3.3%		(1.7)%

Acquisition of Businesses

6 Months Ended

Jun. 30, 2024

Acquisition of Businesses

Acquisition of Businesses

Note 2 – Acquisition of Businesses

On May 21, 2024 (Acquisition Date), Genmab completed the previously announced acquisition of all of the outstanding shares of ProfoundBio, resulting in ProfoundBio becoming a wholly-owned subsidiary of Genmab. The acquisition of ProfoundBio gave Genmab worldwide rights to three candidates in clinical development, including ProfoundBio’s lead drug candidate, rinatabart sesutecan (Rina-S). In addition, Genmab acquired ProfoundBio’s novel ADC technology platforms. Rina-S is a clinical-stage, FRα-targeted, TOPO1 ADC, currently in Phase 2 of a Phase 1/2 clinical trial, for the treatment of ovarian cancer and other FRα-expressing solid tumors. Based on the data from the ongoing Phase 1/2 clinical trial Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-expressing solid tumors. In January 2024, the U.S. FDA granted Fast Track designation to Rina-S for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

In addition to payment of USD 1.72 billion (DKK 11.80 billion) for all of the outstanding shares of ProfoundBio, Genmab also made a USD 199 million (DKK 1,368 million) payment to holders of outstanding ProfoundBio equity awards for settlement of such vested and non-vested awards. Of the USD 199 million (DKK 1,368 million) payment, USD 187 million (DKK 1,289 million) related to the portion of awards where the vesting period was completed prior to the Acquisition Date. This portion of the payment was therefore determined to be attributable to the pre-combination period and included in purchase consideration. The remaining USD 11 million (DKK 79 million) payment related to the portion of awards with future vesting conditions, and therefore attributable to post-combination services. The amount attributable to the post-combination service does not form part of the consideration and was therefore instead recognized as Acquisition and integration related charges in Genmab’s Consolidated Statements of Comprehensive Income during the second quarter of 2024.

The acquisition has been accounted for using the acquisition method of accounting which requires that assets acquired and liabilities assumed be recognized at their fair values as of the Acquisition Date and consolidated into Genmab’s Condensed Consolidated Balance Sheets. The results of operations for ProfoundBio have been included in Genmab’s consolidated financial statements from the Acquisition Date. A fair value measurement has been performed and the purchase price has been allocated to intangible assets, associated deferred tax liabilities, other assets and liabilities, as well as goodwill being the excess value of the purchase price over the fair value of assets acquired and liabilities assumed (the purchase price allocation). The purchase price allocation is considered provisional due to uncertainty on key assumptions which require detailed analysis which has not been possible to conclude as of June 30, 2024. Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the Acquisition Date.

The total consideration for the acquisition of ProfoundBio is summarized as follows:


	Total Consideration
	Amounts in USD millions	Amounts in DKK millions
Cash paid for outstanding shares	1,718	11,798
Cash for equity compensation attributable to pre-combination service	187	1,289
Total consideration	1,905	13,087
Cash acquired	(122)	(841)
Cash used for acquisition of business	1,783	12,246

The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the Acquisition Date based upon their respective fair values summarized below:


	Amounts Recognized as of the Acquisition Date
	Amounts in USD millions	Amounts in DKK millions
Cash and cash equivalents	122	841
Other current assets*	4	29
Property and equipment	6	41
IPR&D	1,540	10,577
Technology platform intangible asset	181	1,243
Other non-current assets**	3	21
Non-current deferred tax liability	(297)	(2,039)
Other current liabilities***	(15)	(108)
Total identifiable net assets	1,544	10,605
Goodwill	361	2,482
Total consideration	1,905	13,087

*Includes receivables and other investments

**Includes other investments and right-of use assets

***Includes other payables, deferred revenue, current deferred tax liability and lease liabilities

The carrying values of other current assets, property and equipment, other non-current assets and other current liabilities were determined to approximate their fair values.

The fair value assigned to acquired IPR&D, which was calculated using the multi-period excess earnings method of the income approach, was based on the present value of expected after-tax cash flows attributable to Rina-S, which is in Phase 1/2 testing. The present value of expected after-tax cash flows obtainable from Rina-S and assigned to IPR&D was determined by estimating the after-tax costs to

complete development of Rina-S into a commercially viable product, estimating future revenue and ongoing expenses to produce, support and sell Rina-S, on an after-tax basis, and discounting the resulting net cash flows to present value. The revenue and costs projections used were reduced based on the probability that compounds at similar stages of development will become commercially viable products. The rate utilized to discount the net cash flows to their present value reflects the risk associated with the future earnings attributable to the intangible asset. Acquired IPR&D will be accounted for as an intangible asset not yet available for use until regulatory approval in a major market is received or development is discontinued.

The fair value of the technology platform intangible asset was calculated using the relief from royalty method of the income approach. This method includes assigning value based on the economic savings from owning, rather than in-licensing, the technology platform intangible asset supported by observable market data for peer companies, then discounting the resulting probability adjusted net post-tax cash flows using a discount rate commensurate with the risk associated with the future income or cost savings attributable to the intangible asset.

The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical and commercial success, revenue growth rates, operating margins, and royalty rates).

The excess of purchase price over the fair value amounts assigned to identifiable assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition. The goodwill recorded as part of the acquisition is attributable to the intangible assets that do not qualify for separate recognition at the time of the acquisition, assembled workforce and deferred tax consequences of the IPR&D and technology platform intangible asset recorded for financial statement purposes. Genmab does not expect any portion of this goodwill to be deductible for tax purposes. The goodwill attributable to the acquisition has been recorded as a non-current asset in Genmab’s Consolidated Balance Sheets and is not amortized, but is subject to review for impairment annually.


Consolidated Statements of Comprehensive Income (DKK million):	Acquisition Date through June 30, 2024
Research and development expenses	70
Selling, general and administrative expenses	7
Acquisition and integration related charges*	139
Total	216

The following table provides Genmab’s consolidated revenue and net profit for the first six months of 2024 as if the acquisition of ProfoundBio had occurred on January 1, 2024 (in DKK millions):


(DKK million)	Six Month Period Ended June 30, 2024
Revenue	9,545
Net Profit	2,516

The unaudited pro forma information does not necessarily reflect the actual results of operations of the combined entities that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of ProfoundBio, including additional amortization adjustments for the fair value of the technology platform intangible asset acquired.

As of June 30, 2024, Cash and cash equivalents in Genmab’s Consolidated Balance Sheets includes USD 30 million (DKK 210 million) of restricted cash balances for funds held in escrow related to the acquisition of ProfoundBio.

Financial instrument (Tables)

6 Months Ended

Jun. 30, 2024

Financial Instruments

Schedule of total marketable securities by currency


	June 30,		December 31,
	2024		2023
Percent

USD	78	%	81	%
DKK	13	%	12	%
EUR	8	%	6	%
GBP	1	%	1	%
Total	100	%	100	%

Schedule of level 3 reconciliation of assets


(DKK million)	June 30, 2024				December 31, 2023
Assets Measured at Fair Value	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

Marketable securities	11,402	—	—	11,402	13,268	—	—	13,268
Other investments	38	14	144	196	47	—	87	134

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Document and Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Entity Registrant Name	Genmab A/S
Entity Central Index Key	0001434265
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Contingency (Details) kr in Millions	Jun. 30, 2024 DKK (kr) patent
Contingency
Number of patents \| patent	2
Amount of provision recorded \| kr	kr 0

Financial instrument (Details)	Jun. 30, 2024	Dec. 31, 2023
Credit risk \| Triple A-rating from Moody's, S&P or Fitch
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	70.00%	72.00%
Currency risk
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	100.00%	100.00%
Currency risk \| United States of America, Dollars
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	78.00%	81.00%
Currency risk \| DKK
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	13.00%	12.00%
Currency risk \| Euro Member Countries, Euro
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	8.00%	6.00%
Currency risk \| United Kingdom, Pounds
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	1.00%	1.00%

Related Parties (Details)	6 Months Ended
Related Parties (Details)	Jun. 30, 2024 director
Disclosure of transactions between related parties [line items]
Number of employee elected board members	3
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
Deirdre P. Connelly (Chair), Pernille Erenbjerg (Deputy Chair), Rolf Hoffmann, Dr. Paolo Paoletti, Dr. Anders Gersel Pedersen, and Elizabeth O' Farrell.
Disclosure of transactions between related parties [line items]
Re-election to the 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

Acquisition of Businesses - Revenue and expenses from the date of acquisition (Details) kr in Millions, $ in Millions				1 Months Ended	3 Months Ended	6 Months Ended
	May 21, 2024 DKK (kr)	May 21, 2024 USD ($)	May 20, 2024 DKK (kr)	Jun. 30, 2024 DKK (kr)	Jun. 30, 2024 DKK (kr)	Jun. 30, 2024 DKK (kr)
Acquisition of Businesses
Cash payment related to the portion of awards with future vesting conditions						kr 79
Acquisition and integration related charges					kr 176	kr 252
ProfoundBio
Acquisition of Businesses
Revenue				kr 0
Research and development expenses				70
Selling, general and administrative expenses				7
Acquisition and integration related charges				139
Total				kr 216
Cash payment related to the portion of awards with future vesting conditions	kr 79	$ 11
Acquisition and integration related charges			kr 113

Share-Based Payments - Warrant Program (Details) - DKK (kr) kr / shares in Units, kr in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expenses	kr 349	kr 271
Warrants
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants granted	345,079	193,853
Warrants exercised	62,374	76,852
Weighted average exercise price per warrant granted	kr 2,006.50	kr 2,657.01
Weighted average Black-Scholes fair value per warrant granted	650.72	937.43
Weighted average exercise price on date of grant per warrant exercised	kr 1,208.46	kr 1,337.58
Percentage of change in share capital - warrants exercised	0.09%	0.12%

Financial Income and Expenses - Foreign Exchange Rate Gains and Losses (Details) kr in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 kr / $	Jun. 30, 2023 kr / $	Jun. 30, 2024 DKK (kr) kr / $	Jun. 30, 2023 DKK (kr) kr / $	Dec. 31, 2023 kr / $	Dec. 31, 2022 kr / $
Foreign Exchange Rate Gains and Losses detail
Foreign exchange rate gain			kr 729	kr 1,045
Foreign exchange rate loss			kr 316	kr 439
USD/DKK Foreign Exchange Rates \| kr / $	6.9664	6.8539	6.9664	6.8539	6.7447	6.9722
% Increase/(decrease) from prior year-end	3.30%	(1.70%)

Acquisition of Businesses - Consideration for the acquisition (Details) kr in Millions, $ in Millions			6 Months Ended
	May 21, 2024 DKK (kr) item	May 21, 2024 USD ($) item	Jun. 30, 2024 DKK (kr)	May 21, 2024 USD ($)
Acquisition of Businesses
Cash used for acquisition of business			kr 12,246
ProfoundBio
Acquisition of Businesses
Number of candidates \| item	3	3
Cash paid for outstanding shares	kr 11,798			$ 1,718
Cash payment to holders of outstanding equity awards for settlement of such vested and non-vested awards	1,368			199
Cash for equity compensation attributable to pre-combination service	1,289			187
Cash payment related to the portion of awards with future vesting conditions			kr 79
Total consideration	13,087			1,905
Cash acquired	(841)			$ (122)
Cash used for acquisition of business	kr 12,246	$ 1,783

Financial Instrument - Fair Value Measurement (Detail) - DKK (kr) kr in Millions	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 11,402	kr 13,268
Marketable Securities \| Level 1 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	11,402	13,268
Other investments
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	196	134
Other investments \| Level 1 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	38	47
Other investments \| Level 2 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	14
Other investments \| Level 3 of fair value hierarchy [member]
Reconciliation of changes in fair value measurement, assets [abstract]
Financial assets	kr 144	kr 87

Leases (Details) - DKK (kr) kr in Millions	3 Months Ended		6 Months Ended
Leases (Details) - DKK (kr) kr in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	kr 928		kr 928		kr 686
Lease Liabilities
Current	94		94		90
Non-current	925		925		680
Total lease liabilities	1,019		1,019		770
Depreciation charge of right-of-use assets	26	kr 23	48	kr 44
Properties
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	928		928		kr 686
Lease Liabilities
Depreciation charge of right-of-use assets	kr 26	kr 23	kr 48	kr 44

Share-Based Payments - Share repurchases (Details)				6 Months Ended
Share-Based Payments - Share repurchases (Details)	Mar. 15, 2024 shares	Mar. 13, 2024 DKK (kr)	Feb. 14, 2024 shares	Jun. 30, 2024 DKK (kr) shares	Jun. 30, 2023 DKK (kr) shares	Jun. 30, 2021 DKK (kr) shares	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares authorized for repurchase				3,500,000	500,000	500,000
Actual shares repurchased under authorization				1,821,853		450,000
Shares available for repurchase				1,678,147	500,000	50,000
Nominal value of shares repurchases \| kr				kr 3,500,000	kr 500,000	kr 500,000
Number of share buy back programs	2		2
Treasury shares acquired				2,011,853	220,000
Percentage of share capital repurchased							3.00%	0.30%
Acquisition of treasury shares \| kr				kr 3,879,000,000	kr 564,000,000
Treasury shares outstanding				2,670,991
2024 Authorization \| Maximum [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of authorization \| kr		3,500,000

Share-Based Payments - Restricted Stock Unit Program (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 shares kr / shares	Jun. 30, 2023 shares kr / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
RSUs granted	452,485	281,061
Weighted average fair value per RSU granted \| kr / shares	kr 2,010.05	kr 2,640.65
RSUs vested	130,579	87,719