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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 NOVEMBER 2024

COMMISSION FILE NUMBER 001-38976

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

Carl Jacobsens Vej 30

2500 Valby

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, 333-253519, 333-262970 and 333-277273) 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: NOVEMBER 6, 2024

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EXHIBIT INDEX

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Exhibit 99.1

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Genmab Announces Financial Results for the First Nine Months of 2024

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November 6, 2024 Copenhagen, Denmark;

Interim Report for the First Nine Months Ended September 30, 2024

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Highlights

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“The third quarter of 2024 presented Genmab with additional opportunities to progress towards our goal of fundamentally transforming the lives of people with cancer and other serious diseases. The additional approval for TEPKINLY, along with positive data presentations for our promising late-stage assets acasunlimab and rinatabart sesutecan (Rina-S), underscore the potential of our pipeline and our commitment to the development of innovative antibody-based therapeutics,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

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Financial Performance First Nine Months of 2024

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Genmab Announces Financial Results for the First Nine Months of 2024

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Outlook

Genmab is updating the lower end of its revenue range of 2024 financial guidance driven by higher total royalty revenues from DARZALEX. Genmab is also lowering the upper end of its operating expense range to reflect a continued focused and disciplined approach to investments and portfolio prioritization.

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*Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak (Genmab’s share of net profits) in the U.S.

**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range

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Conference Call

Genmab will hold a conference call to discuss the results for the first nine of 2024 today, November 6, 2024, at 6:00 pm CET, 5:00 pm GMT or 12:00 pm EST. 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/BI6db06ed786914762a9dc001f798b7c1b. A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.

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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 Nine Months of 2024

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CONTENTS

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Interim Report for the First Nine Months of 2024

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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 Nine Months of 2024

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OUTLOOK

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*Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak (Genmab’s share of net profits) in the U.S.

**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range

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Genmab is updating the lower end of its revenue range of 2024 financial guidance driven by higher total royalty revenues from DARZALEX and continued focused and disciplined approach to investments and portfolio prioritization.

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Revenue

Genmab expects its 2024 revenue to be in the range of DKK 21.1 – 21.7 billion, an increase to the

previous guidance range of DKK 20.5 – 21.7 billion, driven by higher total royalty revenues from

DARZALEX. DARZALEX royalties of DKK 13.7 – 14.0 billion are based on Genmab’s estimate of DARZALEX 2024 net sales of USD 11.6 – 11.8 billion. DARZALEX royalties are partly offset by Genmab’s share of Janssen’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme) in connection with SC net sales as well as royalty reduction in countries and territories where there are no Genmab patents.

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Operating Expenses

Genmab anticipates its 2024 operating expenses (excluding acquisition and integration related charges) to be in the range of DKK 13.7 – 14.0 billion, a decrease to the previous guidance range of DKK 13.7 – 14.3 billion, primarily related to continued focused and disciplined approach to investments and portfolio prioritization.

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Including acquisition and integration related charges, Genmab expects operating expenses for 2024 to be in the range of DKK 14.1 – 14.4 billion.

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Operating Profit

Genmab now expects its 2024 operating profit excluding acquisition and integration related charges to be in the range of DKK 6.2 – 7.1 billion, compared to the previous guidance of DKK 5.3 – 7.1 billion, primarily driven by the items described above.

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Including acquisition and integration related charges, Genmab expects operating profit for 2024 to be in the range of DKK 5.8 – 6.7 billion.

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Outlook: Risks and Assumptions

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Interim Report for the First Nine Months of 2024

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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^®, TECVAYLI^®, TALVEY^® and TEPKINLY net sales and royalties paid to Genmab; changing rates of inflation; and currency exchange rates (the 2024 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 2024 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 2024 Guidance and Key 2024 Priorities.

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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/TEPKINLY, and on the net sales of DARZALEX, Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI and TALVEY by Genmab’s collaboration partners and on Genmab’s royalties, collaboration revenue and milestone revenue therefrom.

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KEY 2024 PRIORITIES

1. Co-development w/ AbbVie; 2. Co-development w/ Pfizer Inc. (Pfizer); 3. Co-development w/ BioNTech SE (BioNTech)

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PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST NINE MONTHS OF 2024

At the end of the first nine months of 2024, Genmab’s proprietary pipeline of investigational medicines, where we are responsible for at least 50% of development, consisted of over a dozen antibody products in clinical development. These include Genmab’s approved medicines, Tivdak, which Genmab is co-developing globally and co-promoting in the U.S. in collaboration with Pfizer, and EPKINLY/TEPKINLY, which Genmab is co-developing and co-commercializing in the U.S. and Japan in collaboration with AbbVie. In addition to our own pipeline, there are multiple investigational medicines in development by global pharmaceutical and biotechnology companies, including six approved medicines powered by Genmab’s technology and innovations. Beyond the investigational medicines in clinical development, our pipeline includes multiple preclinical programs. An overview of the development status of our approved

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Interim Report for the First Nine Months of 2024

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medicines and each of our investigational medicines is provided in the following section, including updates for the third quarter of 2024. For events that occurred during the first and second quarters of 2024, please refer to Genmab’s Q1 2024 and Genmab’s First Half 2024 reports. 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 Exchange Commission (U.S. 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 relevant local prescribing information for precise indication and safety information.
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Interim Report for the First Nine Months of 2024

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Pipeline, Including Further Development for Approved Medicines

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

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EPKINLY/TEPKINLY (epcoritamab) – First and only bispecific antibody approved in the U.S. and Europe to treat both relapsed or refractory FL and DLBCL after two or more lines of systemic therapy

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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 Inc. (Medarex) to generate the CD20 antibody forming part of epcoritamab. Epcoritamab is marketed as EPKINLY in the U.S., Japan, and other regions, and as TEPKINLY in Europe and other regions. See local prescribing information for specific indications and safety information. In 2020, Genmab entered into a collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab. The companies share commercialization responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization.

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Interim Report for the First Nine Months of 2024

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Genmab records sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining global sales outside of these territories, subject to certain royalty reductions. The companies have a broad clinical development program for epcoritamab including five ongoing Phase 3 trials and additional trials in planning. Please consult the U.S. Prescribing Information for EPKINLY and the European Summary of Product Characteristics for TEPKINLY for the labeled indication and safety information.

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Third Quarter 2024 Updates

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Tivdak (tisotumab vedotin-tftv) – First and only U.S. FDA approved 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 Pfizer’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 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 Pfizer. Under a joint commercialization agreement, Genmab is co-promoting Tivdak in the U.S. and will lead commercial operational activities in Japan. Pfizer 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 profit split. In other markets, Pfizer 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. Upon strategic evaluation we have decided to discontinue preparation for a Phase 3 study in second / third line squamous cell carcinoma of the head and neck. Please consult the U.S. Prescribing Information for Tivdak for the labeled indication and safety information, including the boxed warning.

Third Quarter 2024 Update

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Interim Report for the First Nine Months of 2024

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Acasunlimab (GEN1046) – Bispecific next-generation immunotherapy

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Acasunlimab (GEN1046, DuoBody-PD-L1x4-1BB) is a proprietary bispecific antibody, created using Genmab’s DuoBody technology platform. In August 2024, BioNTech opted not to participate in the further development of the acasunlimab program under the parties’ existing License and Collaboration Agreement for reasons related to BioNTech’s portfolio strategy. Genmab is assuming sole responsibility for the continued development and potential commercialization of acasunlimab and the program will be subject to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to BioNTech. Acasunlimab 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. Acasunlimab is currently in Phase 2 clinical development. Based on encouraging data from the Phase 2 trial in NSCLC (NCT05117242), a Phase 3 trial is expected to start before the end of 2024.

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Third Quarter 2024 Update

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Rinatabart Sesutecan (Rina-S, GEN1184) – Potential best-in-class folate receptor alpha (FRα)-targeted topoisomerase I (TOPO1) ADC

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Rina-S is a novel FRα-targeted TOPO1 ADC being evaluated for the potential treatment of ovarian cancer and other FRα-expressing cancers. Dose escalation data suggests that Rina-S has robust single agent activity in various cancers across a broad range of FRα expression levels. In January 2024, Rina-S was granted Fast Track Designation by the U.S. FDA for the treatment of FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer. A Phase 1/2 trial of Rina-S in advanced solid tumors is ongoing. Based on encouraging data from this trial, a Phase 3 trial in second line plus platinum resistant ovarian cancer is expected to start before the end of 2024.

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Third Quarter 2024 Update

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Interim Report for the First Nine Months of 2024

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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 activation of both dendritic cells and antigen-dependent T-cells. Three clinical trials of GEN1042 in solid tumors are ongoing.

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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. GEN3014 is a second generation CD38-targeting lgG1 antibody with a hexamerization-enhancing modification. GEN3014 is designed to induce antitumor activity through highly potent complement-dependent cytotoxicity (CDC) and antitumor activity, which is enhanced compared to daratumumab as demonstrated in previously presented preclinical data and is effective at a wider range of target expression levels. In June 2019, Genmab entered into an exclusive worldwide license and option agreement with Janssen to develop and commercialize GEN3014. A Phase 1/2 clinical trial in hematologic malignancies is ongoing and includes a cohort comparing GEN3014 to daratumumab in CD38 monoclonal antibody-naïve relapsed or refractory multiple myeloma patients.

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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 a tumor-associated antigen expressed on malignant cells in various solid cancers including breast, ovarian and lung cancer. In preclinical 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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GEN3017 – DuoBody-based investigational therapy in the clinic

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Interim Report for the First Nine Months of 2024

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GEN3017 (DuoBody-CD3xCD30) is a bispecific antibody-based investigational medicine created using Genmab’s DuoBody technology platform. CD30 is highly expressed in multiple hematologic malignancies, including classical Hodgkin lymphoma and anaplastic large cell lymphoma. In preclinical studies, GEN3017 induced potent T-cell mediated cytotoxicity of CD30-expressing tumor cells, which was associated with induction of CD4+ and CD8+ T-cell activation, proliferation, and cytokine production. GEN3017 is being developed for the potential treatment of certain hematological malignancies. A Phase 1/2 clinical trial of GEN3017 in relapsed or refractory classical Hodgkin lymphoma and NHL is ongoing.

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GEN1059 (BNT314) – Bispecific antibody with potential in solid tumors

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GEN1059 (DuoBody-EpCAMx4-1BB, BNT314), jointly owned by Genmab and BioNTech and created using Genmab’s DuoBody technology platform, is a bispecific antibody aimed at boosting antitumor immune responses through EpCAM-dependent 4-1BB agonistic activity. GEN1059 is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1059 on a 50:50 basis. A Phase 1/2 clinical trial of GEN1059 in solid tumors is recruiting.

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GEN1055 (BNT315) – HexaBody-based antibody with potential in solid tumors

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GEN1055 (HexaBody-OX40, BNT315), jointly owned by Genmab and BioNTech and created using Genmab’s HexaBody technology platform, is an immune-modulating OX40 agonist antibody designed to promote immunity by enhancing T-cell responses through FcγR-independent OX40 clustering on T cells. GEN1055 is being co-developed by Genmab and BioNTech under an agreement in which the companies

share all costs and future potential profits for GEN1055 on a 50:50 basis. A Phase 1/2 clinical trial of GEN1055 in solid tumors is recruiting.

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GEN1160 – ADC with potential in both solid tumors and hematological malignancies

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GEN1160 is a CD70-targeted ADC. CD70 is a protein expressed on both solid tumors and hematological malignancies. A Phase 1/2 clinical study of GEN1160 in advanced renal cell carcinoma, nasopharyngeal carcinoma and NHL is recruiting.

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GEN1107 – ADC with potential in solid tumors

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GEN1107 is a PTK7-targeted ADC. PTK7 is a clinically validated ADC target with broad solid tumor expression, particularly in tumor-initiating cells. A Phase 1/2 clinical study of GEN1107 in advanced solid tumors is recruiting.

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Interim Report for the First Nine Months of 2024

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GEN1057 – Bispecific antibody with potential in solid tumors

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GEN1057 (DuoBody-FAPαxDR4) is a bispecific antibody-based investigational medicine created using Genmab’s DuoBody technology platform. GEN1057 is designed for the conditional transactivation of DR4 and thereby induction of apoptosis. A Phase 1/2 clinical trial of GEN1057 in malignant solid tumors is recruiting.

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Third Quarter 2024 Update

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GEN1056 (BNT322)

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

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Preclinical Programs

Our preclinical pipeline includes immune effector function enhanced antibodies developed with our HexaBody technology platform, bispecific antibodies created with our DuoBody technology platform and ADCs created with our ADC technology platforms. We are also collaborating with our partners to generate additional new antibody-based product concepts. A number of the preclinical programs are conducted in cooperation with our collaboration partners.

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Third Quarter 2024 Update

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Programs Incorporating Genmab’s Innovation and Technology¹

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.

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The information in this section includes those therapies that have been approved by regulatory agencies in certain territories. Under the agreements for these medicines Genmab is entitled to certain potential milestones and royalties.

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Interim Report for the First Nine Months of 2024

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Approved Medicines¹

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¹Approved and investigational medicines created by Genmab or created by collaboration partners leveraging Genmab’s DuoBody technology platform, under development, and where relevant, commercialized by a third party.
²See local prescribing information for precise indication and safety information.

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Pipeline, Including Further Development for Approved Medicines, ≥ Phase 2 Development

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

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Interim Report for the First Nine Months of 2024

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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 and commercialized by Janssen under an exclusive worldwide license from Genmab. Under the terms of the agreement, Genmab receives royalties between 12% and 20% with Janssen reducing such royalty payments for Genmab’s share of Janssen’s royalty payments made to Halozyme; payments are further reduced in countries and territories where there are no relevant patents. Daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. 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. 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 receives a 10% royalty on net sales of Kesimpta, and Genmab pays a low-single digit royalty to Medarex based on Kesimpta sales. 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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TEPEZZA (teprotumumab) – First U.S. FDA-approved medicine for the treatment of TED

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Interim Report for the First Nine Months of 2024

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Teprotumumab, approved by the U.S. FDA and by Japan’s Ministry of Health, Labour and Welfare (MHLW) under the trade name TEPEZZA, is a human monoclonal antibody that targets the Insulin-like Growth Factor 1 Receptor (IGF-1R), a validated target. It is the first and only medicine approved in the U.S. and in Japan for the treatment of TED. Genmab used technology licensed from Medarex to generate the IGF-1R antibody. The antibody was created by Genmab under a collaboration with Roche. Development and commercialization of the product was subsequently conducted by Horizon Therapeutics plc (Horizon) under a sublicense from Roche. In October 2023, Amgen completed its acquisition of Horizon, including the rights to all commercialization and development of teprotumumab. Under the terms of Genmab’s agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined) of TEPEZZA. 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, and as amended in December 2013, 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 co-discovered. Amivantamab, marketed as RYBREVANT, is approved in certain territories for the treatment of certain adult patients with NSCLC. Janssen is responsible for the development and commercialization of amivantamab. Under the agreement with Janssen, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT subject to a reduction of such royalty payments in countries and territories where there are no relevant patents, among other reductions. Genmab pays a royalty to Medarex based on RYBREVANT net sales. 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, and as amended in December 2013, 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 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. Teclistamab, marketed as TECVAYLI, is approved in certain territories for the treatment of certain adult patients with relapsed or refractory multiple myeloma. Janssen is responsible for the development and commercialization of TECVAYLI. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives a mid-single digit royalty on net sales of TECVAYLI subject

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Interim Report for the First Nine Months of 2024

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to a reduction of such royalty payments in countries and territories where there are no relevant patents, among other reductions. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for TECVAYLI for the labeled indication and safety information.

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TALVEY (talquetamab) – Bispecific antibody approved for the treatment of relapsed and refractory multiple myeloma

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In July 2012, and as amended in December 2013, 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 and developed by Janssen is talquetamab, a bispecific antibody that targets CD3, which is expressed on T-cells, and G protein-coupled receptor, family C, group 5, member D (GPRC5D), an orphan receptor expressed in malignant plasma cells. Talquetamab, marketed as TALVEY, is approved in certain territories for the treatment of certain adult patients with relapsed or refractory multiple myeloma. Janssen is responsible for the development and commercialization of TALVEY. Under our agreement with Janssen, Genmab is eligible to receive milestones and receives a mid-single digit royalty on net sales of TALVEY subject to a reduction of such royalty payments in countries and territories where there are no relevant patents, among other reductions. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for TALVEY 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.

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With the acquisition of ProfoundBio, Genmab has an increased operating presence in China. This increased presence subjects Genmab to risks specific to conducting business in China such as being subject to changes in the political, economic and tax policies of the Chinese government or in relationships between China and Denmark, the United States or other governments. In addition, the Chinese government has discretion and oversight over the conduct of the business operations of Genmab’s Chinese subsidiaries. Genmab mitigates these risks through the monitoring of the activities of our Chinese subsidiaries as well as geopolitical activities as they pertain to our global operations.

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For further information about risks and uncertainties that Genmab faces, refer to the 2023 Annual Report filed with the Nasdaq Copenhagen and the Form 20-F filed with the U.S. SEC, both of which were filed in February 2024. 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, other than those additional risks in regard to our Chinese subsidiaries stated above. See Genmab’s Form 20-F for a detailed summary of risks related to our collaborations.

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Interim Report for the First Nine Months of 2024

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FINANCIAL REVIEW

The interim report is prepared on a consolidated basis for Genmab A/S (parent company) and its subsidiaries. The Genmab financial statements are published in Danish Kroner (DKK). The Genmab consolidated Group is referenced herein as “Genmab” or the “Company”. 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. From the Acquisition Date through the third quarter of 2024, ProfoundBio’s financial results have been incorporated into Genmab’s Condensed Consolidated Financial Statements.

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Revenue

Genmab’s revenue was DKK 15,085 million for the first nine months of 2024 compared to DKK 11,715 million for the first nine months of 2023. The increase of DKK 3,370 million, or 29%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis, respectively, and increased EPKINLY net product sales, partly offset by milestones achieved under our collaboration with Janssen in the first nine months of 2023.

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Royalties

Royalty revenue amounted to DKK 12,367 million in the first nine months of 2024 compared to DKK 9,722 million in the first nine months of 2023. The increase of DKK 2,645 million, or 27%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our daratumumab collaboration with Janssen and ofatumumab collaboration with Novartis. The table below summarizes Genmab’s royalty revenue by product.

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Net sales of DARZALEX by Janssen were USD 8,586 million in the first nine months of 2024 compared to USD 7,194 million in the first nine months of 2023. The increase of USD 1,392 million, or 19%, was driven by market share gains in all regions. Royalty revenue on net sales of DARZALEX was DKK 9,899 million in the first nine months of 2024 compared to DKK 8,000 million in the first nine months of 2023, an increase of DKK 1,899 million. The percentage increase in royalties of 24% is higher than the percentage increase in the underlying net sales primarily due to a higher effective royalty rate.

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Interim Report for the First Nine Months of 2024

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Net sales of Kesimpta by Novartis were USD 2,274 million in the first nine months of 2024 compared to USD 1,530 million in the first nine months of 2023. The increase of USD 744 million, or 49%, was primarily driven by increased demand and strong access. Royalty revenue on net sales of Kesimpta was DKK 1,559 million in the first nine months of 2024 compared to DKK 1,049 million in the first nine months of 2023, an increase of DKK 510 million, or 49%.

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Net sales of TEPEZZA by Amgen were USD 1,391 million in the first nine months of 2024 compared to USD 1,304 million in the first nine months of 2023. Royalty revenue on net sales of TEPEZZA was DKK 539 million in the first nine months of 2024 compared to DKK 516 million in the first nine months of 2023, an increase of DKK 23 million, or 4%.

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Other royalties consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY. These royalties were not material for the first nine months of 2024 or 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, Genmab’s share of Janssen’s royalty payments to Halozyme in connection with SC product net sales and the level of royalty deductions on net sales in countries and territories where there is no patent protection.

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Reimbursement Revenue

Reimbursement revenue amounted to DKK 835 million in the nine months of 2024 compared to DKK 789 million in the first nine months of 2023. The increase of DKK 46 million, or 6%, was primarily driven by higher activities under our collaboration agreement with Pfizer for the global development of Tivdak.

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Milestone Revenue

Milestone revenue was DKK 347 million in the first nine months of 2024 compared to DKK 797 million in the first nine months of 2023, a decrease of DKK 450 million, or 56%, primarily driven by milestones of DKK 446 million achieved under our Janssen DuoBody collaboration in 2023.

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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 311 million in the first nine months of 2024 compared to DKK 218 million in the first nine months of 2023, an increase of DKK 93 million, or 43%, primarily driven by an increase in net sales of Tivdak.

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Net Product Sales

Global net sales of EPKINLY/TEPKINLY were USD 203 million in the first nine months of 2024. Net product sales in the U.S. and Japan by Genmab were DKK 1,225 million in the first nine months of 2024 compared to DKK 189 million in the first nine months of 2023. EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.

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Net sales of TEPKINLY in territories where Genmab receives royalty revenue were USD 24 million in the first nine months of 2024, with no net sales in the first nine months of 2023 due to regulatory approvals in such territories not occurring until late 2023.

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Interim Report for the First Nine Months of 2024

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Refer to Financial Statement Note 3 in this interim report for further details about revenue.

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Key Developments to Revenue – Third Quarter of 2024

Global net sales of EPKINLY/TEPKINLY were USD 82 million in the third quarter of 2024. Genmab’s revenue was DKK 5,540 million for the third quarter of 2024 compared to DKK 4,712 million for the third quarter of 2023. The increase of DKK 828 million, or 18%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with Janssen and Novartis, respectively, and increased EPKINLY net product sales, partly offset by milestones achieved under our collaboration with Janssen in the third quarter of 2023.

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Cost of Product Sales

Genmab recognized cost of product sales of DKK 648 million in the first nine months of 2024 compared to DKK 100 million in the first nine months of 2023. Cost of product sales related to EPKINLY sales is primarily comprised of profit-sharing amounts payable to AbbVie of DKK 580 million as well as product costs. EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.

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Key Developments to Cost of Product Sales – Third Quarter of 2024

Cost of product sales were DKK 273 million for the third quarter of 2024 compared to DKK 79 million for the third quarter of 2023. Cost of product sales related to EPKINLY sales is primarily comprised of profit-sharing amounts payable to AbbVie of DKK 228 million for the quarter, as well as product costs. EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.

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Research and Development Expenses

Research and development expenses amounted to DKK 7,084 million in the first nine months of 2024 compared to DKK 5,682 million in the first nine months of 2023. The increase of DKK 1,402 million, or 25%, was driven by the increased and accelerated advancement of Epcoritamab under our collaboration with AbbVie, the addition of ProfoundBio related research and development expenses, primarily Rina-S, and the increase in team members to support the continued expansion of our product portfolio.

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Research and development expenses accounted for 74% of total research and development expenses & selling, general and administrative expenses in the first nine months of 2024 compared to 71% in the first nine months of 2023.

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Key Developments to Research and Development Expenses – Third Quarter of 2024

Research and development expenses were DKK 2,283 million for the third quarter of 2024 compared to DKK 2,088 million for the third quarter of 2023. The increase of DKK 195 million, or 9%, was primarily driven by the addition of ProfoundBio related research and development expenses, primarily Rina-S, further progression of pipeline products, and the increase in team members to support the continued expansion of our product portfolio.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses were DKK 2,541 million in the first nine months of 2024 compared to DKK 2,363 million in the first nine months of 2023. The increase of DKK 178 million, or 8%, was driven by the expansion of Genmab’s commercialization capabilities. Selling, General and Administration expense growth has been moderating during 2024 reflecting a focus on driving efficiency. We continue to increase team members and commercial support in a strategic manner. 

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Selling, general and administrative expenses accounted for 26% of total research and development expenses & selling, general and administrative expenses in the first nine months of 2024 compared to 29% for the first nine months of 2023.

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Interim Report for the First Nine Months of 2024

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Key Developments to Selling, General and Administrative Expenses – Third Quarter of 2024

Selling, general and administrative expenses were DKK 865 million for the third quarter of 2024 compared to DKK 860 million for the third quarter of 2023. The increase of DKK 5 million, or 1%, was driven by Genmab’s increasing commercialization capabilities, which slowed during 2024 as commercial capabilities have now been scaled commensurate with current operations. We continue to increase team members and commercial support in a strategic manner. 

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Acquisition and Integration Related Charges

Acquisition and integration related charges for the acquisition of ProfoundBio were DKK 269 million in the first nine months of 2024.

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Key Developments to Acquisition and Integration Related Charges – Third Quarter of 2024

Acquisition and integration related charges for the acquisition of ProfoundBio were DKK 17 million for the third quarter of 2024. There were no acquisition and integration related charges for the third quarter of 2023.

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Operating Profit

Operating profit was DKK 4,543 million in the first nine months of 2024 compared to DKK 3,570 million in the first nine months of 2023. Operating profit was DKK 2,102 million for the third quarter of 2024 compared to DKK 1,685 million for the third quarter of 2023.

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Net Financial Items

Net financial items include the following:

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Interest Income

Interest income was DKK 771 million in the first nine months of 2024 compared to DKK 672 million in the first nine months of 2023. The increase of DKK 99 million was primarily driven by higher average cash and cash equivalents and marketable securities, as well as higher interest rates on USD denominated marketable securities in the first nine months of 2024 compared to the first nine months of 2023.

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Interim Report for the First Nine Months of 2024

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Foreign Exchange Rate Gains and Losses

Foreign exchange rate gain, net was DKK 59 million, comprised of DKK 968 million foreign exchange rate gains, offset by DKK 909 million foreign exchange rate losses in the first nine months of 2024 compared to foreign exchange rate gain, net of DKK 275 million in the first nine months of 2023. The USD weakened against the DKK in the first nine months of 2024, negatively impacting our USD denominated securities and cash holdings. The USD strengthened against the DKK in the first nine months of 2023, positively impacting our USD denominated securities and cash holdings.

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Refer to Financial Statement Note 6 in this interim report for further details about the net financial items.

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Key Developments to Net Financial Items – Third Quarter of 2024

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Foreign Exchange Rate Gains and Losses

Foreign exchange rate loss was DKK 670 million in the third quarter of 2024 compared to the foreign exchange rate gain, net of DKK 714 million in the third quarter of 2023. The USD weakened against the DKK in the third quarter of 2024, negatively impacting our USD denominated securities and cash holdings. The USD strengthened against the DKK in the third quarter of 2023, positively impacting our USD denominated securities and cash holdings.

Interest Income

Interest Income was DKK 162 million for the third quarter of 2024 compared to DKK 244 million for the third quarter of 2023. The decrease of DKK 82 million was primarily driven by lower cash and cash equivalents and marketable securities in the third quarter of 2024 as a result of the ProfoundBio acquisition, compared to the third quarter of 2023.

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Corporate Tax

Corporate tax expense for the first nine months of 2024 was DKK 1,563 million compared to DKK 981 million for the first nine months of 2023. The increase in corporate tax expense is primarily the result of Genmab’s higher net profit before tax and an increase in the estimated annual effective tax rate in the first nine months of 2024 to 28.1% from 21.2% in the first nine months of 2023. The increase in Genmab’s effective tax rate was mainly driven by the increase in the deferred provision attributable to losses in relation to EPKINLY commercial expenses in the U.S. and ProfoundBio operational losses in the U.S. for which tax benefit cannot be recognized.

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With the acquisition of ProfoundBio, Genmab is currently evaluating the integration of ProfoundBio operations from a tax perspective. As a result, Genmab’s effective tax rate may experience some volatility as integration activities progress, but is anticipated to normalize within the next 12-18 months.

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Key Developments to Corporate Tax – Third Quarter of 2024

Corporate tax expense for the third quarter of 2024 was DKK 453 million compared to DKK 566 million for the third quarter of 2023. The decrease in corporate tax expense is primarily the result of Genmab’s lower net profit before tax and an increase in the estimated annual effective tax rate, driven by an increase in

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Interim Report for the First Nine Months of 2024

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the deferred provision attributable to nondeductible losses in relation to EPKINLY commercial expenses in the U.S. and ProfoundBio operational losses in the U.S.

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Net Profit

Net profit for the first nine months of 2024 was DKK 3,999 million compared to DKK 3,649 million in the first nine months of 2023. The increase 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. The DKK 649 million decrease in net cash provided by operating activities is primarily driven by significant AbbVie milestones achieved in 2022 with related cash received during the first nine months of 2023. This impact was offset by an increase in net profit before tax of DKK 932 million, an increase in non-cash transactions of DKK 243 million and an increase in interest received of DKK 145 million in the first nine months of 2024 compared to the first nine months of 2023.

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Net cash used in investing activities primarily reflects cash used in making acquisitions, 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 DKK 9,149 million increase in net cash used in investing activities is primarily driven by the acquisition of ProfoundBio, partly offset by the sales and maturities of marketable securities exceeding purchases in the first nine months of 2024, compared to purchases exceeding sales and maturities in the first nine months 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 DKK 3,338 million increase in net cash used in financing activities between the periods is primarily driven by higher purchases of treasury shares of DKK 3,879 million in the first nine months of 2024 related to the share buy-back programs initiated in March 2024 and completed in June 2024 compared to DKK 564 million in the first nine months of 2023.

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Genmab’s USD denominated marketable securities represented 76% of Genmab’s total marketable securities as of September 30, 2024, compared to 81% as of December 31, 2023. The decrease was

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Interim Report for the First Nine Months of 2024

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primarily attributable to the liquidation of USD denominated marketable securities to fund the acquisition of ProfoundBio and the purchase of treasury shares.

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Cash and cash equivalents included short-term marketable securities of DKK 285 million as of September 30, 2024, compared to DKK 1,353 million as of December 31, 2023. 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 5 in this interim report for further details about our marketable securities.

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Balance Sheet

As of September 30, 2024, total assets were DKK 39,660 million compared to DKK 35,335 million on December 31, 2023. As of September 30, 2024, assets were mainly comprised of intangible assets of DKK 11,504 million, primarily made up of intangible assets acquired in the ProfoundBio acquisition, marketable securities of DKK 10,976 million, current receivables of DKK 6,310 million, cash and cash equivalents of DKK 6,342 million and DKK 2,407 million of goodwill related to the acquisition of ProfoundBio. The current receivables consist primarily of amounts related to royalties from our collaboration agreements.

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As of September 30, 2024, total liabilities were DKK 7,738 million compared to DKK 3,679 million on December 31, 2023. The increase in total liabilities of DKK 4,059 million was primarily driven by the DKK 1,994 million deferred tax liability assumed in the acquisition of ProfoundBio, an increase of DKK 1,219 million in corporate taxes payable due to Genmab’s net profit before tax and increase in Genmab’s effective tax rate, an increase of approximately DKK 500 million in accruals related to the expansion of our product pipeline, and an increase in lease liabilities of DKK 217 million driven by the commencement of a lease in the U.S. with respect to office and laboratory space.

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Shareholders’ equity as of September 30, 2024, was DKK 31,922 million compared to DKK 31,656 million on December 31, 2023. The increase of DKK 266 million, or 1%, was primarily driven by Genmab’s net profit for the period and share-based compensation expenses, partly offset by the purchase of treasury shares. The decrease in Genmab’s equity ratio, which was 80% as of September 30, 2024, compared to 90% as of December 31, 2023, was primarily attributable to assets acquired in the acquisition of ProfoundBio, net of cash paid, in addition to the share buy-back completed in June 2024 that offset Genmab’s net profit for the period. 

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Team Members

As of September 30, 2024, the total number of team members was 2,635 compared to 2,132 as of September 30, 2023. 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 EPKINLY in the U.S. and Japan post launch activities, and broader organizational capabilities and the acquisition of ProfoundBio.

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Legal Matters

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Interim Report for the First Nine Months of 2024

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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 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 filed a request for review of the award, which was denied on January 23, 2024. As a result, the dismissal of Genmab’s claims in the second arbitration is now final.

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Chugai Patent Infringement Complaint

In June 2024, Chugai Pharmaceutical Co., Ltd. filed a lawsuit in the Tokyo District Court, Japan against AbbVie’s and Genmab’s subsidiaries in Japan asserting that their activities with EPKINLY (epcoritamab) in Japan infringe two Japanese patents held by Chugai, JP6278598 and JP6773929. Chugai is claiming damages and injunctive relief.

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Genmab and AbbVie believe that the two Japanese patents are invalid and not infringed and intend to vigorously defend against the lawsuit, and thus no provision has been recorded related to this matter.

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Interim Report for the First Nine Months of 2024

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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