0001558370-25-000831 | 6-K | XBRL Viewer

Staff Costs

Staff Costs

3 – Staff Costs



(DKK million)	2024	2023

Wages and salaries	566	500
Share-based compensation	88	84
Defined contribution plans	48	39
Other social security costs	2	9

Total	704	632

Staff costs are included in the income statement as follows:
Research and development expenses	539	501
Selling, general and administrative expenses	165	131

Total	704	632

Average number of FTE	492	440
Number of FTE at year-end	519	465

Refer to Note 2.3 in the consolidated financial statements for additional information regarding staff costs of the Group.

Other Disclosures - Contingencies (Details) kr in Millions	Dec. 31, 2024 DKK (kr) patent	Dec. 31, 2023 DKK (kr)
Legal Contingency
Contingencies
Number of patents \| patent	2
Amount of provision recorded	kr 0
Financial Guarantees
Contingencies
Amount of provision recorded	0	kr 0
Financial bank guarantees	kr 16	kr 16

Consolidated Statements of Cash Flows - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net profit before tax	kr 9,164	kr 5,637	kr 6,945
Financial income	(4,438)	(1,940)	(3,189)
Financial expenses	1,977	1,624	2,511
Adjustment for non-cash transactions
Share-based compensation expense	721	586	439
Depreciation	335	272	222
Amortization	78	23	140
Impairment charges	115
Change in operating assets and liabilities
Receivables	(1,590)	797	(2,123)
Inventories	(5)	(57)
Other payables	857	622	283
Cash flows from operating activities before financial items	7,214	7,564	5,228
Interest received	935	908	283
Interest elements of lease payments	(35)	(24)	(15)
Interest paid		(1)	(1)
Corporate taxes paid	(343)	(1,067)	(1,583)
Net cash provided by operating activities	7,771	7,380	3,912
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(12,246)
Investment in intangible assets	(117)	(10)
Investment in tangible assets	(187)	(366)	(317)
Marketable securities bought	(8,581)	(10,876)	(9,659)
Marketable securities sold	11,279	10,001	7,254
Other investments bought	(55)	(31)	(39)
Net cash (used in) investing activities	(9,907)	(1,282)	(2,761)
Cash flows from financing activities:
Warrants exercised	129	152	280
Principal elements of lease payments	(60)	(91)	(73)
Purchase of treasury shares	(3,879)	(564)	(908)
Payment of withholding taxes on behalf of employees on net settled RSUs	(109)	(103)	(88)
Net cash (used in) financing activities	(3,919)	(606)	(789)
Changes in cash and cash equivalents	(6,055)	5,492	362
Cash and cash equivalents at the beginning of the period	14,867	9,893	8,957
Exchange rate adjustments	1,046	(518)	574
Cash and cash equivalents at the end of the period	9,858	14,867	9,893
Cash and cash equivalents include:
Bank deposits	9,776	13,514	9,299
Short-term marketable securities	kr 82	kr 1,353	kr 594

Other Disclosure - Expenses associated with the acquisition and operations (Details) kr in Millions, $ in Millions			5 Months Ended	8 Months Ended	12 Months Ended
	May 21, 2024 DKK (kr)	May 21, 2024 USD ($)	May 20, 2024 DKK (kr)	Dec. 31, 2024 DKK (kr)	Dec. 31, 2024 DKK (kr)
Acquisition of Businesses
Acquisition and integration related charges					kr 300
ProfoundBio
Acquisition of Businesses
Revenue					0
Research and development expenses					403
Selling, general and administrative expenses					27
Acquisition and integration related charges					187
Total					617
Cash payment related to the portion of awards with future vesting conditions	kr 79	$ 11
Acquisition and integration related charges			kr 113	kr 187	kr 300

Capital Structure, Financial Risk and Related Items - Financial Income and Expenses, Interest Income and Foreign Exchange Rate (Details) kr in Millions	12 Months Ended
	Dec. 31, 2024 DKK (kr) kr / $	Dec. 31, 2023 DKK (kr) kr / $	Dec. 31, 2022 DKK (kr) kr / $
Financial Income:
Interest and other financial income	kr 995	kr 982	kr 324
Gain on marketable securities	364	495	92
Gain on other investments	146	72	58
Foreign exchange rate gain	2,933	391	2,715
Total financial income	4,438	1,940	3,189
Financial expenses:
Interest and other financial expenses	(120)	(70)	(39)
Loss on marketable securities	(147)	(176)	(453)
Loss on other investments	(116)	(98)	(355)
Foreign exchange rate loss	(1,594)	(1,280)	(1,664)
Total financial expenses	(1,977)	(1,624)	(2,511)
Net financial items	2,461	316	678
Increase in interest income	kr 13	kr 658
Increase in interest income (in percentage)	1.00%	203.00%
Foreign exchange rate gains	kr 1,339	kr 889
Foreign exchange rate losses		kr 889	kr 1,051
USD/DKK Foreign Exchange Rates \| kr / $	7.1429	6.7447	6.9722
% Increase/(Decrease)	6.00%	(3.00%)	6.00%
Gain on marketable securities, net	kr 217	kr 319	kr (361)
Decrease in gain of marketable securities	kr 102
Percentage of decrease in gain of marketable securities	32.00%
Increase in gain of marketable securities		kr 680
Percentage Of Increase In Gain Of Marketable Securities		188.00%
Gains on other investments, net	kr 30	kr 26	kr 297

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Parent Company \| Reportable Legal Entities
Commitments and Contingencies
Commitments and Contingencies	18 – Commitments and Contingencies PURCHASE OBLIGATIONS Genmab A/S has entered into a number of agreements related to research and development activities that contain various obligations. These contractual obligations amounted to approximately DKK 2,867 million as of December 31, 2024 (2023: approximately DKK 3,145 million). Genmab A/S also has certain contingent commitments under our license and collaboration agreements that may become due in the future. As of December 31, 2024, these contingent commitments amounted to approximately DKK 12,304 million (USD 1,723 million) in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 9,991 million (USD 1,481 million) as of December 31, 2023. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred. In addition to the above obligations, Genmab A/S enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Financial Guarantees As of December 31, 2024 and December 31, 2023, Genmab A/S has financial bank guarantees of DKK 16 million issued as security for lease obligations under certain lease agreements. The likelihood of a claim under the guarantees has been assessed to be remote due to Genmab A/S’s strong financial position and history of fulfilling lease payments. Accordingly, no provision has been recognized related to this matter. Refer to Note 5.3 in the consolidated financial statements for additional information regarding commitments of the Group and Note 5.7 in the consolidated financial statements for additional information regarding contingencies of the Group.

Capital Structure, Financial Risk and Related Items - Financial Risk (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	100.00%	100.00%
DKK
Disclosure of credit risk exposure [line items]
Percentage of possible increase or decrease in exchange rate	10.00%	10.00%
Credit risk
Disclosure of credit risk exposure [line items]
Maximum credit exposure	kr 21,101	kr 28,135
Maximum credit exposure to receivables	6,642	5,009
Total value of bank deposits	kr 9,858	kr 14,867
Credit risk \| Triple A-rating from Moody's, S&P or Fitch
Disclosure of credit risk exposure [line items]
Percentage of marketable securities	71.00%	72.00%
Marketable securities including interest receivables	kr 11,243	kr 13,268
Currency risk
Disclosure of credit risk exposure [line items]
Revenue (as a percent)	79.00%	86.00%	89.00%
Marketable securities were invested (as a percent)	100.00%	100.00%
Currency risk \| United States of America, Dollars
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	76.00%	81.00%
Currency risk \| DKK
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	15.00%	12.00%
Currency risk \| Euro Member Countries, Euro
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	8.00%	6.00%
Currency risk \| United Kingdom, Pounds
Disclosure of credit risk exposure [line items]
Marketable securities were invested (as a percent)	1.00%	1.00%

Other Disclosures - Remuneration of the Board of Directors and Executive Management (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Remuneration of the Board of Directors and Executive Management
Wages and salaries	kr 101	kr 71	kr 55
Share-based compensation expenses	157	100	70
Defined contribution plans	4	3	2
Total	kr 262	kr 174	kr 127

Investments in Subsidiaries

12 Months Ended

Dec. 31, 2024

Investments in Subsidiaries

Investments in Subsidiaries

17 – Investments in Subsidiaries


(DKK million)	2024	2023

Cost at January 1	5,237	4,735
Additions	13,208	502
Cost at December 31	18,445	5,237

Impairment at January 1	(1,929)	(1,929)
Impairment for the year	(10,402)	-

Impairment at December 31	(12,331)	(1,929)

Carrying amount at December 31	6,114	3,308

Additions primarily related to the DKK 12.5 billion capital contribution to Genmab US, for the acquisition of ProfoundBio.

A DKK 10.4 billion impairment loss was recorded related to Genmab A/S’ indirect investment in ProfoundBio US.

Refer to Note 1.1 in the consolidated financial statements for a listing of subsidiaries owned by Genmab A/S, Note 5.5 in the consolidated financial statements of the group for additional information regarding the acquisition of ProfoundBio and Note 14 in the parent company financial statements for further details related to the transfer of ProfoundBio US intangible assets to Genmab A/S.

Fees to Auditors Appointed at the Annual General Meeting

12 Months Ended

Dec. 31, 2024

Fees to Auditors Appointed at the Annual General Meeting

Fees to Auditors Appointed at the Annual General Meeting

19 – Fees to Auditors Appointed at the Annual General Meeting


(DKK million)	2024	2023


Audit fees	10.4	6.1
Audit-related fees	2.3	3.4

Total	12.7	9.5

Fees for other services than statutory audit of the financial statements provided by Deloitte Statsautoriseret Revisionspartnerselskab amounted to DKK 2.3 million in 2024 (DKK 3.4 million in 2023 provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab. These services primarily include agreed-upon procedures, other assurance assessments and reports, and accounting advice.

Refer to Note 5.4 in the consolidated financial statements for additional information regarding fees to auditors of the Group.

Related Party Disclosures

12 Months Ended

Dec. 31, 2024

Related Party Disclosures

Related Party Disclosures

16 – Related Party Disclosures

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

TRANSACTIONS WITH SUBSIDIARIES

Genmab B.V., Genmab Holding B.V., Genmab US, Inc., Genmab K.K., ProfoundBio, Inc., ProfoundBio, US Co., Profound Limited, ProfoundBio co., Ltd., ProfoundBio Shanghai Branch, Co., Ltd., and Bejing Puyifang Biotechnology Co., Ltd. are 100% (directly or indirectly) owned subsidiaries of Genmab A/S and are included in the consolidated financial statements. During 2024, various intercompany transactions and services between the aforementioned companies took place in the field of product sales, research and development, selling, general and administration, finance and management. All intercompany transactions have been eliminated in the consolidated financial statements of the Genmab Group.


(DKK million)	2024	2023

Transactions with subsidiaries:
Income statement:
Net product sales	1,244	136
Reimbursement revenue	1,140	937
Cost of product sales	(28)	(62)
Service fee costs	(5,752)	(5,326)
Milestone costs	(545)	(893)
Impairment investment in subsidiaries	(10,402)	-
Dividend income	13,026	-
Financial income	6	1
Financial expense	(7)	(10)

Balance sheet:
Intangible assets	1,029	291
Current receivables	964	650
Current payables	(887)	(2,525)

Genmab A/S has placed at each subsidiary’s disposal a credit facility (denominated in local currency) that the subsidiary may use to draw from in order to secure the necessary funding of its activities.

Refer to Note 5.2 to the consolidated financial statements for additional information regarding transactions with related parties of the Group.

Operating Assets and Liabilities - Other Payables (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Assets and Liabilities
Liabilities related to collaboration agreements	kr 275	kr 145
Staff cost liabilities	720	637
Other liabilities	1,873	1,230
Accounts payable	644	330
Total at December 31	3,512	2,342
Non-current other payables	30	35
Current other payables	kr 3,482	kr 2,307

Capital Structure, Financial Risk and Related Items - Capital Management (Details) kr in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2024 DKK (kr)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2022 DKK (kr)	Dec. 31, 2021 DKK (kr)
Disclosure of detailed information about borrowings [line items]
Cash and cash equivalents \| kr	kr 9,858		kr 14,867	kr 9,893	kr 8,957
Marketable securities \| kr	kr 11,243		kr 13,268
Unsecured revolving credit facility
Disclosure of detailed information about borrowings [line items]
Unsecured revolving credit facility term	3 years
Credit facility value		$ 300
Credit facility option to increase		500
Extended term	2 years
Borrowings		$ 0

Results for the Year - Corporate and Deferred Tax - Narrative (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results for the Year
Corporate tax expense	kr 1,320	kr 1,285	kr 1,493
Current tax benefit recorded directly in shareholders' equity	49	57	kr 22
Gross unrecognized tax loss carryforwards	700
Estimated amount to reduce future taxable income	2,100	kr 500
Unrecognized tax losses	kr 2,200

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

Capital Structure, Financial Risk and Related Items - Restricted Stock Unit Program (Details) - RSU	15 Months Ended
	Feb. 28, 2021 shares
Share-Based Instruments
Vesting period	3 years
Number of shares per RSU	1

Basis of Presentation - Activities of the subsidiary (Details) - Parent Company [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Genmab B.V.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%	100.00%
Genmab Holding B.V.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%	100.00%
Genmab US, Inc.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%	100.00%
Genmab K.K.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%	100.00%
ProfoundBio, Inc.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%
ProfoundBio, US Co
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%
Profound Limited
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%
ProfoundBio co., Ltd.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%
ProfoundBio Shanghai Branch, Co., Ltd.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%
Beijing Puyifang Biotechnology Co., Ltd.
Activities of the subsidiary
Ownership and votes (Percentage)	100.00%

Contract Liabilities (Details) - DKK (kr) kr in Millions	12 Months Ended
Contract Liabilities (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Contract Liabilities [Line Items]
Non-current deferred revenue	kr 480	kr 480
Current contract liabilities	24	33
Parent Company \| Reportable Legal Entities
Contract Liabilities [Line Items]
Deferred revenue at January 1	513	513
Revenue recognized during the year	(9)
Total at December 31	504	513
Non-current deferred revenue	480	480
Current contract liabilities	kr 24	kr 33

Leases - Assets and Liabilities (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of quantitative information about right-of-use assets
Balance at January 1	kr 686	kr 523	kr 354
Additions to right-of-use assets	329	250	243
Depreciation charge for the year	(102)	(87)	(74)
Balance at December 31	913	686	523
Lease Liabilities
Current	92	90	74
Non-current	937	680	523
Total lease liabilities	1,029	770	597
Cash outflow for lease payments	96	115	88
Parent Company \| Reportable Legal Entities
Disclosure of quantitative information about right-of-use assets
Balance at January 1	232	9
Additions to right-of-use assets	24	242
Depreciation charge for the year	(17)	(19)
Balance at December 31	239	232	kr 9
Lease Liabilities
Current	16	19
Non-current	235	227
Total lease liabilities	251	246
Cash outflow for lease payments	kr 23	kr 24

Basis of Presentation (Details)	12 Months Ended
Basis of Presentation (Details)	Dec. 31, 2024 item
Basis of Presentation
Number of approved products commercialized by third parties	6
Number of approved products jointly commercialized by collaboration partner	2

Capital Structure, Financial Risk and Related Items - Warrant Activity (Details) - kr / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	989,891	937,968	968,451
Granted	369,847	209,377	258,958
Exercised	(112,651)	(112,962)	(243,117)
Expired	(287)	(1,317)
Cancelled	(39,637)	(43,175)	(46,324)
Balance at end of period	1,207,163	989,891	937,968
Exercisable at year end	446,416	416,541	434,179
Exercisable warrants in the money at year end	149,312	360,539	434,179
Weighted average exercise price of warrants at beginning	kr 1,980.25	kr 1,770.31	kr 1,501.49
Weighted average exercise price per warrant granted	1,974.71	2,632.02	2,244.22
Weighted average exercise price on date of grant per warrant exercised	1,143.29	1,341.40	1,154.95
Weighted average exercise price of warrants expired	1,032.00	1,225.18
Weighted average exercise price of warrants cancelled	2,300.10	2,274.50	2,029.00
Weighted average exercise price of warrants at ending	2,046.38	1,980.25	1,770.31
Weighted Average Exercise Price Of Warrants Exercisable	1,759.86	1,416.25	1,265.68
Weighted Average Exercise Price Of Warrants Exercisable In Money	kr 1,131.68	kr 1,272.37	kr 1,265.68
Percentage of change in share capital - warrants exercised	2.00%	1.00%	1.00%
Weighted average Black-Scholes fair value per warrant granted	kr 1,877.19	kr 2,657.76	kr 2,815.33
Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	2,323	1,920	10,658
Granted	694	403	1,541
Exercised			(1,558)
Transfers			(8,721)
Balance at end of period	3,017	2,323	1,920
Exercisable at year end	1,226	875	617
Exercisable warrants in the money at year end		617	617
Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	139,193	129,798	159,634
Exercised	(63,811)	(11,900)	(29,836)
Transfers	555	21,295
Balance at end of period	75,937	139,193	129,798
Exercisable at year end	63,405	123,345	118,571
Exercisable warrants in the money at year end	46,166	123,345	118,571
Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	791,715	773,014	739,000
Granted	354,255	198,001	250,005
Exercised	(31,721)	(74,672)	(176,948)
Expired	(155)	(1,200)
Cancelled	(73)	(32)	(13,670)
Transfers	(53,903)	(103,396)	(25,373)
Balance at end of period	1,060,118	791,715	773,014
Exercisable at year end	321,099	246,635	282,296
Exercisable warrants in the money at year end	77,669	192,945	282,296
Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance at beginning of period	56,660	33,236	59,159
Granted	14,898	10,973	7,412
Exercised	(17,119)	(26,390)	(34,775)
Expired	(132)	(117)
Cancelled	(39,564)	(43,143)	(32,654)
Transfers	53,348	82,101	34,094
Balance at end of period	68,091	56,660	33,236
Exercisable at year end	60,686	45,686	32,695
Exercisable warrants in the money at year end	25,477	43,632	32,695

Revenue

12 Months Ended

Dec. 31, 2024

Revenue

Revenue

2 – Revenue



(DKK million)	2024	2023

Revenue by type:
Royalties	17,352	13,705
Reimbursement revenue - External	996	864
Reimbursement revenue - Intercompany	1,140	937
Milestone revenue	1,000	1,177
Collaboration revenue	433	307
License revenue	2	-
Net product sales - Intercompany	1,244	136

Total	22,167	17,126

Revenue by collaboration partner:
Janssen	14,422	11,949
AbbVie	394	732
Roche	741	704
Novartis	2,822	1,511
BioNTech	869	784
Pfizer¹	533	373
Other	2	-

Total²	19,783	16,053

Royalties by product:
DARZALEX	13,922	11,265
Kesimpta	2,222	1,494
TEPEZZA	737	704
Other³	471	242

Total	17,352	13,705

¹Pzifer acquired Seagen in December 2023

²Excludes Genmab’s intercompany revenue

³Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

Refer to Note 2.1 in the consolidated financial statements for additional information regarding revenue of the Group.

Statements of Changes in Equity - DKK (kr) kr in Millions	Parent Company Reportable Legal Entities Share capital	Parent Company Reportable Legal Entities Share premium	Parent Company Reportable Legal Entities Retained earnings	Parent Company Reportable Legal Entities	Share capital	Share premium	Retained earnings	Total
Balance at beginning of period at Dec. 31, 2021					kr 66	kr 12,029	kr 9,931	kr 22,107
Net profit							5,452	5,452
Transactions with owners:
Exercise of warrants						280		280
Purchase of treasury shares							(908)	(908)
Share-based compensation expenses							439	439
Withholding taxes on behalf of employees on net settled RSUs							(88)	(88)
Tax on items recognized directly in equity							(17)	(17)
Balance at end of period at Dec. 31, 2022	kr 66	kr 12,309	kr 15,741	kr 28,116	66	12,309	14,809	27,282
Net profit			4,744	4,744			4,352	4,352
Transactions with owners:
Exercise of warrants		152		152		152		152
Purchase of treasury shares			(564)	(564)			(564)	(564)
Share-based compensation expenses			586	586			586	586
Withholding taxes on behalf of employees on net settled RSUs			(103)	(103)			(103)	(103)
Tax on items recognized directly in equity			(57)	(57)			(57)	(57)
Balance at end of period at Dec. 31, 2023	66	12,461	20,347	32,874	66	12,461	19,023	31,610
Net profit			11,867	11,867			7,844	7,844
Transactions with owners:
Exercise of warrants		129		129		129		129
Purchase of treasury shares			(3,879)	(3,879)			(3,879)	(3,879)
Share-based compensation expenses			721	721			721	721
Withholding taxes on behalf of employees on net settled RSUs			(109)	(109)			(109)	(109)
Tax on items recognized directly in equity			(7)	(7)			(49)	(49)
Balance at end of period at Dec. 31, 2024	kr 66	kr 12,590	kr 28,940	kr 41,596	kr 66	kr 12,590	kr 23,551	kr 36,697

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

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
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-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Intangible Assets - Activity (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets
Cost at beginning of period	kr 101
Cost at end of period	12,343	kr 101
Accumulated amortization and impairment
Intangible Assets
Amortization for the year	78	55
Licenses and Patents \| Accumulated amortization and impairment
Intangible Assets
Amortization for the year	25	55
Technology Platform \| Accumulated amortization and impairment
Intangible Assets
Amortization for the year	53
Parent Company \| Reportable Legal Entities
Intangible Assets
Cost at beginning of period	378
Cost at end of period	13,369	378
Parent Company \| Reportable Legal Entities \| Gross
Intangible Assets
Cost at beginning of period	1,093	1,011
Additions through acquisition	13,270	82
Cost at end of period	14,363	1,093
Parent Company \| Reportable Legal Entities \| Accumulated amortization and impairment
Intangible Assets
Cost at beginning of period	(715)	(654)
Amortization for the year	36	61
Impairment losses for the year	243
Cost at end of period	(994)	(715)
Parent Company \| Reportable Legal Entities \| Licenses and Patents
Intangible Assets
Cost at beginning of period	378
Cost at end of period	346	378
Parent Company \| Reportable Legal Entities \| Licenses and Patents \| Gross
Intangible Assets
Cost at beginning of period	1,093	1,011
Additions through acquisition	244	82
Cost at end of period	1,337	1,093
Parent Company \| Reportable Legal Entities \| Licenses and Patents \| Accumulated amortization and impairment
Intangible Assets
Cost at beginning of period	(715)	(654)
Amortization for the year	33	61
Impairment losses for the year	243
Cost at end of period	(991)	kr (715)
Parent Company \| Reportable Legal Entities \| Technology Platform
Intangible Assets
Cost at end of period	1,234
Parent Company \| Reportable Legal Entities \| Technology Platform \| Gross
Intangible Assets
Additions through acquisition	1,237
Cost at end of period	1,237
Parent Company \| Reportable Legal Entities \| Technology Platform \| Accumulated amortization and impairment
Intangible Assets
Amortization for the year	3
Cost at end of period	(3)
Parent Company \| Reportable Legal Entities \| Acquired IPR&D
Intangible Assets
Cost at end of period	11,789
Parent Company \| Reportable Legal Entities \| Acquired IPR&D \| Gross
Intangible Assets
Additions through acquisition	11,789
Cost at end of period	kr 11,789

Other Disclosures - Collaborations and Licenses (Details) kr in Millions, $ in Millions					1 Months Ended			12 Months Ended
	Jun. 09, 2022 USD ($)	May 31, 2021	Jun. 10, 2020 DKK (kr) item product	Jun. 10, 2020 USD ($) item product	Oct. 31, 2020	Jun. 30, 2020 DKK (kr)	Jun. 30, 2020 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2012	Dec. 31, 2024 DKK (kr) product	Dec. 31, 2023 DKK (kr)
Collaborations and Licenses
Investments accounted for using equity method \| kr										kr 228	kr 134
Janssen
Collaborations and Licenses
Royalty obligation expiration term after first sale of product								13 years
Amount of seeking an award	$ 405
New royalty term entitled as mentioned in declaration	13 years
Janssen (DuoBody)
Collaborations and Licenses
Number of products were in active clinical development \| product										3
Royalties expiration term after the first sale of each licensed product								10 years
Novartis (Arzaerra/Ofatumumab)
Collaborations and Licenses
Royalty percentage for non-cancer treatment								10.00%
Roche
Collaborations and Licenses
Cost and profit sharing ratio					50
Royalties expiration term after the first sale of each licensed product		10 years
AbbVie
Collaborations and Licenses
Upfront payment						kr 4,911	$ 750
Ratio of share of profits before income taxes				50
Ratio of sharing pre tax profits			50	50
Number of performance obligations \| item			4	4
Number of delivery license programs \| item				3
Percentage of discover research and development cost responsible by the entity			100.00%	100.00%
Maximum number of product concepts for which cost-plus margin approach was utilized \| product			4	4
Contract Transaction Price			kr 4,911	$ 750
BioNTech
Collaborations and Licenses
Upfront fee paid								$ 10
Performance obligations satisfied at point in time \| AbbVie
Collaborations and Licenses
Contract Transaction Price			4,398	672
Performance obligations satisfied over time \| AbbVie
Collaborations and Licenses
Contract Transaction Price			kr 513	$ 78
Bottom of range [member] \| Janssen
Collaborations and Licenses
Tiered royalty percentage									12.00%
Bottom of range [member] \| Janssen (DuoBody)
Collaborations and Licenses
Tiered royalty percentage								8.00%
Bottom of range [member] \| AbbVie
Collaborations and Licenses
Tiered royalty percentage			22.00%	22.00%
Top of range [member] \| Janssen
Collaborations and Licenses
Tiered royalty percentage									20.00%
Top of range [member] \| Janssen (DuoBody)
Collaborations and Licenses
Tiered royalty percentage								10.00%
Top of range [member] \| AbbVie
Collaborations and Licenses
Tiered royalty percentage			26.00%	26.00%
Number of future differentiated antibody for cancer to be discover \| item				4
Contractually entitled to receive amount in additional development, regulatory and sales milestone payments				$ 2,550
Contractually entitled to receive payments related to clinical development and commercial success				550
Development Regulatory and Sales Milestone \| Top of range [member] \| AbbVie
Collaborations and Licenses
Receivables				$ 3,150
Countries Outside United States and Japan \| Bottom of range [member] \| AbbVie
Collaborations and Licenses
Tiered royalty percentage			22.00%	22.00%
Countries Outside United States and Japan \| Top of range [member] \| AbbVie
Collaborations and Licenses
Tiered royalty percentage			26.00%	26.00%
Clinical Development and Commercial Success Across all Three Programs \| Development Regulatory and Sales Milestone \| AbbVie
Collaborations and Licenses
Receivables				$ 1,150
Success of all Four Next Generation Antibody Product Candidates Developed \| Development Regulatory and Sales Milestone \| AbbVie
Collaborations and Licenses
Receivables				$ 2,000

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventories

Schedule of inventories


(DKK million)	2024	2023

Raw materials	4	14
Work in progress	-	-
Finished goods	79	59
Total inventories (gross) at December 31	83	73

Allowances at year end	(21)	(16)

Total inventories (net) at December 31	62	57

Inventories

Schedule of inventories


(DKK million)	2024	2023

Raw materials	4	14
Work in progress	-	-
Finished goods	6	19
Total inventories (gross) at December 31	10	33

Allowances at year end	-	(2)

Total inventories (net) at December 31	10	31

Capital Structure, Financial Risk and Related Items - Assets and Liabilities in Foreign Currency (Details) - DKK (kr) kr in Billions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of credit risk exposure [line items]
Central rate committed to maintain	7.46
Positive fluctuation in exchange rate	2.25%
Negative fluctuation in exchange rate	(2.25%)
United States of America, Dollars
Disclosure of credit risk exposure [line items]
Estimated impact for net profit before tax due to increase or decrease In exchange rate	kr 1.9	kr 2.7

Financial Income and Expenses - Components (Details) - DKK (kr) kr in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial Income:
Interest and other financial income		kr 995	kr 982	kr 324
Gain on marketable securities		364	495	92
Gain on other investments		146	72	58
Foreign exchange rate gain		2,933	391	2,715
Total financial income		4,438	1,940	3,189
Financial expenses:
Interest and other financial expenses		(120)	(70)	(39)
Loss on marketable securities		(147)	(176)	(453)
Loss on other investments		(116)	(98)	(355)
Foreign exchange rate loss		(1,594)	(1,280)	(1,664)
Total financial expenses		(1,977)	(1,624)	(2,511)
Net financial items		2,461	316	kr 678
Parent Company \| Reportable Legal Entities
Financial Income:
Dividend income from subsidiaries	kr 13,000	13,026
Interest and other financial income		964	962
Interest from subsidiaries		6	1
Gain on marketable securities		364	495
Gain on other investments		121	6
Foreign exchange rate gain		2,923	735
Total financial income		17,404	2,199
Financial expenses:
Impairment of investment in subsidiaries	kr (10,400)	(10,402)
Interest and other financial expenses		(95)	(55)
Interest to subsidiaries		(7)	(10)
Loss on marketable securities		(147)	(175)
Loss on other investments		(7)	(14)
Foreign exchange rate loss		(1,581)	(1,617)
Total financial expenses		(12,239)	(1,871)
Net financial items		kr 5,165	kr 328

Related Party Disclosures - Transaction with Subsidiaries (Details) - Parent Company - Reportable Legal Entities - DKK (kr) kr in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Income statement:
Impairment investment in subsidiaries	kr (10,400)	kr (10,402)
Subsidiaries
Income statement:
Net product sales		1,244	kr 136
Reimbursement revenue		1,140	937
Cost of product sales		(28)	(62)
Service fee costs		(5,752)	(5,326)
Milestone costs		(545)	(893)
Impairment investment in subsidiaries		(10,402)
Dividend income		13,026
Financial income		6	1
Financial expense		(7)	(10)
Balance sheet:
Intangible assets	1,029	1,029	291
Current receivables	964	964	650
Current payables	kr (887)	kr (887)	kr (2,525)
Subsidiaries \| Genmab B.V.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| Genmab Holding B.V.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| Genmab US, Inc.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| Genmab K.K.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| ProfoundBio, Inc.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| ProfoundBio, US Co
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| Profound Limited
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| ProfoundBio co., Ltd.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| ProfoundBio Shanghai Branch, Co., Ltd.
Income statement:
Percentage of ownership interest in subsidiary		100.00%
Subsidiaries \| Beijing Puyifang Biotechnology Co., Ltd.
Income statement:
Percentage of ownership interest in subsidiary		100.00%

Results for the Year - Corporate and Deferred Tax (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results for the Year
Current tax on profit	kr 1,799	kr 1,301	kr 1,478
Adjustment to deferred tax	99	(59)	107
Net Increase (decrease) of unrecognized deferred tax assets for the year	(578)	43	(92)
Recognition of previously unrecognized deferred tax assets	(2,200)
Total tax for the period in the income statement	kr 1,320	kr 1,285	kr 1,493

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

Capital Structure, Financial Risk and Related Items - Treasury Shares (Details)			12 Months Ended
	Mar. 15, 2024 shares	Mar. 13, 2024 DKK (kr)	Dec. 31, 2024 DKK (kr) shares	Dec. 31, 2023 DKK (kr) shares	Dec. 31, 2022 DKK (kr) shares	Dec. 31, 2019 shares	Dec. 31, 2021 DKK (kr) shares
Number of shares
Purchase of treasury shares. \| shares			2,011,853
Share capital
Share capital, at beginning of period \| kr			kr 66,100,000	kr 66,000,000.0	kr 65,700,000
Purchase of treasury shares \| kr			3,879,000,000	564,000,000	908,000,000
Share capital, at end of period \| kr			kr 66,200,000	66,100,000	kr 66,000,000.0
Proportion of share capital
Number of share buy back programs \| shares	2
Treasury stock, shares outstanding \| shares			2,647,007
Cost
Nominal value of shares repurchases \| kr			kr 3,500,000	kr 500,000			kr 500,000
Treasury shares held \| shares			66,187,186	66,074,535	65,961,573		65,718,456
Treasury shares [member]
Number of shares
Number of shares at beginning of period \| shares			744,170	589,948	288,325
Purchase of treasury shares. \| shares			2,011,853	220,000	370,000
Shares used for funding RSU program \| shares			(109,016)	(65,778)	(68,377)
Number of shares at end of period \| shares			2,647,007	744,170	589,948
Share capital
Share capital, at beginning of period \| kr			kr 700,000	kr 600,000	kr 300,000
Purchase of treasury shares \| kr			2,000,000.0	200,000	400,000
Shares used for funding RSU program \| kr			(100,000)	(100,000)	(100,000)
Share capital, at end of period \| kr			kr 2,600,000	kr 700,000	kr 600,000
Proportion of share capital
Proportion of share capital, at beginning of period			1.10%	0.90%	0.40%
Proportion of share capital on purchase of treasury shares			3.00%	0.30%	0.60%
Proportion of share capital on shares used for funding RSU program			(0.10%)	(0.10%)	(0.10%)
Proportion of share capital, at end of period			4.00%	1.10%	0.90%
Cost
Cost, at beginning of period \| kr			kr 1,816,000,000	kr 1,378,000,000	kr 550,000,000
Purchase of treasury shares \| kr			3,879,000,000	564,000,000	908,000,000
Shares used for funding RSU program \| kr			(246,000,000)	(126,000,000)	(80,000,000)
Cost at end of period \| kr			kr 5,449,000,000	kr 1,816,000,000	kr 1,378,000,000
RSU
Number of shares
Purchase of treasury shares. \| shares				220,000
Share capital
Purchase of treasury shares \| kr				kr 564,000,000
Proportion of share capital
Proportion of share capital on purchase of treasury shares				3.00%	0.30%
First authorization
Cost
Number of shares authorized for repurchase \| shares				3,500,000
Actual shares repurchased under authorization \| shares				1,821,853
Shares available for repurchase \| shares				1,678,147
Second authorization
Cost
Number of shares authorized for repurchase \| shares						500,000
Shares available for repurchase \| shares						500,000
2024 Authorization \| Maximum [Member]
Cost
Number of authorization \| kr		3,500,000

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property and Equipment

Property and Equipment


(DKK million)	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment

2024
Cost at January 1	684	908	39	1,631
Additions for the year	5	81	116	202
Acquisitions through business combinations	11	41	-	52
Transfers between the classes	10	38	(48)	-
Disposals for the year	(5)	(86)	(4)	(95)
Exchange rate adjustment	16	9	-	25

Cost at December 31	721	991	103	1,815

Accumulated depreciation and impairment at January 1	(194)	(482)	-	(676)
Depreciation for the year	(75)	(158)	-	(233)
Exchange rate adjustment	(7)	(4)	-	(11)
Accumulated depreciation on disposals	5	78	-	83
Accumulated depreciation and impairment at December 31	(271)	(566)	-	(837)
				.
Carrying amount at December 31	450	425	103	978


	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment
(DKK million)
2023
Cost at January 1	412	649	233	1,294
Additions for the year	6	129	222	357
Transfers between the classes	276	134	(410)	-
Disposals for the year	-	-	(6)	(6)
Exchange rate adjustment	(10)	(4)	-	(14)

Cost at December 31	684	908	39	1,631

Accumulated depreciation and impairment at January 1	(132)	(363)	-	(495)
Depreciation for the year	(64)	(121)	-	(185)
Exchange rate adjustment	2	2	-	4
Accumulated depreciation and impairment at December 31	(194)	(482)	-	(676)
				.
Carrying amount at December 31	490	426	39	955


		2024	2023	2022
(DKK million)
Depreciation and impairment included in the income statement as follows:
Research and development expenses		197	140	108
Selling, general and administrative expenses		36	45	38

Total		233	185	146

Property and Equipment

Property and Equipment

6 – Property and Equipment


(DKK million)	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment

2024
Cost at January 1	78	82	-	160
Additions for the year	-	2	2	4
Transfers between the classes	-	1	-	1
Disposals for the year	(4)	(9)	(2)	(15)

Cost at December 31	74	76	-	150

Accumulated depreciation and impairment at January 1	(7)	(24)	-	(31)
Depreciation for the year	(4)	(19)	-	(23)
Disposals for the year	4	9	-	13

Accumulated depreciation and impairment at December 31	(7)	(34)	-	(41)

Carrying amount at December 31	67	42	-	109

(DKK million)	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment

2023
Cost at January 1	4	24	17	45
Additions for the year	5	10	100	115
Transfers between the classes	69	48	(117)	-
Disposals for the year	-	-	-	-

Cost at December 31	78	82	-	160

Accumulated depreciation and impairment at January 1	(4)	(15)	-	(19)
Depreciation for the year	(3)	(9)	-	(12)
Disposals for the year	-	-	-	-

Accumulated depreciation and impairment at December 31	(7)	(24)	-	(31)

Carrying amount at December 31	71	58	-	129


(DKK million)			2024	2023

Depreciation and impairment included in the income statement as follows:
Research and development expenses			18	6
Selling, general and administrative expenses			5	6

Total			23	12

Refer to Note 3.2 in the consolidated financial statements for additional information regarding property and equipment of the Group.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2024
Document and Entity Information [Abstract].
Document Type	6-K
Document Period End Date	Dec. 31, 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	FY
Amendment Flag	false

Staff Costs (Tables)

12 Months Ended

Dec. 31, 2024

Staff Costs

Schedule of staff cost



(DKK million)	2024	2023	2022

Wages and salaries	3,168	2,631	1,913
Share-based compensation	721	586	439
Defined contribution plans	205	170	112
Other social security costs	399	335	263
Government grants related to research and development expenses	(149)	(174)	(144)

Total	4,344	3,548	2,583

Staff costs are included in the Consolidated Statements of Comprehensive Income as follows:
Cost of product sales	11	3	-
Research and development expenses	2,520	2,004	1,518
Selling, general and administrative expenses	1,813	1,541	1,065

Total	4,344	3,548	2,583

Average number of FTE	2,535	2,011	1,460
Number of FTE at year-end	2,682	2,204	1,660

Staff Costs

Schedule of staff cost



(DKK million)	2024	2023

Wages and salaries	566	500
Share-based compensation	88	84
Defined contribution plans	48	39
Other social security costs	2	9

Total	704	632

Staff costs are included in the income statement as follows:
Research and development expenses	539	501
Selling, general and administrative expenses	165	131

Total	704	632

Average number of FTE	492	440
Number of FTE at year-end	519	465

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of property and equipment

Property and Equipment


(DKK million)	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment

2024
Cost at January 1	78	82	-	160
Additions for the year	-	2	2	4
Transfers between the classes	-	1	-	1
Disposals for the year	(4)	(9)	(2)	(15)

Cost at December 31	74	76	-	150

Accumulated depreciation and impairment at January 1	(7)	(24)	-	(31)
Depreciation for the year	(4)	(19)	-	(23)
Disposals for the year	4	9	-	13

Accumulated depreciation and impairment at December 31	(7)	(34)	-	(41)

Carrying amount at December 31	67	42	-	109

(DKK million)	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment

2023
Cost at January 1	4	24	17	45
Additions for the year	5	10	100	115
Transfers between the classes	69	48	(117)	-
Disposals for the year	-	-	-	-

Cost at December 31	78	82	-	160

Accumulated depreciation and impairment at January 1	(4)	(15)	-	(19)
Depreciation for the year	(3)	(9)	-	(12)
Disposals for the year	-	-	-	-

Accumulated depreciation and impairment at December 31	(7)	(24)	-	(31)

Carrying amount at December 31	71	58	-	129


(DKK million)			2024	2023

Depreciation and impairment included in the income statement as follows:
Research and development expenses			18	6
Selling, general and administrative expenses			5	6

Total			23	12

Staff Costs (Details) - DKK (kr) kr in Millions	12 Months Ended
Staff Costs (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Staff Costs
Wages and salaries	kr 3,168	kr 2,631	kr 1,913
Share-based compensation	721	586	439
Defined contribution plans	205	170	112
Other social security costs	399	335	263
Total	4,344	3,548	2,583
Staff costs are included in the income statement as follows:
Research and development expenses	2,520	2,004	1,518
Selling, general and administrative expenses	1,813	1,541	1,065
Total	kr 4,344	kr 3,548	kr 2,583
Average number of FTE	2,535	2,011	1,460
Number of FTE at year-end	2,682	2,204	1,660
Parent Company \| Reportable Legal Entities
Staff Costs
Wages and salaries	kr 566	kr 500
Share-based compensation	88	84
Defined contribution plans	48	39
Other social security costs	2	9
Total	704	632
Staff costs are included in the income statement as follows:
Research and development expenses	539	501
Selling, general and administrative expenses	165	131
Total	kr 704	kr 632
Average number of FTE	492	440
Number of FTE at year-end	519	465

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Intangible Assets

Schedule of intangible assets


(DKK million)	Goodwill	Licenses and Patents	Technology Platform	Acquired IPR&D	Total Intangible Assets

2024
Cost at the beginning of the year	-	901	-	-	901
Additions during the year	2,436	163	1,243	10,577	14,419
Effect of exchange rate adjustment	99	-	44	369	512
Cost at the end of the year	2,535	1,064	1,287	10,946	15,832
Amortization and impairment losses at the beginning of the year	-	800	-	-	800
Amortization for the year	-	25	53	-	78
Impairment losses for the year	-	76	-	-	76
Amortization and impairment losses at the end of the year	-	901	53	-	954
Carrying amount at the end of the year	2,535	163	1,234	10,946	14,878

2023
Cost at the beginning of the year	-	891	-	-	891
Additions during the year	-	10	-	-	10
Cost at the end of the year	-	901	-	-	901
Amortization and impairment losses at the beginning of the year	-	745	-	-	745
Amortization for the year	-	55	-	-	55
Amortization and impairment losses at the end of the year	-	800	-	-	800
Carrying amount at the end of the year	-	101	-	-	101

Schedule of intangible assets

Intangible Assets


(DKK million)	Licenses and Patents	Technology Platform	Acquired IPR&D	Total Intangible Assets

2024
Cost at the beginning of the year	1,093	-	-	1,093
Additions during the year	244	1,237	11,789	13,270
Cost at the end of the year	1,337	1,237	11,789	14,363
Amortization and impairment losses at the beginning of the year	715	-	-	715
Amortization for the year	33	3	-	36
Impairment losses for the year	243	-	-	243
Amortization and impairment losses at the end of the year	991	3	-	994
Carrying amount at the end of the year	346	1,234	11,789	13,369

2023
Cost at the beginning of the year	1,011	-	-	1,011
Additions during the year	82	-	-	82
Cost at the end of the year	1,093	-	-	1,093
Amortization and impairment losses at the beginning of the year	654	-	-	654
Amortization for the year	61	-	-	61
Amortization and impairment losses at the end of the year	715	-	-	715
Carrying amount at the end of the year	378	-	-	378

Operating Assets and Liabilities - Receivables (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Receivables [Line Items]
Receivables related to collaboration agreements	kr 5,434	kr 4,148
Prepayments	256	241
Trade receivables related to product sales	466	184
Interest receivables	133	150
Other receivables	353	286
Total	6,642	5,009
Non-current receivables	52	62
Current receivables	6,590	4,947
Losses related to receivables and the credit risk on receivables is limited	kr 0	kr 0
Bottom of range
Disclosure Of Receivables [Line Items]
Payment terms	30 days
Top of range
Disclosure Of Receivables [Line Items]
Payment terms	180 days

Financial Income and Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Finance Income And Expenses [Line Items]

Schedule of finance income and expenses


(DKK million)	2024	2023	2022

Financial income:
Interest and other financial income	995	982	324
Gain on marketable securities	364	495	92
Gain on other investments	146	72	58
Foreign exchange rate gain	2,933	391	2,715

Total financial income	4,438	1,940	3,189


Financial expenses:
Interest and other financial expenses	(120)	(70)	(39)
Loss on marketable securities	(147)	(176)	(453)
Loss on other investments	(116)	(98)	(355)
Foreign exchange rate loss	(1,594)	(1,280)	(1,664)

Total financial expenses	(1,977)	(1,624)	(2,511)

Net financial items	2,461	316	678

Finance Income And Expenses [Line Items]

Schedule of finance income and expenses


(DKK million)	2024	2023

Financial income:
Dividend income from subsidiaries	13,026	-
Interest and other financial income	964	962
Interest from subsidiaries	6	1
Gain on marketable securities	364	495
Gain on other investments	121	6
Foreign exchange rate gain	2,923	735

Total financial income	17,404	2,199


Financial expenses:
Impairment of investment in subsidiaries	(10,402)	-
Interest and other financial expenses	(95)	(55)
Interest to subsidiaries	(7)	(10)
Loss on marketable securities	(147)	(175)
Loss on other investments	(7)	(14)
Foreign exchange rate loss	(1,581)	(1,617)

Total financial expenses	(12,239)	(1,871)

Net financial items	5,165	328

Marketable Securities	12 Months Ended
Marketable Securities	Dec. 31, 2024
Parent Company \| Reportable Legal Entities
Marketable Securities
Marketable Securities	13 – Marketable Securities Refer to Note 4.4 in the consolidated financial statements for additional information on marketable securities of the Group.

Operating Assets and Liabilities

12 Months Ended

Dec. 31, 2024

Operating Assets and Liabilities

Operating Assets and Liabilities

Section 3 – Operating Assets and Liabilities

This section covers the operating assets and related liabilities that form the basis for Genmab’s activities. Deferred tax assets and liabilities are included in Note 2.4. Assets related to Genmab’s financing activities are shown in section 4.

3.1 – Other Intangible Assets and Goodwill

Intangible Assets

The increase in the gross carrying value of other intangible assets during 2024 was primarily due to the addition of DKK 10,577 million of in-process research and development (IPR&D) and DKK 1,243 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 5.5 for additional details.


(DKK million)	Goodwill	Licenses and Patents	Technology Platform	Acquired IPR&D	Total Intangible Assets

2024
Cost at the beginning of the year	-	901	-	-	901
Additions during the year	2,436	163	1,243	10,577	14,419
Effect of exchange rate adjustment	99	-	44	369	512
Cost at the end of the year	2,535	1,064	1,287	10,946	15,832
Amortization and impairment losses at the beginning of the year	-	800	-	-	800
Amortization for the year	-	25	53	-	78
Impairment losses for the year	-	76	-	-	76
Amortization and impairment losses at the end of the year	-	901	53	-	954
Carrying amount at the end of the year	2,535	163	1,234	10,946	14,878

2023
Cost at the beginning of the year	-	891	-	-	891
Additions during the year	-	10	-	-	10
Cost at the end of the year	-	901	-	-	901
Amortization and impairment losses at the beginning of the year	-	745	-	-	745
Amortization for the year	-	55	-	-	55
Amortization and impairment losses at the end of the year	-	800	-	-	800
Carrying amount at the end of the year	-	101	-	-	101

Impairment losses for the year related to licenses and patents, which were not material, were recorded in Research and development expenses in the Consolidated Statements of Comprehensive Income.

Amortization expense was DKK 78 million, DKK 55 million, and DKK 108 million for 2024, 2023 and 2022, respectively, which was recorded in Research and development expenses in the Consolidated Statements of Comprehensive Income.

Goodwill

The carrying amount of goodwill was DKK 2,535 million as of December 31, 2024, due to the acquisition of ProfoundBio (refer to Note 5.5). No impairment of goodwill was recognized in 2024 as the annual impairment test showed that the estimated recoverable amount exceeded the carrying amount of the single cash-generating unit (CGU) to which all of Genmab’s goodwill was allocated. There was no goodwill balance as of December 31, 2023.

ACCOUNTING POLICIES

Research and Development Projects

Internal and subcontracted research costs are charged in full to research and development expenses in the Consolidated Statements of Comprehensive Income in the period in which they are incurred. Development costs are also expensed until regulatory approval is obtained or is probable. Genmab has no internally generated intangible assets from development, as the criteria for recognition of an intangible asset are not met.

Genmab acquires licenses and rights primarily to gain access to targets and technologies identified by third parties. Payments to third parties under collaboration and license agreements are assessed to determine whether such payments should be expensed as incurred as research and development expenses or capitalized as an intangible asset. Licenses and rights that meet the criteria for capitalization as intangible assets are measured at cost less accumulated amortization and any impairment losses. Milestone payments related to capitalized licenses and rights are accounted for as an increase in the cost to acquire licenses and rights. 

For acquired research and development projects, and intellectual property rights, including acquisition in a business combination, the likelihood of obtaining future commercial sales is reflected in the cost of the asset, and thus the probability recognition criteria is always considered to be satisfied. As the cost of acquired research and development projects can often be measured reliably, these projects fulfil the capitalization criteria as intangible assets on acquisition. Development costs incurred subsequent to acquisition are treated consistently with internal project development costs.

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. Goodwill is allocated to each of the group’s CGU (or groups of CGUs) expected to benefit from the synergies of the combination. Genmab consists of one single CGU which represents its single operating segment.

RECOGNITION AND MEASUREMENT

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortization and any impairment loss. Goodwill is not amortized but is subject to impairment testing.

For intellectual property rights acquired for research and development projects, upfront fees and acquisition costs are capitalized as the historical cost. Subsequent milestone payments payable on achievement of a contingent event will be capitalized when the contingent event being achieved is probable. Intangible assets acquired in a business combination are recognized at fair value at the acquisition date.

Amortization

Intangible assets with definite useful lives are amortized based on the straight-line method over their estimated useful lives. This corresponds to the legal duration or the economic useful life depending on which is shorter. The amortization of intellectual property rights, including IPR&D, commences after regulatory approval has been obtained or when assets are put in use.

Impairment

Goodwill and intangible assets not yet available for use (IPR&D) are tested for impairment when indicators of impairment exist. However, they are tested at least annually, irrespective of whether there is any indication that they may be impaired.

If circumstances or changes in Genmab’s operations indicate that the carrying amount of Goodwill, IPR&D or definite-lived intangible assets may not be recoverable, management performs an impairment test of the asset for impairment.

Amortization, impairment losses, and gains or losses on the disposal of other intangible assets related to licenses and rights are recognized in Consolidated Statements of Comprehensive Income as research and development expenses. 

MANAGEMENT’S JUDGMENTS AND ESTIMATES

Impairment Assessment of Goodwill and Other Intangible Assets

CGUs 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. Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to which goodwill is allocated and monitored by Management. Goodwill impairment tests are based on management’s estimate of recoverable amount determined as the greater of the fair value less cost to sell, or its value in use. Value in use is calculated based on a multiple applied on steady earnings from operations before tax generated from the CGU. If the carrying amount of goodwill exceeds the recoverable amount, any impairment is measured as the difference between the recoverable amount and the carrying amount. Any impairment is first allocated to reduce the carrying amount of goodwill and any exceeding amount is allocated pro-rata to Genmab’s other assets in the CGU in the scope of IAS 36 but not less than their recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified. Impairments of goodwill are prohibited from future reversals.

As permitted under IAS 36 (Impairment of Assets), use of a short-cut quantitative impairment test may be relied on if conservative assumptions are utilized which would result in an underestimation of the recoverable amount. By applying a multiple of four on the previous twelve consecutive months operating profit before tax the estimated recoverable amount is higher than the carrying amount of the CGU. It is management’s assessment that a multiple of four is a conservative assumption compared to market observations. The operating profit before tax for the previous twelve consecutive months is based on recurring earnings and is considered a conservative measure of earnings for the next four years compared to the budget and forecast prepared by the Group. Thus, management has concluded that there is no impairment on goodwill. As Genmab has a single CGU with a quoted market price of the entire Group (level 1 observable input), a high-level comparison between Genmab’s market capitalization and the recoverable amount was also performed to reaffirm the reasonableness of the short-cut approach to estimate recoverable amount. The carrying amount of the single CGU includes Genmab’s net assets, less cash and marketable securities as returns on such balances are not included in operating profit before tax and therefore are not included in the recoverable amount either.

The basis for the review of IPR&D impairment is also the recoverable amount. 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 Consolidated Statements of Comprehensive Income when the impairment is identified. Impairments on intangible assets 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

3.2 – Property and Equipment


(DKK million)	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment

2024
Cost at January 1	684	908	39	1,631
Additions for the year	5	81	116	202
Acquisitions through business combinations	11	41	-	52
Transfers between the classes	10	38	(48)	-
Disposals for the year	(5)	(86)	(4)	(95)
Exchange rate adjustment	16	9	-	25

Cost at December 31	721	991	103	1,815

Accumulated depreciation and impairment at January 1	(194)	(482)	-	(676)
Depreciation for the year	(75)	(158)	-	(233)
Exchange rate adjustment	(7)	(4)	-	(11)
Accumulated depreciation on disposals	5	78	-	83
Accumulated depreciation and impairment at December 31	(271)	(566)	-	(837)
				.
Carrying amount at December 31	450	425	103	978


	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment
(DKK million)
2023
Cost at January 1	412	649	233	1,294
Additions for the year	6	129	222	357
Transfers between the classes	276	134	(410)	-
Disposals for the year	-	-	(6)	(6)
Exchange rate adjustment	(10)	(4)	-	(14)

Cost at December 31	684	908	39	1,631

Accumulated depreciation and impairment at January 1	(132)	(363)	-	(495)
Depreciation for the year	(64)	(121)	-	(185)
Exchange rate adjustment	2	2	-	4
Accumulated depreciation and impairment at December 31	(194)	(482)	-	(676)
				.
Carrying amount at December 31	490	426	39	955


		2024	2023	2022
(DKK million)
Depreciation and impairment included in the income statement as follows:
Research and development expenses		197	140	108
Selling, general and administrative expenses		36	45	38

Total		233	185	146

Capital expenditures in 2024 were primarily related to the expansion Genmab’s facilities in the United States and Japan. Capital expenditures in 2023 were primarily related to the expansion of our facilities in the Netherlands and our new headquarters in Denmark.

ACCOUNTING POLICIES

Property and equipment is comprised of leasehold improvements, assets under construction, and equipment, furniture, and fixtures, which are measured at cost less accumulated depreciation and any impairment losses.

The cost is comprised of the acquisition price and direct costs related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.

DEPRECIATION

Depreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:

Equipment, furniture, and fixtures

3-5 years

Leasehold improvements

15 years

or the lease term, if shorter

Depreciation commences when the asset is available for use, including when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.

IMPAIRMENT

If circumstances or changes in Genmab’s operations indicate that the carrying amount of property and equipment may not be recoverable, management performs an impairment test of the asset.

The basis for the performance of an impairment test is the recoverable amount of the 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 expected to be generated from the asset.

If the carrying amount of an asset is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the Consolidated Statements of Comprehensive Income when the impairment is identified.

3.3 - Leases

Genmab has entered into lease agreements with respect to office and laboratory space, vehicles, and IT equipment. The expense, lease liability, and right-of-use assets balances related to vehicles and IT equipment are immaterial. The leases are non-cancellable over various periods through 2038.


(DKK million)	2024	2023	2022

Right-of-use assets
Balance at January 1	686	523	354
Additions to right-of-use assets¹	329	250	243
Depreciation charge for the year	(102)	(87)	(74)

Balance at December 31	913	686	523

Lease liabilities
Current	92	90	74
Non-current	937	680	523

Total at December 31	1,029	770	597

^{(1) Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.}

Cash outflow for lease payments	96	115	88

Variable lease payments, short-term lease expense, lease interest expense, low-value assets, and sublease income are immaterial.

Future minimum payments under leases are as follows:


(DKK million)	2024	2023	2022

Payment due
Less than 1 year	127	106	89
1 to 3 years	284	199	167
More than 3 years but less than 5 years	281	183	136
More than 5 years	553	412	271

Total at December 31	1,245	900	663

ACCOUNTING POLICIES

All leases are recognized in the Consolidated Balance Sheets as a right-of-use (ROU) asset with a corresponding lease liability, except for short-term leases in which the term is 12 months or less, or low-value leases.

ROU assets represent Genmab’s right to use an underlying asset for the lease term and lease liabilities represent Genmab’s obligation to make lease payments arising from the lease. The ROU asset is depreciated over the shorter of the asset’s useful life or the lease term on a straight-line basis. In the Consolidated Statements of Comprehensive Income, depreciation of the ROU asset is recognized over the lease term in operating expenses and interest expenses related to the lease liability are classified in financial items.

Genmab determines if an arrangement is a lease at inception. Genmab leases various properties, vehicles, and IT equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives receivable. As Genmab’s leases generally do not provide an implicit interest rate, Genmab uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Genmab may include options to extend or terminate the lease when it is reasonably certain that Genmab will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended.

ROU assets are measured at cost and include the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the Consolidated Statements of Comprehensive Income.

3.4 - Other Investments


(DKK million)	2024	2023


Publicly traded equity securities	38	47
Fund investments	176	87
Privately held equity securities	14	-

Total at December 31	228	134

Other investments includes strategic investments in publicly traded common stock of companies, including common stock of companies with whom Genmab has entered into collaboration arrangements, investments in certain investment funds, as well as investments in shares of privately held companies.

ACCOUNTING POLICIES

Other investments are measured on initial recognition at fair value, and subsequently at fair value. Changes in fair value are recognized in the Consolidated Statements of Comprehensive Income within financial income or expense.

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 based on significant unobservable inputs.

3.5 – Inventories


(DKK million)	2024	2023

Raw materials	4	14
Work in progress	-	-
Finished goods	79	59
Total inventories (gross) at December 31	83	73

Allowances at year end	(21)	(16)

Total inventories (net) at December 31	62	57

In 2024 and 2023, allowances related to write downs of excess and obsolete inventories were immaterial and recognized as expense within cost of product sales in the Consolidated Statements of Comprehensive Income.

Inventory write down in 2023 pertaining to pre-launch inventories of EPKINLY was also immaterial. The write down was recorded as research and development expense in Genmab’s Consolidated Statements of Comprehensive Income and was subsequently reversed upon receiving U.S. FDA approval during the second quarter of 2023.

ACCOUNTING POLICIES

Inventories are measured at the lower of cost and net realizable value with costs determined on a first-in, first-out basis. Costs comprise direct and indirect costs relating to the manufacture of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Genmab assesses the recoverability of capitalized inventories during each reporting period and will write down excess or obsolete inventories to their net realizable value in the period in which the impairment is identified. Write downs of inventory are included within Cost of product sales in the Consolidated Statements of Comprehensive Income.

Included in inventories are materials with the intended purpose of being made available for sale. If the materials are later used in the production of clinical products, the materials are charged to research and development expense when shipped to the clinical packaging site. Materials ordered exclusively to be used in Genmab’s research and development process (e.g., early research/clinical trials) are immediately expensed to research and development based on the relevant shipping terms (FOB destination/shipping point).

Inventory manufactured prior to regulatory approval of a product (prelaunch inventory) is written down to its net realizable value (that is the probable amount expected to be realized from its sale or use at the time of production). The amount of this write down is recognized in the Consolidated Statements of Comprehensive Income as research and development expenses. Once there is a high probability of regulatory approval being obtained for the product, inventory costs begin to be capitalized. Additionally, the write-down is reversed, up to no more than the original cost. The reversal of the write-down is recognized as a reduction to research and development expenses in the Consolidated Statements of Comprehensive Income.

3.6 – Receivables


(DKK million)	2024	2023

Receivables related to collaboration agreements	5,434	4,148
Prepayments	256	241
Trade receivables related to product sales	466	184
Interest receivables	133	150
Other receivables	353	286
Total at December 31	6,642	5,009

Non-current receivables	52	62
Current receivables	6,590	4,947

Total at December 31	6,642	5,009

During 2024 and 2023, there were no losses related to receivables and the credit risk on receivables is considered to be limited. The provision for expected credit losses was zero given that there have been no credit losses over the last three years and the limited credit risk due to high-quality nature with high credit ratings (top tier life science companies and major distributors) of Genmab’s customers are not likely to result in future default risk.

The receivables are mainly comprised of royalties, trade receivables, milestones and amounts due under collaboration agreements and are non-interest bearing receivables which are due less than one year from the balance sheet date.

Refer to Note 4.2 for additional information about interest receivables and related credit risk.

ACCOUNTING POLICIES

Initially, trade receivables are designated as financial assets measured at transaction price and other receivables are measured at fair value. Subsequently receivables are measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit losses.

Accounts receivable arising from product sales consists of amounts due from customers, net of customer allowances for chargebacks, cash and other discounts and estimated credit losses. Genmab’s contracts with customers have initial payment terms that range from 30 to 180 days.

Genmab utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due.

Prepayments include expenditures related to a future financial period. Prepayments are measured at nominal value.

3.7 – Contract Liabilities

Genmab has recognized the following liabilities related to the AbbVie collaboration agreement.


(DKK million)	2024	2023

Contract liabilities at January 1	513	513
Payment received	-	-
Revenue recognized during the year	(9)	-

Total at December 31	504	513

Non-current contract liabilities	480	480
Current contract liabilities	24	33

Total at December 31	504	513

Contract liabilities were recognized in connection with the AbbVie collaboration agreement. An upfront payment of USD 750 million (DKK 4,911 million) was received in July 2020 of which DKK 4,398 million was recognized as license revenue during 2020.

The revenue deferred at the initiation of the AbbVie agreement in June 2020 related to four product concepts to be identified and subject to a research agreement to be negotiated between Genmab and AbbVie.

During the first quarter of 2022, Genmab and AbbVie entered into the aforementioned research agreement that governs the research and development activities in regard to the product concepts.

As part of the continued evaluation of contract liabilities related to the AbbVie collaboration agreement, Genmab’s classification of contract liabilities reflects the current estimate of co-development activities as of December 31, 2024. Contract liabilities have been recognized as reimbursement revenue during the second half of 2024.

Refer to Note 5.6 for additional information related to the AbbVie collaboration.

3.8 – Other Payables


(DKK million)	2024	2023


Liabilities related to collaboration agreements	275	145
Staff cost liabilities	720	637
Accounts payable	644	330
Other liabilities	1,873	1,230

Total at December 31	3,512	2,342

Non-current other payables	30	35
Current other payables	3,482	2,307

Total at December 31	3,512	2,342

ACCOUNTING POLICIES

Other payables, excluding provisions, are initially measured at fair value and subsequently measured in the balance sheet at amortized cost.

The current other payables are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the next financial year.

Non-current payables are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the liability due to passage of time is recognized as interest expense.

ACCOUNTS PAYABLE

Accounts payable are measured in the Consolidated Balance Sheets at amortized cost.

OTHER LIABILITIES

Other liabilities primarily include accrued expenses related to our research and development project costs and are measured in the Consolidated Balance Sheets at amortized cost.

Refer to Note 2.3 for accounting policies related to staff costs.

Lease

12 Months Ended

Dec. 31, 2024

Schedule of activities of the subsidiary

Leases

Leases

7 – Leases

The parent company has entered into lease agreements with respect to office and laboratory space.

The leases are non-cancellable over various periods through 2038.



(DKK million)	2024	2023

Right-of-use assets
Balance at January 1	232	9
Additions to right-of-use assets¹	24	242
Depreciation charge for the year	(17)	(19)


Balance at December 31	239	232

Lease liabilities
Current	16	19
Non-current	235	227

Total at December 31	251	246
^{(1) Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.}

Cash outflow for lease payments	23	24

Variable lease payments, lease interest expense, and low-value assets are immaterial.

Future minimum payments under leases are as follows:


(DKK million)	2024	2023

Payment due
Less than 1 year	27	23
1 to 3 years	53	45
More than 3 years but less than 5 years	54	45
More than 5 years	186	202

Total at December 31	320	315

Refer to Note 3.3 in the consolidated financial statements for additional information regarding leases of the Group.

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2024

Basis of Presentation

		2	1
Name	Domicile	Ownership and votes 2024	Ownership and votes 2023
Genmab B.V.	Utrecht, the Netherlands	100%	100%
Genmab Holding B.V.	Utrecht, the Netherlands	100%	100%
Genmab US, Inc.	New Jersey, USA	100%	100%
Genmab K.K.	Tokyo, Japan	100%	100%
ProfoundBio, Inc.	Delaware, USA	100%	N/A*
ProfoundBio, US Co	Delaware, USA	100%	N/A*
Profound Limited	Hong Kong, China	100%	N/A*
ProfoundBio co., Ltd.	Suzhou, China	100%	N/A*
ProfoundBio Shanghai Branch, Co., Ltd.	Shanghai, China	100%	N/A*
Beijing Puyifang Biotechnology Co., Ltd.	Beijing, China	100%	N/A*

Fees to Auditors Appointed at the Annual General Meeting (Tables)

12 Months Ended

Dec. 31, 2024

Auditors Remuneration [Line Items]

Summary of fees to auditors


(DKK million)	2024	2023	2022

Audit fees	10.6	6.1	5.8
Audit-related fees	2.3	3.4	2.0
All other fees	-	0.1	-

Total	12.9	9.6	7.8

Summary of fees to auditors

Auditors Remuneration [Line Items]


(DKK million)	2024	2023


Audit fees	10.4	6.1
Audit-related fees	2.3	3.4

Total	12.7	9.5

Capital Structure, Financial Risk and Related Items - Valuation Assumptions for Warrants Granted (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Fair value per warrant on grant date	kr 639.67	kr 924.10	kr 664.08
Share price	1,974.71	2,632.02	2,244.22
Exercise price	kr 1,974.71	kr 2,632.02	kr 2,244.22
Expected dividend yield	0.00%	0.00%	0.00%
Expected stock price volatility	32.30%	35.30%	33.50%
Risk-free interest rate	2.26%	2.48%	0.15%
Expected life of warrants	5 years	5 years	5 years
Fair value of warrants granted	kr 237	kr 193	kr 172
Fair value of RSU granted (in dollars per share)	kr 1,977.87	kr 2,619.35	kr 2,250.18
Total tax for the period in the income statement	kr 1,320	kr 1,285	kr 1,493
Current tax benefit recorded directly in shareholders' equity	kr 49	kr 57	kr 22

Results for the Year (Details) - DKK (kr) kr in Millions	12 Months Ended
Results for the Year (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Revenue	kr 21,526	kr 16,474	kr 14,505
DARZALEX
Revenue
Revenue	13,922	11,265	9,966
TEPEZZA
Revenue
Revenue	737	704	796
Kesimpta
Revenue
Revenue	2,222	1,494	779
Other
Revenue
Revenue	471	242	41
Janssen
Revenue
Revenue	14,422	11,949	10,530
AbbVie
Revenue
Revenue	394	732	1,174
Roche
Revenue
Revenue	741	704	796
Novartis
Revenue
Revenue	2,822	1,511	815
BioNTech
Revenue
Revenue	869	784	708
Pfizer
Revenue
Revenue	533	373	413
Other partners
Revenue
Revenue	2		69
Royalties Revenue [Member]
Revenue
Revenue	17,352	13,705	11,582
Reimbursement revenue
Revenue
Revenue	996	864	818
Milestone revenue
Revenue
Revenue	1,000	1,177	1,767
License revenue
Revenue
Revenue	2		6
Collaboration revenue
Revenue
Revenue	433	307	kr 332
Net product sales
Revenue
Revenue	1,743	421
Excluding Net product Sales
Revenue
Revenue	kr 19,783	kr 16,053

Capital Structure, Financial Risk and Related Items - RSU Activity (Details) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2024 DKK (kr) shares kr / shares	Dec. 31, 2023 DKK (kr) shares kr / shares	Dec. 31, 2022 DKK (kr) shares kr / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	39,637	43,175	46,324
Weighted average fair value per RSU granted \| kr / shares	kr 1,977.87	kr 2,619.35	kr 2,250.18
Total Fair Value of RSU Granted \| kr	kr 963	kr 784	kr 612
Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	73	32	13,670
Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Cancelled	39,564	43,143	32,654
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	702,644	548,138	405,991
RSUs granted	486,712	299,211	272,131
Settled	(163,815)	(102,329)	(101,377)
Forfeited	(49,916)	(42,376)	(28,607)
Outstanding at end of period	975,625	702,644	548,138
RSUs \| Board of Directors
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	10,300	8,819	10,965
RSUs granted	7,097	3,361	4,295
Settled	(3,367)	(1,880)	(3,420)
Transferred			(2,368)
Forfeited			(653)
Outstanding at end of period	14,030	10,300	8,819
RSUs \| Executive Management
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	160,973	112,331	89,043
RSUs granted	121,063	75,854	40,453
Settled	(35,320)	(35,773)	(17,165)
Transferred	(19,924)	12,918
Forfeited	(11,667)	(4,357)
Outstanding at end of period	215,125	160,973	112,331
RSUs \| Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	521,486	423,142	293,031
RSUs granted	344,068	208,353	221,000
Settled	(112,663)	(54,871)	(67,945)
Transferred	(37,348)	(55,103)	(13,749)
Forfeited	(71)	(35)	(9,195)
Outstanding at end of period	715,472	521,486	423,142
RSUs \| Former Member Of Board Of Directors and Employees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at beginning of period	9,885	3,846	12,952
RSUs granted	14,484	11,643	6,383
Settled	(12,465)	(9,805)	(12,847)
Transferred	57,272	42,185	16,117
Forfeited	(38,178)	(37,984)	(18,759)
Outstanding at end of period	30,998	9,885	3,846

Financial Income and Expenses - Narratives (Details) - Parent Company - Reportable Legal Entities - DKK (kr) kr in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Disclosure of fair value measurement of assets [line items]
Dividend income from subsidiaries	kr 13,000	kr 13,026
Impairment investment in subsidiaries	kr 10,400	kr 10,402

Income Statements - DKK (kr) kr in Millions	12 Months Ended
Income Statements - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
INCOME STATEMENT
Revenue	kr 21,526	kr 16,474
Cost of product sales	(985)	(226)
Research and development expenses	(9,748)	(7,630)
Selling, general and administrative expenses	(3,790)	(3,297)
Acquisition and integration related charges	(300)
Total costs and operating expenses	(14,823)	(11,153)
Operating profit	6,703	5,321
Financial income	4,438	1,940
Financial expenses	(1,977)	(1,624)
Net profit before tax	9,164	5,637
Corporate tax	(1,320)	(1,285)
Net profit	7,844	4,352
Parent Company \| Reportable Legal Entities
INCOME STATEMENT
Revenue	22,167	17,126
Cost of product sales	(502)	(86)
Research and development expenses	(10,358)	(8,826)
Selling, general and administrative expenses	(1,949)	(2,521)
Acquisition and integration related charges	(30)
Total costs and operating expenses	(12,839)	(11,433)
Operating profit	9,328	5,693
Financial income	17,404	2,199
Financial expenses	(12,239)	(1,871)
Net profit before tax	14,493	6,021
Corporate tax	(2,626)	(1,277)
Net profit	kr 11,867	kr 4,744

Remuneration of the Board of Directors and Executive Management	12 Months Ended
	Dec. 31, 2024
Parent Company \| Reportable Legal Entities
Remuneration of the Board of Directors and Executive Management
Remuneration of the Board of Directors and Executive Management	15 – Remuneration of the Board of Directors and Executive Management Remuneration of the Board for the parent, excluding employee elected board members not directly employed by the parent, is the same as the Group. Remuneration of Executive Management not directly employed by the parent company is between 10% and 20% of their total compensation, as defined in their individual service agreement and as reported in Note 5.1 in the consolidated financial statements Refer to Note 5.1 in the consolidated financial statements for additional information regarding the remuneration of the Board of Directors and Executive Management.

Balance Sheets - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Other intangible assets	kr 12,343.0	kr 101.0
Property and equipment	978.0	955.0
Right-of-use assets	913.0	686.0
Receivables	52.0	62.0
Deferred tax assets	908.0	212.0
Other investments	228.0	134.0
Total non-current assets	17,957.0	2,150.0
Corporate tax receivable	101.0
Inventories	62.0	57.0
Receivables	6,590.0	4,947.0
Marketable securities	11,243.0	13,268.0
Cash and cash equivalents	9,858.0	14,867.0
Total current assets	27,854.0	33,139.0
Total assets	45,811.0	35,289.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	66.2	66.1
Share premium	12,590.0	12,461.0
Retained earnings	23,551.0	19,023.0
Total shareholders' equity	36,697.0	31,610.0
Lease liabilities	937.0	680.0
Deferred tax liabilities	2,359.0
Other payables	30.0	35.0
Total non-current liabilities	3,806.0	1,195.0
Corporate tax payable	1,710.0	54.0
Lease liabilities	92.0	90.0
Other payables	3,482.0	2,307.0
Total current liabilities	5,308.0	2,484.0
Total liabilities	9,114.0	3,679.0
Total shareholders' equity and liabilities	45,811.0	35,289.0
Parent Company \| Reportable Legal Entities
ASSETS
Other intangible assets	13,369.0	378.0
Property and equipment	109.0	129.0
Right-of-use assets	239.0	232.0
Investments in subsidiaries	6,114.0	3,308.0
Receivables	22.0	49.0
Deferred tax assets		198.0
Other investments	179.0	87.0
Total non-current assets	20,032.0	4,381.0
Corporate tax receivable	101.0
Inventories	10.0	31.0
Receivables	5,726.0	4,528.0
Receivables from subsidiaries	964.0	650.0
Marketable securities	11,243.0	13,268.0
Cash and cash equivalents	8,993.0	14,467.0
Total current assets	27,037.0	32,944.0
Total assets	47,069.0	37,325.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	66.0	66.0
Share premium	12,590.0	12,461.0
Retained earnings	28,940.0	20,347.0
Total shareholders' equity	41,596.0	32,874.0
Lease liabilities	235.0	227.0
Deferred revenue	480.0	480.0
Deferred tax liabilities	2,359.0
Other payables	20.0	20.0
Total non-current liabilities	3,094.0	727.0
Corporate tax payable		45.0
Payable to subsidiaries	887.0	2,525.0
Lease liabilities	16.0	19.0
Deferred revenue	24.0	33.0
Other payables	1,452.0	1,102.0
Total current liabilities	2,379.0	3,724.0
Total liabilities	5,473.0	4,451.0
Total shareholders' equity and liabilities	kr 47,069.0	kr 37,325.0

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2024
Parent Company \| Reportable Legal Entities
Accounting Policies
Accounting Policies	1 – Accounting Policies The financial statements of the parent company have been prepared in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. A number of new or amended standards became applicable for the current reporting period. Genmab A/S did not have to change its accounting policies as a result of the adoption of these standards. Refer to Note 1.2 in the consolidated financial statements for a description of new accounting policies and disclosures of the Group. Refer to Note 1.3 in the consolidated financial statements for a description of management’s judgements and estimates under IFRS. Refer to Note 1.4 in the consolidated financial statements for additional information regarding the immaterial reclassifications and revisions of the Group financial statements. Supplementary Accounting Policies for the Parent Company Investments in Subsidiaries The cost method is used for measuring the investments in subsidiaries. Under the cost method, investments in subsidiaries are measured at historical cost. Equity interests in foreign currencies are translated to the reporting currency by use of historical exchange rates prevailing at the time of investment. Additions to the carrying value of investment in subsidiaries include capital contributions made by the parent and share-based payment transactions related to employees of the respective subsidiaries based on where the employee has rendered service. Distributions from the investment are recognized as income when declared, if any. If the distribution exceeds the current period income or if circumstances or changes in Genmab’s operations indicate that the carrying amount of the subsidiary may not be recoverable, the carrying amount is tested for impairment. Where the recoverable amount of the investments is lower than cost, the investments are written down to this lower value. Refer to Note 1.1 in the consolidated financial statements for a description of the accounting policies of the Group.

Intangible Assets

12 Months Ended

Dec. 31, 2024

Schedule of Contract Liabilities

Intangible Assets

Intangible Assets

5 – Intangible Assets


(DKK million)	Licenses and Patents	Technology Platform	Acquired IPR&D	Total Intangible Assets

2024
Cost at the beginning of the year	1,093	-	-	1,093
Additions during the year	244	1,237	11,789	13,270
Cost at the end of the year	1,337	1,237	11,789	14,363
Amortization and impairment losses at the beginning of the year	715	-	-	715
Amortization for the year	33	3	-	36
Impairment losses for the year	243	-	-	243
Amortization and impairment losses at the end of the year	991	3	-	994
Carrying amount at the end of the year	346	1,234	11,789	13,369

2023
Cost at the beginning of the year	1,011	-	-	1,011
Additions during the year	82	-	-	82
Cost at the end of the year	1,093	-	-	1,093
Amortization and impairment losses at the beginning of the year	654	-	-	654
Amortization for the year	61	-	-	61
Amortization and impairment losses at the end of the year	715	-	-	715
Carrying amount at the end of the year	378	-	-	378

Parent Company intangible assets include IPR&D, a technology platform asset and licenses and rights primarily to gain access to targets and technologies identified by third parties as well as subsidiaries.

Refer to Note 3.1 in the consolidated financial statements for additional information regarding intangible assets of the Group. Refer to Note 17 in the parent financial statements for additional information regarding the intangible assets and goodwill acquired through the ProfoundBio acquisition.

Intangible Assets

The increase in the gross carrying value of intangible assets during 2024 was primarily due to the addition of approximately DKK 11,789 million of IPR&D and DKK 1,237 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. These intellectual property rights were transferred from ProfoundBio US to Genmab A/S during the fourth quarter of 2024.

Impairment expenses related to licenses and patents were DKK 243 million in 2024 and were not material in 2023. Impairment expenses were recorded in Research and development expenses in the Parent Company Income Statements.

Amortization expense was DKK 36 million and DKK 61 million for 2024 and 2023, respectively, which was recorded in Research and development expenses in the Income Statements of the Parent Company.

Consolidated Statements of Changes in Equity - DKK (kr) kr in Millions	Share capital	Share premium	Translation reserves	Retained earnings	Total
Balance at beginning of period at Dec. 31, 2021	kr 66	kr 12,029	kr 81	kr 9,931	kr 22,107
Net profit				5,452	5,452
Other comprehensive income			17		17
Total comprehensive income			17	5,452	5,469
Transactions with owners:
Exercise of warrants		280			280
Purchase of treasury shares				(908)	(908)
Share-based compensation expenses				439	439
Withholding taxes on behalf of employees on net settled RSUs				(88)	(88)
Tax on items recognized directly in equity				(17)	(17)
Balance at end of period at Dec. 31, 2022	66	12,309	98	14,809	27,282
Net profit				4,352	4,352
Other comprehensive income			(38)		(38)
Total comprehensive income			(38)	4,352	4,314
Transactions with owners:
Exercise of warrants		152			152
Purchase of treasury shares				(564)	(564)
Share-based compensation expenses				586	586
Withholding taxes on behalf of employees on net settled RSUs				(103)	(103)
Tax on items recognized directly in equity				(57)	(57)
Balance at end of period at Dec. 31, 2023	66	12,461	60	19,023	31,610
Net profit				7,844	7,844
Other comprehensive income			430		430
Total comprehensive income			430	7,844	8,274
Transactions with owners:
Exercise of warrants		129			129
Purchase of treasury shares				(3,879)	(3,879)
Share-based compensation expenses				721	721
Withholding taxes on behalf of employees on net settled RSUs				(109)	(109)
Tax on items recognized directly in equity				(49)	(49)
Balance at end of period at Dec. 31, 2024	kr 66	kr 12,590	kr 490	kr 23,551	kr 36,697

Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Contract Liabilities [Line Items]


(DKK million)	2024	2023

Contract liabilities at January 1	513	513
Payment received	-	-
Revenue recognized during the year	(9)	-

Total at December 31	504	513

Non-current contract liabilities	480	480
Current contract liabilities	24	33

Total at December 31	504	513

Schedule of Contract Liabilities

Contract Liabilities [Line Items]


(DKK million)	2024	2023

Contract liabilities at January 1	513	513
Customer payment received	-	-
Revenue recognized during the year	(9)	-

Total at December 31	504	513

Non-current contract liabilities	480	480
Current contract liabilities	24	33

Total at December 31	504	513

Corporate and Deferred Tax - Taxation - Balance Sheet (Details) - Parent Company - Reportable Legal Entities - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Corporate and Deferred Tax
Deferred tax (liabilities) assets	kr (2,359)	kr 198
Share-based instruments
Corporate and Deferred Tax
Deferred tax (liabilities) assets	39	37
Deferred revenue
Corporate and Deferred Tax
Deferred tax (liabilities) assets	120	113
Intangible Assets
Corporate and Deferred Tax
Deferred tax (liabilities) assets	(2,874)
Other temporary differences
Corporate and Deferred Tax
Deferred tax (liabilities) assets	kr 356	kr 48

Fees to Auditors Appointed at the Annual General Meeting - Narratives (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fees to Auditors Appointed at the Annual General Meeting
Fees for other services	kr 2.3	kr 3.4	kr 2.0
Parent Company \| Reportable Legal Entities
Fees to Auditors Appointed at the Annual General Meeting
Fees for other services	kr 2.3	kr 3.4

Capital Structure, Financial Risk and Related Items - Share Capital (Details)	12 Months Ended
	Dec. 31, 2023 DKK (kr) shares	Dec. 31, 2019 shares	Dec. 31, 2016 shares	Dec. 31, 2024 DKK (kr) Vote EquityInstruments kr / shares shares	Dec. 31, 2021 DKK (kr)
Share Capital
Par value (in euros per share) \| kr / shares				kr 1
Number Of Shares Authorised				66,187,186
Number Of Votes \| Vote				1
Nominal value of shares repurchases \| kr	kr 500,000			kr 3,500,000	kr 500,000
First authorization
Share Capital
Warrants remain available for issue \| EquityInstruments				750,000
Number of shares authorized for repurchase	3,500,000
Actual shares repurchased under authorization	1,821,853
Shares available for repurchase	1,678,147
Second authorization
Share Capital
Warrants issued \| EquityInstruments				585,692
Warrants reissued \| EquityInstruments				41,143
Warrants remain available for issue \| EquityInstruments				164,308
Warrants remain available for reissue \| EquityInstruments				4,550
Number of shares authorized for repurchase		500,000
Shares available for repurchase		500,000
Third authorization
Share Capital
Warrants issued \| EquityInstruments				500,000
Warrants reissued \| EquityInstruments				81,684
Number of shares authorized for repurchase			500,000
Actual shares repurchased under authorization			450,000
Shares available for repurchase			50,000

Other Disclosures - Fees to Auditors Appointed at the Annual General Meeting (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fees to Auditors Appointed at the Annual General Meeting
Audit fees	kr 10.6	kr 6.1	kr 5.8
Audit-related fees	2.3	3.4	2.0
All other fees		0.1
Total	12.9	9.6	7.8
Fees for other services	kr 2.3	kr 3.4	kr 2.0

Statements of Changes in Equity (Parenthetical) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net profit	kr 7,844	kr 4,352	kr 5,452
Parent Company \| Reportable Legal Entities
Net profit	11,867	4,744
Retained earnings
Net profit	7,844	4,352	kr 5,452
Retained earnings \| Parent Company \| Reportable Legal Entities
Net profit	kr 11,867	kr 4,744

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

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

+ References

+ Details

Results for the Year - Result Per Share (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results for the Year
Net profit	kr 7,844	kr 4,352	kr 5,452
Weighted average number of shares outstanding	66,139,029	66,023,437	65,783,130
Weighted average number of treasury shares	(1,952,382)	(713,693)	(395,829)
Weighted average number of shares excl. treasury shares	64,186,647	65,309,744	65,387,301
Adjustments for share-based instruments, dilution	446,293	604,961	622,303
Weighted average number of shares, diluted	64,632,940	65,914,705	66,009,604
Basic net profit per share	kr 122.21	kr 66.64	kr 83.38
Diluted net profit per share	kr 121.36	kr 66.02	kr 82.59
Antidilutive shares	788,967	248,649	68,728

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue


(DKK million)	2024	2023	2022

Revenue by type:
Royalties	17,352	13,705	11,582
Reimbursement revenue	996	864	818
Milestone revenue	1,000	1,177	1,767
Collaboration revenue	433	307	332
Net product sales	1,743	421	-
License revenue	2	-	6

Total	21,526	16,474	14,505

Revenue by collaboration partner:
Janssen	14,422	11,949	10,530
AbbVie	394	732	1,174
Roche	741	704	796
Novartis	2,822	1,511	815
BioNTech	869	784	708
Pfizer¹	533	373	413
Other	2	-	69

Total²	19,783	16,053	14,505

Royalties by product:
DARZALEX	13,922	11,265	9,966
Kesimpta	2,222	1,494	779
TEPEZZA	737	704	796
Other³	471	242	41

Total	17,352	13,705	11,582

¹Pzifer acquired Seagen in December 2023

²Excludes Genmab’s Net product sales

³Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

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

Revenue



(DKK million)	2024	2023

Revenue by type:
Royalties	17,352	13,705
Reimbursement revenue - External	996	864
Reimbursement revenue - Intercompany	1,140	937
Milestone revenue	1,000	1,177
Collaboration revenue	433	307
License revenue	2	-
Net product sales - Intercompany	1,244	136

Total	22,167	17,126

Revenue by collaboration partner:
Janssen	14,422	11,949
AbbVie	394	732
Roche	741	704
Novartis	2,822	1,511
BioNTech	869	784
Pfizer¹	533	373
Other	2	-

Total²	19,783	16,053

Royalties by product:
DARZALEX	13,922	11,265
Kesimpta	2,222	1,494
TEPEZZA	737	704
Other³	471	242

Total	17,352	13,705

¹Pzifer acquired Seagen in December 2023

²Excludes Genmab’s intercompany revenue

³Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

Other Payables (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Payables [Line Items]
Liabilities related to collaboration agreements	kr 275	kr 145
Staff cost liabilities	720	637
Accounts payable	644	330
Other liabilities	1,873	1,230
Total at December 31	3,512	2,342
Non-current other payables	30	35
Parent Company \| Reportable Legal Entities
Other Payables [Line Items]
Liabilities related to collaboration agreements	126	47
Staff cost liabilities	91	106
Accounts payable	187	107
Payable to subsidiaries	887	2,525
Other liabilities	1,068	862
Total at December 31	2,359	3,647
Non-current other payables	20	20
Current Payables Other	kr 2,339	kr 3,627

Investments in Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2024

Investments in Subsidiaries

Schedule of investments in subsidiaries

		2	1
Name	Domicile	Ownership and votes 2024	Ownership and votes 2023
Genmab B.V.	Utrecht, the Netherlands	100%	100%
Genmab Holding B.V.	Utrecht, the Netherlands	100%	100%
Genmab US, Inc.	New Jersey, USA	100%	100%
Genmab K.K.	Tokyo, Japan	100%	100%
ProfoundBio, Inc.	Delaware, USA	100%	N/A*
ProfoundBio, US Co	Delaware, USA	100%	N/A*
Profound Limited	Hong Kong, China	100%	N/A*
ProfoundBio co., Ltd.	Suzhou, China	100%	N/A*
ProfoundBio Shanghai Branch, Co., Ltd.	Shanghai, China	100%	N/A*
Beijing Puyifang Biotechnology Co., Ltd.	Beijing, China	100%	N/A*

Schedule of investments in subsidiaries

Investments in Subsidiaries


(DKK million)	2024	2023

Cost at January 1	5,237	4,735
Additions	13,208	502
Cost at December 31	18,445	5,237

Impairment at January 1	(1,929)	(1,929)
Impairment for the year	(10,402)	-

Impairment at December 31	(12,331)	(1,929)

Carrying amount at December 31	6,114	3,308

Other Disclosures - Severance Payments (Details) - Executive Management - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shareholdings By Board Of Directors And Executive Management [Line items]
Employee notice period	1 year
Bottom of range [member]
Shareholdings By Board Of Directors And Executive Management [Line items]
Number of period, termination severance payment	1 year
Top of range [member]
Shareholdings By Board Of Directors And Executive Management [Line items]
Number of period, termination severance payment	2 years
Termination compensation period due to change in control	2 years
Total impact on financial position on termination of services	kr 120	kr 103	kr 82

Operating Assets and Liabilities - Depreciation, amortization, and impairments are included in the income statement (Details) - Property And Equipment [Member] - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Research and development expenses	kr 197	kr 140	kr 108
Selling, general and administrative expenses	36	45	38
Total	kr 233	kr 185	kr 146

Results for the Year - Deferred tax asset (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	kr 908	kr 212
Deferred tax assets including intangible assets	(1,451)
Share-Based Instruments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	270	41
Deferred Revenue
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	120	113
Intangible Assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	(2,478)
Other temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	kr 637	kr 58

Results for the Year

12 Months Ended

Dec. 31, 2024

Results for the Year

Results for the Year

Section 2 Results for the Year

This section includes disclosures related to revenue, information about geographical areas, staff costs, corporate and deferred tax, and profit per share.

2.1 – Revenue


(DKK million)	2024	2023	2022

Revenue by type:
Royalties	17,352	13,705	11,582
Reimbursement revenue	996	864	818
Milestone revenue	1,000	1,177	1,767
Collaboration revenue	433	307	332
Net product sales	1,743	421	-
License revenue	2	-	6

Total	21,526	16,474	14,505

Revenue by collaboration partner:
Janssen	14,422	11,949	10,530
AbbVie	394	732	1,174
Roche	741	704	796
Novartis	2,822	1,511	815
BioNTech	869	784	708
Pfizer¹	533	373	413
Other	2	-	69

Total²	19,783	16,053	14,505

Royalties by product:
DARZALEX	13,922	11,265	9,966
Kesimpta	2,222	1,494	779
TEPEZZA	737	704	796
Other³	471	242	41

Total	17,352	13,705	11,582

¹Pzifer acquired Seagen in December 2023

²Excludes Genmab’s Net product sales

³Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

ACCOUNTING POLICIES

Genmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab

performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Royalties: Certain of Genmab’s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab’s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.

Reimbursement Revenue for R&D Services: Genmab’s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for full time equivalents (“FTEs”) at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.

Milestone Revenue: Certain of Genmab’s license and collaboration agreements include development, regulatory and commercial milestone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab’s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.

License Revenue for Intellectual Property: If the license to Genmab’s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. Under all of Genmab’s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other performance obligations identified in the agreement.

Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collaboration partners. When Genmab’s collaboration partner is determined to be the principal in sales to end customers, Genmab’s share of profits for the sale of commercial products is included in collaboration revenue.

Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab’s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reasonable and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.

When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the Consolidated Statements of Comprehensive Income. As of December 31, 2024, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.

Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements.

●

Refer to Note 1.3 for management’s judgements and estimates related to revenue recognition.

2.2 – 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, marketed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting.

Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as Genmab’s business activities are not organized on the basis of differences in related product and geographical areas.


	Revenue	Non-current assets	Revenue	Non-current assets	Revenue	Non-current assets

(DKK million)	2024		2023		2022


Denmark	19,783	12,710	16,053	496	14,505	211
Netherlands	-	767	-	874	-	793
United States	902	3,196	380	378	-	442
Japan	841	100	41	56	-	70
China	-	48	-	-	-	-

Total	21,526	16,821	16,474	1,804	14,505	1,516

Out of total non-current assets of DKK 16,821 million, DKK 12,340 million relates to intangible assets in Denmark and DKK 2,535 million relates to goodwill in the United States acquired as a part of the acquisition of ProfoundBio.

ACCOUNTING POLICIES

Geographical information is presented for Genmab’s revenue and non-current assets. Revenue is attributed to countries on the basis of the location of the legal entity holding the contract with the counterparty. Non-current assets comprise intangible assets, goodwill, property and equipment, right-of-use assets, and receivables.

2.3 – Staff Costs



(DKK million)	2024	2023	2022

Wages and salaries	3,168	2,631	1,913
Share-based compensation	721	586	439
Defined contribution plans	205	170	112
Other social security costs	399	335	263
Government grants related to research and development expenses	(149)	(174)	(144)

Total	4,344	3,548	2,583

Staff costs are included in the Consolidated Statements of Comprehensive Income as follows:
Cost of product sales	11	3	-
Research and development expenses	2,520	2,004	1,518
Selling, general and administrative expenses	1,813	1,541	1,065

Total	4,344	3,548	2,583

Average number of FTE	2,535	2,011	1,460
Number of FTE at year-end	2,682	2,204	1,660

Refer to Note 4.6 for additional information regarding share-based instruments and Note 5.1 for additional information regarding the remuneration of the Board and Executive Management.

ACCOUNTING POLICIES

STAFF COSTs

Wages and salaries, other social security costs, paid leave and bonuses, and other employee benefits are recognized in the financial year in which the employee performs the associated work.

Genmab’s pension plans are classified as defined contribution plans and, accordingly, no pension obligations are recognized in the balance sheet. Costs relating to defined contribution plans are included in the income statement in the period in which they are accrued, and outstanding contributions are included in other payables.

Termination benefits are recognized as an expense, when Genmab is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment.

2.4 – Corporate and Deferred Tax

TAXATION – INCOME STATEMENT & SHAREHOLDERS’ EQUITY



(DKK million)	2024	2023	2022

Current tax on profit	1,799	1,301	1,478
Adjustment to deferred tax	99	(59)	107
Net Increase (decrease) of unrecognized deferred tax assets for the year	(578)	43	(92)

Total tax for the period in the income statement	1,320	1,285	1,493


(DKK million)	2024	2023	2022

Net profit before tax	9,164	5,637	6,945

Tax at the Danish corporation tax rate of 22% for all periods	2,016	1,240	1,528

Tax effect of:
Net Increase (decrease) of unrecognized deferred tax assets for the year	(579)	43	(92)
Net of non-taxable income over non-deductible expenses	92	7	73
Other current and deferred tax adjustments	(209)	(5)	(16)

Total tax effect	(696)	45	(35)

Total tax for the period in the income statement	1,320	1,285	1,493

Total tax for the period in shareholders' equity	49	57	(22)

Effective Tax Rate	14.4%	22.8%	21.5%

Corporate tax consists of current tax and the adjustment of deferred taxes during the year. The corporate tax expense was DKK 1,320 million in 2024, DKK 1,285 million in 2023 and DKK 1,493 million in 2022. Tax benefits of DKK 49 million in 2024, DKK 57 million in 2023 and tax expenses of DKK 22 million in 2022, related to excess tax benefits for share-based compensation were recorded directly in shareholders’ equity.

As a result of the ProfoundBio integration activities, Genmab utilized approximately DKK 2.2 billion of previously unrecognized tax losses during 2024.

Genmab operates in multiple jurisdictions which have enacted new legislation to implement the global minimum top-up tax, which became effective on January 1, 2024. Under this legislation, the Company is liable to pay a top-up tax for the difference between its GloBE Effective Tax Rate per jurisdiction and the minimum rate of 15 percent. The rules have no impact on the tax position of Genmab in 2024.

TAXATION – BALANCE SHEET

Significant components of the deferred tax (liabilities) assets are as follows:


(DKK million)	2024	2023

Share-based instruments	270	41
Deferred revenue	120	113
Intangible assets	(2,478)	-
Other temporary differences	637	58

Total at December 31	(1,451)	212

Genmab recognizes deferred tax assets if it is probable that sufficient taxable income will be available in the future. Management has considered future taxable income and applied its judgement in assessing whether deferred tax assets should be recognized.

The difference between the deferred tax liability as of December 31, 2024 and the deferred tax liability acquired as part of the acquisition of ProfoundBio relates to the reestablishment of the deferred tax liability as a result of the transfer of intangible assets from ProfoundBio US to Genmab A/S during the fourth quarter of 2024.

As of December 31, 2024, Genmab had estimated gross unrecognized tax loss carryforwards in the Netherlands of DKK 0.7 billion to reduce future taxable income. As of December 31, 2023, Genmab had estimated gross unrecognized tax loss carryforwards in the U.S. and in the Netherlands of DKK 2.1 billion and DKK 0.5 billion, respectively. The tax losses in the Netherlands available as of December 31, 2024, can be carried forward indefinitely.

ACCOUNTING POLICIES

CORPORATE TAX

Corporate tax, which consists of current tax and deferred taxes for the year, is recognized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders’ equity or other comprehensive income.

Current tax assets and liabilities for current and prior periods are measured at the amounts expected to be recovered from or paid to the tax authorities.

DEFERRED TAX

Deferred tax accounting requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of certain tax losses carried forward.

Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.

Deferred tax assets resulting from temporary differences, including the tax value of losses to be carried forward, are recognized only to the extent that it is probable that future taxable profit will be available against which the differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences that arise when the carrying amount of an asset exceeds its tax basis or the carrying amount of a liability is less than its tax base.

MANAGEMENT’S JUDGeMENTS AND ESTIMATES

DEFERRED TAX

Genmab recognizes deferred tax assets if management assesses that these tax assets can be offset against positive taxable income within the foreseeable future. This judgement is made on an ongoing basis and is based on numerous factors, including actual results, budgets, and business plans for the coming years.

Realization of deferred tax assets is dependent upon a number of factors, including estimated future taxable earnings, the timing and amount of which are highly uncertain. A significant portion of Genmab’s future taxable income will be driven by future events that are highly susceptible to factors outside the control of Genmab including overall commercial growth , specific clinical outcomes, regulatory approvals, advancement of Genmab’s product pipeline and other matters. As such, changes in estimates of future taxable income could impact Genmab’s future taxable income in a positive or negative manner.

As a result of the ProfoundBio integration activities, Genmab, based on current business plans and estimates of future taxable income, recognized a significant portion of previously unrecognized deferred tax assets during 2024.

2.5 – Profit Per Share


(DKK million)	2024	2023	2022

Net profit	7,844	4,352	5,452

(Shares)

Weighted average number of shares outstanding	66,139,029	66,023,437	65,783,130
Weighted average number of treasury shares	(1,952,382)	(713,693)	(395,829)

Weighted average number of shares excl. treasury shares	64,186,647	65,309,744	65,387,301
Adjustments for share-based instruments, dilution	446,293	604,961	622,303

Weighted average number of shares, diluted	64,632,940	65,914,705	66,009,604



Basic net profit per share	122.21	66.64	83.38
Diluted net profit per share	121.36	66.02	82.59

In the calculation of the diluted net profit per share for 2024, 788,967 potential ordinary shares related to share-based instruments have been excluded as they are anti-dilutive, compared to 248,649 and 68,728 for 2023 and 2022, respectively.

ACCOUNTING POLICIES

BASIC NET PROFIT PER SHARE

Basic net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares.

DILUTED NET PROFIT PER SHARE

Diluted net profit per share is calculated as the net profit for the period divided by the weighted average number of outstanding ordinary shares, excluding treasury shares and adjusted for the dilutive effect of share equivalents.

Investments in Subsidiaries - Activity (Details) - Parent Company - Reportable Legal Entities - DKK (kr) kr in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Investments in Subsidiaries
January 1		kr 3,308
Impairment investment in subsidiaries	kr (10,400)	(10,402)
December 31	6,114	6,114	kr 3,308
Gross
Investments in Subsidiaries
January 1		5,237	4,735
Additions		13,208	502
December 31	18,445	18,445	5,237
Accumulated impairment
Investments in Subsidiaries
January 1		(1,929)	(1,929)
Impairment investment in subsidiaries		(10,402)
December 31	kr (12,331)	kr (12,331)	kr (1,929)

Property and Equipment - Depreciation and Impairment (Details) - Property And Equipment [Member] - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Research and development expenses	kr 197	kr 140	kr 108
Selling, general and administrative expenses	36	45	38
Total	233	185	kr 146
Parent Company \| Reportable Legal Entities
Property and Equipment
Research and development expenses	18	6
Selling, general and administrative expenses	5	6
Total	kr 23	kr 12

Other Disclosures

12 Months Ended

Dec. 31, 2024

Other Disclosures

Other Disclosures

Section 5 – Other Disclosures

This section is comprised of various statutory disclosures or notes that are of secondary importance for the understanding of Genmab’s financials.

5.1 – Remuneration of the Board of Directors and Executive Management

The total remuneration of the Board and Executive Management is as follows:


(DKK million)	2024	2023	2022

Wages and salaries	101	71	55
Share-based compensation expenses	157	100	70
Defined contribution plans	4	3	2

Total	262	174	127

The remuneration packages for the Board and Executive Management are described in further detail in Genmab’s 2024 Compensation Report. The remuneration packages are denominated in DKK, EUR, or USD. The Compensation Committee of the Board performs an annual review of the remuneration packages. All incentive and variable remuneration is considered and adopted at the Company’s Annual General Meeting.

Share-based compensation is included in the Consolidated Statements of Comprehensive Income and reported in the table above. Share-based compensation expense represents the estimated fair value of the awards at grant date and does not represent actual cash compensation received by the Board Members or Executive Management. Refer to Note 4.6 for additional information regarding Genmab’s share-based compensation programs and accounting policies.

Remuneration to the Board of Directors


	Base Board Fee			Committee Fees			Share-Based Compensation Expenses			Total
(DKK million)	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022

Deirdre P. Connelly	1.2	1.2	1.2	0.5	0.5	0.5	1.6	1.1	0.9	3.3	2.8	2.6
Pernille Erenbjerg	0.9	0.9	0.9	0.4	0.4	0.4	1.3	0.8	0.7	2.6	2.1	2.0
Anders Gersel Pedersen	0.6	0.6	0.6	0.5	0.5	0.4	1.0	0.6	0.5	2.1	1.7	1.5
Paolo Paoletti	0.6	0.6	0.6	0.3	0.3	0.3	1.0	0.6	0.5	1.9	1.5	1.4
Rolf Hoffmann	0.6	0.6	0.6	0.4	0.3	0.3	1.0	0.6	0.5	2.0	1.5	1.4
Elizabeth O’Farrell¹	0.6	0.6	0.5	0.4	0.3	0.2	1.6	1.0	0.6	2.6	1.9	1.3
Mijke Zachariasse²	0.6	0.6	0.6	-	-	-	1.0	0.5	0.4	1.6	1.1	1.0
Martin Schultz²	0.6	0.6	0.5	-	-	-	0.8	0.2	-	1.4	0.8	0.5
Takahiro Hamatani²	0.6	0.6	0.5	-	-	-	0.8	0.2	-	1.4	0.8	0.5
Peter Storm Kristensen³	-	-	0.1	-	-	-	-	-	0.1	-	-	0.2
Rima Bawarshi Nassar³	-	-	0.1	-	-	-	-	-	0.1	-	-	0.2

Total	6.3	6.3	6.2	2.5	2.3	2.1	10.1	5.6	4.3	18.9	14.2	12.6

1 – Elizabeth O’Farrell was newly elected to the Board at the Annual General Meeting in March 2022.

2 – Employee elected board members were elected at the Annual General Meeting in March 2022.

3 – Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board as employee elected board members at the Annual General Meeting in March 2022.

Refer to the section “Board of Directors” in Management’s Review for additional information regarding the Board.

Remuneration to the Executive Management



	Base Salary			Defined Contribution Plans			Other Benefits			Annual Cash Bonus			Share-Based Compensation Expenses			Total
(DKK million)	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022

Jan van de Winkel	9.7	9.2	8.6	1.7	1.3	1.3	0.2	0.3	0.3	8.8	9.2	8.6	34.4	24.3	22.9	54.8	44.3	41.7
Anthony Pagano	4.7	4.4	4.3	0.1	0.1	0.1	-	-	-	2.7	2.6	2.6	16.5	12.5	9.5	24.0	19.6	16.5
Anthony Mancini³	3.0	4.9	4.7	0.1	0.1	0.1	16.5	-	-	3.0	2.9	2.8	28.9	13.9	11.4	51.5	21.8	19.0
Judith Klimovsky	5.3	5.0	4.9	0.1	0.1	0.1	0.1	-	-	3.0	3.0	2.9	19.4	13.6	14.1	27.9	21.7	22.0
Tahamtan Ahmadi	5.0	4.7	4.6	0.1	0.1	0.1	-	-	-	2.8	2.9	2.8	17.9	12.1	7.7	25.8	19.8	15.2
Birgitte Stephensen¹	2.9	2.6	-	0.3	0.3	-	-	-	-	1.7	1.5	-	8.3	5.7	-	13.2	10.1	-
Christopher Cozic¹	3.4	3.3	-	0.1	0.1	-	-	-	-	2.0	2.0	-	11.1	7.8	-	16.6	13.2	-
Martine van Vugt²	2.9	2.5	-	0.7	0.6	-	0.1	0.1	-	1.6	1.6	-	5.7	4.1	-	11.0	8.9	-
Brad Bailey⁴	3.9	-	-	0.1	-	-	0.6	-	-	2.4	-	-	4.1	-	-	11.1	-	-
Rayne Waller⁴	1.7	-	-	0.1	-	-	3.8	-	-	0.9	-	-	0.8	-	-	7.3	-	-

Total	42.5	36.6	27.1	3.4	2.7	1.7	21.3	0.4	0.3	28.9	25.7	19.7	147.1	94.0	65.6	243.2	159.4	114.4

1 – Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.

2 – Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.

3 – Anthony Mancini stepped down as Executive Vice President and Chief Operating Officer in September 2024.

4 – Brad Bailey and Rayne Waller were appointed Executive Vice President and Chief Commercial Officer, and Executive Vice President and Chief Technical Operations Officer, respectively, and members of the Executive Management in August 2024.

Jan van de Winkel, President and Chief Executive Officer, and Anthony Pagano, Executive Vice President and Chief Financial Officer, are formally registered as executive managers with the Danish Business Authority.

Refer to the section “Executive Management” in Management’s Review for additional information regarding the Executive Management.

Severance Payments

In the event Genmab terminates the service agreements with any member of the Executive Management team without cause, Genmab is obliged to pay his/her existing salary for one or two years after the end of the one-year notice period. However, in the event of termination by Genmab (unless for cause) or by any member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period. The total value of remuneration relating to the notice period for new members of Executive Management cannot exceed two years of remuneration, including all components of the remuneration. In case of the termination of the service agreements of the Executive Management without cause, the total impact on Genmab’s financial position is estimated to be approximately DKK 120 million as of December 31, 2024 (2023: DKK 103 million, 2022: DKK 82 million).

5.2 – Related Party Disclosures

Genmab’s related parties are its Board, Executive Management, and close members of the family of these persons.

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

Other than the remuneration and other transactions relating to the Board and the Executive Management described in Note 5.1, there were no material related party transactions during 2024, 2023 or 2022.

5.3 – Commitments

PURCHASE OBLIGATIONS

Genmab has entered into a number of agreements related to research and development activities that contain various obligations. These contractual obligations amounted to approximately DKK 2,879 million as of December 31, 2024 (2023: approximately DKK 3,212 million).

Genmab also has certain contingent commitments under license and collaboration agreements that may become due in the future. As of December 31, 2024, these contingent commitments amounted to approximately DKK 15,433 million (USD 2,161 million) in potential future development, regulatory and commercial milestone payments to third parties under license and collaboration agreements for our preclinical and clinical stage development programs as compared to approximately DKK 15,393 million (USD 2,282 million) as of December 31, 2023. These milestone payments generally become due and payable only upon the achievement of certain development, clinical, regulatory or commercial milestones. The events triggering such payments or obligations have not yet occurred.

In addition to the above obligations, Genmab enters into a variety of agreements and financial commitments in the normal course of business. The terms generally allow Genmab the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement.

5.4 – Fees to Auditors Appointed at the Annual General Meeting


(DKK million)	2024	2023	2022

Audit fees	10.6	6.1	5.8
Audit-related fees	2.3	3.4	2.0
All other fees	-	0.1	-

Total	12.9	9.6	7.8

Genmab changed auditors from PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab (PwC) to Deloitte Statsautoriseret Revisionspartnerselskab (Deloitte) as Genmab’s new statutory auditor and independent registered public accounting firm for the fiscal year beginning January 1, 2024, replacing PwC. As such, fees in the table above reflect those incurred by Deloitte in 2024 and by PwC in 2023 and 2022

Fees for other services than statutory audit of the financial statements provided by Deloitte amounted to DKK 2.3 million in 2024 (DKK 3.4 million and DKK 2.0 million in 2023 and 2022, respectively provided by PwC). These services primarily include agreed-upon procedures, other assurance assessments and reports, and accounting advice.

5.5 – 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, FRαtargeted, TOPO1 ADC, which was in Phase 2 of a Phase 1/2 clinical trial at the time of the acquisition, 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 FRαexpressing 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 is 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.

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 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). Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the Acquisition Date. During the fourth quarter of 2024, the Company recorded a measurement period adjustment impacting non-current deferred tax liabilities and goodwill that was not material. 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
Deferred tax liability	(292)	(2,010)
Other current liabilities***	(13)	(91)
Total identifiable net assets	1,551	10,651
Goodwill	354	2,436
Total consideration	1,905	13,087

*Includes receivables and other investments

**Includes other investments and right-of-use assets

***Includes other payables, contract liabilities, lease and other 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 was 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 regulatory 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. Refer to Note 3.1 for further details related to the accounting for goodwill.

From the Acquisition Date through December 31, 2024, Genmab’s 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 December 31, 2024
Research and development expenses	403
Selling, general and administrative expenses	27
Acquisition and integration related charges*	187
Total	617

*Acquisition related charges incurred from the Acquisition Date through December 31, 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 December 31, 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 DKK 113 million of Acquisition and integration related charges incurred prior to the Acquisition Date and the DKK 187 million of Acquisition and integration charges incurred from the Acquisition Date through December 31, 2024 total DKK 300 million through the fourth quarter of 2024.

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


(DKK million)	Twelve Month Period Ended December 31, 2024
Revenue	21,526
Net Profit	7,622

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 December 31, 2024, Cash and cash equivalents in Genmab’s Consolidated Balance Sheets includes USD 30 million (DKK 214 million) of restricted cash balances for funds held in escrow related to the acquisition of ProfoundBio.

ACCOUNTING POLICIES

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. Goodwill is recognized as the excess of purchase price over the fair value of net identifiable assets acquired and liabilities assumed. Acquisition-related charges are expensed as incurred and included within Acquisition and integration related charges in the Consolidated Statements of Comprehensive Income.

MANAGEMENT’S JUDGMENTS AND ESTIMATES – Other Intangible Assets and Goodwill

Fair Value and Impairment Assessment of Other Intangible Assets and Goodwill

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 regulatory success, revenue growth rates, operating margins, and royalty rates).

5.6 – Collaborations and Licenses

Collaborations

Genmab enters into collaborations with biotechnology and pharmaceutical companies to advance the development and commercialization of Genmab’s product candidates and to supplement its internal pipeline. Genmab seeks collaborations that will allow Genmab to retain significant future participation in product sales through either profit-sharing or royalties paid on net sales. Below is an overview of certain of Genmab’s collaborations that have had, or are expected in the near term to have, a significant impact on financial results.

J&J (Daratumumab/DARZALEX)

In 2012, Genmab entered into a global license, development and commercialization agreement with J&J for daratumumab (marketed for the treatment of certain multiple myeloma indications as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and DARZALEX SC in Europe for SC administration). Under this agreement, J&J is fully responsible for developing and commercializing daratumumab, and all costs associated therewith. Genmab receives tiered royalty payments between 12% and 20% based on J&J’s annual net product sales with J&J reducing such royalty payments for Genmab’s share of J&J’s royalty payments made to Halozyme. In addition, the royalties payable by J&J are limited in time and subject to reduction on a country-by-country basis for customary reduction events, including for lack of Genmab patent coverage or upon patent expiration or invalidation in the relevant country and upon the first commercial sale of a biosimilar product in the relevant country (for as long as the biosimilar product remains for sale in that country). Pursuant to the terms of the agreement, J&J’s obligation to pay royalties to us will expire on a country-by-country basis on the later of the date that is 13 years after the first commercial sale of daratumumab in such country or upon the expiration or invalidation of the last-to-expire relevant Genmab patent covering daratumumab in such country. The first U.S., European and Japanese sales of daratumumab occurred in 2015, 2016 and 2017, respectively. We have issued patents and pending patent applications covering daratumumab in numerous jurisdictions, including patents issued in the U.S., Europe and Japan. J&J owns a separate patent portfolio related to the subcutaneous formulation of daratumumab used in DARZALEX FASPRO/DARZALEX SC, but a binding arbitration determined that we are not entitled to royalties based on these separate patents.

Our issued U.S., European and Japanese patents covering daratumumab, after giving effect to issued U.S., European and Japanese patent term extensions and supplementary protection certificates, expire in 2029, 2031 and begin to expire in 2030, respectively. Assuming constant underlying sales of DARZALEX, we expect that our royalties from sales of DARZALEX will begin to decline materially in 2029 following expiration of our U.S. patent rights on daratumumab. Genmab is also eligible to receive certain additional payments in connection with development, regulatory and sales milestones.

In September 2020, Genmab commenced arbitration against J&J with respect to two different provisions of our license agreement for daratumumab, both relating to royalties payable to Genmab on net sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and as DARZALEX SC in Europe for SC administration). In April 2022, the arbitral tribunal issued an award in that arbitration denying both of Genmab’s claims. Genmab did not seek review of the award.

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.

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.

Novartis (Ofatumumab/Kesimpta)

Genmab and GlaxoSmithKline (GSK) entered a co-development and collaboration agreement for ofatumumab in 2006. The full rights to ofatumumab were transferred from GSK to Novartis in 2015. Novartis is now fully responsible for the development and commercialization of ofatumumab in all potential indications, including autoimmune diseases. Genmab is entitled to a 10% royalty payment on net sales for non-cancer treatments. Genmab pays a royalty to Medarex based on Kesimpta net sales. Novartis’s obligation to pay royalties to Genmab under this agreement expire on a country-by-country basis only in the event Novartis is no longer selling such product in a given country. The royalties are on a country-by-country basis subject to reduction in case of significant competition by competing products (as defined in the agreement) or a joint committee determination that a license of intellectual property owned by a third-party is necessary for commercialization.

Roche (Teprotumumab/TEPEZZA)

In May 2001, Genmab entered a research collaboration with Roche to develop human antibodies to disease targets identified by Roche. In 2002, this alliance was expanded. Under the agreement, Genmab will receive milestones as well as royalty payments on successful products.

Teprotumumab was initially developed in collaboration between Genmab and Roche, and later investigated under license from Roche by River Vision Development Corporation and subsequently Horizon Therapeutics for ophthalmic use. The product was approved under the brand name TEPEZZA in 2020 by the U.S. FDA for the treatment of TED and in 2024 by Japan's MHLW for the treatment of active or high clinical activity score (CAS) TED. In October 2023, Amgen completed its acquisition of Horizon Therapeutics, including all rights to the development and commercialization of teprotumumab. Under the terms of Genmab’s agreement with Roche, Genmab receives a mid-single digit royalty on net sales of TEPEZZA, on a country-by-country basis, for 10 years following the first commercial sale in such country.

Pfizer (Tisotumab vedotin/Tivdak)

In September 2010, Genmab and Pfizer entered into an ADC collaboration, and a commercial license and collaboration agreement was executed in October 2011. In October 2020, Genmab and Pfizer entered into a Joint Commercialization Agreement where Genmab would co-promote tisotumab vedotin, marketed as Tivdak, in the U.S., and lead commercial operational activities and record sales in Japan, while Pfizer would lead operational commercial activities in the U.S., Europe and China with a 50:50 profit split in those markets. In all other markets, if any, Pfizer would be responsible for commercializing tisotumab vedotin and Genmab would receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. Effective January 1, 2025, Genmab and Pfizer agreed to amend the License and Collaboration Agreement and the Joint Commercialization Agreement for Tivdak, assigning Genmab sole responsibility for the development and commercialization of Tivdak for second line plus recurrent or metastatic cervical cancer in Europe and all other regions globally, excluding the United States and the China region. With this

amendment, Genmab will continue to co-promote Tivdak with Pfizer in the U.S. and will record sales for Europe, Japan and rest of world markets (excluding the United States and China regions), once commercialized, and will provide royalties to Pfizer on net sales in the low teens. Pfizer will continue to lead commercialization activities in China, when approved. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for tisotumab vedotin.

AbbVie (Epcoritamab/EPKINLY/TEPKINLY)

On June 10, 2020, Genmab entered into a broad oncology collaboration agreement with AbbVie to jointly develop and commercialize products including epcoritamab, and subsequently into a discovery research collaboration for up to four future differentiated antibody therapeutics for cancer. The companies will share commercial responsibilities for epcoritamab in the U.S. and Japan, with AbbVie responsible for further global commercialization. Genmab is the principal for net sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining net sales outside of these territories, subject to certain royalty reductions. For any product candidates developed as a result of the companies’ discovery research collaboration, Genmab and AbbVie will share responsibilities for global development and commercialization in the U.S. and Japan. Genmab retains the right to co-commercialize these products, along with AbbVie, outside of the U.S. and Japan.

Under the terms of the agreement, Genmab received a USD 750 million (DKK 4,911 million) upfront payment in June 2020 and was initially entitled to receive an aggregate of up to USD 3.15 billion in additional development, regulatory and sales milestone payments for all programs. Included in these potential milestones were up to USD 1.15 billion in payments related to clinical development and commercial success across the three bispecific antibody programs originally included in the agreement.

As a result of two programs being stopped, Genmab is instead contractually entitled to receive an aggregate of up to USD 2.55 billion in additional development, regulatory and sales milestone payments for all programs including an aggregate of up to USD 550 million in payments related to clinical development and commercial success for the one remaining bispecific antibody program, epcoritamab, included in the original agreement. In addition, and also included in these potential milestones, if all four next-generation antibody product candidates developed as a result of the discovery research collaboration are successful, Genmab is eligible to receive up to USD 2.0 billion in option exercise and success-based milestones.

In May 2023, epcoritamab received initial approval from the U.S. FDA and is marketed under the tradename EPKINLY. In September 2023, epcoritamab received initial approval from the EC and the Japan MHLW and is marketed under the tradenames TEPKINLY and EPKINLY, respectively. Genmab is entitled to tiered royalties between 22% and 26% on net sales for epcoritamab outside the U.S. and Japan. Except for these royalty-bearing sales, Genmab will share with AbbVie profits from the sale of licensed products on a 50:50 basis. Genmab and AbbVie split 50:50 the development costs related to epcoritamab, while Genmab will be responsible for 100% of the costs of the discovery research programs up to opt-in.

The total transaction price of USD 750 million (DKK 4,911 million) was allocated to the four performance obligations based on the best estimate of relative stand-alone selling prices. The allocation of the transaction price to the performance obligations is summarized below:

• Delivery of licenses for the three programs: USD 672 million (DKK 4,398 million)

• Co-development activities for the product concepts: USD 78 million (DKK 513 million)

For the license grants, Genmab based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, development timeline, regulatory risks, estimated market demand and future revenue potential. For co-development activities related to up to four product concepts, a cost-plus margin approach was utilized.

The performance obligations related to the delivery of licenses were completed at a point in time (June 2020) and Genmab recognized USD 672 million (DKK 4,398 million) as license fee revenue in June 2020. After delivery of the licenses, Genmab shares further development and commercial costs equally with AbbVie. AbbVie is not assessed as a customer but as a collaboration partner, and as such this part of the collaboration is not in scope of IFRS 15.

Refer to Note 3.7 for information pertaining to the remaining performance obligation related to co-development activities for the product concepts.

BioNTech

In May 2015, Genmab entered into an agreement with BioNTech to jointly research, develop and commercialize bispecific antibody products using Genmab’s DuoBody technology platform. Under the terms of the agreement, BioNTech will provide proprietary antibodies against key immunomodulatory targets, while Genmab provides proprietary antibodies and access to its DuoBody technology platform. Genmab paid an upfront fee of USD 10 million to BioNTech and an additional fee as certain BioNTech assets were selected for further development. If the companies jointly select any product candidates for clinical development, development costs and product ownership will be shared equally going forward. If one of the companies does not wish to move a product candidate forward, the other company is entitled to continue developing the product on predetermined licensing terms. The agreement also includes provisions which will allow the parties to opt out of joint development at key points. During July 2022, Genmab and BioNTech expanded this collaboration to include the joint research, development and commercialization of monospecific antibody candidates using Genmab’s HexaBody technology platform.

Genmab and BioNTech have three investigational medicines currently in clinical development: DuoBody-CD40x4-1BB (GEN1042/BNT312), HexaBody-OX40 (GEN1055/BNT315) and DuoBody-EpCAMx4-1BB (GEN1059/BNT314). In August 2024, BioNTech opted not to participate in the further development of the acasunlimab (GEN1046) program under the parties’ existing License and Collaboration Agreement for reasons related to BioNTech’s portfolio strategy. Genmab assumed 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.

J&J (DuoBody)

In July 2012, and as amended in December 2013, Genmab entered into a collaboration with J&J to create and develop bispecific antibodies using our DuoBody technology platform.

As of December 31, 2024, three DuoBody-based products created under this collaboration were in active clinical development and had been approved by regulatory authorities: RYBREVANT, TECVAYLI and TALVEY. Under our agreement with J&J, Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of RYBREVANT, a mid-single digit royalty on net sales of TECVAYLI, and a mid-single digit royalty on net sales of TALVEY, all of which are subject to a reduction of such royalty payment in countries and territories where there are no relevant patents (as defined in the agreement), among other reductions. Pursuant to the terms of the DuoBody agreement, J&J’s obligation to pay these royalties will expire on a country-by-country and licensed product-by-licensed product basis on the later of the

date that is 10 years after the first sale of each licensed product in such country or upon the expiration of the last-to-expire relevant patent (as defined in the agreement) covering the licensed product in such country. Genmab pays a royalty to Medarex based on RYBREVANT net sales.

5.7 – Contingencies

Legal Contingency

In 2024, Chugai 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.

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 recognized related to this matter.

Financial Guarantees

As of December 31, 2024 and December 31, 2023, Genmab has financial bank guarantees of DKK 16 million issued as security for lease obligations under certain lease agreements. The likelihood of a claim under the guarantees has been assessed to be remote due to Genmab’ strong financial position and history of fulfilling lease payments. Accordingly, no provision has been recognized related to this matter.

5.8 – Subsequent Events

Management has determined it is appropriate to change the functional currency of the Genmab A/S legal entity from DKK to USD effective January 1, 2025. This determination was made based on the growing number and significance of the underlying USD transactions, triggered by the commercialization of EPKINLY. Effective for the first quarter of 2025, the consolidated financial statements will also be presented in USD, which will be both the functional and presentation currency of the parent company.

No other events have occurred subsequent to the balance sheet date that could significantly affect the financial statements as of December 31, 2024.

Capital Structure, Financial Risk and Related Items - Financial Assets and Liabilities (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial liabilities measured at amortized cost \| Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	kr (1,029)	kr (770)
Financial liabilities measured at amortized cost \| Other payables excluding provisions
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	(3,482)	(2,316)
Financial assets measured at fair value through profit or loss \| Marketable securities
Disclosure of detailed information about financial instruments [line items]
Financial Assets	11,243	13,268
Financial assets measured at fair value through profit or loss \| Other investments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	228	134
Financial assets measured at amortized cost \| Receivables excluding prepayments
Disclosure of detailed information about financial instruments [line items]
Financial Assets	6,386	4,768
Financial assets measured at amortized cost \| Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial Assets	kr 9,858	kr 14,867

Other Disclosures - Remuneration To Board of Directors (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shareholdings By Board of Director and Executive Management [Line Items]
Share-based compensation expenses	kr 4.0	kr 3.0	kr 2.0
Total	262.0	174.0	127.0
Board of Directors
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	6.3	6.3	6.2
Committee fees	2.5	2.3	2.1
Share-based compensation expenses	10.1	5.6	4.3
Total	18.9	14.2	12.6
Deirdre P. Connelly
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	1.2	1.2	1.2
Committee fees	0.5	0.5	0.5
Share-based compensation expenses	1.6	1.1	0.9
Total	3.3	2.8	2.6
Pernille Erenbjerg
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.9	0.9	0.9
Committee fees	0.4	0.4	0.4
Share-based compensation expenses	1.3	0.8	0.7
Total	2.6	2.1	2.0
Anders Gersel Pedersen
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.6
Committee fees	0.5	0.5	0.4
Share-based compensation expenses	1.0	0.6	0.5
Total	2.1	1.7	1.5
Paolo Paoletti
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.6
Committee fees	0.3	0.3	0.3
Share-based compensation expenses	1.0	0.6	0.5
Total	1.9	1.5	1.4
Rolf Hoffmann
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.6
Committee fees	0.4	0.3	0.3
Share-based compensation expenses	1.0	0.6	0.5
Total	2.0	1.5	1.4
Elizabeth O Farrell
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.5
Committee fees	0.4	0.3	0.2
Share-based compensation expenses	1.6	1.0	0.6
Total	2.6	1.9	1.3
Mijke Zachariasse
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.6
Share-based compensation expenses	1.0	0.5	0.4
Total	1.6	1.1	1.0
Martin Schultz
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.5
Share-based compensation expenses	0.8	0.2
Total	1.4	0.8	0.5
Takahiro Hamatani
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee	0.6	0.6	0.5
Share-based compensation expenses	0.8	0.2
Total	kr 1.4	kr 0.8	0.5
Peter Storm Kristensen
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee			0.1
Share-based compensation expenses			0.1
Total			0.2
Rima Bawarshi Nassar
Shareholdings By Board of Director and Executive Management [Line Items]
Basic board fee			0.1
Share-based compensation expenses			0.1
Total			kr 0.2

Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Line Items]

Schedules of Receivables


(DKK million)	2024	2023

Receivables related to collaboration agreements	5,434	4,148
Prepayments	256	241
Trade receivables related to product sales	466	184
Interest receivables	133	150
Other receivables	353	286
Total at December 31	6,642	5,009

Non-current receivables	52	62
Current receivables	6,590	4,947

Total at December 31	6,642	5,009

Schedule of corporate and deferred tax

Receivables [Line Items]

Schedules of Receivables


(DKK million)	2024	2023

Receivables related to collaboration agreements	5,434	4,148
Prepayments	107	121
Receivables from subsidiaries	964	650
Interest receivables	135	149
Other receivables	72	159

Total at December 31	6,712	5,227

Non-current receivables	22	49
Current receivables	6,690	5,178

Total at December 31	6,712	5,227

Corporate and Deferred Tax (Tables)

12 Months Ended

Dec. 31, 2024

Corporate and Deferred Tax



(DKK million)	2024	2023	2022

Current tax on profit	1,799	1,301	1,478
Adjustment to deferred tax	99	(59)	107
Net Increase (decrease) of unrecognized deferred tax assets for the year	(578)	43	(92)

Total tax for the period in the income statement	1,320	1,285	1,493


(DKK million)	2024	2023	2022

Net profit before tax	9,164	5,637	6,945

Tax at the Danish corporation tax rate of 22% for all periods	2,016	1,240	1,528

Tax effect of:
Net Increase (decrease) of unrecognized deferred tax assets for the year	(579)	43	(92)
Net of non-taxable income over non-deductible expenses	92	7	73
Other current and deferred tax adjustments	(209)	(5)	(16)

Total tax effect	(696)	45	(35)

Total tax for the period in the income statement	1,320	1,285	1,493

Total tax for the period in shareholders' equity	49	57	(22)

Effective Tax Rate	14.4%	22.8%	21.5%

Schedule of components of the deferred tax asset


(DKK million)	2024	2023

Share-based instruments	270	41
Deferred revenue	120	113
Intangible assets	(2,478)	-
Other temporary differences	637	58

Total at December 31	(1,451)	212

Schedule of corporate and deferred tax

Corporate and Deferred Tax


(DKK million)	2024	2023

Current tax:
Current tax on profit	82	1,288
Deferred taxes	2,544	(11)

Total tax for the period in the income statement	2,626	1,277

A reconciliation of Genmab's effective tax rate relative to the Danish statutory tax rate is as follows:


(DKK million)	2024	2023

Net profit before tax	14,493	6,021

Tax at the Danish statutory corporation tax rate of 22% for all periods	3,188	1,325

Tax effect of:
Net of non-taxable income over non-deductible expenses	(659)	(52)
Other current and deferred taxes adjustments	97	4
Total tax effect	(562)	(48)

Total tax for the period in the income statement	2,626	1,277
Total tax for the period in shareholders' equity	7	57
Effective Tax Rate	18.1%	21.2%

Schedule of components of the deferred tax asset


(DKK million)	2024	2023

Share-based instruments	39	37
Deferred revenue	120	113
Intangible Assets	(2,874)	-
Other temporary differences	356	48

Total deferred tax (liabilities) assets	(2,359)	198

Capital Structure, Financial Risk and Related Items - Changes in Share Capital (Details) - DKK (kr) kr / shares in Units, kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Capital
Shares authorized	66,187,186
Nominal amount	kr 1
Number of shares
Number of shares, at beginning of period	66,074,535	65,961,573	65,718,456
Exercise of warrants	112,651	112,962	243,117
Number of shares, at end of period	66,187,186	66,074,535	65,961,573
Share capital
Share capital, at beginning of period	kr 66.1	kr 66.0	kr 65.7
Exercise of warrants	0.1	0.1	0.3
Share capital, at end of period	kr 66.2	kr 66.1	kr 66.0
Bottom of range [member]
Share capital
Exercise price warrants granted	kr 962.00	kr 815.50	kr 466.20
Top of range [member]
Share capital
Exercise price warrants granted	kr 1,615.00	kr 1,948.00	kr 1,615.00

Commitments and Contingencies (Details) kr in Millions, $ in Millions	Dec. 31, 2024 DKK (kr)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2023 USD ($)
Commitments and Contingencies
Short term contractual obligations	kr 2,879.0		kr 3,212.0
Contingent commitments	15,433.0	$ 2,161	15,393.0	$ 2,282
Financial Guarantees
Commitments and Contingencies
Financial bank guarantees	16.0		16.0
Amount of provision recorded	0.0		0.0
Parent Company \| Reportable Legal Entities
Commitments and Contingencies
Short term contractual obligations	2,867.0		3,145.0
Contingent commitments	12,304.0	$ 1,723	9,991.0	$ 1,481
Parent Company \| Reportable Legal Entities \| Financial Guarantees
Commitments and Contingencies
Financial bank guarantees	16.0		16.0
Amount of provision recorded	kr 0.0		kr 0.0

Operating Assets and Liabilities - Other Intangible Assets and Goodwill (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning of the year	kr 101
End of the year	14,878	kr 101
Gross
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning of the year	901	891
Additions during the year	14,419	10
Effect of exchange rate adjustment	512
End of the year	15,832	901
Accumulated amortization and impairment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning of the year	(800)	(745)
Amortization for the year	78	55
Impairment losses for the year	76
End of the year	(954)	(800)
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
End of the year	2,535
Goodwill \| Gross
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Additions during the year	2,436
Effect of exchange rate adjustment	99
End of the year	2,535
Licenses and Patents
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning of the year	101
End of the year	163	101
Licenses and Patents \| Gross
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning of the year	901	891
Additions during the year	163	10
End of the year	1,064	901
Licenses and Patents \| Accumulated amortization and impairment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning of the year	(800)	(745)
Amortization for the year	25	55
Impairment losses for the year	76
End of the year	(901)	kr (800)
Technology Platform
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
End of the year	1,234
Technology Platform \| Gross
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Additions during the year	1,243
Effect of exchange rate adjustment	44
End of the year	1,287
Technology Platform \| Accumulated amortization and impairment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortization for the year	53
End of the year	(53)
Acquired IPR&D
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
End of the year	10,946
Acquired IPR&D \| Gross
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Additions during the year	10,577
Effect of exchange rate adjustment	369
End of the year	kr 10,946

Capital Structure, Financial Risk and Related Items - Warrant Program (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of change in share capital - warrants exercised	2.00%	1.00%	1.00%
Government bonds maturity period	5 years
April 2012 - March 2017
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrant vesting period	4 years
Percentage of change in share capital - warrants exercised	25.00%
March 2017 - February 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrant vesting period	3 years
Percentage of change in share capital - warrants exercised	100.00%

Results for the Year - A reconciliation of Genmab's effective tax (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results for the Year
Net profit before tax	kr 9,164	kr 5,637	kr 6,945
Tax at the Danish corporation tax rate of 22% for all periods	2,016	1,240	1,528
Net Increase (decrease) of unrecognized deferred tax assets for the year	(579)	43	(92)
Net of non-taxable income over non-deductible expenses	92	7	73
All other	(209)	(5)	(16)
Total tax effect	(696)	45	(35)
Total tax for the period in the income statement	1,320	1,285	1,493
Total tax for the period in shareholders' equity	kr 49	kr 57	kr (22)
Effective Tax Rate	14.40%	22.80%	21.50%
Applicable tax rate	22.00%	22.00%	22.00%

Revenue - Type, Collaboration Partner and Product (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Revenue	kr 21,526	kr 16,474	kr 14,505
DARZALEX
Revenue
Revenue	13,922	11,265	9,966
Kesimpta
Revenue
Revenue	2,222	1,494	779
TEPEZZA
Revenue
Revenue	737	704	796
Other
Revenue
Revenue	471	242	41
Janssen
Revenue
Revenue	14,422	11,949	10,530
AbbVie
Revenue
Revenue	394	732	1,174
Roche
Revenue
Revenue	741	704	796
Novartis
Revenue
Revenue	2,822	1,511	815
BioNTech
Revenue
Revenue	869	784	708
Pfizer
Revenue
Revenue	533	373	413
Other
Revenue
Revenue	2		69
Royalties
Revenue
Revenue	17,352	13,705	11,582
Reimbursement revenue - External
Revenue
Revenue	996	864	818
Milestone revenue
Revenue
Revenue	1,000	1,177	1,767
Collaboration revenue
Revenue
Revenue	433	307	332
License revenue
Revenue
Revenue	2		kr 6
Parent Company \| Reportable Legal Entities
Revenue
Revenue	22,167	17,126
Parent Company \| Reportable Legal Entities \| DARZALEX
Revenue
Revenue	13,922	11,265
Parent Company \| Reportable Legal Entities \| Kesimpta
Revenue
Revenue	2,222	1,494
Parent Company \| Reportable Legal Entities \| TEPEZZA
Revenue
Revenue	737	704
Parent Company \| Reportable Legal Entities \| Other
Revenue
Revenue	471	242
Parent Company \| Reportable Legal Entities \| Janssen
Revenue
Revenue	14,422	11,949
Parent Company \| Reportable Legal Entities \| AbbVie
Revenue
Revenue	394	732
Parent Company \| Reportable Legal Entities \| Roche
Revenue
Revenue	741	704
Parent Company \| Reportable Legal Entities \| Novartis
Revenue
Revenue	2,822	1,511
Parent Company \| Reportable Legal Entities \| BioNTech
Revenue
Revenue	869	784
Parent Company \| Reportable Legal Entities \| Pfizer
Revenue
Revenue	533	373
Parent Company \| Reportable Legal Entities \| Other
Revenue
Revenue	2
Parent Company \| Reportable Legal Entities \| Royalties
Revenue
Revenue	17,352	13,705
Parent Company \| Reportable Legal Entities \| Reimbursement revenue - External
Revenue
Revenue	996	864
Parent Company \| Reportable Legal Entities \| Reimbursement revenue - Intercompany
Revenue
Revenue	1,140	937
Parent Company \| Reportable Legal Entities \| Milestone revenue
Revenue
Revenue	1,000	1,177
Parent Company \| Reportable Legal Entities \| Collaboration revenue
Revenue
Revenue	433	307
Parent Company \| Reportable Legal Entities \| License revenue
Revenue
Revenue	2
Parent Company \| Reportable Legal Entities \| Net product sales - Intercompany
Revenue
Revenue	1,244	136
Parent Company \| Reportable Legal Entities \| Excluding intercompany revenue
Revenue
Revenue	kr 19,783	kr 16,053

Contract Liabilities

12 Months Ended

Dec. 31, 2024

Capital Structure, Financial Risk and Related Items

Contract Liabilities

Contract Liabilities

11 – Contract Liabilities


(DKK million)	2024	2023

Contract liabilities at January 1	513	513
Customer payment received	-	-
Revenue recognized during the year	(9)	-

Total at December 31	504	513

Non-current contract liabilities	480	480
Current contract liabilities	24	33

Total at December 31	504	513

Refer to Note 3.7 in the consolidated financial statements for additional information regarding contract liabilities of the Group.

Results for the Year - Geographical Areas (Details) kr in Millions	12 Months Ended
	Dec. 31, 2024 DKK (kr) item	Dec. 31, 2023 DKK (kr)	Dec. 31, 2022 DKK (kr)
Disclosure of geographical areas [line items]
Revenue	kr 21,526	kr 16,474	kr 14,505
Non-current assets	16,821	1,804	1,516
Carrying amount of intangible asset	12,343	101
Goodwill	kr 2,535
Number of business unit \| item	1
DENMARK
Disclosure of geographical areas [line items]
Revenue	kr 19,783	16,053	14,505
Non-current assets	12,710	496	211
Carrying amount of intangible asset	12,340
NETHERLANDS
Disclosure of geographical areas [line items]
Non-current assets	767	874	793
UNITED STATES
Disclosure of geographical areas [line items]
Revenue	902	380
Non-current assets	3,196	378	442
Goodwill	2,535
JAPAN
Disclosure of geographical areas [line items]
Revenue	841	41
Non-current assets	100	kr 56	kr 70
CHINA
Disclosure of geographical areas [line items]
Non-current assets	kr 48

Intangible Assets - Narrative (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets
Estimated useful life of intangibles	15 years
ProfoundBio
Intangible Assets
Additions through acquisition	kr 1,243
Accumulated amortization and impairment
Intangible Assets
Amortization for the year	78	kr 55
Licenses and Patents \| Accumulated amortization and impairment
Intangible Assets
Amortization for the year	25	55
Technology Platform \| Accumulated amortization and impairment
Intangible Assets
Amortization for the year	53
Parent Company \| Reportable Legal Entities \| Gross
Intangible Assets
Additions through acquisition	13,270	82
Parent Company \| Reportable Legal Entities \| Accumulated amortization and impairment
Intangible Assets
Impairment losses for the year	243
Amortization for the year	36	61
Parent Company \| Reportable Legal Entities \| Licenses and Patents \| Gross
Intangible Assets
Additions through acquisition	244	82
Parent Company \| Reportable Legal Entities \| Licenses and Patents \| Accumulated amortization and impairment
Intangible Assets
Impairment losses for the year	243
Amortization for the year	kr 33	kr 61
Parent Company \| Reportable Legal Entities \| Technology Platform \| ProfoundBio
Intangible Assets
Estimated useful life of intangibles	15 years
Parent Company \| Reportable Legal Entities \| Technology Platform \| Gross
Intangible Assets
Additions through acquisition	kr 1,237
Parent Company \| Reportable Legal Entities \| Technology Platform \| Gross \| ProfoundBio
Intangible Assets
Additions through acquisition	1,237
Parent Company \| Reportable Legal Entities \| Technology Platform \| Accumulated amortization and impairment
Intangible Assets
Amortization for the year	3
Parent Company \| Reportable Legal Entities \| Acquired IPR&D \| Gross
Intangible Assets
Additions through acquisition	11,789
Parent Company \| Reportable Legal Entities \| Acquired IPR&D \| Gross \| ProfoundBio
Intangible Assets
Additions through acquisition	kr 11,789

Capital Structure, Financial Risk and Related Items (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of total marketable securities by currency



Percent	2024		2023

USD	76	%	81	%
DKK	15	%	12	%
EUR	8	%	6	%
GBP	1	%	1	%
Total at December 31	100	%	100	%

Schedule of maturity profile of our marketable securities


(DKK million)	2024	2023

Year of Maturity
2024	-	6,742
2025	5,000	3,717
2026	3,209	2,175
2027	2,314	232
2028	329	143
2029+	391	259
Total at December 31	11,243	13,268

Schedule of Financial Assets and Liabilities


		December 31,
(DKK million)	Note	2024	2023
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	11,243	13,268
Other investments	3.4	228	134
Financial assets measured at amortized cost
Receivables excluding prepayments	3.6	6,386	4,768
Cash and cash equivalents		9,858	14,867
Financial liabilities measured at amortized cost
Lease liabilities	3.3	(1,029)	(770)
Other payables excluding provisions	3.8	(3,482)	(2,316)


		December 31,
		2024				2023
(DKK million)	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets Measured at Fair Value
Marketable securities	4.4	11,243	-	-	11,243	13,268	-	-	13,268
Other investments	3.4	38	14	176	228	47	-	87	134

Schedule of level 3 reconciliation of assets


(DKK million)	Other Investments
Fair value at December 31, 2022	66
Acquisitions	30
Fair value changes	(9)
Fair value at December 31, 2023	87
Acquisitions	42
Fair value changes	43
Foreign currency changes	4
Fair value at December 31, 2024	176

Schedule of portfolio of marketable securities


	Market value	Share	Market value	Share
(DKK million)	2024	%	2023	%

USD portfolio
Corporate bonds	5,082	45%	6,039	46%
US government bonds and treasury bills	2,533	22%	3,247	24%
Commercial paper	191	2%	451	3%
Other	816	7%	1,003	8%
Total USD portfolio	8,622	76%	10,740	81%

DKK portfolio
Kingdom of Denmark bonds and treasury bills	429	4%	419	3%
Danish mortgage-backed securities	1,217	11%	1,170	9%
Total DKK portfolio	1,646	15%	1,589	12%

EUR portfolio
European government bonds and treasury bills	886	8%	858	6%

GBP portfolio
UK government bonds and treasury bills	89	1%	81	1%

Total portfolio at December 31	11,243	100%	13,268	100%

Marketable securities at December 31	11,243		13,268

Schedule of finance income and expenses


(DKK million)	2024	2023	2022

Financial income:
Interest and other financial income	995	982	324
Gain on marketable securities	364	495	92
Gain on other investments	146	72	58
Foreign exchange rate gain	2,933	391	2,715

Total financial income	4,438	1,940	3,189


Financial expenses:
Interest and other financial expenses	(120)	(70)	(39)
Loss on marketable securities	(147)	(176)	(453)
Loss on other investments	(116)	(98)	(355)
Foreign exchange rate loss	(1,594)	(1,280)	(1,664)

Total financial expenses	(1,977)	(1,624)	(2,511)

Net financial items	2,461	316	678

Schedule of marketable securities


	December 31,	December 31,	December 31,
	2024	2023	2022
USD/DKK Foreign Exchange Rates	7.1429	6.7447	6.9722
% Increase/(Decrease)	6%	(3)%	6%

Summary of RSUs activity


	Number of RSUs held by the Board of Directors	Number of RSUs held by the Executive Management	Number of RSUs held by employees	Number of RSUs held by former members of the Executive Management, Board of Directors and employees	Total RSUs	Weighted Average Fair Value - RSUs Granted - DKK	Total Fair Value of RSUs Granted - DKK million
Outstanding at January 1, 2022	10,965	89,043	293,031	12,952	405,991
Granted*	4,295	40,453	221,000	6,383	272,131	2,250.18	612
Settled	(3,420)	(17,165)	(67,945)	(12,847)	(101,377)
Transferred	(2,368)	-	(13,749)	16,117	-
Forfeited	(653)	-	(9,195)	(18,759)	(28,607)

Outstanding at December 31, 2022	8,819	112,331	423,142	3,846	548,138

Outstanding at January 1, 2023	8,819	112,331	423,142	3,846	548,138
Granted*	3,361	75,854	208,353	11,643	299,211	2,619.35	784
Settled	(1,880)	(35,773)	(54,871)	(9,805)	(102,329)
Transferred	-	12,918	(55,103)	42,185	-
Forfeited	-	(4,357)	(35)	(37,984)	(42,376)

Outstanding at December 31, 2023	10,300	160,973	521,486	9,885	702,644

Outstanding at January 1, 2024	10,300	160,973	521,486	9,885	702,644
Granted*	7,097	121,063	344,068	14,484	486,712	1,977.87	963
Settled	(3,367)	(35,320)	(112,663)	(12,465)	(163,815)
Transferred	-	(19,924)	(37,348)	57,272	-
Forfeited	-	(11,667)	(71)	(38,178)	(49,916)

Outstanding at December 31, 2024	14,030	215,125	715,472	30,998	975,625

Summary of warrants activity


	Number of warrants held by the Board of Directors	Number of warrants held by the Executive Management	Number of warrants held by employees	Number of warrants held by former members of the Executive Management, Board of Directors and employees	Total warrants	Weighted average exercise price - DKK	Weighted average share price at exercise date - DKK	Outstanding Warrants - % of Share Capital

Outstanding at January 1, 2022	10,658	159,634	739,000	59,159	968,451	1,501.49
Granted*	1,541	-	250,005	7,412	258,958	2,244.22
Exercised	(1,558)	(29,836)	(176,948)	(34,775)	(243,117)	1,154.95	2,815.33
Expired	-	-	-	-	-	-
Forfeited	-	-	(13,670)	(32,654)	(46,324)	2,029.00
Transfers	(8,721)	-	(25,373)	34,094	-	-

Outstanding at December 31, 2022	1,920	129,798	773,014	33,236	937,968	1,770.31		1%


Exercisable at year end	617	118,571	282,296	32,695	434,179	1,265.68
Exercisable warrants in the money at year end	617	118,571	282,296	32,695	434,179	1,265.68

Outstanding at January 1, 2023	1,920	129,798	773,014	33,236	937,968	1,770.31
Granted*	403	-	198,001	10,973	209,377	2,632.02
Exercised	-	(11,900)	(74,672)	(26,390)	(112,962)	1,341.40	2,657.76
Expired	-	-	(1,200)	(117)	(1,317)	1,225.18
Forfeited	-	-	(32)	(43,143)	(43,175)	2,274.50
Transfers	-	21,295	(103,396)	82,101	-	-

Outstanding at December 31, 2023	2,323	139,193	791,715	56,660	989,891	1,980.25		1%


Exercisable at year end	875	123,345	246,635	45,686	416,541	1,416.25
Exercisable warrants in the money at year end	617	123,345	192,945	43,632	360,539	1,272.37

Outstanding at January 1, 2024	2,323	139,193	791,715	56,660	989,891	1,980.25
Granted*	694	-	354,255	14,898	369,847	1,974.71
Exercised	-	(63,811)	(31,721)	(17,119)	(112,651)	1,143.29	1,877.19
Expired	-	-	(155)	(132)	(287)	1,032.00
Forfeited	-	-	(73)	(39,564)	(39,637)	2,300.10
Transfers	-	555	(53,903)	53,348	-	-
		.
Outstanding at December 31, 2024	3,017	75,937	1,060,118	68,091	1,207,163	2,046.38		2%


Exercisable at year end	1,226	63,405	321,099	60,686	446,416	1,759.86
Exercisable warrants in the money at year end	-	46,166	77,669	25,477	149,312	1,131.68

Schedule of Fair value of each warrant granted


Weighted average	2024	2023	2022
Fair value per warrant on grant date	639.67	924.10	664.08
Share price	1,974.71	2,632.02	2,244.22
Exercise price	1,974.71	2,632.02	2,244.22
Expected dividend yield	0%	0%	0%
Expected stock price volatility	32.3%	35.3%	33.5%
Risk-free interest rate	2.26%	2.48%	0.15%
Expected life of warrants	5 years	5 years	5 years

Total Fair Value of Amounts Granted	2024	2023	2022
Total fair value of warrants granted	DKK 237 million	DKK 193 million	DKK 172 million

Schedule of warrants issued and reissued during the period


	March 13, 2024	April 13, 2021	March 29, 2019
	Authorization	Authorization	Authorization
Warrants issued	-	585,692	500,000
Warrants reissued	-	41,143	81,684
Warrants available for issue	750,000	164,308	-
Warrants available for reissue	-	4,550	-

Schedule of changes in share capital


	Number of shares	Share capital	Share Price Ranges¹
		(DKK million)

December 31, 2021	65,718,456	65.7

Exercise of warrants	243,117	0.3	DKK 466.20 to DKK 1,615.00

December 31, 2022	65,961,573	66.0

Exercise of warrants	112,962	0.1	DKK 815.50 to DKK 1,948.00

December 31, 2023	66,074,535	66.1

Exercise of warrants	112,651	0.1	DKK 962.00 to DKK 1,615.00

December 31, 2024	66,187,186	66.2

Schedule Of treasury shares


	Number of shares	Share capital	Proportion of share capital	Cost
		(DKK million)	%	(DKK million)

Shareholding at December 31, 2021	288,325	0.3	0.4	550

Purchase of treasury shares	370,000	0.4	0.6	908
Shares used for funding RSU program	(68,377)	(0.1)	(0.1)	(80)

Shareholding at December 31, 2022	589,948	0.6	0.9	1,378

Purchase of treasury shares	220,000	0.2	0.3	564
Shares used for funding RSU program	(65,778)	(0.1)	(0.1)	(126)

Shareholding at December 31, 2023	744,170	0.7	1.1	1,816

Purchase of treasury shares	2,011,853	2.0	3.0	3,879
Shares used for funding RSU program	(109,016)	(0.1)	(0.1)	(246)

Shareholding at December 31, 2024	2,647,007	2.6	4.0	5,449

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 December 31, 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

Investments in Subsidiaries - Narratives (Details) - Parent Company - Reportable Legal Entities - DKK (kr) kr in Millions		3 Months Ended	12 Months Ended
	May 21, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Investments in Subsidiaries
Impairment investment in subsidiaries		kr 10,400	kr 10,402
Gross
Investments in Subsidiaries
Additions			13,208	kr 502
Gross \| ProfoundBio
Investments in Subsidiaries
Additions	kr 12,500
Accumulated impairment
Investments in Subsidiaries
Impairment investment in subsidiaries			kr 10,402

Operating Assets and Liabilities - Other Investments (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Collaboration Agreements
Other investments	kr 228	kr 134
Publicly traded equity securities
Collaboration Agreements
Other investments	38	47
Fund investments
Collaboration Agreements
Other investments	176	kr 87
Privately held equity securities
Collaboration Agreements
Other investments	kr 14

Other Payables (Tables)

12 Months Ended

Dec. 31, 2024

Other Payables [Line Items]

Schedule of other payables


(DKK million)	2024	2023


Liabilities related to collaboration agreements	275	145
Staff cost liabilities	720	637
Accounts payable	644	330
Other liabilities	1,873	1,230

Total at December 31	3,512	2,342

Non-current other payables	30	35
Current other payables	3,482	2,307

Total at December 31	3,512	2,342

Schedule of other payables

Other Payables [Line Items]


(DKK million)	2024	2023

Liabilities related to collaboration agreements	126	47
Staff cost liabilities	91	106
Accounts payable	187	107
Payable to subsidiaries	887	2,525
Other liabilities	1,068	862

Total at December 31	2,359	3,647

Non-current other payables	20	20
Current other payables	2,339	3,627

Total at December 31	2,359	3,647

Other Investments (Tables)

12 Months Ended

Dec. 31, 2024

Other Investments

Schedule of other Investments


(DKK million)	2024	2023


Publicly traded equity securities	38	47
Fund investments	176	87
Privately held equity securities	14	-

Total at December 31	228	134

Schedule of other Investments

Other Investments


(DKK million)	2024	2023

Fund Investments	165	87
Privately held equity securities	14	-
Total at December 31	179	87

Operating Assets and Liabilities - Intangible Assets (Details) kr in Millions	12 Months Ended
	Dec. 31, 2024 DKK (kr) segment	Dec. 31, 2023 DKK (kr)	Dec. 31, 2022 DKK (kr)
Intangible Assets
Other intangible assets	kr 12,343	kr 101
Estimated useful life of intangibles	15 years
Amortization expense	kr 78	55	kr 108
Goodwill	2,535
Impairment of goodwill	kr 0
Number of operating segments \| segment	1
ProfoundBio
Intangible Assets
Additions through acquisition	kr 1,243
Goodwill	2,535	kr 0
Impairment of goodwill	0
IPR&D
Intangible Assets
Additions through acquisition	kr 10,577

Capital Structure, Financial Risk and Related Items - Marketable securities portfolio (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities
Market value	kr 11,243	kr 13,268
Percentage of marketable securities	100.00%	100.00%
USD portfolio
Marketable Securities
Market value	kr 8,622	kr 10,740
Percentage of marketable securities	76.00%	81.00%
Corporate bonds
Marketable Securities
Market value	kr 5,082	kr 6,039
Percentage of marketable securities	45.00%	46.00%
US government bonds and treasury bills
Marketable Securities
Market value	kr 2,533	kr 3,247
Percentage of marketable securities	22.00%	24.00%
Commercial paper
Marketable Securities
Market value	kr 191	kr 451
Percentage of marketable securities	2.00%	3.00%
Other marketable securities [Member]
Marketable Securities
Market value	kr 816	kr 1,003
Percentage of marketable securities	7.00%	8.00%
DKK portfolio
Marketable Securities
Market value	kr 1,646	kr 1,589
Percentage of marketable securities	15.00%	12.00%
Kingdom of Denmark bonds and treasury bills
Marketable Securities
Market value	kr 429	kr 419
Percentage of marketable securities	4.00%	3.00%
Danish mortgage-backed securities
Marketable Securities
Market value	kr 1,217	kr 1,170
Percentage of marketable securities	11.00%	9.00%
European government bonds and treasury bills
Marketable Securities
Market value	kr 886	kr 858
Percentage of marketable securities	8.00%	6.00%
UK government bonds and treasury bills
Marketable Securities
Market value	kr 89	kr 81
Percentage of marketable securities	1.00%	1.00%

Leases - Future Minimum Payments Under Leases (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	kr 1,245	kr 900	kr 663
Parent Company \| Reportable Legal Entities
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	320	315
Less than 1 year
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	127	106	89
Less than 1 year \| Parent Company \| Reportable Legal Entities
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	27	23
1 to 3 years
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	284	199	167
1 to 3 years \| Parent Company \| Reportable Legal Entities
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	53	45
More than 3 years but less than 5 years
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	281	183	136
More than 3 years but less than 5 years \| Parent Company \| Reportable Legal Entities
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	54	45
More than 5 years
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	553	412	kr 271
More than 5 years \| Parent Company \| Reportable Legal Entities
Disclosure of maturity analysis of operating lease payments [abstract]
Future minimum payments under our leases	kr 186	kr 202

Corporate and Deferred tax

12 Months Ended

Dec. 31, 2024

Corporate and Deferred Tax

Corporate and Deferred Tax

4 – Corporate and Deferred Tax

TAXATION – INCOME STATEMENT & SHAREHOLDERS’ EQUITY


(DKK million)	2024	2023

Current tax:
Current tax on profit	82	1,288
Deferred taxes	2,544	(11)

Total tax for the period in the income statement	2,626	1,277

A reconciliation of Genmab's effective tax rate relative to the Danish statutory tax rate is as follows:


(DKK million)	2024	2023

Net profit before tax	14,493	6,021

Tax at the Danish statutory corporation tax rate of 22% for all periods	3,188	1,325

Tax effect of:
Net of non-taxable income over non-deductible expenses	(659)	(52)
Other current and deferred taxes adjustments	97	4
Total tax effect	(562)	(48)

Total tax for the period in the income statement	2,626	1,277
Total tax for the period in shareholders' equity	7	57
Effective Tax Rate	18.1%	21.2%

TAXATION – BALANCE SHEET

Significant components of the deferred tax (liabilities) assets are as follows:


(DKK million)	2024	2023

Share-based instruments	39	37
Deferred revenue	120	113
Intangible Assets	(2,874)	-
Other temporary differences	356	48

Total deferred tax (liabilities) assets	(2,359)	198

Refer to Note 2.4 in the consolidated financial statements for additional information regarding corporate and deferred tax of the Group.

Results for the Year (Tables)

12 Months Ended

Dec. 31, 2024

Results for the Year

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


(DKK million)	2024	2023	2022

Revenue by type:
Royalties	17,352	13,705	11,582
Reimbursement revenue	996	864	818
Milestone revenue	1,000	1,177	1,767
Collaboration revenue	433	307	332
Net product sales	1,743	421	-
License revenue	2	-	6

Total	21,526	16,474	14,505

Revenue by collaboration partner:
Janssen	14,422	11,949	10,530
AbbVie	394	732	1,174
Roche	741	704	796
Novartis	2,822	1,511	815
BioNTech	869	784	708
Pfizer¹	533	373	413
Other	2	-	69

Total²	19,783	16,053	14,505

Royalties by product:
DARZALEX	13,922	11,265	9,966
Kesimpta	2,222	1,494	779
TEPEZZA	737	704	796
Other³	471	242	41

Total	17,352	13,705	11,582

¹Pzifer acquired Seagen in December 2023

²Excludes Genmab’s Net product sales

³Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

Schedule of segment disclosures in the financial statements as the group's business activities.


	Revenue	Non-current assets	Revenue	Non-current assets	Revenue	Non-current assets

(DKK million)	2024		2023		2022


Denmark	19,783	12,710	16,053	496	14,505	211
Netherlands	-	767	-	874	-	793
United States	902	3,196	380	378	-	442
Japan	841	100	41	56	-	70
China	-	48	-	-	-	-

Total	21,526	16,821	16,474	1,804	14,505	1,516

Schedule of staff cost



(DKK million)	2024	2023	2022

Wages and salaries	3,168	2,631	1,913
Share-based compensation	721	586	439
Defined contribution plans	205	170	112
Other social security costs	399	335	263
Government grants related to research and development expenses	(149)	(174)	(144)

Total	4,344	3,548	2,583

Staff costs are included in the Consolidated Statements of Comprehensive Income as follows:
Cost of product sales	11	3	-
Research and development expenses	2,520	2,004	1,518
Selling, general and administrative expenses	1,813	1,541	1,065

Total	4,344	3,548	2,583

Average number of FTE	2,535	2,011	1,460
Number of FTE at year-end	2,682	2,204	1,660

Schedule of corporate and deferred tax



(DKK million)	2024	2023	2022

Current tax on profit	1,799	1,301	1,478
Adjustment to deferred tax	99	(59)	107
Net Increase (decrease) of unrecognized deferred tax assets for the year	(578)	43	(92)

Total tax for the period in the income statement	1,320	1,285	1,493


(DKK million)	2024	2023	2022

Net profit before tax	9,164	5,637	6,945

Tax at the Danish corporation tax rate of 22% for all periods	2,016	1,240	1,528

Tax effect of:
Net Increase (decrease) of unrecognized deferred tax assets for the year	(579)	43	(92)
Net of non-taxable income over non-deductible expenses	92	7	73
Other current and deferred tax adjustments	(209)	(5)	(16)

Total tax effect	(696)	45	(35)

Total tax for the period in the income statement	1,320	1,285	1,493

Total tax for the period in shareholders' equity	49	57	(22)

Effective Tax Rate	14.4%	22.8%	21.5%

Schedule of components of the deferred tax asset


(DKK million)	2024	2023

Share-based instruments	270	41
Deferred revenue	120	113
Intangible assets	(2,478)	-
Other temporary differences	637	58

Total at December 31	(1,451)	212

Schedule of Result Per Share


(DKK million)	2024	2023	2022

Net profit	7,844	4,352	5,452

(Shares)

Weighted average number of shares outstanding	66,139,029	66,023,437	65,783,130
Weighted average number of treasury shares	(1,952,382)	(713,693)	(395,829)

Weighted average number of shares excl. treasury shares	64,186,647	65,309,744	65,387,301
Adjustments for share-based instruments, dilution	446,293	604,961	622,303

Weighted average number of shares, diluted	64,632,940	65,914,705	66,009,604



Basic net profit per share	122.21	66.64	83.38
Diluted net profit per share	121.36	66.02	82.59

Other Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Other Disclosures

Summary of remuneration of the Board of Directors and Executive Management


(DKK million)	2024	2023	2022

Wages and salaries	101	71	55
Share-based compensation expenses	157	100	70
Defined contribution plans	4	3	2

Total	262	174	127

Schedule of Remuneration to the Board of Directors


	Base Board Fee			Committee Fees			Share-Based Compensation Expenses			Total
(DKK million)	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022

Deirdre P. Connelly	1.2	1.2	1.2	0.5	0.5	0.5	1.6	1.1	0.9	3.3	2.8	2.6
Pernille Erenbjerg	0.9	0.9	0.9	0.4	0.4	0.4	1.3	0.8	0.7	2.6	2.1	2.0
Anders Gersel Pedersen	0.6	0.6	0.6	0.5	0.5	0.4	1.0	0.6	0.5	2.1	1.7	1.5
Paolo Paoletti	0.6	0.6	0.6	0.3	0.3	0.3	1.0	0.6	0.5	1.9	1.5	1.4
Rolf Hoffmann	0.6	0.6	0.6	0.4	0.3	0.3	1.0	0.6	0.5	2.0	1.5	1.4
Elizabeth O’Farrell¹	0.6	0.6	0.5	0.4	0.3	0.2	1.6	1.0	0.6	2.6	1.9	1.3
Mijke Zachariasse²	0.6	0.6	0.6	-	-	-	1.0	0.5	0.4	1.6	1.1	1.0
Martin Schultz²	0.6	0.6	0.5	-	-	-	0.8	0.2	-	1.4	0.8	0.5
Takahiro Hamatani²	0.6	0.6	0.5	-	-	-	0.8	0.2	-	1.4	0.8	0.5
Peter Storm Kristensen³	-	-	0.1	-	-	-	-	-	0.1	-	-	0.2
Rima Bawarshi Nassar³	-	-	0.1	-	-	-	-	-	0.1	-	-	0.2

Total	6.3	6.3	6.2	2.5	2.3	2.1	10.1	5.6	4.3	18.9	14.2	12.6

1 – Elizabeth O’Farrell was newly elected to the Board at the Annual General Meeting in March 2022.

2 – Employee elected board members were elected at the Annual General Meeting in March 2022.

3 – Peter Storm Kristensen and Rima Bawarshi Nassar stepped down from the Board as employee elected board members at the Annual General Meeting in March 2022.

Schedule of executive compensation



	Base Salary			Defined Contribution Plans			Other Benefits			Annual Cash Bonus			Share-Based Compensation Expenses			Total
(DKK million)	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022	2024	2023	2022

Jan van de Winkel	9.7	9.2	8.6	1.7	1.3	1.3	0.2	0.3	0.3	8.8	9.2	8.6	34.4	24.3	22.9	54.8	44.3	41.7
Anthony Pagano	4.7	4.4	4.3	0.1	0.1	0.1	-	-	-	2.7	2.6	2.6	16.5	12.5	9.5	24.0	19.6	16.5
Anthony Mancini³	3.0	4.9	4.7	0.1	0.1	0.1	16.5	-	-	3.0	2.9	2.8	28.9	13.9	11.4	51.5	21.8	19.0
Judith Klimovsky	5.3	5.0	4.9	0.1	0.1	0.1	0.1	-	-	3.0	3.0	2.9	19.4	13.6	14.1	27.9	21.7	22.0
Tahamtan Ahmadi	5.0	4.7	4.6	0.1	0.1	0.1	-	-	-	2.8	2.9	2.8	17.9	12.1	7.7	25.8	19.8	15.2
Birgitte Stephensen¹	2.9	2.6	-	0.3	0.3	-	-	-	-	1.7	1.5	-	8.3	5.7	-	13.2	10.1	-
Christopher Cozic¹	3.4	3.3	-	0.1	0.1	-	-	-	-	2.0	2.0	-	11.1	7.8	-	16.6	13.2	-
Martine van Vugt²	2.9	2.5	-	0.7	0.6	-	0.1	0.1	-	1.6	1.6	-	5.7	4.1	-	11.0	8.9	-
Brad Bailey⁴	3.9	-	-	0.1	-	-	0.6	-	-	2.4	-	-	4.1	-	-	11.1	-	-
Rayne Waller⁴	1.7	-	-	0.1	-	-	3.8	-	-	0.9	-	-	0.8	-	-	7.3	-	-

Total	42.5	36.6	27.1	3.4	2.7	1.7	21.3	0.4	0.3	28.9	25.7	19.7	147.1	94.0	65.6	243.2	159.4	114.4

1 – Birgitte Stephensen and Christopher Cozic were appointed Chief Legal Officer and Chief People Officer, respectively, and members of the Executive Management in March 2022.

2 – Martine van Vugt was appointed Chief Strategy Officer and member of the Executive Management in March 2023.

3 – Anthony Mancini stepped down as Executive Vice President and Chief Operating Officer in September 2024.

Summary of fees to auditors


(DKK million)	2024	2023	2022

Audit fees	10.6	6.1	5.8
Audit-related fees	2.3	3.4	2.0
All other fees	-	0.1	-

Total	12.9	9.6	7.8

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
Deferred tax liability	(292)	(2,010)
Other current liabilities***	(13)	(91)
Total identifiable net assets	1,551	10,651
Goodwill	354	2,436
Total consideration	1,905	13,087

*Includes receivables and other investments

**Includes other investments and right-of-use assets

***Includes other payables, contract liabilities, lease and other liabilities


Consolidated Statements of Comprehensive Income (DKK million):	Acquisition Date through December 31, 2024
Research and development expenses	403
Selling, general and administrative expenses	27
Acquisition and integration related charges*	187
Total	617

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


(DKK million)	Twelve Month Period Ended December 31, 2024
Revenue	21,526
Net Profit	7,622

Other Investments (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Collaboration Agreements
Other investments	kr 228	kr 134
Fund investments
Collaboration Agreements
Other investments	176	87
Privately held equity securities
Collaboration Agreements
Other investments	14
Parent Company \| Reportable Legal Entities
Collaboration Agreements
Other investments	179	87
Parent Company \| Reportable Legal Entities \| Fund investments
Collaboration Agreements
Other investments	165	kr 87
Parent Company \| Reportable Legal Entities \| Privately held equity securities
Collaboration Agreements
Other investments	kr 14

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of related party transactions

Related Party Disclosures


(DKK million)	2024	2023

Transactions with subsidiaries:
Income statement:
Net product sales	1,244	136
Reimbursement revenue	1,140	937
Cost of product sales	(28)	(62)
Service fee costs	(5,752)	(5,326)
Milestone costs	(545)	(893)
Impairment investment in subsidiaries	(10,402)	-
Dividend income	13,026	-
Financial income	6	1
Financial expense	(7)	(10)

Balance sheet:
Intangible assets	1,029	291
Current receivables	964	650
Current payables	(887)	(2,525)

Operating Assets and Liabilities - Property and Equipment (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Cost at beginning of period	kr 955
Cost at end of period	978	kr 955
Gross
Property, Plant and Equipment
Cost at beginning of period	1,631	1,294
Additions for the year	202	357
Acquisitions through business combinations	52
Disposals for the year	(95)	(6)
Exchange rate adjustment	25	(14)
Cost at end of period	1,815	1,631
Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(676)	(495)
Depreciation for the year	(233)	(185)
Exchange rate adjustment	(11)	4
Accumulated depreciation on disposals	83
Cost at end of period	(837)	(676)
Leasehold improvements
Property, Plant and Equipment
Cost at beginning of period	490
Cost at end of period	450	490
Leasehold improvements \| Gross
Property, Plant and Equipment
Cost at beginning of period	684	412
Additions for the year	5	6
Acquisitions through business combinations	11
Transfers between the classes	10	276
Disposals for the year	(5)
Exchange rate adjustment	16	(10)
Cost at end of period	721	684
Leasehold improvements \| Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(194)	(132)
Depreciation for the year	(75)	(64)
Exchange rate adjustment	(7)	2
Accumulated depreciation on disposals	5
Cost at end of period	(271)	(194)
Equipment, furniture and fixtures
Property, Plant and Equipment
Cost at beginning of period	426
Cost at end of period	425	426
Equipment, furniture and fixtures \| Gross
Property, Plant and Equipment
Cost at beginning of period	908	649
Additions for the year	81	129
Acquisitions through business combinations	41
Transfers between the classes	38	134
Disposals for the year	(86)
Exchange rate adjustment	9	(4)
Cost at end of period	991	908
Equipment, furniture and fixtures \| Accumulated amortization and impairment
Property, Plant and Equipment
Cost at beginning of period	(482)	(363)
Depreciation for the year	(158)	(121)
Exchange rate adjustment	(4)	2
Accumulated depreciation on disposals	78
Cost at end of period	(566)	(482)
Assets under construction
Property, Plant and Equipment
Cost at beginning of period	39
Cost at end of period	103	39
Assets under construction \| Gross
Property, Plant and Equipment
Cost at beginning of period	39	233
Additions for the year	116	222
Transfers between the classes	(48)	(410)
Disposals for the year	(4)	(6)
Cost at end of period	kr 103	kr 39

Other Disclosure - Assets acquired and liabilities assumed at the Acquisition Date (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)
Deferred tax liability	(2,010)	(292)
Other current liabilities	(91)	(13)
Total identifiable net assets	10,651	1,551
Goodwill	2,436	354
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

Corporate and Deferred Tax - Taxation - Income Statement (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Corporate and Deferred Tax
Current tax on profit	kr 1,799	kr 1,301	kr 1,478
Deferred taxes	99	(59)	107
Total tax for the period in the income statement	1,320	1,285	kr 1,493
Parent Company \| Reportable Legal Entities
Corporate and Deferred Tax
Current tax on profit	82	1,288
Deferred taxes	2,544	(11)
Total tax for the period in the income statement	kr 2,626	kr 1,277

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

Operating Assets and Liabilities - Deferred Revenue (Details) kr in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2020 DKK (kr)	Jul. 31, 2020 USD ($)	Dec. 31, 2024 DKK (kr)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2022 DKK (kr)	Dec. 31, 2020 DKK (kr)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Non-current deferred revenue			kr 480	kr 480
Current contract liabilities			24	33
Upfront payment recognized			21,526	16,474	kr 14,505
AbbVie
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue at January 1			513	513
Payment received				0
Revenue recognized during the year			(9)
Total at December 31			504	513	kr 513
Non-current deferred revenue			480	480
Current contract liabilities			kr 24	kr 33
Upfront payment	kr 4,911	$ 750
Upfront payment recognized						kr 4,398

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Receivables (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Receivables [Line Items]
Receivables related to collaboration agreements	kr 5,434	kr 4,148
Prepayments	256	241
Interest receivables	133	150
Other receivables	353	286
Total	6,642	5,009
Non-current receivables	52	62
Parent Company \| Reportable Legal Entities
Disclosure Of Receivables [Line Items]
Receivables related to collaboration agreements	5,434	4,148
Prepayments	107	121
Receivables from subsidiaries	964	650
Interest receivables	135	149
Other receivables	72	159
Total	6,712	5,227
Non-current receivables	22	49
Current receivables	kr 6,690	kr 5,178

Other Disclosure - Consolidated revenue and net profit for 2024 (Details) - 12 months ended Dec. 31, 2024 - ProfoundBio kr in Millions, $ in Millions	DKK (kr)	USD ($)
Acquisition of Businesses
Revenue	kr 21,526
Net Profit	7,622
Restricted cash balances for funds held in escrow	kr 214	$ 30

Inventories

12 Months Ended

Dec. 31, 2024

Capital Structure, Financial Risk and Related Items

Inventories

Inventories

9 – Inventories


(DKK million)	2024	2023

Raw materials	4	14
Work in progress	-	-
Finished goods	6	19
Total inventories (gross) at December 31	10	33

Allowances at year end	-	(2)

Total inventories (net) at December 31	10	31

Refer to Note 3.5 in the consolidated financial statements for additional information regarding inventories of the Group.

Capital Structure, Financial Risk and Related Items - Fair Value Measurement - Other Investments (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Collaboration Agreements
Other investments	kr 228	kr 134
Marketable securities \| Net Book value
Collaboration Agreements
Fair value at beginning of period	13,268
Fair value at end of period	11,243	13,268
Other investments
Collaboration Agreements
Transfer to Level 1	0	0
Transfer to level 3	0	0
Other investments \| Net Book value
Collaboration Agreements
Fair value at beginning of period	134
Fair value at end of period	228	134
Level 1 \| Marketable securities \| Net Book value
Collaboration Agreements
Fair value at beginning of period	13,268
Fair value at end of period	11,243	13,268
Level 1 \| Other investments \| Net Book value
Collaboration Agreements
Fair value at beginning of period	47
Fair value at end of period	38	47
Level 2 \| Other investments \| Net Book value
Collaboration Agreements
Fair value at end of period	14
Level 3 \| Other investments \| Net Book value
Collaboration Agreements
Fair value at beginning of period	87	66
Acquisitions	42	30
Fair value changes	43	(9)
Foreign currency changes	4
Fair value at end of period	kr 176	kr 87

Remuneration of the Board of Directors and Executive Management (Details) - Parent Company - Reportable Legal Entities	12 Months Ended
	Dec. 31, 2024
Bottom of range
Shareholdings By Board of Director and Executive Management [Line Items]
Remuneration of Executive Management not directly employed by the parent company (as a percentage)	10.00%
Top of range
Shareholdings By Board of Director and Executive Management [Line Items]
Remuneration of Executive Management not directly employed by the parent company (as a percentage)	20.00%

Fees to Auditors Appointed at the Annual General Meeting - Auditors' Fee (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fees to Auditors Appointed at the Annual General Meeting
Audit fees	kr 10.6	kr 6.1	kr 5.8
Audit-related fees	2.3	3.4	2.0
All other fees		0.1
Total	12.9	9.6	kr 7.8
Parent Company \| Reportable Legal Entities
Fees to Auditors Appointed at the Annual General Meeting
Audit fees	10.4	6.1
Audit-related fees	2.3	3.4
Total	kr 12.7	kr 9.5

Consolidated Statements of Comprehensive Income - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
INCOME STATEMENT
Revenue	kr 21,526	kr 16,474	kr 14,505
Cost of product sales	(985)	(226)
Research and development expenses	(9,748)	(7,630)	(5,562)
Selling, general and administrative expenses	(3,790)	(3,297)	(2,676)
Acquisition and integration related charges	(300)
Total costs and operating expenses	(14,823)	(11,153)	(8,238)
Operating profit	6,703	5,321	6,267
Financial income	4,438	1,940	3,189
Financial expenses	(1,977)	(1,624)	(2,511)
Net profit before tax	9,164	5,637	6,945
Corporate tax	(1,320)	(1,285)	(1,493)
Net profit	7,844	4,352	5,452
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations	430	(38)	17
Total comprehensive income	kr 8,274	kr 4,314	kr 5,469
Basic net profit per share	kr 122.21	kr 66.64	kr 83.38
Diluted net profit per share	kr 121.36	kr 66.02	kr 82.59

Results for the Year - Staff Costs (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Staff Costs
Wages and salaries	kr 3,168	kr 2,631	kr 1,913
Share-based compensation	721	586	439
Defined contribution plans	205	170	112
Other social security costs	399	335	263
Government grants	(149)	(174)	(144)
Total	4,344	3,548	2,583
Staff costs are included in the income statement as follows:
Cost of product sales	11	3
Research and development expenses	2,520	2,004	1,518
Selling, general and administrative expenses	1,813	1,541	1,065
Total	kr 4,344	kr 3,548	kr 2,583
Average number of FTE	2,535	2,011	1,460
Number of FTE at year-end	2,682	2,204	1,660
Pension obligations	kr 0

Consolidated Balance Sheets - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Goodwill	kr 2,535.0
Other intangible assets	12,343.0	kr 101.0
Property and equipment	978.0	955.0
Right-of-use assets	913.0	686.0
Receivables	52.0	62.0
Deferred tax assets	908.0	212.0
Other investments	228.0	134.0
Total non-current assets	17,957.0	2,150.0
Corporate tax receivable	101.0
Inventories	62.0	57.0
Receivables	6,590.0	4,947.0
Marketable securities	11,243.0	13,268.0
Cash and cash equivalents	9,858.0	14,867.0
Total current assets	27,854.0	33,139.0
Total assets	45,811.0	35,289.0
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital	66.2	66.1
Share premium	12,590.0	12,461.0
Other reserves	490.0	60.0
Retained earnings	23,551.0	19,023.0
Total shareholders' equity	36,697.0	31,610.0
Lease liabilities	937.0	680.0
Contract liabilities	480.0	480.0
Deferred tax liabilities	2,359.0
Other payables	30.0	35.0
Total non-current liabilities	3,806.0	1,195.0
Corporate tax payable	1,710.0	54.0
Lease liabilities	92.0	90.0
Contract liabilities	24.0	33.0
Other payables	3,482.0	2,307.0
Total current liabilities	5,308.0	2,484.0
Total liabilities	9,114.0	3,679.0
Total shareholders' equity and liabilities	kr 45,811.0	kr 35,289.0

Statements of Cash Flows - DKK (kr) kr in Millions	12 Months Ended
Statements of Cash Flows - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net profit before tax	kr 9,164	kr 5,637	kr 6,945
Financial income	(4,438)	(1,940)	(3,189)
Financial Expenses	1,977	1,624	2,511
Adjustment for non-cash transactions
Share-based compensation expense	721	586	439
Depreciation	335	272	222
Amortization	78	23	140
Impairment charges	115
Change in operating assets and liabilities
Receivables	(1,590)	797	(2,123)
Inventories	(5)	(57)
Other Payables	857	622	283
Cash flows from operating activities before financial items	7,214	7,564	5,228
Interest received	935	908	283
Interest elements of lease payments	(35)	(24)	(15)
Interest paid		(1)	(1)
Corporate taxes (paid)/received	(343)	(1,067)	(1,583)
Net cash provided by operating activities	7,771	7,380	3,912
Cash flows from investing activities:
Investment in intangible assets	(117)	(10)
Investment in tangible assets	(187)	(366)	(317)
Marketable securities bought	(8,581)	(10,876)	(9,659)
Marketable securities sold	11,279	10,001	7,254
Other investments bought	(55)	(31)	(39)
Net cash (used in) investing activities	(9,907)	(1,282)	(2,761)
Cash flows from financing activities:
Warrants exercised	129	152	280
Principal elements of lease payments	(60)	(91)	(73)
Purchase of treasury shares	(3,879)	(564)	(908)
Payment of withholding taxes on behalf of employees on net settled RSUs	(109)	(103)	(88)
Net cash (used in) financing activities	(3,919)	(606)	(789)
Changes in cash and cash equivalents	(6,055)	5,492	362
Cash and cash equivalents at the beginning of the period	14,867	9,893	8,957
Exchange rate adjustments	1,046	(518)	574
Cash and cash equivalents at the end of the period	9,858	14,867	9,893
Cash and cash equivalents include:
Bank deposits	9,776	13,514	9,299
Short-term marketable securities	82	1,353	594
Cash and cash equivalents at the end of the period	9,858	14,867	9,893
Parent Company \| Reportable Legal Entities
Cash flows from operating activities:
Net profit before tax	14,493	6,021
Financial income	(17,404)	(2,199)
Financial Expenses	12,239	1,871
Adjustment for non-cash transactions
Share-based compensation expense	88	84
Depreciation	40	32
Amortization	36	29
Impairment charges	282
Change in operating assets and liabilities
Receivables	(1,173)	1,062
Inventories	22	(31)
Other Payables	352	207
Cash flows from operating activities before financial items	8,975	7,076
Interest received	905	888
Interest elements of lease payments	(10)	(9)
Interest paid		(1)
Corporate taxes (paid)/received	(317)	(1,056)
Net cash provided by operating activities	9,553	6,898
Cash flows from investing activities:
Transactions with subsidiaries	(14,198)	868
Investment in intangible assets	(198)	(82)
Investment in tangible assets	(6)	(117)
Marketable securities bought	(8,581)	(10,876)
Marketable securities sold	11,279	10,001
Other investments bought	(42)	(30)
Net cash (used in) investing activities	(11,746)	(236)
Cash flows from financing activities:
Warrants exercised	129	152
Principal elements of lease payments	(13)	(15)
Purchase of treasury shares	(3,879)	(564)
Payment of withholding taxes on behalf of employees on net settled RSUs	(109)	(103)
Net cash (used in) financing activities	(3,872)	(530)
Changes in cash and cash equivalents	(6,065)	6,132
Cash and cash equivalents at the beginning of the period	14,467	8,830
Exchange rate adjustments	591	(495)
Cash and cash equivalents at the end of the period	8,993	14,467	8,830
Cash and cash equivalents include:
Bank deposits	8,911	13,114
Short-term marketable securities	82	1,353
Cash and cash equivalents at the end of the period	kr 8,993	kr 14,467	kr 8,830

Inventories (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories
Total inventories	kr 62	kr 57
Gross
Inventories
Raw materials	4	14
Finished goods	79	59
Total inventories	83	73
Accumulated impairment
Inventories
Total inventories	(21)	(16)
Reportable Legal Entities \| Parent Company
Inventories
Total inventories	10	31
Reportable Legal Entities \| Parent Company \| Gross
Inventories
Raw materials	4	14
Finished goods	6	19
Total inventories	kr 10	33
Reportable Legal Entities \| Parent Company \| Accumulated impairment
Inventories
Total inventories		kr (2)

Capital Structure, Financial Risk and Related Items - Weighted Average Outstanding Warrants (Details) - kr / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining contractual life	4 years 2 months 26 days	4 years 1 month 9 days
Number of warrants exercisable	446,416	416,541	434,179
Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options	kr 3,172	kr 3,172
Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of outstanding share options	kr 962	kr 962

Other Disclosures - Remuneration To Executive Management (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation
Share-based compensation expenses	kr 4.0	kr 3.0	kr 2.0
Total	262.0	174.0	127.0
Executive Management
Share-Based Compensation
Base Salary	42.5	36.6	27.1
Defined Contribution Plans	3.4	2.7	1.7
Other Benefits	21.3	0.4	0.3
Annual Cash Bonus	28.9	25.7	19.7
Share-based compensation expenses	147.1	94.0	65.6
Total	243.2	159.4	114.4
Jan van de Winkel
Share-Based Compensation
Base Salary	9.7	9.2	8.6
Defined Contribution Plans	1.7	1.3	1.3
Other Benefits	0.2	0.3	0.3
Annual Cash Bonus	8.8	9.2	8.6
Share-based compensation expenses	34.4	24.3	22.9
Total	54.8	44.3	41.7
Anthony Pagano
Share-Based Compensation
Base Salary	4.7	4.4	4.3
Defined Contribution Plans	0.1	0.1	0.1
Annual Cash Bonus	2.7	2.6	2.6
Share-based compensation expenses	16.5	12.5	9.5
Total	24.0	19.6	16.5
Anthony Mancini
Share-Based Compensation
Base Salary	3.0	4.9	4.7
Defined Contribution Plans	0.1	0.1	0.1
Other Benefits	16.5
Annual Cash Bonus	3.0	2.9	2.8
Share-based compensation expenses	28.9	13.9	11.4
Total	51.5	21.8	19.0
Judith Klimovsky
Share-Based Compensation
Base Salary	5.3	5.0	4.9
Defined Contribution Plans	0.1	0.1	0.1
Other Benefits	0.1
Annual Cash Bonus	3.0	3.0	2.9
Share-based compensation expenses	19.4	13.6	14.1
Total	27.9	21.7	22.0
Tahamtan Ahmadi
Share-Based Compensation
Base Salary	5.0	4.7	4.6
Defined Contribution Plans	0.1	0.1	0.1
Annual Cash Bonus	2.8	2.9	2.8
Share-based compensation expenses	17.9	12.1	7.7
Total	25.8	19.8	kr 15.2
Birgitte Stephensen
Share-Based Compensation
Base Salary	2.9	2.6
Defined Contribution Plans	0.3	0.3
Annual Cash Bonus	1.7	1.5
Share-based compensation expenses	8.3	5.7
Total	13.2	10.1
Christopher Cozic
Share-Based Compensation
Base Salary	3.4	3.3
Defined Contribution Plans	0.1	0.1
Annual Cash Bonus	2.0	2.0
Share-based compensation expenses	11.1	7.8
Total	16.6	13.2
Martine van Vugt
Share-Based Compensation
Base Salary	2.9	2.5
Defined Contribution Plans	0.7	0.6
Other Benefits	0.1	0.1
Annual Cash Bonus	1.6	1.6
Share-based compensation expenses	5.7	4.1
Total	11.0	kr 8.9
Brad Bailey
Share-Based Compensation
Base Salary	3.9
Defined Contribution Plans	0.1
Other Benefits	0.6
Annual Cash Bonus	2.4
Share-based compensation expenses	4.1
Total	11.1
Rayne Waller
Share-Based Compensation
Base Salary	1.7
Defined Contribution Plans	0.1
Other Benefits	3.8
Annual Cash Bonus	0.9
Share-based compensation expenses	0.8
Total	kr 7.3

Capital Structure, Financial Risk and Related Items

12 Months Ended

Dec. 31, 2024

Capital Structure, Financial Risk and Related Items

Section 4 – Capital Structure, Financial Risk and Related Items

This section includes disclosures related to how Genmab manages its capital structure, cash position and related risks and items. Genmab is primarily financed through partnership collaborations.

4.1 – Capital Management

Genmab’s goal is to maintain a strong capital base so as to maintain investor, creditor and market confidence, and to have adequate liquidity to support the continuous advancement of Genmab’s product pipeline and business in general. To achieve this goal Genmab invests in different liquidity tiers. To meet operational goals, Genmab invests in cash and cash equivalents (marketable securities). To ensure sufficient reserves, Genmab invests in short-term securities with an average duration of about six months, which serves as back-up liquidity for the operating tier. For strategic purposes, Genmab has short term investments to support the Company’s growth over the longer term. Most of Genmab’s cash and marketable securities are in USD due to having a larger USD expenditure base than DKK, which provides better matching of investment balances with actual expenditures. Genmab is primarily financed through revenues under various collaboration agreements and had, as of December 31, 2024, cash, and cash equivalents of DKK 9,858 million and marketable securities of DKK 11,243 million compared to DKK 14,867 million and DKK 13,268 million, respectively, as of December 31, 2023. Genmab’s cash and cash equivalents and marketable securities support the advancement of our product pipeline and operations.

The adequacy of our available funds will depend on many factors, including the level of DARZALEX and other royalty streams, progress in our research and development programs, the magnitude of those programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future acquisitions. Accordingly, Genmab may require additional funds and may attempt to raise additional funds through equity or debt financings, collaborative agreements with partners, or from other sources.

During the fourth quarter of 2024, Genmab entered into an unsecured three-year revolving credit facility (“Credit Facility”) of up to USD 300 million with a syndicate of lenders. Genmab intends to use the Credit Facility to finance working capital needs, and for general corporate purposes, of Genmab A/S and its subsidiaries. The Credit Facility includes options to increase the size of the facility up to USD 500 million as well as the ability to extend for an additional two years. The Credit Facility contains certain customary financial covenants. As of December 31, 2024, there were no outstanding amounts due on, nor any usage of, the Credit Facility and Genmab was in compliance with all financial covenants.

The Board monitors the share and capital structure to ensure that Genmab’s capital resources support its strategic goals.

Neither Genmab A/S nor any of its subsidiaries are subject to externally imposed capital requirements.

4.2 – Financial Risk

The financial risks of Genmab are managed centrally.

The overall risk management guidelines have been approved by the Board of Directors and include the Group’s investment policy related to our marketable securities. The Group’s risk management guidelines are

established to identify and analyze the risks faced by the Genmab Group, to set the appropriate risk limits and controls and to monitor the risks and adherence to limits. It is Genmab’s policy not to actively speculate in financial risks. The Group’s financial risk management is directed solely towards monitoring and reducing financial risks which are directly related to Genmab’s operations.

The primary objective of Genmab’s investment activities is to preserve capital and ensure liquidity with a secondary objective of maximizing the return derived from security investments without significantly increasing risk. Therefore, our investment policy includes among other items, guidelines and ranges for which investments (which are primarily shorter-term in nature) are considered to be eligible investments for Genmab and which investment parameters are to be applied, including maturity limitations and credit ratings. In addition, the policy includes specific diversification criteria and investment limits to minimize the risk of loss resulting from over-concentration of assets in a specific class, issuer, currency, country, or economic sector.

Genmab’s marketable securities are administered by external investment managers. The investment guidelines and managers are reviewed regularly to reflect changes in market conditions, Genmab’s activities and financial position. Genmab’s investment policy allows investments in debt rated BBB- or greater by S&P or Fitch and in debt rated Baa3 or greater by Moody’s. The policy also includes additional allowable investment types such as corporate debt, commercial paper, certificates of deposit, and certain types of AAA rated asset-backed securities.

In addition to the capital management and financing risk mentioned in Note 4.1, Genmab has identified the following key financial risk areas, which are mainly related to our marketable securities portfolio:

credit risk;

foreign currency risk; and

interest rate risk

All of Genmab’s marketable securities are traded in established markets. Given the current market conditions, all future cash inflows, including re-investments of proceeds from the disposal of marketable securities, are invested in highly liquid, investment grade securities. Refer to Note 4.4 for additional information regarding marketable securities.

CREDIT RISK

Genmab is exposed to credit risk and losses on marketable securities, bank deposits and receivables. The maximum credit exposure related to Genmab’s cash and cash equivalents and marketable securities was DKK 21,101 million as of December 31, 2024, compared to DKK 28,135 million as of December 31, 2023. The maximum credit exposure to Genmab’s receivables was DKK 6,642 million as of December 31, 2024 compared to DKK 5,009 million as of December 31, 2023.

Marketable Securities

To manage and reduce credit risks on our securities, Genmab’s policy is to ensure only securities from investment grade issuers are eligible for our portfolios. No issuer of marketable securities can be accepted if the issuer, at the time of purchase, does not have the credit quality equal to or better than the rating shown in the table below from at least one of the rating agencies. If an issuer is rated by more than one of the rating agencies listed below, the credit assessment is made against the lowest rating available for the issuer.

Category	S&P	Moody’s	Fitch
Short-term	A-2	P-2	F-2
Long-term	BBB-	Baa3	BBB-

Genmab’s current portfolio is spread over a number of different securities with a focus on liquidity and security. As of December 31, 2024, 71% of Genmab’s marketable securities were long-term A rated or higher, or short-term A-1 / P-1 rated by S&P, Moody’s or Fitch compared to 72% as of December 31, 2023. The total value of marketable securities amounted to DKK 11,243 million at the end of 2024 compared to DKK 13,268 million at the end of 2023.

Cash and Cash Equivalents

To reduce the credit risk on our bank deposits, Genmab’s policy is only to invest its cash deposits with highly rated financial institutions. Currently, these financial institutions have a short-term Fitch and S&P rating of at least F-1 and A-1, respectively. In addition, Genmab maintains bank deposits at a level necessary to support the short-term funding requirements of Genmab. The total value of bank deposits including AAA rated money market funds and short-term marketable securities classified as cash equivalents amounted to DKK 9,858 million as of December 31, 2024 compared to DKK 14,867 million at the end of 2023. The decrease was primarily the result of cash used to acquire ProfoundBio in the second half of 2024.

Receivables

The credit risk related to our receivables is not significant based on the high-quality nature of Genmab’s collaboration partners. As disclosed in Note 2.2, J&J, Novartis, Roche, AbbVie and BioNTech are Genmab’s primary partners in which receivables are established for royalties, milestone revenue and reimbursement revenue. These are long-standing relationships and Genmab does not have a history of writing off receivables from collaboration partners.

FOREIGN CURRENCY RISK

Genmab’s presentation currency is the DKK; however, Genmab’s revenues and expenses are in a number of different currencies. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on Genmab’s cash flows, profit (loss) and/or financial position in DKK.

The majority of Genmab’s revenue is generated in USD. Exchange rate changes to the USD will result in changes to the translated value of future net profit before tax and cash flows. Genmab’s revenue in USD was 79% of total revenue in 2024 as compared to 86% in 2023 and 89% in 2022.

Under our license agreement with J&J for DARZALEX, for purposes of calculating royalties due to Genmab, DARZALEX net sales for non-U.S. dollar denominated currencies are translated to U.S. dollars at a specified annual Currency Hedge Rate. Movements in foreign exchanges against the annual Currency Hedge Rate will result in changes to royalties due to Genmab impacting net profit before tax and cash flows.

There is also exposure that exchange rate fluctuations may impact equity as part of the currency translation adjustments required to convert the investments in foreign subsidiaries from their respective functional currencies to the presentation currency during consolidation, however any such fluctuations would be immaterial. The foreign subsidiaries are not significantly affected by currency risks as both revenues and expenses are primarily settled in the foreign subsidiaries’ functional currencies.

Foreign currency risk is primarily concentrated at the Genmab A/S level as transactions with subsidiaries are primarily in the functional currency of the subsidiary. To manage and reduce this foreign currency risk, Genmab maintains a large portion of its investment portfolio in marketable securities in USD (approximately 76%) as well as a portion of our investment portfolio in DKK, EUR, and GBP denominated securities as a natural partial hedge of Genmab A/S’ liability exposures in these currencies.

Assets and Liabilities in Foreign Currency

Genmab’s marketable securities denominated in USD, DKK, EUR, and GBP as a percentage of total marketable securities were as follows:



Percent	2024		2023

USD	76	%	81	%
DKK	15	%	12	%
EUR	8	%	6	%
GBP	1	%	1	%
Total at December 31	100	%	100	%

Genmab’s USD currency exposure is mainly related to cash and cash equivalents, marketable securities, and receivables related to our collaborations with J&J, AbbVie, and Roche. Significant changes in the exchange rate of USD to DKK could cause net profit before tax to change materially as gains and losses are recognized in the Consolidated Statements of Comprehensive Income. Based on the amount of assets and liabilities denominated in USD as of December 31, 2024 and 2023, a 10% increase/decrease in the USD to DKK exchange rate is estimated to impact Genmab’s net profit before tax by approximately DKK 1.9 billion and DKK 2.7 billion, respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The movements in the income statement and equity arise from monetary items (cash and cash equivalents, marketable securities, receivables, and liabilities) where the functional currency of the entity differs from the currency that the monetary items are denominated in.

Genmab’s EUR exposure is mainly related to our marketable securities, receivables under our collaboration with BioNTech, and other costs denominated in EUR. Since the introduction of the EUR in 1999, Denmark has committed to maintaining a central rate of 7.46 DKK to the EUR. This rate may fluctuate within a +/- 2.25% band. Should Denmark’s policy toward the EUR change, the DKK values of our EUR denominated assets and costs could be materially different compared to what is calculated and reported under the existing Danish policy toward the DKK/EUR. As of December 31, 2024 and 2023, Genmab’s EUR exposure is not material.

Genmab’s GBP currency exposure is mainly related to contracts and marketable securities denominated in GBP. As of December 31, 2024 and 2023, Genmab’s GBP exposure is not material.

INTEREST RATE RISK

Genmab’s exposure to interest rate risk is primarily related to marketable securities, as Genmab currently does not have significant interest-bearing debts.

Marketable Securities

The securities in which the Group has invested bear interest rate risk, as a change in market-derived interest rates may cause fluctuations in the fair value of the investments. In accordance with the objective of the investment activities, the portfolio of securities is monitored on a total return basis.

To control and minimize the interest rate risk, Genmab maintains an investment portfolio in a variety of securities with a relatively short effective duration with both fixed and variable interest rates.

A sensitivity analysis was performed on Genmab’s marketable securities, and based on exposures in 2023 and 2024, a hypothetical +/- 1% interest rate change would not have resulted in a material change in the fair values of these financial instruments. Due to the short-term nature of the current investments and to the extent that Genmab is able to hold the investments to maturity, the current exposure to changes in fair value due to interest rate changes is considered to be insignificant compared to the fair value of the portfolio.


(DKK million)	2024	2023

Year of Maturity
2024	-	6,742
2025	5,000	3,717
2026	3,209	2,175
2027	2,314	232
2028	329	143
2029+	391	259
Total at December 31	11,243	13,268

4.3 —Financial Assets and Liabilities

CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES


		December 31,
(DKK million)	Note	2024	2023
Financial assets measured at fair value through profit or loss
Marketable securities	4.4	11,243	13,268
Other investments	3.4	228	134
Financial assets measured at amortized cost
Receivables excluding prepayments	3.6	6,386	4,768
Cash and cash equivalents		9,858	14,867
Financial liabilities measured at amortized cost
Lease liabilities	3.3	(1,029)	(770)
Other payables excluding provisions	3.8	(3,482)	(2,316)

FAIR VALUE MEASUREMENT


		December 31,
		2024				2023
(DKK million)	Note	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Assets Measured at Fair Value
Marketable securities	4.4	11,243	-	-	11,243	13,268	-	-	13,268
Other investments	3.4	38	14	176	228	47	-	87	134

Marketable Securities

Substantially all fair market values are determined by reference to external sources using unadjusted quoted prices in established markets for our marketable securities (Level 1).

Other Investments

There were no transfers into or out of Level 3 during 2024 or 2023. Acquisitions (capital calls), fair value changes and foreign currency changes on Level 3 investments in 2024 and 2023 were as follows:


(DKK million)	Other Investments
Fair value at December 31, 2022	66
Acquisitions	30
Fair value changes	(9)
Fair value at December 31, 2023	87
Acquisitions	42
Fair value changes	43
Foreign currency changes	4
Fair value at December 31, 2024	176

ACCOUNTING POLICIES

CLASSIFICATION OF CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES

Genmab classifies its financial assets held into the following measurement categories:

●

those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

●

those to be measured at amortized cost.

The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.

Genmab reclassifies debt investments only when its business model for managing those assets changes.

Further details about the accounting policy for each of the categories are outlined in the respective notes.

FAIR VALUE MEASUREMENT

Genmab measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amortized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

●

In the principal market for the asset or liability, or

●

In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by Genmab.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

Genmab uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

For financial instruments that are measured in the balance sheet at fair value, IFRS 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, Genmab determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.

4.4 – Marketable Securities


	Market value	Share	Market value	Share
(DKK million)	2024	%	2023	%

USD portfolio
Corporate bonds	5,082	45%	6,039	46%
US government bonds and treasury bills	2,533	22%	3,247	24%
Commercial paper	191	2%	451	3%
Other	816	7%	1,003	8%
Total USD portfolio	8,622	76%	10,740	81%

DKK portfolio
Kingdom of Denmark bonds and treasury bills	429	4%	419	3%
Danish mortgage-backed securities	1,217	11%	1,170	9%
Total DKK portfolio	1,646	15%	1,589	12%

EUR portfolio
European government bonds and treasury bills	886	8%	858	6%

GBP portfolio
UK government bonds and treasury bills	89	1%	81	1%

Total portfolio at December 31	11,243	100%	13,268	100%

Marketable securities at December 31	11,243		13,268

Refer to Note 4.2 for additional information regarding the risks related to our marketable securities.

ACCOUNTING POLICIES

Marketable securities are debt instruments that consist of investments in securities with a maturity of 90 days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. Genmab assesses its debt instruments to determine classification based on the following measurement categories:

●

Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other financial income or expenses, together with foreign exchange gains and losses. Impairment losses, when material, are presented as a separate line item in the Consolidated Statements of Comprehensive Income.

●

Fair value through other comprehensive income (FVOCI): Assets that are held to achieve an objective by both collecting contractual cash flows as well as selling financial assets and where those cash flows represent solely payments of principal and interest, are measured at FVOCI. Changes in fair value on a debt investment that is subsequently measured at FVOCI are recognized in other comprehensive income. Impairment gains and losses, interest income and foreign exchange gains and losses are recognized in the Consolidated Statements of Comprehensive Income and presented within financial income or expenses in the period in which they arise.

●

Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in the Consolidated Statements of Comprehensive Income and presented net within financial income or expenses in the period in which it arises.

Genmab’s portfolio is managed and evaluated on a fair value basis in accordance with its stated investment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at FVPL. This classification is consistent with the prior year’s classification.

Genmab invests its cash in deposits with major financial institutions, in AAA rated money market funds, Danish mortgage bonds, investment grade rated corporate debt, commercial paper, certificates of deposit, certain types of AAA rated asset backed securities, U.S. Agency bonds, and notes issued by the Danish, European and U.S. governments. The securities can be purchased and sold using established markets.

Transactions are recognized at the trade date.

4.5 – Financial Income and Expenses


(DKK million)	2024	2023	2022

Financial income:
Interest and other financial income	995	982	324
Gain on marketable securities	364	495	92
Gain on other investments	146	72	58
Foreign exchange rate gain	2,933	391	2,715

Total financial income	4,438	1,940	3,189


Financial expenses:
Interest and other financial expenses	(120)	(70)	(39)
Loss on marketable securities	(147)	(176)	(453)
Loss on other investments	(116)	(98)	(355)
Foreign exchange rate loss	(1,594)	(1,280)	(1,664)

Total financial expenses	(1,977)	(1,624)	(2,511)

Net financial items	2,461	316	678

Interest Income

Interest income was DKK 995 million in 2024 compared to DKK 982 million in 2023 and DKK 324 million in 2022. The increase of DKK 13 million, or 1% from 2023 to 2024, was primarily driven by the higher cash and cash equivalents and marketable securities in the first half of 2024 compared to 2023, almost entirely offset by lower cash and cash equivalents and marketable securities in the second half of 2024 compared to 2023 as a result of liquidating marketable securities and using cash to purchase ProfoundBio. The increase of 658 million, or 203% from 2022 to 2023 was primarily driven by higher effective interest rates in the U.S., Europe, and Denmark.

FOREIGN EXCHANGE RATE GAINS AND LOSSES

Foreign exchange rate gains, net of DKK 1,339 million in 2024 compared to foreign exchange rate loss, net of DKK 889 million in 2023 was primarily driven by foreign exchange movements impacting Genmab’s USD denominated marketable securities and cash and cash equivalents. Foreign exchange rate loss, net of DKK 889 million in 2023 compared to foreign exchange rate gain, net of DKK 1,051 million in 2022 was primarily driven by foreign exchange movements impacting Genmab’s USD denominated marketable securities and cash and cash equivalents; in particular, the USD/DKK foreign exchange rates were as follows for each period:


	December 31,	December 31,	December 31,
	2024	2023	2022
USD/DKK Foreign Exchange Rates	7.1429	6.7447	6.9722
% Increase/(Decrease)	6%	(3)%	6%

Refer to Note 4.2 for additional information on foreign currency risk.

marketable securities gains and losses

Gain on marketable securities, net was DKK 217 million in 2024 compared to gain on marketable securities, net of DKK 319 million in 2023 and loss on marketable securities, net of DKK 361 million in 2022. The decrease in gain of DKK 102 million, or 32% from 2023 to 2024 was primarily driven by the decrease in marketable securities in the first half of 2024 to fund the acquisition of ProfoundBio and share repurchase as well as changing interest rate outlooks for the U.S., primarily in the fourth quarter of 2024. The increase in gain of DKK 680 million, or 188% from 2022 to 2023, was primarily driven by interest rate outlooks for the U.S. and Europe.

OTHER INVESTMENTS

Gains on other investments, net were DKK 30 million in 2024, losses on other investments, net were DKK 26 million in 2023 and DKK 297 million in 2022. The net gains and losses in 2024 and 2023 were primarily driven by changes in fair value of Genmab’s investments in certain strategic investment funds. The losses in 2022 were primarily driven by the change in fair value of Genmab’s investment in common shares of CureVac.

ACCOUNTING POLICIES

Financial income and expenses include interest as well as foreign exchange rate adjustments and gains and losses on marketable securities (designated as FVPL) and realized gains and losses and write-downs of other securities and equity interests.

Interest income is shown separately from gains and losses on marketable securities and other securities and equity interests.

4.6 – Share-Based Instruments

Restricted Stock Unit Program

Genmab A/S 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 (PSUs).

RSUs are granted by the Board of Directors. RSU grants to members of the Board of Directors and members of the registered Executive Management are subject to the Remuneration Policy adopted at the Annual General Meeting.

See the table below for a summary of key terms of Genmab’s RSU programs:


	RSUs Granted in Periods
Key Terms	December 2019 - February 2021	From February 2021
Grants	RSUs are granted at no cost to employees. Number of shares granted is determined based on closing share price on the grant date.
Vesting (Settlement)	Cliff vesting – RSUs become fully vested on the first banking day of the month following a period of three years from the grant date. The three year cliff vesting also applies to PSUs, while also subject to the degree of fulfilment of the applicable performance criteria. After RSUs vest, the holder receives one share in Genmab A/S for each RSU granted. In jurisdictions in which Genmab as an employer is required to withhold tax and settle with the tax authority on behalf of the employee, Genmab withholds the number of RSUs that are equal to the monetary value of the employee’s tax obligation from the total number of RSUs that otherwise would have been issued to the employee upon vesting (“net settlement”). Genmab A/S may at its sole discretion in extraordinary circumstances choose to make a cash settlement instead of delivering shares.
Leaver	Leavers – Forfeit all unvested RSUs except when due to retirement, death, serious sickness, or serious injury, in which case granted but not yet vested RSUs shall remain outstanding and will be settled in accordance with their terms. Notwithstanding the above, the December 2020 RSU grant to members of the Board was made subject to pro-rata vesting upon termination of board services. Employees and Executive Management – RSUs remain outstanding and vest accordingly when the employment relationship is terminated by Genmab without cause.	Good-Leavers¹- May maintain a pro-rata portion of unvested RSUs. Bad-Leavers² – Forfeit all unvested RSUs. Death – Forfeit all unvested RSUs. Voluntary leavers forfeit unvested RSUs.

1 – “Good-Leaver” – Dismissal without cause or termination of employment due to Genmab’s material breach of the RSU or Warrant holder’s employment terms, or if the participant is a member of the Board, if the membership of the Board ceases for any other reason than as a result of the participant’s death.

2 - “Bad-leaver” - Dismissed for cause or during the employment probationary period.

The RSU program contains anti-dilution provisions if changes occur in Genmab’s share capital prior to the vesting date and provisions to accelerate vesting of RSUs in the event of change of control as defined in the RSU program.

RSU Activity in 2024, 2023 and 2022


	Number of RSUs held by the Board of Directors	Number of RSUs held by the Executive Management	Number of RSUs held by employees	Number of RSUs held by former members of the Executive Management, Board of Directors and employees	Total RSUs	Weighted Average Fair Value - RSUs Granted - DKK	Total Fair Value of RSUs Granted - DKK million
Outstanding at January 1, 2022	10,965	89,043	293,031	12,952	405,991
Granted*	4,295	40,453	221,000	6,383	272,131	2,250.18	612
Settled	(3,420)	(17,165)	(67,945)	(12,847)	(101,377)
Transferred	(2,368)	-	(13,749)	16,117	-
Forfeited	(653)	-	(9,195)	(18,759)	(28,607)

Outstanding at December 31, 2022	8,819	112,331	423,142	3,846	548,138

Outstanding at January 1, 2023	8,819	112,331	423,142	3,846	548,138
Granted*	3,361	75,854	208,353	11,643	299,211	2,619.35	784
Settled	(1,880)	(35,773)	(54,871)	(9,805)	(102,329)
Transferred	-	12,918	(55,103)	42,185	-
Forfeited	-	(4,357)	(35)	(37,984)	(42,376)

Outstanding at December 31, 2023	10,300	160,973	521,486	9,885	702,644

Outstanding at January 1, 2024	10,300	160,973	521,486	9,885	702,644
Granted*	7,097	121,063	344,068	14,484	486,712	1,977.87	963
Settled	(3,367)	(35,320)	(112,663)	(12,465)	(163,815)
Transferred	-	(19,924)	(37,348)	57,272	-
Forfeited	-	(11,667)	(71)	(38,178)	(49,916)

Outstanding at December 31, 2024	14,030	215,125	715,472	30,998	975,625

*RSUs held by the Board of Directors include RSUs granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.

Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.

Warrant Program

Genmab A/S has established a warrant program (equity-settled share-based payment transactions) as an incentive for all the Genmab Group’s employees.

Warrants are granted by the Board of Directors in accordance with authorizations given to it by Genmab A/S’ shareholders.

Following Genmab’s Annual General Meeting on March 29, 2023, members of the registered Executive Management and members of the Board may only be granted RSUs.

See the table below for a summary of key terms of Genmab’s warrant programs:


	Warrants Granted in Periods
Key Terms	April 2012 - March 2017	March 2017 - February 2021	From February 2021
Grants	Warrants are granted at no cost to employees. Granted at an exercise price equal to the closing share price on the grant date.
Vesting (Exercisable)	Annually over 4-year period (25% per year)	Cliff vesting over 3-year period (100% after 3 years)
Leaver	Leavers - Forfeit all unvested warrants; however, will be able to exercise pro-rata portion of warrants on a regular schedule in instances where the employment relationship is terminated by Genmab without cause.		Good-Leavers - Maintain a pro-rata portion of unvested warrants. Bad-Leavers - Forfeit all unvested warrants. Death - Forfeit all unvested warrants. Voluntary leavers forfeit all unvested warrants.
Lapse	7th anniversary of grant date

The warrant program contains anti-dilution provisions if changes occur in Genmab’s share capital prior to the warrants being exercised and provisions to accelerate vesting of warrants in the event of change of control or certain other extraordinary transactions as defined in the warrant program.

Warrant Activity in 2024, 2023 and 2022


	Number of warrants held by the Board of Directors	Number of warrants held by the Executive Management	Number of warrants held by employees	Number of warrants held by former members of the Executive Management, Board of Directors and employees	Total warrants	Weighted average exercise price - DKK	Weighted average share price at exercise date - DKK	Outstanding Warrants - % of Share Capital

Outstanding at January 1, 2022	10,658	159,634	739,000	59,159	968,451	1,501.49
Granted*	1,541	-	250,005	7,412	258,958	2,244.22
Exercised	(1,558)	(29,836)	(176,948)	(34,775)	(243,117)	1,154.95	2,815.33
Expired	-	-	-	-	-	-
Forfeited	-	-	(13,670)	(32,654)	(46,324)	2,029.00
Transfers	(8,721)	-	(25,373)	34,094	-	-

Outstanding at December 31, 2022	1,920	129,798	773,014	33,236	937,968	1,770.31		1%


Exercisable at year end	617	118,571	282,296	32,695	434,179	1,265.68
Exercisable warrants in the money at year end	617	118,571	282,296	32,695	434,179	1,265.68

Outstanding at January 1, 2023	1,920	129,798	773,014	33,236	937,968	1,770.31
Granted*	403	-	198,001	10,973	209,377	2,632.02
Exercised	-	(11,900)	(74,672)	(26,390)	(112,962)	1,341.40	2,657.76
Expired	-	-	(1,200)	(117)	(1,317)	1,225.18
Forfeited	-	-	(32)	(43,143)	(43,175)	2,274.50
Transfers	-	21,295	(103,396)	82,101	-	-

Outstanding at December 31, 2023	2,323	139,193	791,715	56,660	989,891	1,980.25		1%


Exercisable at year end	875	123,345	246,635	45,686	416,541	1,416.25
Exercisable warrants in the money at year end	617	123,345	192,945	43,632	360,539	1,272.37

Outstanding at January 1, 2024	2,323	139,193	791,715	56,660	989,891	1,980.25
Granted*	694	-	354,255	14,898	369,847	1,974.71
Exercised	-	(63,811)	(31,721)	(17,119)	(112,651)	1,143.29	1,877.19
Expired	-	-	(155)	(132)	(287)	1,032.00
Forfeited	-	-	(73)	(39,564)	(39,637)	2,300.10
Transfers	-	555	(53,903)	53,348	-	-
		.
Outstanding at December 31, 2024	3,017	75,937	1,060,118	68,091	1,207,163	2,046.38		2%


Exercisable at year end	1,226	63,405	321,099	60,686	446,416	1,759.86
Exercisable warrants in the money at year end	-	46,166	77,669	25,477	149,312	1,131.68

*Warrants held by the Board include warrants granted to employee-elected Board Members as employees of Genmab A/S or its subsidiaries.

Refer to Note 5.1 for additional information regarding compensation of the Executive Management and the Board of Directors.

Weighted Average Outstanding Warrants at December 31, 2024

As of December 31, 2024, the range of exercise prices for outstanding warrants was DKK 962 to DKK 3,172 with a weighted average remaining contractual life of 4.24 years. As of December 31, 2023, the range of exercise prices for outstanding warrants was DKK 962 to DKK 3,172 with a weighted average remaining contractual life of 4.11 years.

ACCOUNTING POLICIES

SHARE-BASED COMPENSATION EXPENSES

Share-based compensation expense is recognized in the Consolidated Statements of Comprehensive Income based on the estimated fair value of the awards at grant date. Subsequently, the fair value is not remeasured. The expense recognized reflects an estimate of the number of awards expected to vest after taking into consideration an estimate of award forfeitures based on historical experience and is recognized on a straight-line basis over the requisite service period, which is the vesting period. Genmab reassesses its estimate of the number of shares expected to vest periodically.

Management expectations related to the achievement of performance goals associated with performance-based RSU grants are assessed periodically, and that assessment is used to determine whether such grants are expected to vest or if any revision to the current estimate is required. Genmab recognizes the impact of the revised estimate of the number of awards expected to vest, if any, as an adjustment to the income statement over the remaining vesting period. If performance-based milestones related to performance-based RSU grants are not met or not expected to be met, any share-based compensation expense recognized to date associated with grants that are not expected to vest will be reversed.

Share-based compensation expenses represent calculated values of warrants, RSUs and performance-based RSUs granted and do not represent actual cash expenditures. A corresponding amount is recognized in shareholders’ equity as the warrant, RSU and performance-based RSU programs are designated as equity-settled share-based payment transactions.

The fair value of each RSU and performance-based RSU granted during the year are calculated using the closing share price on the grant date. Below is a description on how the fair value of warrants is measured and the estimates involved.

MANAGEMENT’S JUDGeMENTS AND ESTIMATES

SHARE-BASED COMPENSATION EXPENSES

The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:

The expected stock price volatility, which is based upon the historical volatility of Genmab’s stock price;

The risk-free interest rate, which is determined as the interest rate on Danish government bonds (bullet issues) with an average maturity of five years;

The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.

These assumptions can vary over time and can change the fair value of future warrants granted.

Valuation Assumptions for Warrants Granted in 2024, 2023 and 2022

The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model with the following assumptions:


Weighted average	2024	2023	2022
Fair value per warrant on grant date	639.67	924.10	664.08
Share price	1,974.71	2,632.02	2,244.22
Exercise price	1,974.71	2,632.02	2,244.22
Expected dividend yield	0%	0%	0%
Expected stock price volatility	32.3%	35.3%	33.5%
Risk-free interest rate	2.26%	2.48%	0.15%
Expected life of warrants	5 years	5 years	5 years

Total Fair Value of Amounts Granted	2024	2023	2022
Total fair value of warrants granted	DKK 237 million	DKK 193 million	DKK 172 million

4.7 – Share Capital

SHARE CAPITAL

The share capital comprises the nominal amount of Genmab A/S ordinary shares, each at a nominal value of DKK 1. All shares are fully paid.

As of December 31, 2024, the share capital of Genmab A/S comprised 66,187,186 shares of DKK 1 each with one vote. There are no restrictions related to the transferability of the shares. All shares are regarded as negotiable instruments and do not confer any special rights upon the holder, and no shareholder shall be under an obligation to allow his/her shares to be redeemed.

Genmab’s Board is authorized to increase the share capital by subscription of new shares, issue warrants to subscribe for shares and raise loans against bonds as well as other financial instruments of Genmab A/S as set out in articles 4A-5B of Genmab A/S’ articles of association. Further, Genmab’s share capital is in compliance with the capital requirements of the Danish Companies Act and the rules of Nasdaq Copenhagen.

See table below for warrants issued and reissued and warrants available for reissue under active authorizations as of December 31, 2024:


	March 13, 2024	April 13, 2021	March 29, 2019
	Authorization	Authorization	Authorization
Warrants issued	-	585,692	500,000
Warrants reissued	-	41,143	81,684
Warrants available for issue	750,000	164,308	-
Warrants available for reissue	-	4,550	-

SHARE PREMIUM

The share premium reserve is comprised of the amount received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s offerings, reduced by any external expenses directly attributable to the offerings. The share premium reserve can be distributed.

CHANGES IN SHARE CAPITAL DURING 2022 TO 2024

The share capital of DKK 66 million at December 31, 2024, is divided into 66,187,186 shares at a nominal value of DKK 1 each.


	Number of shares	Share capital	Share Price Ranges¹
		(DKK million)

December 31, 2021	65,718,456	65.7

Exercise of warrants	243,117	0.3	DKK 466.20 to DKK 1,615.00

December 31, 2022	65,961,573	66.0

Exercise of warrants	112,962	0.1	DKK 815.50 to DKK 1,948.00

December 31, 2023	66,074,535	66.1

Exercise of warrants	112,651	0.1	DKK 962.00 to DKK 1,615.00

December 31, 2024	66,187,186	66.2

1 - New shares were subscribed at share prices in connection with the exercise of warrants under Genmab’s warrant program.

TREASURY SHARES


	Number of shares	Share capital	Proportion of share capital	Cost
		(DKK million)	%	(DKK million)

Shareholding at December 31, 2021	288,325	0.3	0.4	550

Purchase of treasury shares	370,000	0.4	0.6	908
Shares used for funding RSU program	(68,377)	(0.1)	(0.1)	(80)

Shareholding at December 31, 2022	589,948	0.6	0.9	1,378

Purchase of treasury shares	220,000	0.2	0.3	564
Shares used for funding RSU program	(65,778)	(0.1)	(0.1)	(126)

Shareholding at December 31, 2023	744,170	0.7	1.1	1,816

Purchase of treasury shares	2,011,853	2.0	3.0	3,879
Shares used for funding RSU program	(109,016)	(0.1)	(0.1)	(246)

Shareholding at December 31, 2024	2,647,007	2.6	4.0	5,449

SHARE REPURCHASES

As of December 31, 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 December 31, 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 2024, Genmab acquired 2,011,853 of its own shares, representing approximately 3.0% of share capital as of December 31, 2023. The total amount paid to acquire the shares, including directly attributable costs, was DKK 3,879 million and was recognized as a deduction to shareholders’ equity. During 2023, Genmab acquired 220,000 of its own shares, representing approximately 0.3% of share capital as of December 31, 2022. The total amount paid to acquire the shares, including directly attributable costs, was DKK 564 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 December 31, 2024.

As of December 31, 2024, 2,647,007 treasury shares were held by Genmab.

Operating Assets and Liabilities - Inventories (Details) - DKK (kr) kr in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Inventories [Line Items]
Total inventories	kr 62	kr 57
Gross
Schedule of Inventories [Line Items]
Raw materials	4	14
Finished goods	79	59
Total inventories	83	73
Accumulated impairment
Schedule of Inventories [Line Items]
Total inventories	kr (21)	kr (16)

Operating Assets and Liabilities - Amounts recognized in balance sheet and comprehensive income (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Assets and Liabilities
Balance at January 1	kr 686	kr 523	kr 354
Additions to right-of-use assets	329	250	243
Depreciation charge for the year	(102)	(87)	(74)
Balance at December 31	913	686	523
Lease Liabilities
Current	92	90	74
Non-current	937	680	523
Total lease liabilities	1,029	770	597
Cash outflow for lease payments	kr 96	kr 115	kr 88

Receivables

12 Months Ended

Dec. 31, 2024

Receivables

Receivables

10 – Receivables


(DKK million)	2024	2023

Receivables related to collaboration agreements	5,434	4,148
Prepayments	107	121
Receivables from subsidiaries	964	650
Interest receivables	135	149
Other receivables	72	159

Total at December 31	6,712	5,227

Non-current receivables	22	49
Current receivables	6,690	5,178

Total at December 31	6,712	5,227

Refer to Note 3.6 in the consolidated financial statements for additional information regarding receivables of the Group.

Corporate and Deferred Tax - Taxation - Shareholders' Equity (Details) - DKK (kr) kr in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Corporate and Deferred Tax
Net profit before tax	kr 9,164	kr 5,637	kr 6,945
Tax at the Danish statutory corporation tax rate of 22% for all periods	2,016	1,240	1,528
Net of non-taxable income over non-deductible expenses	92	7	73
All other	(209)	(5)	(16)
Total tax effect	(696)	45	(35)
Total tax for the period in the income statement	1,320	1,285	1,493
Total tax for the period in shareholders' equity	kr 49	kr 57	kr (22)
Effective Tax Rate	14.40%	22.80%	21.50%
Parent Company \| Reportable Legal Entities
Corporate and Deferred Tax
Net profit before tax	kr 14,493	kr 6,021
Tax at the Danish statutory corporation tax rate of 22% for all periods	3,188	1,325
Net of non-taxable income over non-deductible expenses	(659)	(52)
All other	97	4
Total tax effect	(562)	(48)
Total tax for the period in the income statement	2,626	1,277
Total tax for the period in shareholders' equity	kr 7	kr 57
Effective Tax Rate	18.10%	21.20%

Basis of Presentation

12 Months Ended

Dec. 31, 2024

Basis of Presentation

Basis of Presentation

Section 1 – Basis of Presentation

These consolidated financial statements include Genmab A/S (parent company) and subsidiaries over which the parent company has control. The Genmab consolidated Group is referenced herein as “Genmab” or the “Company.”

This section describes Genmab’s general accounting policies including management’s judgements and estimates under IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and endorsed by the EU (IFRS Accounting Standards). The specific accounting policies are described in each note in conjunction with supplementary disclosures of the specific item with the aim to provide a more understandable description of each accounting area.

1.1 – Nature of the Business and Material Accounting Policies

Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and development of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commercialized by third parties, two approved products that are jointly commercialized with a collaboration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025. Except as outlined in Note 1.2, the consolidated financial statements have been prepared using the same accounting policies as 2023.

Please refer to the overview below to see in which note/section the detailed accounting policy is included.


Section 2 – Results for the Year	3.4 Other Investments
2.1 Revenue	3.5 Inventories
2.2 Information about Geographical Areas	3.6 Receivables
2.3 Staff Costs	3.8 Other Payables
2.4 Corporate and Deferred Tax	Section 4 – Capital Structure, Financial Risk and Related Items
2.5 Profit per Share	4.3 Financial Assets and Liabilities
Section 3 – Operating Assets and Liabilities	4.4 Marketable Securities
3.1 Intangible Assets and Goodwill	4.5 Financial Income and Expenses
3.2 Property and Equipment	4.6 Share-Based Instruments
3.3 Leases	Section 5 – Other Disclosures
	5.5 Acquisition of Businesses

Materiality

Genmab’s Annual Report is based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated

financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the consolidated financial statements or in the notes.

Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the consolidated financial statements or not applicable.

Consolidated Financial Statements

The consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds investments either directly or indirectly in the following subsidiaries:

		2	1
Name	Domicile	Ownership and votes 2024	Ownership and votes 2023
Genmab B.V.	Utrecht, the Netherlands	100%	100%
Genmab Holding B.V.	Utrecht, the Netherlands	100%	100%
Genmab US, Inc.	New Jersey, USA	100%	100%
Genmab K.K.	Tokyo, Japan	100%	100%
ProfoundBio, Inc.	Delaware, USA	100%	N/A*
ProfoundBio, US Co	Delaware, USA	100%	N/A*
Profound Limited	Hong Kong, China	100%	N/A*
ProfoundBio co., Ltd.	Suzhou, China	100%	N/A*
ProfoundBio Shanghai Branch, Co., Ltd.	Shanghai, China	100%	N/A*
Beijing Puyifang Biotechnology Co., Ltd.	Beijing, China	100%	N/A*

*These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.

Genmab’s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries – prepared under Genmab’s accounting policies – by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated.

The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries’ equity. Subsidiaries are consolidated from the date when control is transferred to the Group.

Items included in the financial statements of Genmab's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency).The income statements for

subsidiaries with a different functional currency than Genmab’s presentation currency are translated into Genmab’s presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.

Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries’ income statements being translated at average exchange rates are recorded in translation reserves in shareholders’ equity.

Functional and Presentation Currency

The consolidated financial statements have been prepared in Danish Kroner (DKK), which is the functional and presentation currency of the parent company.

Foreign Currency

Transactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.

Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.

Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.

Classification of Costs and Operating Expenses in the Income Statement

Cost of Product Sales

Cost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in Cost of Product Sales are royalty payments on commercialized products. Aside from these items, there are no other costs included within cost of product sales.

Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.

Refer to Note 5.6 in the Annual Report for detailed information regarding Genmab’s Collaboration Agreement with AbbVie.

Research and Development Expenses

Research and development expenses primarily include salaries, benefits and other employee-related costs of Genmab’s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group’s research and development activities.

Refer to Note 3.1 for a more detailed description on the treatment of Genmab’s research and development expenses.

Selling, General and Administrative Expenses

Selling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance departments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.

Acquisition and Integration Related Charges

Acquisition and integration related charges for the acquisition of ProfoundBio which occurred during the second quarter of 2024.

Refer to Note 5.5 for more information regarding Genmab’s Acquisition and Integration costs related to the acquisition of ProfoundBio.

Government Grants

Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.

Statements of Cash Flows

The cash flow statement is presented using the indirect method with basis in the net profit before tax.

Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.

Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intangible assets and property and equipment.

Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.

Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.

The statements of cash flows cannot be derived solely from the consolidated financial statements.

Treasury Shares

The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.

Collaborations, License Agreements and Collaborative Agreements

Collaborations and License Agreements

Genmab continues to pursue the establishment of research collaborations and licensing agreements. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.

In regard to Genmab’s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.

Refer to Note 2.1 for additional information related to revenue from these parties.

Collaborative Agreements

Genmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.

These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab’s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.

Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.

Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements.

1.2 New Accounting Policies and Disclosures

NEW ACCOUNTING POLICIES AND DISCLOSURES FOR 2024

Genmab has, with effect from January 1, 2024, implemented the following standards and amendments:

●

Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback

●

Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, Classification of Liabilities as Current or Non-current – Deferral of Effective Date, and Non-current Liabilities with Covenants, and

●

Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements

The implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods.

NEW ACCOUNTING POLICIES AND DISCLOSURES EFFECTIVE IN 2025 OR LATER

Furthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) issued by the IASB, management does not anticipate any significant impact on the Consolidated Financial Statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the financial statements, requiring items of income and expense to be classified into five categories: operating, investing, finance, income taxes and discontinued operations along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and income taxes. IFRS 18 will not impact the recognition or measurement of items in the financial statements.

1.3 Management’s Judgements and Estimates under IFRS

In preparing financial statements under IFRS, certain provisions in the standards require management’s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures.

Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.

Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time.

Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application.

These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.

The areas involving a high degree of judgement and estimation that are significant to the consolidated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.


Accounting policy	Key accounting estimates and judgements	Note reference	Risk
Revenue recognition	Judgement in assessing whether a collaboration partner is a customer Estimation of partner net sales amounts in the calculation of royalties Estimation of variable consideration Judgement in assessing the nature of combined performance obligations within contracts	Note 2.1	High
Share-based compensation	Judgement in selecting assumptions required for valuation of warrant grants Estimation in developing forfeiture rate RSUs/warrants and probability of achievement for PSUs	Note 4.6	Moderate
Current and deferred income taxes	Judgement and estimation regarding valuation of deferred income taxes	Note 2.4	Moderate
Fair value and impairment assessment of other intangible assets and goodwill	Estimation of the fair value of other intangible assets and assessment of impairment of other intangible assets Estimation regarding the valuation of goodwill and assessment of impairment of goodwill	Notes 3.1 and 5.5	High

1.4 Revision of Prior Period Financial Statements

To facilitate comparison of information across periods, certain reclassifications and revisions have been made to prior period financial income and expense amounts to conform to the current period’s appropriate presentation.

Refer to Note 4.5 for additional information relating to financial income and expenses of the Group and Note 14 in the parent financial statements relating to financial income and expenses of the Parent.

Other Disclosure - Acquisition of Business (Details) kr in Millions, $ in Millions			12 Months Ended
	May 21, 2024 DKK (kr) item	May 21, 2024 USD ($) item	Dec. 31, 2024 DKK (kr)	May 21, 2024 USD ($)
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	79	$ 11
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

Other Disclosures - Commitments (Details) kr in Millions, $ in Millions	Dec. 31, 2024 DKK (kr)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2023 USD ($)
Commitments
Short term contractual obligations	kr 2,879		kr 3,212
Contingent commitments	kr 15,433	$ 2,161	kr 15,393	$ 2,282

Other Payables

12 Months Ended

Dec. 31, 2024

Other Payables

Other Payables

12 – Other Payables


(DKK million)	2024	2023

Liabilities related to collaboration agreements	126	47
Staff cost liabilities	91	106
Accounts payable	187	107
Payable to subsidiaries	887	2,525
Other liabilities	1,068	862

Total at December 31	2,359	3,647

Non-current other payables	20	20
Current other payables	2,339	3,627

Total at December 31	2,359	3,647

Refer to Note 3.8 in the consolidated financial statements for additional information regarding other payables of the Group.

Financial Income and Expense

12 Months Ended

Dec. 31, 2024

Financial Income and Expenses

Financial Income and Expenses

14 – Financial Income and Expenses


(DKK million)	2024	2023

Financial income:
Dividend income from subsidiaries	13,026	-
Interest and other financial income	964	962
Interest from subsidiaries	6	1
Gain on marketable securities	364	495
Gain on other investments	121	6
Foreign exchange rate gain	2,923	735

Total financial income	17,404	2,199


Financial expenses:
Impairment of investment in subsidiaries	(10,402)	-
Interest and other financial expenses	(95)	(55)
Interest to subsidiaries	(7)	(10)
Loss on marketable securities	(147)	(175)
Loss on other investments	(7)	(14)
Foreign exchange rate loss	(1,581)	(1,617)

Total financial expenses	(12,239)	(1,871)

Net financial items	5,165	328

During the fourth quarter of 2024, ProfoundBio US (an indirect subsidiary of Genmab A/S) sold its intangible assets to Genmab A/S. Following this transaction, Genmab A/S ultimately received dividend income. The dividend income received of DKK 13.0 billion was recognized as Financial Income in the financial statements of the parent company.

As a result of the above, due to the significant deterioration in the value of Genmab A/S’ indirect investment in ProfoundBio US, Genmab A/S ultimately recorded a DKK 10.4 billion loss on impairment of its investment in subsidiaries. The difference between the dividend income received by Genmab A/S in this transaction and the loss on impairment of investment in subsidiaries relates to goodwill retained at the subsidiary level. The DKK 10.4 billion impairment loss was recognized as Financial Expense in the financial statements of the parent company.

Refer to Note 5.5 in the consolidated financial statements for additional information regarding the acquisition of ProfoundBio and Note 17 in the parent company financial statements for additional information related to investment in subsidiaries.

Lease (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Schedule of cash outflow for leases


(DKK million)	2024	2023	2022

Right-of-use assets
Balance at January 1	686	523	354
Additions to right-of-use assets¹	329	250	243
Depreciation charge for the year	(102)	(87)	(74)

Balance at December 31	913	686	523

Lease liabilities
Current	92	90	74
Non-current	937	680	523

Total at December 31	1,029	770	597

^{(1) Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.}

Cash outflow for lease payments	96	115	88

Summary of balance sheet amounts relating to leases

Leases



(DKK million)	2024	2023

Right-of-use assets
Balance at January 1	232	9
Additions to right-of-use assets¹	24	242
Depreciation charge for the year	(17)	(19)


Balance at December 31	239	232

Lease liabilities
Current	16	19
Non-current	235	227

Total at December 31	251	246
^{(1) Additions to right-of-use assets also includes modifications to existing leases and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.}

Cash outflow for lease payments	23	24

Schedule of cash outflow for leases


(DKK million)	2024	2023

Payment due
Less than 1 year	27	23
1 to 3 years	53	45
More than 3 years but less than 5 years	54	45
More than 5 years	186	202

Total at December 31	320	315

Other Investments

12 Months Ended

Dec. 31, 2024