0001434265-26-000014 | 20-F | XBRL Viewer

Other Disclosures - Remuneration to Board of Directors (Details) - USD ($) $ in Millions	12 Months Ended
Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shareholdings By Board of Director and Executive Management [Line Items]
Base Board Fee	$ 1.0	$ 1.0	$ 1.0
Committee Fees	$ 0.5	$ 0.5	$ 0.3

Cover	12 Months Ended
Cover	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38976
Entity Registrant Name	Genmab A/S
Entity Incorporation, State or Country Code	G7
Entity Address, Address Line One	Carl Jacobsens Vej 30
Entity Address, Postal Zip Code	2500
Entity Address, City or Town	Valby
Entity Address, Country	DK
Title of 12(b) Security	Ordinary shares, nominal value DKK 1 per share
Trading Symbol	GMAB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	64,377,450
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001434265
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Carl Jacobsens Vej 30
Entity Address, Postal Zip Code	2500
Entity Address, City or Town	Valby
Entity Address, Country	DK
Contact Personnel Name	Anthony Pagano
City Area Code	+45
Local Phone Number	7020 2728

Other Disclosures

12 Months Ended

Dec. 31, 2025

Other Disclosures [Abstract]

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 of Directors and Executive Management is as follows:


	2025	2024	2023
Wages and salaries	16	15	10
Share-based compensation expenses	30	23	15
Defined contribution plans	1	1	—
Total	47	39	25

The remuneration packages for the Board and Executive Management are described in further detail in

Genmab’s 2025 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
	2025	2024	2023	2025	2024	2023	2025	2024	2023	2025	2024	2023
Deirdre P. Connelly	0.2	0.2	0.2	0.1	0.1	0.1	0.3	0.2	0.2	0.6	0.5	0.5
Pernille Erenbjerg	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.4	0.4	0.3
Anders Gersel Pedersen	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.4	0.3	0.3
Paolo Paoletti	0.1	0.1	0.1	—	—	—	0.2	0.1	0.1	0.3	0.2	0.2
Rolf Hoffmann	0.1	0.1	0.1	0.1	0.1	—	0.2	0.1	0.1	0.4	0.3	0.2
Elizabeth O’Farrell	0.1	0.1	0.1	0.1	0.1	—	0.2	0.2	0.1	0.4	0.4	0.2
Mijke Zachariasse1	0.1	0.1	0.1	—	—	—	0.2	0.1	0.1	0.3	0.2	0.2
Martin Schultz1	0.1	0.1	0.1	—	—	—	0.2	0.1	—	0.3	0.2	0.1
Takahiro Hamatani2	—	0.1	0.1	—	—	—	0.1	0.1	—	0.1	0.2	0.1
Michael Kavanagh1	0.1	—	—	—	—	—	0.1	—	—	0.2	—	—
Total	1.0	1.0	1.0	0.5	0.5	0.3	1.9	1.2	0.8	3.4	2.7	2.1

1.Employee elected board members were elected at the Annual General Meeting in March 2025.

2.Takahiro Hamatani was replaced by Michael Kavanagh as an employee elected board members at the Annual General Meeting in March 2025.

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

Remuneration To The Executive Management


	Base Salary			Defined Contribution Plans			Other Benefits			Annual Cash Bonus			Share-Based Compensation Expenses			Total
	2025	2024	2023	2025	2024	2023	2025	2024	2023	2025	2024	2023	2025	2024	2023	2025	2024	2023
Jan van de Winkel	1.5	1.4	1.3	0.3	0.2	0.2	—	—	—	1.5	1.3	1.3	7.4	5.0	3.5	10.7	7.9	6.3
Anthony Pagano	0.7	0.7	0.6	—	—	—	—	—	—	0.4	0.4	0.4	3.6	2.4	1.8	4.7	3.5	2.8
Anthony Mancini3	—	0.4	0.7	—	—	—	—	2.4	—	—	0.4	0.4	0.6	4.2	2.0	0.6	7.4	3.1
Judith Klimovsky	0.8	0.8	0.7	—	—	—	—	—	—	0.5	0.4	0.4	4.1	2.8	2.0	5.4	4.0	3.1
Tahamtan Ahmadi	0.8	0.7	0.7	—	—	—	—	—	—	0.5	0.4	0.4	3.9	2.6	1.8	5.2	3.7	2.9
Birgitte Stephensen1	0.3	0.4	0.4	—	—	—	1.7	—	—	—	0.2	0.2	2.3	1.2	0.8	4.3	1.8	1.4
Christopher Cozic1	0.5	0.5	0.5	—	—	—	—	—	—	0.3	0.3	0.3	2.6	1.6	1.1	3.4	2.4	1.9
Martine van Vugt2	0.5	0.4	0.4	0.1	0.1	0.1	—	—	—	0.3	0.2	0.2	1.5	0.8	0.6	2.4	1.5	1.3
Brad Bailey4	0.6	0.6	—	—	—	—	0.2	0.1	—	0.4	0.3	—	0.9	0.6	—	2.1	1.6	—
Rayne Waller4	0.7	0.2	—	—	—	—	0.7	0.6	—	0.4	0.1	—	0.9	0.1	—	2.7	1.0	—
Greg Mueller	0.3	—	—	—	—	—	0.9	—	—	0.2	—	—	0.1	—	—	1.5	—	—
Total	6.7	6.1	5.3	0.4	0.3	0.3	3.5	3.1	—	4.5	4.0	3.6	27.9	21.3	13.6	43.0	34.8	22.8

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

$19 million as of December 31, 2025 (2024: $17 million, 2023: $15 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 of Directors and the Executive

Management described in Note 5.1, there were no material related party transactions during 2025, 2024

and 2023.

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 $608 million as of

December 31, 2025 (2024: approximately $403 million).

Genmab also has certain contingent commitments under license and collaboration agreements that

may become due in the future. As of December 31, 2025, these contingent commitments amounted to

approximately $2.7 billion 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 $2.2 billion as of December 31, 2024.

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


	2025	2024	2023
Audit fees	1.7	1.5	0.9
Audit-related fees	0.8	0.3	0.5
Total	2.5	1.8	1.4

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 2025 and 2024 and by

PwC in 2023.

Fees for other services than statutory audit of the financial statements provided by Deloitte amounted to

$0.8 million in 2025, $0.3 million in 2024, and $0.5 million in 2023, provided by PwC. These services

primarily include agreed-upon procedures, other assurance assessments and reports,

and accounting advice.

5.5 - Acquisitions

Merus N.V.

On December 12, 2025 Genmab completed the acquisition of 100% of the common shares of Merus,

a clinical-stage biotechnology company with its late-stage breakthrough therapy asset petosemtamab

(Peto), which is in Phase 3 development, for $97 per share in an all-cash transaction with a total purchase

price of $8,017 million. The transaction was funded through a combination of cash on hand and $5.5 billion

of non-convertible debt financing (Borrowings). Refer to Note 4.8 for detailed information regarding

Genmab’s Borrowings.

The acquisition of Merus does not meet the definition of a business in accordance with IFRS 3 Business

Combinations, therefore, this transaction is accounted for as an asset acquisition since substantially all of

the fair value of the acquired set of assets is concentrated in a single identifiable asset (i.e. Peto). The total

consideration of $8,017 million is allocated to net identifiable assets acquired on a relative fair value basis.

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


	Total Consideration
Cash paid for outstanding shares	7,359
Cash for equity compensation attributable to pre-modification of equity awards1	596
Cash paid by Genmab directly attributable acquisition related costs2	62
Total consideration	8,017

1.Includes payments made to Merus option holders which were vested prior to the acquistion date, and therefore related

to pre-acquistion service

2.Includes professional fees related to legal, advisory and due diligence procedures that were directly attributable to the

acquisition of Merus by Genmab

The allocation to net identifiable assets is as follows:


	Amounts Recognized as of the Acquisition Date
Cash and cash equivalents	745
Other current assets1	52
IPR&D intangible asset	6,927
Technology platform intangible asset	369
Licenses and patents	82
Other non-current assets2	29
Non-current contract liabilities	(30)
Current contract liabilities	(21)
Other liabilities3	(136)
Total identifiable net assets	8,017

1.Includes current receivables, marketable securities and prepaid expenses

2.Includes right-of-use assets, property and equipment and other investments.

3.Includes other current payables (primarily accrued expenses for R&D and personnel costs), current lease liabilities and

non-current lease liabilities

Acquisition- and integration-related charges of $185 million incurred from the date of acquisition through

December 31, 2025 are primarily related to professional fees incurred by Merus upon close of the

acquisition ($109 million) and payments to Merus option holders for the portion of the equity payout

attributable to the post-acquisition period ($58 million). These charges were expensed rather than

capitalized as part of purchase consideration because they were not directly attributable to the acquisition

of Merus by Genmab. The remaining expenses of $18 million are primarily integration related charges

incurred from the Acquisition Date through December 31, 2025, which are comprised of professional fees

incurred to assist with the integration of Merus into Genmab’s operations post-acquisition. Acquisition and

integration related charges are presented in Genmab’s Consolidated Statements of Comprehensive

Income.

ProfoundBio, Inc.

On May 21, 2024 (Acquisition Date), Genmab completed the previously announced acquisition of all of the

outstanding shares of ProfoundBio, resulting in ProfoundBio becoming a wholly owned subsidiary of

Genmab. The acquisition of ProfoundBio gave Genmab worldwide rights to three candidates in clinical

development, including ProfoundBio’s lead drug candidate, rinatabart sesutecan (Rina-S). In addition,

Genmab acquired ProfoundBio’s novel ADC technology platforms. Rina-S is a clinical-stage,

FRα-targeted, TOPO1 ADC, 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 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 $1.72 billion for all of the outstanding shares of ProfoundBio, Genmab also made

a $199 million payment to holders of outstanding ProfoundBio equity awards for settlement of such vested

and non-vested awards. Of the $199 million payment, $187 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 $11 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 and was therefore finalized during the second quarter of 2025. 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
Cash paid for outstanding shares	1,718
Cash for equity compensation attributable to pre-combination service	187
Total consideration	1,905
Cash acquired	(122)
Cash used for acquisition of asset	1,783

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
Cash and cash equivalents	122
Other current assets1	4
Property and equipment	6
IPR&D intangible asset	1,540
Technology platform intangible asset	181
Other non-current assets2	3
Deferred tax liability	(292)
Other current liabilities3	(13)
Total identifiable net assets	1,551
Goodwill	354
Total consideration	1,905

1.Includes receivables and other investments.

2.Includes other investments and right-of-use assets.

3.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:


Consolidated Statements of Comprehensive Income (USD million):	Acquisition Date through December 31, 2024
Research and development expenses	58
Selling, general and administrative expenses	4
Acquisition and integration related charges¹	27
Total	89

1.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 ($11 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 $16 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 $16 million of Acquisition- and integration-related

charges incurred prior to the Acquisition Date and the $27 million of Acquisition and integration charges incurred from

the Acquisition Date through December 31, 2024 total $43 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:


(USD million)	Twelve Month Period Ended December 31, 2024
Revenue	3,121
Net Profit	1,102

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

$30 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.

Asset Acquisitions

The asset acquisition method is applied to account for all transactions that do not meet the definition of a

business in accordance with IFRS 3 Business Combinations.

Genmab applies a ‘concentration test,’ which is a simplified assessment of whether an acquired set of

activities and assets is not a business. The optional concentration test is met if substantially all of the

fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar

identifiable assets.

At initial recognition, an asset acquisition is measured at cost. Cost comprises the fair value of

consideration transferred plus any directly attributable acquisition-related costs. The cost price is allocated

to the individual identifiable assets acquired and liabilities assumed based on their relative fair values at the

acquisition date. No goodwill or deferred taxes are recognized.

Acquisition-related costs that are directly attributable to the acquisition of assets, such as legal, advisory,

and due diligence fees, are capitalized as part of the cost of the acquired assets in accordance with the

relevant IFRS standards (for example, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets).

Subsequent measurement of these assets follows the requirements of the relevant IFRS standards

applicable to each asset class.


	Management’s Judgements and Estimates – Other Intangible Assets and Goodwill

Fair Value and Impairment Assessment of Other Intangible Assets and Goodwill

The application of the acquisition method for a business combination as well as allocation of fair value

through an asset acquisition involve 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.

Janssen (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 US and DARZALEX SC in Europe for SC administration

(“Janssen Collaboration and License Agreement”). Under the Janssen Collaboration and License

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 Janssen Collaboration and License

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 US, 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 US, 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 Janssen Collaboration and License Agreement, both relating to royalties payable to Genmab on net

sales of daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the

US 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 Janssen

Collaboration and License Agreement with claims for milestone payments for daratumumab SC of

$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 Janssen Collaboration and 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 (“Novartis Agreement”) 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 the Novartis Agreement expires

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 Novartis Agreement) or a joint committee

determination that a license of intellectual property owned by a third-party is necessary

for commercialization. All potential regulatory and sales milestone payments under this agreement

have been achieved and no further milestone payments remain outstanding.

Roche (Teprotumumab/TEPEZZA)

In May 2001, Genmab entered a research collaboration with Roche to develop human antibodies to

disease targets identified by Roche (“Roche Agreement”). In 2002, this alliance was expanded. Under the

Roche 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 FDA for the treatment of TED, in 2024 by Japan's MHLW for the treatment of active or high clinical

activity score (CAS) TED and in 2025 by the European Commission for treating moderate-to-severe 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 the Roche Agreement, 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 (the “Pfizer License and Collaboration Agreement”) was executed in October

2011. In October 2020, Genmab and Pfizer entered into a joint commercialization agreement (“Tivdak Joint

Commercialization Agreement”) where Genmab would co-promote tisotumab vedotin, marketed as Tivdak,

in the US, and lead commercial operational activities and record sales in Japan, while Pfizer would lead

operational commercial activities in the US, 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 Pfizer License and

Collaboration Agreement and the Tivdak Joint Commercialization Agreement, 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 China.

With this amendment, Genmab will continue to co-promote Tivdak with Pfizer in the US and will record

sales for Europe, Japan and rest of world markets (excluding the United States and China), 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

(“AbbVie Collaboration and License Agreement”) 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 US and Japan, with AbbVie responsible for further global commercialization. Genmab is

the principal for net sales in the US 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 US and Japan. Genmab

retains the right to co-commercialize these products, along with AbbVie, outside of the US and Japan.

Under the terms of the AbbVie Collaboration and License Agreement, Genmab received a $750 million

upfront payment in June 2020 and was initially entitled to receive an aggregate of up to $3.15 billion in

additional development, regulatory and sales milestone payments for all programs. Included in these

potential milestones were up to $1.15 billion in payments related to clinical development and commercial

success across the three bispecific antibody programs originally included in the AbbVie Collaboration and

License Agreement.

As of December 31, 2025, as a result of epcoritamab and one additional antibody product candidate being

the remaining bispecific antibody programs under the original AbbVie Collaboration and License

Agreement, we are instead contractually entitled to receive an aggregate of up to $1.06 billion in additional

development, regulatory and sales milestone payments. In addition, and also included in these potential

milestones, if the remaining next-generation antibody product candidate is developed as a result of the

discovery research collaboration and is successful, we are eligible to receive up to $510 million in option

exercise and success-based milestones.

In May 2023, epcoritamab received initial approval from the 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 US 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 $750 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: $672 million

•Co-development activities for the product concepts: $78 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 $672 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 (“BioNTech

Agreement”). Under the terms of the BioNTech 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 $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 BioNTech 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 one investigational medicine currently in active clinical development:

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. In the fourth

quarter of 2025, Genmab announced the discontinuation of further clinical development for acasunlimab.

This decision was made as part of Genmab’s strategic focus on the most value‑creating opportunities in its

late‑stage portfolio and following a thorough assessment of the evolving competitive landscape.

Refer to Note 3.1 for information pertaining to impairment loss associated with the discontinuation of

GEN1046.

Janssen (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, 2025, three DuoBody-based products created under this collaboration were in

active clinical development and had been approved by regulatory authorities: RYBREVANT, and an

SC formulation, RYBREVANT FASPRO, TECVAYLI and TALVEY. Under our DuoBody Agreement with J&J,

Genmab is eligible to receive milestones and receives royalties between 8% and 10% on net sales of

RYBREVANT, with J&J reducing such royalty payments for Genmab’s share of J&J’s royalty payments

made to Halozyme, 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 DuoBody 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 DuoBody Agreement) covering the licensed product in such

country. Genmab pays a royalty to Medarex based on RYBREVANT net sales.

Gilead

In March 2024, prior to its acquisition by Genmab, Merus entered into a collaboration, option and license

agreement with Gilead (Gilead Collaboration Agreement) to research and develop trispecific T-cell

engaging antibody product candidates using Merus’ technology platform. Under the terms of the

agreement, the collaboration included two preclinical research programs, with an option for Gilead to

include a third program.

Under the Gilead Collaboration Agreement, Merus granted Gilead a non-exclusive license and agreed to

perform related research and collaboration activities during the research term. On a program-by-program

basis, Gilead was granted an exclusive option to obtain an exclusive license for further development and

commercialization of products arising from each program. At the acquisition date, no exclusive license

options had been exercised by Gilead.

Under the Gilead Collaboration Agreement, Merus received a non-refundable upfront payment and

Genmab is eligible to receive additional consideration in the form of option exercise payments,

development and commercialization milestone payments, and tiered royalties between 5% and 11% on net

sales of any products successfully commercialized under the Gilead Collaboration Agreement.

Refer to Note 3.7 for information pertaining to the remaining performance obligation.

5.7 - Contingencies

Legal Contingency

Chugai Patent Infringement Complaint

In 2024, Chugai filed a lawsuit in the Tokyo District Court in Japan against AbbVie’s and Genmab’s

Japanese subsidiaries asserting that their activities with EPKINLY (epcoritamab) in Japan infringe two

Japanese patents held by Chugai claiming damages and injunctive relief. In September 2025, Chugai filed

two further lawsuits in the same court, against the same parties and with similar assertions, based on two

newly granted Japanese patents held by Chugai which are similar to the patents from the original lawsuit.

Genmab and AbbVie believe that the four 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.

AbbVie Rina-S Trade Secret Complaint

During the first quarter of 2025, AbbVie filed a complaint in the U.S. District Court for the Western District of

Washington (Seattle) naming Genmab A/S; ProfoundBio US Co.; ProfoundBio (Suzhou) Co., Ltd.; and

former AbbVie employees as defendants. AbbVie alleges that the defendants have misappropriated

AbbVie’s alleged trade secrets relating to the use of disaccharides to improve the hydrophilicity of drug-

linkers in ADCs in connection with Rina-S and other ADC pipeline products of ProfoundBio. AbbVie is

seeking damages and broad injunctive relief. AbbVie is not asserting or enforcing any patent rights against

the defendants, and to Genmab’s knowledge, AbbVie has not pursued any development of products

incorporating their alleged trade secrets. During the fourth quarter of 2025, AbbVie filed a complaint with

the U.S. International Trade Commission (ITC) under Section 337 of the Tariff Act against ProfoundBio US

Co.; ProfoundBio (Suzhou) Co., Ltd.; Genmab A/S; Genmab B.V.; and Genmab US, Inc., seeking to

exclude certain antibody drug conjugate products from importation into the United States. The district court

action has since been stayed. The ITC complaint is based on allegations that are substantially similar to

those asserted in the Washington district court action.

Genmab categorically refutes these allegations and will vigorously defend the Company against AbbVie’s

claims, and thus no provision has been recorded related to this matter.

5.8 - Subsequent Events

No events have occurred subsequent to the balance sheet date that could significantly affect the

consolidated financial statements as of December 31, 2025.

Operating Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Operating Assets and Liabilities [Abstract]

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

The increase in the gross carrying value of other intangible assets during 2025 was primarily due to the

addition of intangible assets from the acquisition of Merus, including $6,927 million of in-process research

and development (IPR&D) related to petosemtamab (Peto), $369 million related to the acquired Merus

technology platform and $82 million related to other licenses and patents.

As a not-yet-in-use IPR&D asset, Peto, is not currently being amortized. Amortization will be recognized on

a straight-line basis upon regulatory approval. The acquired Merus technology platform asset is being

amortized over its estimated useful life of 13 years.

Peto is monitored for impairment throughout the year and tested for impairment on at least an annual basis

during the fourth quarter of the year. An impairment test was performed following the acquisition of Merus

and no impairment losses were recognized.

The increase in the gross carrying value of other intangible assets during 2024 was primarily due to

intangibles assets from the acquisition of ProfoundBio, including Rina-S and the ADC technology platform.

The ADC technology platform is amortized on a straight-line basis over its estimated useful life of 15 years.

As of December 31, 2025, the asset has a remaining useful life of approximately 14 years.

Rina-S, a not-yet in use IPR&D asset acquired as a part of the 2024 ProfoundBio acquisition, has a

carrying value of $1,532 million as of December 31, 2025. As a not-yet in use IPR&D asset, Rina-S is

not currently being amortized. Amortization will be recognized on a straight-line basis upon regulatory

approval.

Rina-S is monitored for impairment throughout the year and tested for impairment on at least an annual

basis during the fourth quarter of the year. The annual impairment review indicated that the recoverable

amount in the forecast period for Rina-S significantly exceeds the carrying amount. The recoverable

amount is estimated based on value in use (VIU), with VIU being estimated at net present value using an

income approach.

Refer to Note 5.5 for additional details on acquired intangibles assets from the Merus and ProfoundBio

acquisitions.


	Goodwill	Licenses and Patents	Technology Platform	Acquired IPR&D	Total Intangible Assets
2025
Cost at the beginning of the year	355	149	180	1,532	2,216
Additions for the year	—	115	369	6,927	7,411
Effect of exchange rate adjustment	—	4	1	15	20
Cost at the end of the year	355	268	550	8,474	9,647
Amortization and impairment losses at the beginning of the year	—	126	7	—	133
Amortization for the year	—	2	14	—	16
Impairment losses for the year	—	18	—	—	18
Effect of exchange rate adjustment	—	2	—	—	2
Amortization and impairment losses at the end of the year	—	148	21	—	169
Carrying amount at the end of the year	355	120	529	8,474	9,478

2024
Cost at the beginning of the year	—	134	—	—	134
Additions for the year	354	24	180	1,536	2,094
Effect of exchange rate adjustment	1	(9)	—	(4)	(12)
Cost at the end of the year	355	149	180	1,532	2,216
Amortization and impairment losses at the beginning of the year	—	119	—	—	119
Amortization for the year	—	3	8	—	11
Impairment losses for the year	—	11	—	—	11
Effect of exchange rate adjustment	—	(7)	(1)	—	(8)
Amortization and impairment losses at the end of the year	—	126	7	—	133
Carrying amount at the end of the year	355	23	173	1,532	2,083

The impairment losses recognized during 2025 relate to licenses and patents and were primarily

attributable to other intangible assets associated with the acasunlimab program, which was terminated in

the fourth quarter of 2025. The impairment losses during 2024 were related to licenses and patents, which

were not material. The impairment losses for 2025 and 2024 were recognized in Research

and development expenses in the Consolidated Statements of Comprehensive Income.

Amortization expense was $16 million $11 million, and $8 million for 2025, 2024 and 2023, respectively,

which was recorded in Research and development expenses in the Consolidated Statements of

Comprehensive Income.

Goodwill

The carrying amount of goodwill was $355 million as of December 31, 2025, due to the acquisition

of ProfoundBio (refer to Note 5.5), and was unchanged from December 31, 2024.. No impairment of

goodwill was recognized in 2025 as the annual impairment test showed that the estimated recoverable

amount exceeded the carrying amount of the cash-generating unit (CGU) to which all of Genmab’s

goodwill was allocated.

Goodwill is monitored for impairment at the operating segment level, which is the lowest level CGU to

which consolidated goodwill is allocated and monitored by Management. Genmab operates as a single

CGU, reflecting its single operating segment. The recoverable amount is estimated based on VIU, with VIU

being estimated at net present value using an income approach. The applied discount rate is 8.6%. Cash

flow projections are based on Management-approved forecasts. The forecast period comprises 10 years.

Management considers the use of a forecast period longer than five years to be appropriate given the long-

term nature of pharmaceutical development and commercialization cycles and the expected duration of

economic benefits from the underlying assets. No terminal growth rate was applied, and the growth rate

was not considered a material input in the VIU calculation.

The key estimations relate to volume of market share, pricing, development of new markets and the

success rate for introducing new products and treatments. Assumptions are affected by external factors

such as market and generic competition, and price regulation. VIU is determined using largely

unobservable inputs.

Management has performed sensitivity analyses on the key assumptions used in the VIU calculation.

Reasonably possible changes in the key assumptions, individually or in combination, would not result in the

carrying amount exceeding the recoverable amount, and accordingly no impairment would be required.


	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.

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.


	Management’s Judgements and Estimates

Impairment Assessment of Goodwill and Other Intangible Assets

Genmab performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its

fiscal fourth quarter. Indefinite-lived intangible assets and the CGU including goodwill are monitored for

indicators of impairment throughout the year. If indicators of impairment exist, then an impairment test is

performed. The recoverable amount of certain intangible assets was determined using VIU. The VIU used

in impairment tests is based on Management’s projections and anticipated net present value of estimated

future cash flows from marketable products and products in development. Goodwill and intangible assets

not yet available for use are tested for impairment at least annually or when indicators of impairment are

identified. Goodwill is allocated to the single operating segment. The discount rate used is based on the

Group WACC, adjusted where appropriate, to reflect the risk of the specific asset tested. VIU is determined

using largely unobservable inputs.

Assets that are subject to amortization are reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable.

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

An impairment loss is recognized in Consolidated Statements of Comprehensive Income as research

and development expenses when the carrying amount of intangible assets exceeds the recoverable

amount. Impairments on intangible assets, other than goodwill, are reviewed at each reporting date

for possible reversal.

3.2 - Property and Equipment


	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment
2025
Cost at January 1	101	139	14	254
Additions for the year	8	9	29	46
Transfers between the classes	23	18	(41)	—
Disposals for the year	(6)	(5)	—	(11)
Exchange rate adjustment	6	14	1	21
Cost at December 31	132	175	3	310

Accumulated depreciation and impairment at January 1	(38)	(79)	—	(117)
Depreciation for the year	(13)	(25)	—	(38)
Exchange rate adjustment	(3)	(10)	—	(13)
Accumulated depreciation on disposals	6	5	—	11
Accumulated depreciation and impairment at December 31	(48)	(109)	—	(157)

Carrying amount at December 31	84	66	3	153


	Leasehold improvements	Equipment, furniture and fixtures	Assets under construction	Total property and equipment
2024
Cost at January 1	101	135	6	242
Additions for the year	1	12	17	30
Acquisitions through business combinations	2	6	—	8
Transfers between the classes	1	6	(7)	—
Disposals for the year	(1)	(12)	(1)	(14)
Exchange rate adjustment	(3)	(8)	(1)	(12)
Cost at December 31	101	139	14	254

Accumulated depreciation and impairment at January 1	(29)	(71)	—	(100)
Depreciation for the year	(11)	(23)	—	(34)
Exchange rate adjustment	1	4	—	5
Accumulated depreciation on disposals	1	11	—	12
Accumulated depreciation and impairment at December 31	(38)	(79)	—	(117)

Carrying amount at December 31	63	60	14	137


	2025	2024	2023
Depreciation and impairment included in the income statement as follows:
Research and development expenses	31	29	20
Selling, general and administrative expenses	7	5	7
Total	38	34	27

Capital expenditures in 2025 were primarily related to the expansion of Genmab’s facilities in the United

States and Japan. Capital expenditures in 2024 were primarily related to the expansion of Genmab’s

facilities in the United States and Japan.


	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-cancelable over various periods through 2038.


	2025	2024	2023
Right-of-use assets
Balance at January 1	128	102	75
Additions to right-of-use assets1	12	48	36
Depreciation charge for the year	(17)	(15)	(13)
Exchange rate adjustment	4	(7)	4
Balance at December 31	127	128	102

Lease liabilities
Current	18	13	13
Non-current	134	131	101

Total at December 31	152	144	114
Cash outflow for lease payments	18	14	17

1.Additions to right-of-use assets in 2025 related to the Merus acquisition, modifications to existing leases, lease incentives, and adjustments to the provisions for contractual restoration obligations related to leases of Genmab offices.

Variable lease payments, short-term lease expense, lease interest expense, and low-value assets.

Undiscounted future minimum payments under leases are as follows:


	December 31,	December 31,	December 31,
	2025	2024	2023
Payment due
Within 1 year	25	18	16
1 – 3 years	47	40	30
3 – 5 years	44	39	27
More than 5 years	65	77	61
Total	181	174	134


	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 and

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

and vehicles. Lease 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

are measured at amortized cost, and 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


	December 31,	December 31,	January 1,
	2025	2024	2024
Publicly traded equity securities	9	5	7
Fund investments	26	25	13
Privately held equity securities	2	2	—
Total	37	32	20

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


	December 31,	December 31,	January 1,
	2025	2024	2024
Raw materials	6	1	2
Work in progress	—	—	—
Finished goods	13	11	9
Total inventories (gross)	19	12	11
Allowances at year end	(1)	(3)	(3)
Total inventories (net)	18	9	8

In 2025 and 2024, 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.


	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 as incurred.

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


	December 31,	December 31,	January 1,
	2025	2024	2024
Receivables related to collaboration agreements	907	761	615
Prepayments	65	36	36
Trade receivables related to product sales	96	65	27
Interest receivables	4	19	22
Other receivables	62	49	43
Total	1,134	930	743
Non-current receivables	22	7	10
Current receivables	1,112	923	733
Total	1,134	930	743

During 2025 and 2024, there were immaterial and no losses, respectively, 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.

Management measures allowance for doubtful trade receivables based on the simplified approach to

provide for expected credit losses, which requires the use of the lifetime expected loss provision for all

trade receivables. The allowance is an estimate based on shared credit risk characteristics and the days

past due.

Loss allowance is calculated using historical analysis of customer payments, past due customer invoice

activity, Dun & Bradstreet credit risk management reports, and specific customer knowledge.

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

3.7 - Contract Liabilities


	December 31,	December 31,	January 1,
	2025	2024	2024
Contract liabilities at January 1	70	76	74
Consideration received	14	—	—
Additions from asset acquisition	51	—	—
Revenue recognized during the year	(16)	(1)	—
Exchange rate adjustment	—	(5)	2
Total	119	70	76
Non-current contract liabilities	95	67	71
Current contract liabilities	24	3	5
Total	119	70	76

Contract liabilities relate to the AbbVie collaboration agreement and contract liabilities assumed as part of

the acquisition of Merus.

Under the AbbVie collaboration agreement, Genmab received a non-refundable upfront payment of

$750 million in July 2020, of which $673 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, 2025. Contract liabilities related to AbbVie have been recognized as reimbursement revenue

in the Consolidated Statements of Comprehensive Income. The amounts recognized in 2025 and 2024

were not material.

Contract liabilities assumed in the acquisition of Merus primarily relate to a collaboration, option and

license agreement between Merus and Gilead Sciences, Inc. (Gilead), under which Merus granted Gilead

access to certain intellectual property and committed to perform related research and collaboration

activities. At inception of the arrangement, Merus identified a performance obligation consisting of research

services and deferred the consideration allocated to this performance obligation. Following the acquisition,

contract liabilities of $51 million were recognized, primarily relating to the Gilead collaboration agreement,

which accounted for $49 million of the additions. The contract liabilities assumed from the acquisition of

Merus are recognized as reimbursement revenue in the Consolidated Statements of Comprehensive

Income over time as the related performance obligations are satisfied.

Refer to Note 5.6 for additional information related to the AbbVie and Gilead collaborations.

3.8 - Other Payables


	December 31,	December 31,	January 1,
	2025	2024	2024
Liabilities related to collaboration agreements	79	39	22
Staff cost liabilities	171	102	94
Accounts payable	145	90	49
Other liabilities	679	263	182
Total	1,074	494	347
Non-current other payables	5	5	5
Current other payables	1,069	489	342
Total	1,074	494	347


	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. The $580 million increase in current other payables is primarily related to the expansion of our

product pipeline as well as accrued termination costs associated with the discontinuance of the

acasunlimab program during the fourth quarter of 2025.

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.

Label

Element

Value

Number Of Cash Generated Units

gmab_NumberOfCashGeneratedUnits

Number Of Operating Segment1

gmab_NumberOfOperatingSegment1

Corporate Tax Receivable

gmab_CorporateTaxReceivable

$ 40,000,000

Corporate Tax Receivable

gmab_CorporateTaxReceivable

14,000,000

^[1]

Corporate Tax Receivable

gmab_CorporateTaxReceivable

^[1]

Marketable Securities, Current.