Genmab Publishes 2024 Annual Report

Company Announcement

COPENHAGEN, Denmark; February 12, 2025 – Genmab A/S (Nasdaq: GMAB) announced today the publication of its Annual Report for 2024. Below is a summary of business progress in 2024, financial performance for the year and the financial outlook for 2025. The full report is attached as a PDF file and in iXBRL format and can be found in the investor section of the company’s website, www.genmab.com/investor-relations.

Conference Call
Genmab will hold a conference call to discuss the full year results for 2024 today, February 12, 2025, at 6:00 pm CET, 5:00 pm GMT, 12:00 pm EST. To join the call please use the below registration link. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN: https://register.vevent.com/register/BI5982e6aa32af485f851860da1a450df3.

A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.

2024 ACHIEVEMENTS

Business Progress

EPKINLY^®/TEPKINLY^® (epcoritamab) became the first and only subcutaneous (SC) bispecific antibody approved in both the U.S. and Europe to treat both relapsed or refractory follicular lymphoma (FL) and relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more lines of systemic therapy
Acquisition of ProfoundBio Inc. (ProfoundBio), granting Genmab worldwide rights to multiple candidates in development (including rinatabart sesutecan (Rina-S™)) plus ProfoundBio’s novel antibody-drug conjugate (ADC) technology platforms
Genmab submitted a supplemental Japan New Drug Application (J-NDA) to the Ministry of Health, Labour and Welfare (MHLW) for SC EPKINLY for the treatment of relapsed or refractory FL after two or more lines of systemic therapy
Tivdak^® (tisotumab vedotin-tftv) received full U.S. Food and Drug Administration (U.S. FDA) approval to treat recurrent or metastatic cervical cancer
Genmab submitted a J-NDA to the MHLW for Tivdak for the treatment of advanced or recurrent cervical cancer
Genmab assumed sole responsibility for the continued development and potential commercialization of acasunlimab
Two Genmab wholly owned programs, Rina-S and acasunlimab, moved into Phase 3 development
Multiple programs entered clinical-stage development including GEN1059 (BNT314, DuoBody^®-EpCAMx4-1BB), GEN1055 (BNT315, HexaBody^®-OX40), GEN1057 (DuoBody-FAPαxDR4) and GEN1286 (EGFRxcMET ADC)
Additional regulatory approvals for J&J therapies DARZALEX FASPRO^® (daratumumab and hyaluronidase fihj) and RYBREVANT^® (amivantamab)
Approval of Amgen’s TEPEZZA^® (teprotumumab) in Japan for the treatment of active thyroid eye disease
Continued development of Genmab’s broader organizational infrastructure with the addition of over 600 new colleagues

Financial Performance

Net sales of DARZALEX^® by J&J were USD 11,670 million in 2024 compared to USD 9,744 million in 2023. The increase of USD 1,926 million, or 20%, was driven by share gains in all regions.
Global net sales of EPKINLY/TEPKINLY were USD 281 million in 2024. Net product sales in the U.S. and Japan by Genmab were DKK 1,743 million in 2024 compared to DKK 421 million in 2023. EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.
Royalty revenue amounted to DKK 17,352 million in 2024 compared to DKK 13,705 million in 2023. The increase of DKK 3,647 million, or 27%, was primarily driven by higher DARZALEX and Kesimpta^® (ofatumumab) royalties achieved under our daratumumab collaboration with J&J and ofatumumab collaboration with Novartis, respectively.
Genmab’s revenue was DKK 21,526 million in 2024 compared to DKK 16,474 million in 2023. The increase of DKK 5,052 million, or 31%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with J&J and Novartis, respectively. Increased EPKINLY net product sales, driven by a strong product launch in 2023 with a full year of net sales in 2024, also contributed to increased revenue in 2024.
Genmab’s operating expenses, including acquisition and integration charges related to ProfoundBio, were DKK 13,838 million, compared to DKK 10,927 million in 2023. In addition to the acquisition of ProfoundBio, this increase was driven by the increased and accelerated advancement of epcoritamab under our collaboration with AbbVie, the addition of ProfoundBio related research and development expenses, primarily Rina-S, advancement of acasunlimab and DuoBody-CD40x4-1BB under our collaboration with BioNTech SE (BioNTech), further progression of pipeline products, EPKINLY launch in the U.S. and Japan, the continued development of Genmab’s broader organizational capabilities, and related increase in team members to support these activities.
Operating profit was DKK 6,703 million in 2024 compared to DKK 5,321 million in 2023, an increase of DKK 1,382 million, or 26%.

2025 OUTLOOK

(USD millions)	2024 Actual Result	2025 Guidance	2025 Guidance Mid-Point	2024 Growth %	2025 Growth %*
Revenue	3,124	3,340 - 3,660	3,500	31%	12%
Royalties	2,518	2,785 - 3,015	2,900	27%	15%
Net product sales/Collaboration revenue**	316	415 - 460	438	199%	39%
Milestones/Reimbursement revenue	290	140 - 185	162	-2%	-44%
Gross profit	2,981	3,120 - 3,420	3,270	26%	10%
Operating expenses	(2,008)	(2,055) - (2,225)	(2,140)	27%	7%
Operating profit	973	895 - 1,365	1,130	26%	16%

*Mid-point of guidance range
**Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak (Genmab's share of gross profits).

Revenue
Genmab expects its 2025 revenue to be in the range of USD 3.3 – 3.7 billion, compared to USD 3.1 billion in 2024.

Genmab’s projected revenue growth for 2025 is driven by higher royalties, net product sales and collaboration revenue. Royalty growth relates mainly to DARZALEX and Kesimpta net sales growth. Net product sales and collaboration revenue growth is driven by strong performance for both EPKINLY and Tivdak. Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak (50% gross profit share).

Genmab’s projected revenue for 2025 primarily consists of DARZALEX royalties of approximately USD 2.2 billion at the midpoint. Such royalties are based on estimated DARZALEX 2025 net sales of USD 12.6 – 13.4 billion compared to actual net sales in 2024 of USD 11.7 billion. DARZALEX royalties are partly offset by Genmab’s share of J&J’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme) in connection with SC net sales as well as royalty reduction in countries and territories where there is no Genmab patent coverage.

The remainder of Genmab’s revenue consists of royalties from Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI^®, TALVEY^® and TEPKINLY, net product sales and collaboration revenue from EPKINLY and Tivdak, reimbursement revenue and milestones.

Operating Expenses
Genmab anticipates its 2025 operating expenses to be in the range of USD 2.1 – 2.2 billion, compared to USD 2.0 billion in 2024. The increase in operating expenses is primarily related to investments in late-stage programs and launch readiness in key markets.

Operating Profit
Genmab expects its 2025 operating profit to be in the range of USD 0.9 – 1.4 billion, compared to USD ~1.0 billion

More information on the Risks and Assumptions for the 2025 Financial Guidance can be found in the 2024 Annual Report available on our website www.genmab.com/investor-relations.

About Genmab
Genmab is an international biotechnology company with a core purpose of guiding its unstoppable team to strive toward improving the lives of patients with innovative and differentiated antibody therapeutics. For more than 25 years, its passionate, innovative and collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative and data sciences, resulting in a proprietary pipeline including bispecific T-cell engagers, antibody-drug conjugates, next-generation immune checkpoint modulators and effector function-enhanced antibodies. By 2030, Genmab’s vision is to transform the lives of people with cancer and other serious diseases with knock-your-socks-off (KYSO) antibody medicines^®.
 
Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America, Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X.

Contact:
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com

Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com

The Annual Report contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with pre-clinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com and the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in the Annual Report nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.

Genmab A/S and/or its subsidiaries own the following trademarks: Genmab^®; the Y-shaped Genmab logo^®; Genmab in combination with the Y-shaped Genmab logo^®; HuMax^®; DuoBody^®; DuoBody in combination with the DuoBody logo^®; HexaBody^®; HexaBody in combination with the HexaBody logo^®; DuoHexaBody^®, HexElect^® and KYSO^®. Tivdak^® is a trademark of Seagen Inc.; Kesimpta^® and Sensoready^® are trademarks of Novartis AG or its affiliates; DARZALEX^®, DARZALEX FASPRO^®, RYBREVANT^®, TECVAYLI^® and TALVEY^™ are trademarks of Johnson & Johnson; EPKINLY^®, TEPKINLY^® and their designs are trademarks of AbbVie Biotechnology Ltd.; TEPEZZA^® is a trademark of Horizon Therapeutics Ireland DAC. ©2025, Genmab A/S. All rights reserved.