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Genmab Announces Financial Results for the First Half of 2025

1. Genmab's revenue increased 19%, reaching $1,640 million in H1 2025. 2. Epcoritamab received FDA sBLA submission, advancing earlier therapy lines. 3. Royalty revenues from DARZALEX rose significantly by 24% in H1 2025. 4. Genmab updated its guidance for 2025 revenue and operating profits upward. 5. Ongoing development of Rina-S shows promising results in clinical trials.

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Why Bullish?

Genmab's revenue growth and advancements in product pipeline create positive market sentiment. Historical context shows similar increases in revenue led to stock appreciation.

How important is it?

The article indicates significant financial growth and strategic product advancements, which are likely to impact GMAB's future market performance positively.

Why Long Term?

The sustained revenue increase and product approvals indicate a robust future pipeline, suggesting ongoing market confidence in the long term.

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August 7, 2025 Copenhagen, Denmark; Interim Report for the First Half Ended June 30, 2025 Highlights Epcoritamab advancing to earlier lines of therapy with the submission of a sBLA to the FDA for epcoritamab plus R2 in patients with relapsed or refractory FLRinatabart sesutecan (Rina-S®) continues to progress, demonstrating encouraging antitumor activity in endometrial cancer in data presented at the 2025 ASCO Annual MeetingData from over 40 abstracts highlighting the depth, breadth and strength of Genmab’s comprehensive epcoritamab development program presented at multiple medical conferencesGenmab revenue increased 19% compared to the first six months of 2024, to $1,640 million “In the first half of the year we continued to make progress towards our strategic priorities as we strive towards our goal of bringing our innovative therapies to additional patients in need. We further maximized the potential of our commercialized medicines with an additional sBLA submission for EPKINLY® (epcoritamab-bysp) and the launch of Tivdak® (tisotumab vedotin) in Japan. We also accelerated the development of our late-stage pipeline through both encouraging data presentations and, for Rina-S, the announcement of additional planned Phase 3 clinical trials,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. Financial Performance First Half of 2025 Revenue was $1,640 million for the first six months of 2025 compared to $1,382 million for the first six months of 2024. The increase of $258 million, or 19%, was primarily driven by higher DARZALEX® and Kesimpta® royalties achieved under our collaborations with Johnson & Johnson (J&J) and Novartis Pharma AG (Novartis), respectively, and higher EPKINLY net product sales.Royalty revenue was $1,378 million in the first six months of 2025 compared to $1,111 million in the first six months of 2024, an increase of $267 million, or 24%. The increase in royalties was driven by higher net sales of DARZALEX and Kesimpta.Net sales of DARZALEX (daratumumab), including sales of the subcutaneous (SC) product (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO® in the U.S.) by J&J were $6,776 million in the first six months of 2025 compared to $5,570 million in the first six months of 2024, an increase of $1,206 million or 22%.Total costs and operating expenses were $1,092 million in the first six months of 2025 compared to $1,030 million in the first six months of 2024. The increase of $62 million, or 6%, was driven by the expansion of our product pipeline, including advancement of Rina-S, the continued development of Genmab’s broader organizational capabilities as well as profit-sharing amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.Operating profit was $548 million in the first six months of 2025 compared to $352 million in the first six months of 2024.Net financial items resulted in income of $119 million for the first six months of 2025 compared to $204 million in the first six months of 2024. The decrease was primarily due to a decrease in foreign exchange impacts driven by the change in functional currency of Genmab A/S on January 1, 2025, as well as a decrease in interest income for the first six months of 2025 compared to the first six months of 2024 related to average lower cash balances. OutlookGenmab is updating its revenue and operating profit guidance for 2025. The improved guidance is driven by higher total royalty revenues from DARZALEX. 2025 FULL YEAR OUTLOOK (USD million)Revised GuidanceRevised Mid-PointPrevious GuidanceGuidance Mid-PointRevenue3,500 - 3,7003,6003,340 - 3,6603,500 Royalties2,945 - 3,0903,0172,785 - 3,0152,900 Net product sales/Collaboration revenue*425 - 465445415 - 460438 Milestones/Reimbursement revenue130 - 145138140 - 185162Gross profit**3,280 - 3,4603,3703,120 - 3,4203,270Operating expenses**(2,055) - (2,225)(2,140)(2,055) - (2,225)(2,140)Operating profit1,055 - 1,4051,230895 - 1,3651,130 Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak (Genmab’s share of net profits) in the U.S. and Net Product Sales in Japan Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range Other MattersBoth the functional currency of the Genmab A/S legal entity and the presentation currency of the condensed consolidated financials statements have been changed from DKK to USD effective January 1, 2025. The change in functional currency has been implemented with prospective effect. The change in presentation currency has been implemented with retrospective effect. Comparative figures for prior periods have been restated accordingly.        Conference CallGenmab will hold a conference call to discuss the results for the first half of 2025 today, Thursday, August 7, at 6:00 pm CEST, 5:00 pm BST or 12:00 pm EDT. 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-conf.media-server.com/register/BI28443f2e11ba47dba51e3a14d0c7a98f. A live and archived webcast of the call and relevant slides will be available at https://www.genmab.com/investor-relations. ContactMarisol Peron, Senior Vice President, Global Communications & Corporate AffairsT: +1 609 524 0065; E: mmp@genmab.com Andrew Carlsen, Vice President, Head of Investor RelationsT: +45 3377 9558; E: acn@genmab.com *sBLA = supplemental Biologics License Application, FDA = U.S. Food and Drug Administration, R2 = rituximab and lenalidomide, FL = follicular lymphoma, ASCO = American Society of Clinical Oncology The Interim 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 preclinical 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 Interim 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®; HexaBody®; DuoHexaBody®; HexElect® and KYSO®; ProfoundBio™ and Rina-S® are trademarks of ProfoundBio, US, Co. and ProfoundBio (Suzhou) Co., Ltd. Tivdak® is a trademark of Seagen Inc.; EPCORE®, EPKINLY®, TEPKINLY® and their designs are trademarks of AbbVie Biotechnology Ltd.; Kesimpta® and Sensoready® are trademarks of Novartis AG or its affiliates; DARZALEX®, DARZALEX FASPRO®, RYBREVANT®, TECVAYLI® and TALVEY® are trademarks of Johnson & Johnson; TEPEZZA® is a trademark of Horizon Therapeutics Ireland DAC. Download the full Interim Report for the First Half of 2025 on attachment or at https://www.genmab.com/investor-relations. CVR no. 2102 3884LEI Code 529900MTJPDPE4MHJ122 Genmab A/SCarl Jacobsens Vej 302500 Valby Denmark 070825_CA40_Genmab Interim Report H1 2025

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