GENMAB 2024 ANNUAL REPORT Table of Contents GENMAB 2024 ANNUAL REPORT Management's Review Our 2030 Vision 1 Chair's Statement 3 Letter from the CEO 4 2024 at a Glance 5 Consolidated Key Figures 8 2025 Outlook 10 Our Stra

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Our Corporate Governance and Compensation Reports for 2024 can be found on our website Genmab.com.

*The Sustainability Statements are part of Management's Review

By 2030, our KYSO (knock-your-socks-off) antibody medicines are fundamentally transforming the lives of people with cancer and other serious diseases.

Our Core Purpose, Supporting Our 2030 Vision

Our unstoppable team will improve the lives of patients through innovative and differentiated antibody therapeutics.

25 Years of Innovation

1. Developed and commercialized by GlaxoSmithKline (GSK); 2. Developed and commercialized by J 3. Developed and commercialized by Novartis AG (Novartis); 4. Developed and commercialized by Amgen Inc. (Amgen); 5. Co-developed and commercialized with Pfizer Inc. (Pfizer); 6. Co-developed and commercialized with AbbVie

For 25 years, Genmab has pioneered antibody-based medicines to fundamentally transform the lives of people with cancer and other serious diseases. We take pride looking back at the great leaps we have made globally and within the foundations of Genmab; however, our focus remains steadfast on the future. Our progress has led us here: over 2,700 team members across five countries, eight antibody-based medicines having an impact on patients' lives, and two wholly owned assets now in late-stage development.

Founded in 1999, Genmab celebrated its 25th anniversary in 2024, and the year gave all of us at Genmab much to celebrate. Twenty-five years of scientific progress have had an impact on the lives of patients and have inspired us to continue on our path of becoming a fully integrated biotech. This year, Genmab successfully acquired ProfoundBio. In addition to gaining worldwide rights to three clinical candidates and novel antibody-drug conjugate (ADC) platforms, the acquisition is representative of our long-term growth potential. We welcomed talented new colleagues to our Research & Development (R&D) team, and accelerated the clinical development for Rina-S, a wholly owned asset now in Phase 3 clinical development.

Sustainability and social responsibility are fundamental to the way we work at Genmab. This Annual Report also marks the first year for Genmab incorporating our Environmental, Social and Governance (ESG) disclosures in compliance with the European Union's (EU) Corporate Sustainability Reporting Directive (CSRD). Our first double materiality assessment (DMA) and its outcome supported the development of our first impacts, risks and opportunities that guided our future sustainability strategy. We remain committed to ensuring our actions benefit our stakeholders and society and that our Corporate Social Responsibility (CSR) practices are integrated as a core part of our business. In 2024, 800 Genmab employees completed 4,037 service hours to make a difference in the lives of patients and their families, our communities and the environment.

EXPERIENCED LEADERSHIP

Our future looks promising under our expanded leadership. In 2024, we had two additions to our Executive Committee: Rayne Waller as Chief Technical Operations Officer, and Brad Bailey as Chief Commercial Officer. Rayne Waller joined Genmab to further solidify and strengthen our technical operations and lead all the manufacturing and supply chain capabilities of our proprietary programs through preclinical, clinical and commercial stages. Brad Bailey, previously Genmab's Senior Vice President and U.S. General Manager, expanded his role to lead the direction, planning, and execution of Genmab's global commercial strategies as we expand beyond our two priority markets of the U.S. and Japan. These new additions strengthen our commitment to a bold future for our diverse and innovative mid- to late-stage clinical programs.

In 2024, our Board of Directors (Board) continued to provide governance, guidance, and dedicated leadership. Comprised of experts in their fields, the Board has supported organizational growth initiatives, driven global change, and contributed value across Genmab.

On behalf of the Board, I would like to thank Genmab's dedicated team members, Chief Executive Officer Jan van de Winkel and the entire global leadership team for their inspiration and extraordinary leadership as well as our shareholders for your continued support.

As I reflect on 2024, I am proud to share a year of remarkable progress and strategic achievement at Genmab. This year has reinforced our commitment to transforming the lives of people with cancer and other serious diseases through groundbreaking antibody-based medicines. Our advances across research, development, and commercialization activities reflect the strength of our vision, our team, and our unwavering focus on delivering value for patients and stakeholders alike.

Strategic Growth and Innovation

This year, we achieved several key milestones that drive us closer to our 2030 Vision of being a fully integrated biotech innovation powerhouse. Central to this was our acquisition of ProfoundBio, completed in May, which significantly enhanced our long-term growth potential and brought assets such as Rina-S into our pipeline. Rina-S, a next-generation ADC with best-in-class potential, entered Phase 3 development this year.

We also assumed sole responsibility for the continued development and potential commercialization of acasunlimab, underscoring our commitment to building a robust pipeline of wholly owned, late-stage programs. These advancements are supported by a growing portfolio of proprietary technologies, including the novel ADC technology platforms we acquired with ProfoundBio, and our validated DuoBody platform, which underpins our success with innovative bispecific antibodies.

Transforming Science into Medicine

This year, we carefully evaluated our investments with a focus on portfolio prioritization, and we evaluated our clinical pipeline to ensure we are investing our resources in the best and most effective way possible. This strategic prioritization means we are very focused on maximizing the potential of turning science into medicine through our Phase 3 programs, EPKINLY, Rina-S and acasunlimab. After a thorough assessment, we also decided to terminate some early-stage clinical programs that did not meet our criteria for potential KYSO antibody-based medicines. And we decided not to pursue a Phase 3 program for Tivdak in second line plus head and neck cancer.

This year we are pleased that our commercialized medicines reached significant achievements:

A Strong Financial Foundation TO ENABLE OUR EVOLUTION

Our financial performance this year has been a testament to the strength of our strategy. Recurring revenues grew significantly, driven by royalties from our collaborations and sales of EPKINLY and Tivdak, both of which delivered robust sales in 2024. This growth reinforces our financial position and enables continued investment based on our strategic prioritization efforts, which include our late-stage clinical programs and commercialization capabilities. This focused approach enables us to realize our vision and capitalize on significant growth opportunities ahead.

Genmab's 25th anniversary also marked the beginning of a new era of opportunity as our company leverages the full potential of our late-stage clinical programs, the potential of the acquisition of ProfoundBio and continues to build on our existing cutting-edge antibody research and development to fulfill our mid- to long-term growth as a fully integrated biotech innovation powerhouse.

Acknowledgments and Outlook

These accomplishments and our progress would not have been possible without the dedication of our exceptional team, the collaboration of our partners, and the trust of our shareholders. I want to express my deepest gratitude to all who have contributed to our success this year.

We are excited about the opportunities that lie ahead as we continue to evolve into a fully integrated biotech. With a strong foundation, an exceptional team, and a strong pipeline of innovative antibody medicines and investigational medicines, Genmab is well-positioned to deliver on our vision to have an impact on the lives of patients around the world.

Thank you for your continued confidence and support. Together, we will continue to drive forward and reach our inspirational 2030 vision.

Jan van de Winkel, Ph.D.

* 2020 Operating Profit impacted by one-time AbbVie upfront payment.

Consolidated Key Figures

* Full-time equivalent (FTE) or team member

2025 Outlook is presented in USD as management has determined it is appropriate to change the functional currency of Genmab A/S and the presentation currency to USD effective January 1, 2025. Refer to note 5.8 for additional details regarding the change in functional and presentation currency.

*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).

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.

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.

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

Outlook: Risks and Assumptions

In addition to factors already mentioned, the estimates above are subject to change due to numerous reasons, including but not limited to: the achievement of certain milestones associated with Genmab's collaboration agreements; the timing and variation of development activities (including activities carried out by Genmab's collaboration partners) and related income and costs; DARZALEX, DARZALEX FASPRO, Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and TEPKINLY net sales and royalties paid to Genmab; changing rates of inflation; and currency exchange rates (the 2025 guidance assumes a USD / DKK exchange rate of 7.2). The financial guidance assumes that no significant new agreements are entered into during 2025 that could materially affect the results.

The factors discussed above, as well as other factors that are currently unforeseeable, may result in further material adverse impacts on Genmab's business and financial performance, including unfavorable impacts on the sales of Tivdak and EPKINLY/TEPKINLY, and on the net sales of DARZALEX, Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI, and TALVEY by Genmab's collaboration partners and on Genmab's royalties, collaboration revenue and milestone revenue therefrom.

1. Co-development with BioNTech; 2. Co-development with AbbVie; 3. Co-development with Pfizer

In our quest to turn science into medicine, we use these guideposts to transform the future of cancer treatment:

Genmab's Growing Organization and Presence

Our Key Accomplishments

Each of our achievements stands as evidence of our unyielding determination, including:

At Genmab, we have built a profitable and successful biotech that creates value for our stakeholders.

Our Strengths and Differentiators

Building a Fully Integrated Biotech Innovation Powerhouse

Research: track record of success and investing for tomorrow

Development: scaling up capabilities to expand from early- to late-stage development

Technical Operations and Commercialization: the next step in our evolution

Enabling functions: supporting growth and managing risk

Genmab's value chain is a comprehensive and integrated process that spans from early-stage R&D to the global commercialization of antibody-based therapies. Each step is designed to maximize innovation, ensure product quality, and optimize market reach, all while leveraging strategic partnerships to enhance efficiency and profitability.

Below is a breakdown of the key components as well as the key stakeholders relevant to each value chain component:

1. Research and Discovery

Target Identification: The first step in Genmab's value chain involves identifying disease-related targets, particularly in oncology. This includes research into the biological mechanisms underlying diseases and identifying targets that can be addressed with antibody therapies.

Antibody Engineering: Genmab employs its proprietary technologies, such as DuoBody, HexaBody and its ADC platforms, to engineer and develop novel antibodies. These technologies allow for the creation of bispecific antibodies (capable of targeting two different antigens), enhanced antibody functionality and ADCs (antibodies with potent cytotoxic agents coupled to them).

2. Preclinical Development

Preclinical Development: Genmab conducts extensive preclinical testing to evaluate the efficacy, safety, and potential of these antibodies before advancing them to clinical trials.

3. Clinical Development

Clinical Trials: Genmab advances its antibody candidates through various phases of clinical trials (Phase 1, 2, and 3). This involves testing the candidates in human patients to assess safety, dosage, and efficacy.

Strategic Partnerships: During clinical development, Genmab may decide to partner with pharmaceutical or biotechnology companies to co-develop and co-fund the trials. These partnerships help mitigate risk and share the costs of development.

Process Development: Genmab focuses on developing scalable and efficient manufacturing processes for its antibody products. Genmab does not currently own or operate large-scale manufacturing facilities but works closely with contract manufacturing organizations (CMOs) and partners to ensure high-quality production.

QC: Ensuring the consistency, safety, and quality of our products is a key part of the manufacturing process. Genmab implements strict quality control measures throughout production.

5. Registration and Launch

Regulatory Approval: Following successful clinical trials, Genmab seeks regulatory approval from authorities like the European Medicines Agency (EMA) (Europe), the U.S. FDA (U.S.) and MHLW (Japan), and other regulatory bodies. This step is crucial for bringing the investigational medicine to market.

6. Commercialization

Marketing and Sales: Once a product receives regulatory approval, Genmab, often through a variety of arrangements, markets and sells the approved medicine. This step includes establishing market strategies

including market access, engaging with payors, educating healthcare providers, and launching the product in various regions.

Distribution: Genmab collaborates with distribution networks, either through partners or on its own, to ensure the approved medicine reaches healthcare providers and patients in the approved jurisdictions.

Pharmacovigilance: After launch, Genmab monitors the product's performance in the market, collecting data on its safety and effectiveness in broader patient populations.

7. Partnerships and Alliances

Licensing: Genmab licenses its proprietary technologies (like the DuoBody and HexaBody platforms) to other biotech and pharmaceutical companies. This generates revenue through upfront payments, milestones, and royalties.

Business Development: Genmab's Business Development team plays a crucial role in the value chain, particularly in bridging the gap between R&D and commercial success by identifying opportunities, helping form strategic alliances, and assisting in in-licensing and out-licensing business.

Co-Development: Genmab often enters into co-development agreements where the costs, risks, and profits are shared with partners. This collaboration is particularly important during clinical development and commercialization phases.