Genmab Announces Financial Results for the First Nine Months of 2020

Genmab Announces Financial Results for the First Nine Months of 2020

November 4, 2020; Copenhagen, Denmark;

Interim Report for the First Nine Months Ended September 30, 2020

"Genmab continued to deliver on the promise of improving the lives of patients, with multiple regulatory milestones for Genmab-created products under development by our partners, including the exciting U.S. FDA's approval of Kesimpta and the 8th U.S. FDA approval for DARZALEX," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. "During the first nine months of 2020, with our solid financial footing Genmab has continued its focused investment in advancing its proprietary antibody product pipeline and building its capabilities as we evolve into a fully integrated biotech."

Financial Performance First Nine Months of 2020

Genmab is maintaining its 2020 financial guidance published on August 20, 2020.

Genmab Announces Financial Results for the First Nine Months of 2020

Genmab will hold a conference call in English to discuss the results for the first nine months of 2020 today, Wednesday, November 4, at 6:00 pm CET, 5:00 pm GMT or 12:00 pm EST. To join the call dial

+1 646 741 3167 (U.S. participants) or +44 2071 928338 (international participants) and provide conference code 7839599.

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

Marisol Peron, Corporate Vice President, Communications & Investor Relations

T: +1 609 524 0065; E: mmp@genmab.com

For Investor Relations:

Andrew Carlsen, Senior Director, Investor Relations

T: +45 3377 9558; E: acn@genmab.com

Interim Report for the Nine Months Ended September 30, 2020

Interim Report for the Nine Months Ended September 30, 2020

CONSOLIDATED KEY FIGURES

* Cash, cash equivalents, and marketable securities.

** Full-time equivalent

Interim Report for the Nine Months Ended September 30, 2020

Genmab is maintaining its 2020 financial guidance published on August 20, 2020.

We expect our 2020 revenue to be in the range of DKK 9,250 - 9,850 million. Our projected revenue for 2020 consists primarily of DKK 4,398 million related to the portion of the upfront payment from AbbVie under our collaboration announced in June that was allocated to the license grants and recognized in June 2020 and DARZALEX royalties of DKK 4,075 - 4,475 million. Such royalties are based on expected DARZALEX net sales of USD 3.9 - 4.2 billion. We project cost reimbursement revenue of approximately DKK 475 million which is related to our collaborations with Seagen Inc. and BioNTech SE. The remainder of our projected revenue is approximately DKK 350 - 550 million, and consists of other milestones, license fees and royalties.

We anticipate our 2020 operating expenses will be in the range of DKK 3,850 - 3,950 million. From the execution date (June 2020) of the agreement with AbbVie, our operating costs will include 50% of the costs for epcoritamab (DuoBody-CD3xCD20), DuoHexaBody -CD37 and DuoBody-CD3x5T4 and 100% of the costs for the discovery research collaboration. The reduction in our operating costs due to AbbVie's contribution to the existing clinical programs will be offset by increased investment to further expand and accelerate the partnership programs with AbbVie.

We expect our operating income to be approximately DKK 5,350 - 5,950 million in 2020.

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 our collaboration agreements; our ongoing binding arbitration of two matters under our license agreement with Janssen relating to daratumumab; the timing and variation of development activities (including activities carried out by our collaboration partners) and related income and costs; DARZALEX, Kesimpta and TEPEZZA net sales and royalties paid to Genmab; and currency exchange rates (the 2020 guidance assumes a USD/DKK exchange rate of 6.5). The financial guidance assumes that no significant new agreements are entered into during the remainder of 2020 that could materially affect the results. Refer to the section "Significant Risks and Uncertainties" in this interim report. Additionally, the COVID-19 pandemic could potentially materially adversely impact our business and financial performance, including our clinical trials, projected regulatory approval timelines, supply chain and revenues, and cause our actual results to differ materially from our 2020 Guidance and Key 2020 Priorities in this interim report. The global outbreak of COVID-19 continues to evolve, may be prolonged and may have long-term impacts on the development, regulatory approval and commercialization of our product candidates and on net sales of our approved products by our collaboration partners. The longer the pandemic continues, the more severe the impacts described below will be on our business. The extent, length and consequences of the pandemic are uncertain and impossible to predict. Genmab has established a COVID-19 response team, led by the CEO, that closely monitors the evolving situation, develops and implements

Interim Report for the Nine Months Ended September 30, 2020

precautionary measures to help limit the impact of COVID-19 at our workplace and on our communities, and ensures business continuity. Genmab is also actively monitoring the potential impact on our Key 2020 Priorities and assessing the situation on an ongoing basis in close contact with clinical trial sites, physicians and contract research organizations (CROs) to evaluate the impact and challenges posed by the COVID-19 situation and manage them accordingly. The full extent and nature of the impact of the COVID-19 pandemic and related containment measures on our business and financial performance is uncertain as the situation continues to develop. The factors discussed above, as well as other factors which are currently unforeseeable, may result in further and other unforeseen material adverse impacts on our business and financial performance, including on the net sales of DARZALEX, Kesimpta and TEPEZZA, by our partners and on our royalty and milestone revenue therefrom.

*Certain product candidates in development with partners, as noted.

**Data now anticipated in 2021

1. 50:50 dev. w/ Seagen; 2. 50:50 dev. w/ AbbVie 3. 50:50 dev. w/ BioNTech; 4. In dev. by Janssen; 5. In dev. by Novartis; 6. In dev. by Horizon Therapeutics

As of the end of the third quarter, Genmab's proprietary pipeline of product candidates, where we are responsible for at least 50% of development, consisted of eight clinical stage antibodies. Combined with partnered product candidates, our pipeline consists of over twenty antibodies in clinical development, including multiple approved partnered products created by Genmab. In addition to the antibodies in clinical development, our pipeline includes around twenty in-house and partnered pre-clinical programs. An overview of the development status of each of our products is provided in the following sections. Detailed descriptions of dosing, efficacy and safety data from certain clinical trials have been disclosed in company announcements and media releases published via the Nasdaq Copenhagen stock exchange

Interim Report for the Nine Months Ended September 30, 2020

and may also be found in Genmab's filings with the U.S. Securities and Exchange Commission (SEC). Additional information is available on Genmab's website, www.genmab.com. The information accessible through our website is not part of and is not incorporated by reference herein.

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST NINE MONTHS OF 2020

Products Created by Genmab*

*Out-licensed products marketed by partner

1See local country prescribing information for precise indications, 2Not in active development

DARZALEX (daratumumab)

- First and Only Subcutaneous (SubQ) CD38 Antibody Approved in the World

Interim Report for the Nine Months Ended September 30, 2020

DARZALEX (daratumumab) intravenous infusion is indicated for the treatment of adult patients:

Interim Report for the Nine Months Ended September 30, 2020

Interim Report for the Nine Months Ended September 30, 2020

DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) SubQ administration is indicated for the treatment of adult patients in the U.S.:

PI = proteasome inhibitor; Rd = lenalidomide and dexamethasone; Vd = bortezomib and dexamethasone; VMP = bortezomib, melphalan and prednisone; VTd = bortezomib, thalidomide and dexamethasone; ASCT = autologous stem cell transplant; Pom-d = pomalidomide and dexamethasone

The warnings and precautions for DARZALEX (daratumumab) include infusion reactions, interference with serological testing and interference with determination of complete response. The most frequently reported adverse reactions (incidence 20%) in clinical trials were: infusion reactions, neutropenia, thrombocytopenia, fatigue, nausea, diarrhea, constipation, vomiting, muscle spasms, arthralgia, back pain, pyrexia, chills, dizziness, insomnia, cough, dyspnea, peripheral edema, peripheral sensory neuropathy and upper respiratory tract infection.

Interim Report for the Nine Months Ended September 30, 2020

Please consult the full U.S. Prescribing Information and the full European Summary of Product Characteristics for DARZALEX (daratumumab) and the full U.S. Prescribing Information for DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) for all the labeled safety information.

Third Quarter 2020 Updates

First Half 2020 Updates

Interim Report for the Nine Months Ended September 30, 2020

Daratumumab Development Covering All States of Multiple Myeloma (MM) and Beyond - Key Ongoing* Trials

Kesimpta (ofatumumab) - Approved in RMS in the U.S.

Interim Report for the Nine Months Ended September 30, 2020

Ofatumumab is a human IgG1k mAb that targets an epitope on the CD20 molecule encompassing parts of the small and large extracellular loops. A SubQ formulation of ofatumumab was investigated in two Phase 3 ASCLEPIOS clinical studies in RMS. The studies compared the efficacy and safety of SubQ ofatumumab versus teriflunomide in patients with RMS and were comprised of approximately 900 patients each. Based on these studies, and data from the Phase 2 APLIOS study, which evaluated the bioequivalence of SubQ administration of ofatumumab via pre-filled syringe, in August 2020, Kesimpta (ofatumumab) was approved by the U.S. FDA for the treatment of RMS in adults. Kesimpta is the first B-cell therapy that can be self-administered by patients at home using the Sensoready autoinjector pen, once monthly after starting therapy. Additional studies with RMS patients are ongoing. Ofatumumab in RMS is being developed and marketed worldwide by Novartis under a license agreement between Genmab and Novartis Pharma AG.

Please consult the full U.S. Prescribing Information for all the labeled safety information for Kesimpta.

Third Quarter 2020 Update

First Half 2020 Updates

TEPEZZA (teprotumumab-trw) - First U.S. FDA-approved medicine for the treatment of TED

Teprotumumab, approved by the U.S. FDA in January 2020 under the trade name TEPEZZA, is a fully human antibody that targets the Insulin-like Growth Factor-1 Receptor, a well-validated target. TEPEZZA

Interim Report for the Nine Months Ended September 30, 2020

is being developed and is commercialized by Horizon Therapeutics, plc (Horizon). The antibody was created by Genmab under a collaboration with Roche and development and commercialization of the product is now being conducted by Horizon under a license from Roche. Under the terms of Genmab's agreement with Roche, Genmab will receive mid-single digit royalties on sales of TEPEZZA.

Please consult the full U.S. Prescribing Information for all the labeled safety information for TEPEZZA.

Third Quarter 2020 Update

First Half 2020 Update

Arzerra (ofatumumab) - First Genmab Created Product on the Market

In the U.S., Arzerra (ofatumumab) solution for infusion was approved for use in combination with chlorambucil for the treatment of previously untreated patients with CLL for whom fludarabine-based therapy is considered inappropriate; for use in combination with fludarabine and cyclophosphamide (FC) for the treatment of patients with relapsed CLL; and for extended treatment of patients who are in complete or partial response after at least two lines of therapy for recurrent or progressive CLL. It was also indicated as monotherapy for the treatment of patients with CLL who are refractory to fludarabine and alemtuzumab.

In 2019, the marketing authorization for Arzerra was withdrawn in the EU and several other territories. Subsequently, in August 2020, Genmab announced that Novartis intends to transition availability of Arzerra to an oncology patient access program for CLL patients in the U.S. Arzerra is commercially available in Japan.

The overall safety profile of Arzerra in CLL is based on exposure in clinical trials and the post-marketing setting. The most common side effects for Arzerra include adverse events associated with infusion reactions, cytopenias, and infections (lower respiratory tract infection, including pneumonia, upper respiratory tract infection, sepsis, including neutropenic sepsis and septic shock, herpes viral infection, urinary tract infection).

Please consult the full U.S. Prescribing information, including Boxed Warning, for all the labeled safety information for Arzerra.

Third Quarter 2020 Update

Interim Report for the Nine Months Ended September 30, 2020

Genmab Proprietary Products*

*Certain products in co-development, partners as indicated

Tisotumab vedotin - A Next Generation Therapeutic

Tisotumab vedotin is an ADC targeted to tissue factor (TF), a protein involved in tumor signaling and angiogenesis. Based on its high expression on many solid tumors and its rapid internalization, TF is a suitable target for an ADC approach. Tisotumab vedotin is in clinical development for solid tumors. Tisotumab vedotin is being co-developed by Genmab and Seagen, under an agreement in which the companies share all costs and profits for the product on a 50:50 basis.