Genmab Announces Financial Results for the First Nine Months of 2021

Genmab Announces Financial Results for the First Nine Months of 2021

November 10, 2021; Copenhagen, Denmark;

Interim Report for the First Nine Months Ended September 30, 2021

"The U.S. FDA approval for TIVDAK represents an important milestone both for the treatment of cervical cancer as well as for Genmab as a company," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. "TIVDAK is the first and only approved antibody-drug conjugate (ADC) for adult patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy, providing a new treatment option for patients impacted by this devastating disease. The decision by the U.S. FDA also marks the first regulatory approval for an ADC combining Genmab's antibody with Seagen's ADC technology and is the first approval for any therapy owned at least 50% by Genmab. This achievement was only possible because of the efforts of our dedicated and talented team, the excellent collaboration with our partner for TIVDAK, Seagen, and the patients, families and caregivers as well as the nurses, physicians and study teams who participated in our clinical trials."

Financial Performance First Nine Months of 2021

Genmab Announces Financial Results for the First Nine Months of 2021

As announced in Company Announcement No. 66, Genmab is improving its 2021 financial guidance published on August 11, 2021, driven primarily by increased royalty revenue related to the net sales of DARZALEX.

Genmab will hold a conference call in English to discuss the results for the first nine months of 2021 today, Wednesday, November 10, at 6:00 pm CET, 5:00 pm GMT or 12:00 pm EST. To join the call dial

+1 631 913 1422 (U.S. participants) or +44 3333000804 (international participants) and provide conference code 90392669.

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

Marisol Peron, Senior Vice President, Global Investor Relations and Communications

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

For Investor Relations:

Andrew Carlsen, Vice President, Head of Investor Relations

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

Interim Report for the First Nine Months Ended September 30, 2021

Interim Report for the First Nine Months Ended September 30, 2021

CONSOLIDATED KEY FIGURES

* Full-time equivalent

Interim Report for the First Nine Months Ended September 30, 2021

As announced in Company Announcement No. 66, Genmab is improving its 2021 financial guidance published on August 11, 2021, driven primarily by increased royalty revenue related to the net sales of DARZALEX and lower operating expense resulting from timing of investments for R&D activities and organizational capability build.

Genmab expects its 2021 revenue to be in the range of DKK 7,900-8,500 million, an increase compared to previous guidance of DKK 7,300-7,900 million, driven primarily by the continued strong growth of DARZALEX net sales. Genmab's projected revenue for 2021 primarily consists of DARZALEX royalties of DKK 5,800-6,200 million. Such royalties are based on Genmab's revised estimate of DARZALEX 2021 net sales of USD 5.9-6.2 billion compared to Genmab's previous estimate of USD 5.6-5.9 billion. Since the second quarter of 2020, Janssen has reduced its royalty payments to Genmab by what it claims to be Genmab's share of Janssen's royalty payments to Halozyme in connection with subcutaneous (SC) sales. Given the ongoing arbitration, Genmab has reflected this as a reduction to estimated 2021 revenue. The remainder of Genmab's revenue consists of royalties from TEPEZZA, Kesimpta and RYBREVANT , reimbursement revenue, milestones for epcoritamab and daratumumab, and other milestones.

Genmab anticipates its 2021 operating expenses to be in the range of DKK 5,300-5,600 million, a decrease compared to previous guidance of DKK 5,500-5,800 million. Operating expenses continue to be driven by the advancement of Genmab's clinical programs, continued investment in research and development, as well as building Genmab's commercial organization and broader organizational infrastructure.

Genmab now expects its 2021 operating result to be in the range of DKK 2,300-3,200 million, an increase compared to previous guidance of DKK 1,500-2,400 million, driven primarily by the increase in royalty revenue related to the net sales of DARZALEX.

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; ongoing binding arbitration of two matters under Genmab's license agreement with Janssen relating to daratumumab; the timing and variation of development activities (including activities carried out by Genmab's collaboration partners) and related income and costs; DARZALEX, Kesimpta, TEPEZZA and RYBREVANT net sales and royalties paid to Genmab; and currency exchange rates (the 2021 guidance assumes a USD/DKK exchange rate of 6.0). The financial guidance assumes that no significant new agreements are entered into during the remainder of 2021 that could materially affect the results. Refer to the section "Significant Risks and Uncertainties" in this interim report.

Interim Report for the First Nine Months Ended September 30, 2021

Additionally, the COVID-19 pandemic could potentially have a material adverse impact on Genmab's business and financial performance, including clinical trials, projected regulatory approval timelines, supply chain and revenues, and cause Genmab's actual results to differ materially from 2021 Guidance and Key 2021 Priorities in this interim report.

The global outbreak of COVID-19 may have long-term impacts on the development, regulatory approval and commercialization of Genmab's product candidates and on net sales of approved products created by Genmab and developed and marketed by Genmab or Genmab's collaboration partners. The longer the pandemic continues, the more severe the impacts described below will be on Genmab's business. Genmab has established a COVID-19 response team, led by the CEO, that closely monitors the evolving situation, develops and implements precautionary measures to help limit the impact of COVID-19 at the workplace and on our communities, and ensures business continuity. Genmab is also actively monitoring the potential impact on Key 2021 Priorities and assessing the situation on an ongoing basis in close contact with clinical trial sites, physicians and contract research organizations 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 Genmab's business and financial performance is uncertain as the situation continues to evolve. The factors discussed above, as well as other factors which are currently unforeseeable, may result in further and other unforeseen material adverse impacts on Genmab's business and financial performance, including on the net sales of DARZALEX, Kesimpta, TEPEZZA and RYBREVANT, by Genmab's partners and on Genmab's royalty and milestone revenue therefrom.

1. Co-development w/ Seagen; 2. Co-development w/ AbbVie; 3. Co-development w/ BioNTech SE (BioNTech)

*Potential JNDA filing timeline postponed to include Phase 3 InnovaTV301 data

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST NINE MONTHS OF 2021

As of the end of the third quarter of 2021, Genmab's proprietary pipeline of product candidates, where we are responsible for at least 50% of development, consisted of six antibodies in clinical development

Interim Report for the First Nine Months Ended September 30, 2021

including Genmab's first U.S. FDA approved product, TIVDAK, which Genmab is co-developing and co-promoting in the U.S. with Seagen. In addition to our own pipeline, there are also multiple products in development by third-party companies, including four approved products that incorporate Genmab technology and innovation. Beyond the antibodies in clinical development, our pipeline also includes around 20 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 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.

Genmab Proprietary Products1 in Development

1Product candidates where Genmab has 50% ownership. Certain products in co-development, partners as indicated

2See U.S. prescribing information for precise indication and safety information

3Genmab is developing HexaBody -CD38 in an exclusive worldwide license and option agreement with Janssen

TIVDAK - First and only U.S. FDA approved ADC for recurrent or metastatic cervical cancer

Interim Report for the First Nine Months Ended September 30, 2021

TIVDAK is an ADC composed of Genmab's human monoclonal antibody directed to TF and Seagen's ADC technology that utilizes a protease-cleavable linker that covalently attaches the microtubule-disrupting agent monomethyl auristatin E (MMAE) to the antibody. Genmab used technology licensed from Medarex to generate the TF antibody forming part of TIVDAK. TIVDAK is the first and only U.S. FDA approved ADC for the treatment of adult patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy. TIVDAK 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. Under a joint commercialization agreement, Genmab will co-promote TIVDAK in the U.S. and lead commercial operational activities in Japan. Seagen will lead operational commercial activities in the U.S., Europe and China with a 50:50 cost and profit split in those markets. In any other markets, Seagen will commercialize TIVDAK and Genmab will receive royalties based on a percentage of aggregate net sales ranging from the mid-teens to the mid-twenties. The companies will continue the practice of joint decision-making on the worldwide development and commercialization strategy for TIVDAK. The companies have a broad clinical development program for TIVDAK, including a confirmatory Phase 3 study in recurrent or metastatic cervical cancer.

Please consult the U.S. Prescribing Information for TIVDAK for the labeled indication and safety information, including the boxed warning.

Third Quarter 2021 Updates

First Half 2021 Updates

Interim Report for the First Nine Months Ended September 30, 2021

Epcoritamab (DuoBody -CD3xCD20) - Potential Best-in-class Product Candidate

Epcoritamab is a proprietary bispecific antibody created using Genmab's DuoBody technology. Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically well-validated target on malignant B-cells. Genmab used technology licensed from Medarex to generate the CD20 antibody forming part of epcoritamab. Epcoritamab is being co-developed by Genmab and AbbVie. The first Phase 3 clinical study of epcoritamab in relapsed / refractory DLBCL is ongoing. In addition, Phase 1/2 clinical studies in B-cell non-Hodgkin lymphoma (B-NHL) including chronic lymphocytic leukemia (NCT04623541) and in combination with standard of care therapies for B-NHL (NCT04663347) are ongoing.

Third Quarter 2021 Update

First Half 2021 Updates

DuoBody-PD-L1x4-1BB (GEN1046) - Bispecific Next Generation Checkpoint Immunotherapy

DuoBody-PD-L1x4-1BB (GEN1046) is a proprietary bispecific antibody, jointly owned by Genmab and BioNTech, created using Genmab's DuoBody technology. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and profits for the product on a 50:50 basis. DuoBody-PD-L1x4-1BB targets PD-L1 and 4-1BB, selected to block inhibitory PD 1 / PD-L1 axis and simultaneously conditionally activate essential co-stimulatory activity via 4-1BB using inert DuoBody antibody format. Two clinical studies (NCT03917381, NCT04937153) in solid tumors are ongoing.

Interim Report for the First Nine Months Ended September 30, 2021

DuoBody-CD40x4-1BB (GEN1042) - Potential First-in-Class Bispecific Agonistic Antibody

DuoBody-CD40x4-1BB (GEN1042) is a proprietary bispecific antibody, jointly owned by Genmab and BioNTech, created using Genmab's DuoBody technology. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and profits for the product on a 50:50 basis. CD40 and 4-1BB were selected as targets to enhance both dendritic cells (DC) and antigen-dependent T-cell activation, using an inert DuoBody format. A Phase 1/2 clinical study of DuoBody-CD40x4-1BB in solid tumors is ongoing.

Third Quarter 2021 Update

First Half 2021 Update

DuoHexaBody -CD37 (GEN3009) - First DuoHexaBody Program in the Clinic

DuoHexaBody-CD37 (GEN3009) is a bispecific antibody created with Genmab's proprietary DuoHexaBody technology platform. The DuoHexaBody platform combines the dual targeting of our DuoBody technology with the enhanced potency of our HexaBody technology, creating bispecific antibodies with target-mediated enhanced hexamerization. DuoHexaBody-CD37 is being co-developed by Genmab and AbbVie on a 50:50 basis and a Phase 1/2 clinical study in hematologic malignancies is ongoing.

HexaBody-CD38 (GEN3014) - Latest Proprietary Program in the Clinic

HexaBody-CD38 (GEN3014) is a human CD38 monoclonal antibody product incorporating our HexaBody technology. In preclinical models of hematological malignancies, as presented at ASH in December 2019, HexaBody-CD38 demonstrated enhanced CDC and had shown potent anti-tumor activity. In June 2019, Genmab entered into an exclusive worldwide license and option agreement with Janssen to develop and commercialize HexaBody-CD38. A Phase 1/2 clinical study in hematologic malignancies is ongoing.

First Half 2021 Update

Interim Report for the First Nine Months Ended September 30, 2021

HexaBody-DR5/DR5 (GEN1029)

HexaBody-DR5/DR5 (GEN1029) is a product comprising a mixture of two non-competing HexaBody molecules that target two distinct epitopes on death receptor 5 (DR5), a cell surface receptor that mediates a process called programmed cell death. Increased expression of DR5 has been reported in several types of tumors. The product, which was being evaluated in a Phase 1/2 clinical study (NCT03576131) in solid tumors, was created with our HexaBody technology and DR5 antibodies acquired from IDD Biotech.

Third Quarter 2021 Update

DuoBody-CD3x5T4 (GEN1044)

DuoBody-CD3x5T4 (GEN1044) is a bispecific antibody created with Genmab's proprietary DuoBody technology platform. DuoBody-CD3x5T4 was being co-developed by Genmab and AbbVie on a 50:50 basis and was being evaluated in a Phase 1/2 clinical study (NCT04424641) in solid tumors.

Third Quarter 2021 Update

Products Created by Genmab or Incorporating Genmab's Innovation

In addition to Genmab's own pipeline of product candidates our innovation and proprietary technology are applied in the pipelines of third-party companies. These companies are running clinical development programs with antibodies created by Genmab or created using Genmab's DuoBody bispecific antibody technology. The programs run from Phase 1 development to approved medicines. The tables in this section include those therapies that have been approved as well as clinical stage products in Phase 2 development or later. Under the agreements for these products Genmab is entitled to certain potential milestones and royalties.

Interim Report for the First Nine Months Ended September 30, 2021

*See local country prescribing information for precise indications and safety information

DARZALEX (daratumumab) - Redefining the Treatment of Multiple Myeloma

DARZALEX is a human monoclonal antibody that binds with high affinity to the CD38 molecule, which is highly expressed on the surface of multiple myeloma cells and is also expressed by AL amyloidosis plasma cells. Genmab used technology licensed from Medarex to generate the CD38 antibody forming part of daratumumab. Daratumumab is being developed by Janssen under an exclusive worldwide license from Genmab to develop, manufacture and commercialize daratumumab. Under the terms of the agreement, Genmab is entitled to double digit royalties between 12% and 20%. Daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the United States and as DARZALEX SC in Europe for SC administration) is approved in certain territories for the treatment of

Interim Report for the First Nine Months Ended September 30, 2021

adult patients with certain multiple myeloma indications and is the only approved therapy in the U.S., Europe and Japan for the treatment of adult patients with AL amyloidosis.

Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for DARZALEX and DARZALEX SC and the U.S. Prescribing Information for DARZALEX FASPRO for the labeled indication and safety information.

Third Quarter 2021 Updates

First Half 2021 Updates

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

Interim Report for the First Nine Months Ended September 30, 2021