Genmab Announces Financial Results for the First Quarter of 2025

Genmab Announces Financial Results for the First Quarter of 2025

May 8, 2025 Copenhagen, Denmark

Interim Report for the First Quarter Ended March 31, 2025

EPKINLY (epcoritamab) approved by the Japan Ministry of Health, Labour and Welfare (MHLW) for additional indication as a treatment for relapsed or refractory follicular lymphoma (FL)

Rinatabart sesutecan (Rina-S ) continues to show encouraging antitumor activity in patients with advanced ovarian cancer in data presented at the 2025 Society of Gynecologic Oncology Annual Meeting on Women's Cancer (SGO)

Tivdak (tisotumab vedotin) approved by the Japan MHLW and by the European Commission (EC) as the first and only antibody-drug conjugate (ADC) approved in both Japan and the European Union (EU) for the treatment of recurrent or metastatic cervical cancer after prior therapy

Genmab revenue increased 19% compared to the first quarter of 2024, to $715 million

"Our commitment to advancing our late-stage programs was reflected in the progress we made in the first quarter of the year. Both EPKINLY and Tivdak expanded their reach with approvals in additional territories and the updated Rina-S data presented at SGO reinforces its potential as a treatment option for patients with advanced ovarian cancer," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Quarter of 2025

Revenue was $715 million for the first three months of 2025 compared to $603 million for the first three months of 2024. The increase of $112 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 EPKINLY net product sales.

Royalty revenue was $589 million in the first three months of 2025 compared to $452 million in the first three months of 2024, an increase of $137 million, or 30%. 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 $3,237 million in the first three months of 2025 compared to $2,692 million in the first three months of 2024, an increase of $545 million or 20%.

Total costs and operating expenses were $527 million in the first three months of 2025 compared to $487 million in the first three months of 2024. The increase of $40 million, or 8%, was driven by the expansion of our product pipeline, including 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 $188 million in the first three months of 2025 compared to $116 million in the first three months of 2024.

Net financial items resulted in income of $56 million for the first three months of 2025 compared to $133 million in the first three 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.

Genmab is maintaining its 2025 financial guidance published on February 12, 2025.

Both 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.

Genmab Announces Financial Results for the First Quarter of 2024

Genmab will hold a conference call to discuss the results for the first quarter of 2025 today, Thursday, May 8, 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.vevent.com register BI2b36f53f97c64ad190f5eaa552875059. A live and archived webcast of the call and relevant slides will be available at www.genmab.com investor-relations.

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

Interim Report for the First Three Months of 2025

Interim Report for the First Three Months of 2025

CONSOLIDATED KEY FIGURES

*Full-time equivalent or team members

Interim Report for the First Three Months of 2025

2025 FULL YEAR OUTLOOK

*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.

**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range

Genmab is maintaining its 2025 financial guidance published February 12, 2025.

Genmab expects its 2025 revenue to be in the range of $3.3 - 3.7 billion. 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 $2.2 billion at the midpoint. Such royalties are based on estimated DARZALEX 2025 net sales of $12.6-13.4 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 $2.1 - 2.2 billion.

Genmab expects its 2025 operating profit to be in the range of $0.9 - 1.4 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 financial guidance assumes that no significant new agreements are entered into during the remainder of 2025 that could materially affect the results. Refer to the section "Significant Risks and Uncertainties" in this interim report for matters that may cause Genmab's actual results to differ materially from 2025 Guidance.

The factors discussed above, as well as other factors that are currently unforeseeable, may result in further and other unforeseen material adverse impacts on Genmab's business and financial performance, including on the sales of Tivdak and EPKINLY TEPKINLY, and on the net sales of DARZALEX, Kesimpta, TEPEZZA,

Interim Report for the First Three Months of 2025

RYBREVANT, TECVAYLI and TALVEY by Genmab's collaboration partners and on Genmab's royalties, collaboration revenue and milestone revenue therefrom.

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST QUARTER OF 2025

At the end of the first three months of 2025, Genmab's proprietary pipeline of investigational medicines, where we are responsible for at least 50% of development, consisted of over 10 antibody products in clinical development. These include Genmab's approved medicines, Tivdak, which Genmab is co-developing globally and co-promoting in the U.S. in collaboration with Pfizer Inc. (Pfizer), and EPKINLY TEPKINLY, which Genmab is co-developing and co-commercializing in the U.S. and Japan in collaboration with AbbVie. In addition to our own pipeline, there are multiple investigational medicines in development by global pharmaceutical and biotechnology companies, including six approved medicines powered by Genmab's technology and innovations. Beyond the investigational medicines in clinical development, our pipeline includes multiple preclinical programs. An overview of the development status of our approved medicines and each of our investigational medicines is provided in the following section, including updates for the first quarter of 2025. 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 A S (Nasdaq Copenhagen) stock exchange and may also be found in Genmab's filings with the U.S. Securities and Exchange Commission (U.S. SEC). Additional information is available on Genmab's website, www.genmab.com. The information accessible through our website is not part of this report and is not incorporated by reference herein.

Genmab Proprietary Products1

1Approved and investigational medicines where Genmab has 50% ownership, in co-development with partners as indicated.

2Refer to relevant local prescribing information for precise indication and safety information.

Interim Report for the First Three Months of 2025

Pipeline, Including Further Development for Approved Medicines

EPKINLY TEPKINLY (epcoritamab) - the only bispecific antibody approved with a dual indication for the treatment of certain B-cell malignancies in the U.S., Europe and Japan

Epcoritamab (approved as EPKINLY and TEPKINLY) has received regulatory approvals in multiple territories including in the U.S. and Europe for adult patients with relapsed or refractory DLBCL after two or more lines of systemic therapy, and in Japan for adult patients with certain types of relapsed or refractory LBCL after two or more lines of systemic therapy

EPKINLY TEPKINLY has also been approved in multiple territories including the U.S., Japan and Europe for the treatment of adults with relapsed or refractory FL after two or more lines of systemic therapy

Multiple clinical trials are ongoing across different settings and histologies, including five Phase 3 trials, with more trials in planning

SC bispecific antibody targeting CD3 and CD20, created using Genmab's DuoBody technology platform

Co-developed and co-commercialized in collaboration with AbbVie

Epcoritamab is a proprietary bispecific antibody created using Genmab's DuoBody technology platform. Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically validated target on malignant B-

Interim Report for the First Three Months of 2025

cells. Genmab used technology licensed from Medarex Inc. (Medarex) to generate the CD20 antibody forming part of epcoritamab. Epcoritamab is marketed as EPKINLY in the U.S., Japan, and other regions, and as TEPKINLY in Europe and other regions. See local prescribing information for specific indications and safety information. In 2020, Genmab entered into a collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab. The companies share commercialization responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization.

Genmab records sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining global sales outside of these territories, subject to certain royalty reductions. The companies have a broad clinical development program for epcoritamab including five ongoing Phase 3 trials and additional trials in planning. Please consult the U.S. Prescribing Information for EPKINLY and the European Summary of Product Characteristics for TEPKINLY for the labeled indication and safety information.

First Quarter 2025 Updates

January The Japan MHLW approved EPKINLY (epcoritamab) for the treatment of patients with relapsed or refractory FL who have received two or more lines of therapy.

February Epcoritamab-bysp in combination with gemcitabine and oxaliplatin (GemOx) was added to the National Comprehensive Cancer Network (NCCN ) Clinical Practice Guidelines in Oncology (NCCN Guidelines ) for "B-cell Lymphomas" (Version 2.2025) for second-line patients with DLBCL who are ineligible for transplant as a Category 2A, preferred regimen.

Tivdak (tisotumab vedotin) - First and only ADC for recurrent or metastatic cervical cancer in the U.S., Europe and Japan

An ADC directed to TF, a protein highly prevalent in solid tumors, including cervical cancer, which is associated with poor prognosis

Tisotumab vedotin, approved as Tivdak, is the first and only ADC approved in the U.S., Europe and Japan for the treatment of recurrent or metastatic cervical cancer after prior therapy.

It is the only ADC with demonstrated overall survival data in this setting compared to chemotherapy

Co-developed globally and co-promoted in the U.S. in collaboration with Pfizer

Tisotumab vedotin is an ADC composed of Genmab's human monoclonal antibody directed to TF and Pfizer's ADC technology that utilizes a protease-cleavable linker that covalently attaches the microtubule-disrupting agent monomethyl auristatin E to the antibody. Genmab used technology licensed from Medarex to generate the TF antibody forming part of tisotumab vedotin. Tisotumab vedotin, marketed as Tivdak, is the first and only ADC approved for the treatment of adult patients with recurrent or metastatic cervical cancer after prior therapy in the U.S., Europe and Japan. Tisotumab vedotin is being co-developed by Genmab and Pfizer. Under a joint commercialization agreement, Genmab is co-promoting Tivdak in the U.S. and will lead commercial operational activities in Japan. Pfizer is leading commercial operational activities in the U.S. and will lead commercial operational activities in China once approved in connection with the sublicense of its rights to develop and commercialize tisotumab vedotin in China to Zai Lab. In the U.S. market there is a 50 50 profit split. Effective January 1, 2025, Genmab and Pfizer agreed to amend the License and Collaboration Agreement and the Joint Commercialization Agreement for Tivdak, assigning Genmab sole responsibility for the development and commercialization of Tivdak for second line plus recurrent or metastatic cervical cancer in Europe and all other regions globally, excluding the United States and the China region. Genmab will record sales for Europe, Japan and rest of world markets (excluding the United States and the China region), and will provide royalties to Pfizer on net sales in the low teens. The companies have joint decision-making power on the worldwide development and commercialization strategy for Tivdak. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for the labeled indication and safety information for Tivdak.

First Quarter 2025 Updates

January Genmab and Pfizer agreed to amend the License and Collaboration Agreement and the Joint Commercialization Agreement for Tivdak, assigning Genmab sole responsibility for the development

Interim Report for the First Three Months of 2025

and commercialization of Tivdak for second line plus recurrent or metastatic cervical cancer in Europe and all other regions globally, excluding the United States and the China region.

March The Japan MHLW approved Tivdak (tisotumab vedotin) for the treatment of advanced or recurrent cervical cancer that has progressed on or after cancer chemotherapy. Tivdak is the first and only ADC to be approved for people living with cervical cancer in Japan.

March The EC granted marketing authorization for Tivdak (tisotumab vedotin) as monotherapy treatment for adult patients with recurrent or metastatic cervical cancer with disease progression on or after systemic therapy. Tivdak is the first and only ADC to be granted EU marketing authorization for people living with recurrent or metastatic cervical cancer.

Acasunlimab (GEN1046) - Bispecific next-generation immunotherapy

Bispecific antibody targeting PD-L1 and 4-1BB, created using Genmab's DuoBody technology platform

A Phase 3 trial (NCT06635824, ABBIL1TY NSCLC-06) in NSCLC is recruiting

Acasunlimab (GEN1046, DuoBody-PD-L1x4-1BB) is a proprietary bispecific antibody, created using Genmab's DuoBody technology platform. Originally developed in collaboration with BioNTech, in 2024 Genmab assumed sole responsibility for the continued development and potential commercialization of acasunlimab. The program will be subject to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to BioNTech. Acasunlimab is designed to induce an antitumor immune response by simultaneous and complementary PD-L1 blockade and conditional 4-1BB stimulation using an inert DuoBody format. A Phase 3 trial of acasunlimab in combination with pembrolizumab compared to docetaxel in CPI-experienced, PD-L1 positive metastatic NSCLC is recruiting.

Rinatabart Sesutecan (Rina-S, GEN1184) - Potential best-in-class FR -targeted topoisomerase I (TOPO1) ADC

FR -targeted TOPO1 ADC being evaluated for potential treatment of FR -expressing cancers

Phase 3 clinical trial (NCT06619236) in PROC is recruiting

Rina-S is a novel FR -targeted TOPO1 ADC being evaluated for the potential treatment of ovarian cancer and other FR -expressing cancers. Dose escalation data suggests that Rina-S has robust single agent activity in various cancers across a broad range of FR expression levels. In January 2024, Rina-S was granted Fast Track Designation by the U.S. Food and Drug Administration (U.S. FDA) for the treatment of FR -expressing high-grade serous or endometrioid PROC. A Phase 3 trial in second line plus platinum PROC is recruiting.

First Quarter 2025 Update

March Data from the Phase 2 RAINFOL -01 trial (NCT05579366, B1 cohort) was presented during an oral presentation at the 2025 Society of Gynecologic Oncology Annual Meeting on Women's Cancer . Results showed that Rina-S 120 mg m2 every 3 weeks resulted in a confirmed objective response rate of 55.6% (95% CI 30.8-78.5) in heavily pre-treated ovarian cancer patients regardless of FR expression levels. With a median on-study follow-up of 48 weeks, 1 out of 10 patients experienced disease progression and the median duration of response was not reached (95% CI 40.14-NR).

GEN1042 (BNT312) - Potential first-in-class bispecific agonistic antibody

Bispecific antibody targeting CD40 and 4-1BB, created using Genmab's DuoBody technology platform

Multiple clinical trials in solid tumors ongoing

Co-developed in collaboration with BioNTech

GEN1042 (DuoBody-CD40x4-1BB, BNT312) is a proprietary bispecific antibody, jointly owned by Genmab and BioNTech, created using Genmab's DuoBody technology platform. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1042

Interim Report for the First Three Months of 2025

on a 50 50 basis. CD40 and 4-1BB were selected as targets to enhance activation of both dendritic cells and antigen-dependent T-cells. Three clinical trials of GEN1042 in solid tumors are ongoing.

GEN1059 (BNT314) - Bispecific antibody with potential in solid tumors

Bispecific antibody targeting EpCAM and 4-1BB, created using Genmab's DuoBody technology platform

Phase 1 2 clinical trial (NCT06150183) in solid tumors is recruiting

Co-developed in collaboration with BioNTech

GEN1059 (DuoBody-EpCAMx4-1BB, BNT314), jointly owned by Genmab and BioNTech and created using Genmab's DuoBody technology platform, is a bispecific antibody aimed at boosting antitumor immune responses through EpCAM-dependent 4-1BB agonistic activity. GEN1059 is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1059 on a 50 50 basis. A Phase 1 2 clinical trial of GEN1059 in solid tumors is recruiting.