Genmab Announces Financial Results for the First Quarter of 2026

Genmab Announces Financial Results for the First Quarter of 2026

May 7, 2026 Copenhagen, Denmark

Interim Report for the Three Months Ended March 31, 2026

Genmab revenue increased 25% compared to the first three months of 2025, to $896 million

FDA approved an sBLA to remove the recommendation for 24-hour hospitalization for patients with third line plus relapsed refractory DLBCL

Remained focused on disciplined investment in our late-stage portfolio, EPKINLY (epcoritamab), Rina-S , and petosemtamab, including launch readiness

"We made tangible progress in the first quarter as we continue to integrate Merus and advance our late-stage portfolio - EPKINLY, Rina-S and petosemtamab. Across the business, our focus remained on disciplined execution, progressing these programs toward key readouts and preparing for potential launches to have an impact on more patients," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Three Months of 2026

Revenue was $896 million for the first three months of 2026 compared to $715 million for the first three months of 2025. The increase of $181 million, or 25%, 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 $742 million in the first three months of 2026 compared to $589 million in the first three months of 2025, an increase of $153 million, or 26%. The increase in royalties was driven by higher net sales of DARZALEX and Kesimpta.

Net sales of DARZALEX, 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 $3,964 million in the first three months of 2026 compared to $3,237 million in the first three months of 2025, an increase of $727 million or 22%.

Cost of product sales were $65 million for the first three months of 2026 compared to $42 million for the first three months of 2025. The increase of $23 million, or 55%, was primarily driven by the profit-sharing amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.

Operating expenses, excluding Acquisition and integration related charges, were $606 million for the first three months of 2026 compared to $485 million for the first three months of 2025. The increase of $121 million, or 25%, was primarily driven by the expansion of our product pipeline, including advancement of Rina-S and petosemtamab, and the continued investment in Genmab's global commercialization capabilities to prepare for the upcoming projected launches of Rina-S and petosemtamab.

Acquisition and integration related charges, which related primarily to severance and retention in connection with the acquisition of Merus, were $45 million in the first three months of 2026.

Amortization of acquired intangible assets was $12 million for the first three months of 2026 compared to $3 million for the first three months of 2025. The increase of $9 million, was primarily driven by the amortization of the Merus technology platform acquired in December 2025.

Operating profit was $180 million in the first three months of 2026 compared to $188 million in the first three months of 2025. Operating Profit excluding Acquisition and integration related charges and Amortization of acquired intangible assets, was $237 million in the first three months of 2026 compared to $191 million in the first three months of 2025.

Genmab is maintaining its 2026 financial guidance published February 17, 2026.

Genmab will hold a conference call to discuss the results for the first three months of 2026 today, Thursday, May 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

Genmab Announces Financial Results for the First Quarter of 2026

personal PIN https register-conf.media-server.com register BI96fe01e0770b4c3c962997a86df525ee. 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

*FDA U.S. Food and Drug Administration sBLA supplemental biologics license application DLBCL diffuse large B-cell lymphoma Rina-S rinatabart sesutecan

Interim Report for the First Quarter of 2026

Interim Report for the First Quarter of 2026

CONSOLIDATED KEY FIGURES**

*Full-time equivalent

**On December 12, 2025, Genmab closed on the acquisition of Merus, including its late-stage breakthrough therapy asset petosemtamab. In order to finance the acquisition, Genmab incurred borrowings of $5.5 billion and utilized cash on hand. Genmab's financial results of the first three months of 2026 reflect the impact of these transactions.

Interim Report for the First Quarter of 2026

2026 FULL YEAR OUTLOOK

1 Net product sales and collaboration revenue consists of EPKINLY net product sales in the U.S. and Japan, and Tivdak ex-U.S. net product sales plus Genmab's share of U.S. gross profits.

2 Operating expenses and operating profit exclude 2026 charges related to 1) acquisition and integration-related charges and 2) amortization of intangible assets acquired through acquisitions.

Genmab is maintaining its 2026 financial guidance published February 17, 2026.

Genmab expects its 2026 revenue to be in the range of $4.1 - 4.4 billion. Genmab's projected revenue growth for 2026 is driven by higher royalties, net product sales and collaboration revenue.

Genmab's projected revenue growth for 2026 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 US and Japan, and Tivdak ex-US net product sales plus Genmab's share of US gross profits.

Genmab's projected revenue for 2026 primarily consists of DARZALEX royalties of approximately $2.7 billion at the midpoint. Such royalties are based on estimated DARZALEX 2026 net sales of $15.6 - 16.4 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 primarily 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 is maintaining its 2026 operating expenses to be in the range of $2.7 - 2.9 billion. The increase in operating expenses is primarily related to investments in late-stage programs and launch readiness in key markets.

Genmab expects its 2026 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, TEPKINLY and BIZENGRI net sales and royalties paid to Genmab

Interim Report for the First Quarter of 2026

changing rates of inflation and currency exchange rates (the 2026 guidance assumes a USD DKK exchange rate of 6.2). The financial guidance assumes that no significant new agreements are entered into during 2026 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 2026 Guidance.

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

PRODUCT PIPELINE AND TECHNOLOGY PROGRESS FIRST QUARTER OF 2026

At the end of the first quarter of 2026, Genmab's proprietary pipeline, where we are responsible for at least 50% of development, consisted of eight antibody products in active clinical development, including our late-stage programs Rina-S and petosemtamab. Our approved medicines are EPKINLY TEPKINLY, which Genmab is co-developing and co-commercializing in the U.S. and Japan in collaboration with AbbVie and Tivdak, which Genmab is co-developing globally and co-promoting in the U.S. in collaboration with Pfizer Inc. (Pfizer) and exclusively by Genmab outside of the U.S. and China. Beyond these investigational and approved medicines, our pipeline includes promising preclinical programs. In addition to our own pipeline, there are multiple antibody products in development by global pharmaceutical and biotechnology companies in our royalty portfolio, including seven approved medicines. An overview of the development status of our approved medicines and our late-stage investigational medicines is provided in the following section, including updates for the first quarter of 2026. 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.

Interim Report for the First Quarter of 2026

Genmab Proprietary Products1

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

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

Interim Report for the First Quarter of 2026

Pipeline, Including Further Development for Approved Medicines

1L first line NHL non-Hodgkin lymphoma CLL chronic lymphocytic leukemia ADC antibody-drug conjugate 2L+ second line plus 2L second line PROC platinum resistant ovarian cancer PSOC platinum sensitive ovarian cancer NSCLC non-small cell lung cancer HNSCC head and neck squamous cell carcinoma 3L third line mCRC metastatic colorectal cancer AML acute myeloid leukemia HR-MDS higher-risk myelodysplastic syndrome

EPKINLY TEPKINLY (epcoritamab) - the only bispecific antibody approved to treat multiple 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

In 2025, EPKINLY plus R2 became the first bispecific antibody combination regimen available in the U.S. as a treatment option for patients with relapsed refractory FL

More than 40 clinical trials across different treatment settings, lines of therapy and in combination regimens across histologies, including five Phase 3 trials

Two Breakthrough Therapy designations (BTDs) granted by the FDA for relapsed refractory FL as monotherapy after two or more therapies and in combination with R2 following at least one prior systemic therapy

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

Interim Report for the First Quarter of 2026

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-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 Phase 3 trials. 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 2026 Updates

March The FDA approved an sBLA to remove the recommendation for 24-hour hospitalization following administration of the first 48mg dose of epcoritamab for patients with relapsed refractory DLBCL or high-grade B-cell lymphoma after two or more lines of systemic therapy. With this change, physicians should assess whether outpatient monitoring or hospitalization is appropriate based on comorbidities or other situational factors.

January Topline Results for Epcoritamab (DuoBody CD3xCD20) from Phase 3 EPCORE DLBCL-1 Trial in Patients with Relapsed Refractory DLBCL demonstrated an improvement in progression-free survival, complete response, duration of response and time to next treatment but overall survival (OS) did not reach statistical significance. The adverse events observed in this study appear consistent with the known safety profile of epcoritamab. Further analysis of the results is ongoing, including the potential impact of various factors, such as the COVID-19 pandemic and increasing availability of novel anti-lymphoma therapies. The full trial results will be submitted for presentation at a future medical meeting. Genmab and AbbVie will engage with global regulatory authorities to discuss next steps.

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

An ADC directed to TF, a protein prevalent on cervical cancer cells, 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 and is the only ADC with demonstrated OS data in this setting compared to chemotherapy

Co-developed globally and co-promoted in the U.S. in collaboration with Pfizer, exclusively by Genmab outside of the U.S. and China

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 (MMAE) 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 is leading commercial operational activities in Japan, Europe and all other regions globally, excluding the U.S. and China. Pfizer is leading commercial operational activities in the U.S. and will lead commercial operational activities in China

Interim Report for the First Quarter of 2026

once approved in connection with the sublicense of its rights to develop and commercialize tisotumab vedotin in China to Zai Lab.

Genmab records sales for Europe, Japan and rest of world markets (excluding the U.S. and China), and will provide royalties with rates in the low teens to Pfizer on net sales. 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.

Rinatabart Sesutecan (Rina-S, GEN1184) - ADC with FDA Fast Track and Breakthrough Therapy Designations

Folate Receptor Alpha (FR )-targeted Type I Topoisomerase (TOPO1) inhibitor ADC being evaluated for potential treatment of FR -expressing cancers

FDA granted Fast Track Designation (FTD) for FR -expressing cancers, BTD for recurrent or progressive endometrial cancer.

Three active Phase 3 clinical trials 2L+ PROC, 2L PSOC maintenance, 2L+ endometrial cancer

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 FTD by the FDA for the treatment of FR -expressing high-grade serous or endometrioid PROC. In August 2025, the FDA granted BTD for recurrent or progressive endometrial cancer. The RAINFOL-02 (NCT06619236) in 2L+ PROC completed enrollment in March 2026. Two Phase 3 trials are currently recruiting RAINFOL-03 (NCT07166094) in 2L+ endometrial cancer and RAINFOL-04 (NCT07225270) in 2L PSOC maintenance. A Phase 2 trial (RAINFOL-05, NCT07288177) in NSCLC is also recruiting.

Petosemtamab - Bispecific antibody with FTD and Two BTDs from the FDA

Epidermal growth factor receptor, leucine-rich repeat-containing G-protein coupled receptor 5 (EGFRxLGR5) bispecific antibody being evaluated for potential treatment of EGFR-expressing cancers, focusing on HNSCC

FDA granted FTD for recurrent metastatic HNSCC and BTD for both 1L and 2L+ recurrent metastatic HNSCC indications

Two active Phase 3 trials 1L and 2L 3L recurrent metastatic HNSCC

Expansion opportunities including locally advanced HNSCC

Petosemtamab was added to Genmab's portfolio with the acquisition of Merus. Petosemtamab is an EGFRxLGR5 bispecific antibody being evaluated for the potential treatment of HNSCC and other solid tumors including mCRC. Clinical data to date for petosemtamab has demonstrated a significant clinical benefit in both 1L and later line HNSCC settings. The FDA has granted FTD in recurrent metastatic HNSCC and BTD for both 1L PD-L1 positive and 2L+ recurrent metastatic HNSCC. Two Phase 3 trials are currently recruiting LiGeR-HN1 (NCT06525220) in 1L recurrent metastatic PD-L1 positive HNSCC and LiGeR-HN2 (NCT06496178) in 2L 3L recurrent metastatic HNSCC. Petosemtamab is also being evaluated in a Phase 2 study (NCT03526835) of other advanced solid tumors, including mCRC, and a Phase 2 study (NCT07353957) in 1L NSCLC. In November 2025, Merus announced that they had entered a global collaboration and license agreement with Halozyme to develop a SC formulation of petosemtamab.

Early-stage and Preclinical Programs

Early-stage pipeline includes five programs in active clinical development GEN1059 (BNT314), GEN1057, GEN3018, GEN1079 and GEN1106

Broad preclinical pipeline that includes both partnered products and in-house programs based on our proprietary technologies and or antibodies

Interim Report for the First Quarter of 2026

Multiple new Investigational New Drug (IND) applications expected to be submitted over the coming years

Genmab has entered multiple strategic collaborations to support the expansion of our innovative pipeline

Our preclinical pipeline includes immune effector function enhanced antibodies developed with our HexaBody technology platform, bispecific antibodies created with our DuoBody technology platform and ADCs created with our ADC technology platforms. We are also collaborating with our partners to generate additional new antibody-based product concepts. A number of the preclinical programs are conducted in cooperation with our collaboration partners.