Genmab A/s · OMXCOP:GMAB
Genmab A/s — FY2025 Earnings Presentation
19 slides from Genmab A/s's earnings presentation, Feb 17, 2026
Slide 1: Year End Results
Year End Results Period Ended December 31, 2025 © Genmab 2024
Slide 2: Forward looking statement
Forward looking This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. All statements other statement than statements of historical facts included in this presentation, inclu
Slide 3: Genmab 2025: Strengthening Our Foundation, Investing in Future Success
Genmab 2025: Strengthening Our Foundation, Investing in Future Success Accelerating development of our late- stage pipeline Maximizing potential of our commercialized medicines Delivering on our capital allocation priorities Exceptional financial performance For Investor audience only. Not f
Slide 4: Genmab in 2025: Delivering on Our Commitments
Genmab in 2025: Delivering on Our Commitments 19% total revenue growth Focused investments & 24% operating profit growth* delivering on our financial commitments EPKINLY® in earlier lines of Rina-S® expanded Phase 3 Positioned for sustainable therapy in FL development beyond PROC growth: addition of
Slide 5: Late-stage Pipeline of Attractive Growth Opportunities
Late-stage Pipeline of Attractive Growth Opportunities Peak Annual Sales Potential >$3Bn >$2Bn Multi-$Bn Epkinly® Rina-S® Petosemtamab (Lymphoma) (Gyn-Onc) (HNSCC) FDA Breakthrough Therapy Designations FDA Breakthrough Therapy Designation FDA Breakthrough Therapy Designations • Launch in expanded in
Slide 6: 2026: Up to Six Registrational Readouts Enabling 2027 Launches
2026: Up to Six Registrational Readouts Enabling 2027 Launches Rina-S® Petosemtamab • Ph 2 PROC (RAINFOL -01) • Ph 3 1L r/m HNSCC (LiGeR-HN1) and/or Ph 3 2L/3L r/m HNSCC • H2 2026 (LiGeR-HN2) • H2 2026 EPKINLY® • Ph 3 1L DLBCL • Ph 3 2L+ DLBCL combo + len • Ph 3 2L+ DLBCL mono (EPCORE® DLBCL-2) (EPC
Slide 7: 2025 Results Driven by Strength of Proprietary Portfolio
2025 Results Driven by Strength of Proprietary Portfolio COMBINED COMMERCIALIZED MEDICINES SALES1 Strong Execution Positions Portfolio for Next Wave of Growth • Delivered strong portfolio performance in +54% $632M 2025 • Proven launch excellence across geographies and therapeutic areas, advancing $4
Slide 8: EPKINLY: Building Momentum toward Early Lines of Therapy
EPKINLY®: Building Momentum toward Early Lines of Therapy NET SALES The Core Therapy Across B-cell Malignancies 2025 YoY • US o Early signs of success with 2L FL as a growth driver for $468M +67% the brand o Continued adoption across academic and community settings demonstrates value of EPKINLY® as
Slide 9: TIVDAK: Performance in New and Established Markets Underscores Patient Need
TIVDAK®: Performance in New and Established Markets Underscores Patient Need NET SALES The Global Standard of Care in R/M Cervical Cancer 2025 YoY • US o Continued market leadership with four consecutive $164M +26% years of YoY growth o Strong, stable performance across sites of care • Japan RECENT
Slide 10: Positioned to Achieve Long-Term, Sustainable Growth
Positioned to Achieve Long-Term, Sustainable Growth Priorities Progress Investing in our longer-term • Disciplined investment across established and new markets commercialization capabilities demonstrated clear results in 2025 and built a strong foundation to support growth trajectory Expanding util
Slide 11: 2025: Significant Profit Growth from Solid Revenue & Disciplined Investment
2025: Significant Profit Growth from Solid Revenue & Disciplined Investment Solid Revenue Growth Strategic Growth Investments in R&D Profitability Powered by Execution USD 3,720M USD 2,219M USD 1,263M 4% USD 1,956M USD 1,022M 13% USD 3,121M 10% 10% 83% 80% 2024 2025 2024 2025 2024 2025 Royalties Ope
Slide 12: 2026 Guidance: Revenue Growth Funds Strategic Investment
2026 Guidance: Revenue Growth Funds Strategic Investment 2025 2026 2026 Guidance USD Millions Actual* Guidance** Mid-point** 14% total revenue growth • EPKINLY® and continued Revenue 3,720 4,065 - 4,395 4,230 momentum in royalty portfolio supports growth and revenue quality Gross Profit 3,482 3,810
Slide 13: 2026: Focused Investments to Support Future Growth Drivers
2026: Focused Investments to Support Future Growth Drivers Sustained Revenue Growth Strategic Investments in Growth Strong Profitability Despite Investments USD 4.2B USD 2.8B 4% 0.2 USD 1.3B USD 1.2B USD 3.7B 12% 4% 0.4 USD 2.2B 13% 84% 83% 2025 2026e* 2025 R&D SG&A 2026e* 2025 Org. Grwth. Merus acq
Slide 14: Capital Allocation Framework
Capital Allocation Accelerating development of our late-stage Framework pipeline and maximizing success of our commercialized medicines including launch readiness Rapid integration of Merus to accelerate value capture Deleveraging: targeting gross leverage <3.0x by year end 2027 For Investor audienc
Slide 15: Delivering Genmab's Next Decade of Sustainable Growth
Delivering Genmab’s Next Decade of Sustainable Growth Profitability: Growth: Rapid integration of Merus A Transformational Year: Operating discipline and development of petosemtamab Genmab in 2026 • Maintain significant profitability • Accelerates diversified revenue growth • 3 high impact assets wi
Slide 16: Q&A Upcoming Investor Events
Q&A Upcoming Investor Events COWEN 46th Annual Healthcare Conference, March 3, 2026 UBS European Healthcare Conference, March 3, 2026 Leerink 2026 Global Healthcare Conference, March 10, 2026 Barclays 28th Annual Healthcare Conference, March 11, 2026 Genmab Annual General Meeting, March 19, 2026 BNP
Slide 17: Appendix
Appendix © Genmab 2026 17
Slide 18: Strategic Partnerships, Collaborations, and Licensing Agreements
Strategic As part of Genmab’s Full Year 2025 Financial Results presentation, we will discuss several products developed in collaboration with strategic partners or that are the Partnerships, result of product or technology licenses with other companies. This slide is an acknowledgement of those rela
Slide 19: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights 2025 Change 2025 Adjusted 2024 2025 Adj vs. (USD Millions) Actual Result Result* Actual Result 2024 Total Revenue 3,720 3,720 3,121 599 Royalties 3,102 3,102 2,517 585 Net Product Sales/Collaboration Revenue* 468 468 315 153 Milestones and Reimbursement 150 150 28