Slide 1: Quarter End Results
Quarter End Results Period Ended September 30, 2025 © Genmab 2025
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: Strategic Partnerships, Collaborations, and Licensing Agreements
Strategic Partnerships, Collaborations, and Licensing Agreements As part of Genmab’s First Nine Months 2025 Financial Results presentation, we will discuss several products developed in collaboration with strategic partners or that are the result of product or technology licenses with other companie
Slide 4: Genmab in 2025: Strengthening Our Foundation, Investing in Future Success
Genmab in 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
Slide 5: First Nine Months 2025: Delivering on Our Commitments
First Nine Months 2025: Delivering on Our Commitments 21% total revenue growth Focused investments & 52% operating profit growth delivering on our financial commitments USD 3.4B cash Advances for high-impact Proposed Merus Acquisition programs; key data presentations, new trials For Investor audienc
Slide 6: Merus: Delivering Genmab's Next Decade of Sustainable Growth
Merus: Delivering Genmab’s Next Decade of Sustainable Growth Strategic Fit Breakthrough Therapy Asset Profitable Growth • Aligned with Genmab’s 2030 • Petosemtamab in HNSCC: two • High confidence in multi-billion- Vision ongoing Phase 3 studies with dollar annual peak sales near-term readouts potent
Slide 7: Strength of Late-Stage Pipeline: Multibillion-dollar Opportunities
Strength of Late-Stage Pipeline: Multibillion-dollar Opportunities Recent Updates Program Indication Phase Status Anticipated Launch in Addressable Patient Opportunity (Peak Sales) Indication Population • EPKINLY® 1L DLBCL 3 Fully Recruited 2027 70,000 • sBLA accepted for Priority Review, (EPCORE®DL
Slide 8: Rina-S Shows Durable Single-agent Antitumor Activity in Endometrial Cancer: ESMO 2025
Rina-S® Shows Durable Single-agent Antitumor Activity in Endometrial Cancer: ESMO 2025 Anti-tumor Activity Responses by FRα Expression Overall Safety • Median on-study follow-up was ~1 year • Responses with Rina-S® 100 mg/m2 and 120 • Rina-S® TEAEs consisted primarily of mg/m2 are shown pooled by FR
Slide 9: Proprietary Portfolio Positioned for Long-Term Growth
Proprietary Portfolio Positioned for Long-Term Growth COMBINED COMMERCIALIZED MEDICINES SALES1 Delivering Solid Performance Across Markets and Preparing for Future Expansion +54% $453M • Continued strong performance across portfolio and early success in new markets $295M • Disciplined scaling of ope
Slide 10: 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 9mo 2025 YoY • US o Accelerating adoption across sites of care validates $333M +64% benefit of clinically differentiated profile and off-the-shelf, dual indication option in 3L+ R/R DLBCL
Slide 11: 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 9mo 2025 YoY • US o Strong, stable performance across sites of care $120M 30% • Japan o Continued early success and positive feedback from physicians underscore p
Slide 12: 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 demonstrating clear results Expanding utilization of • Driving continued performance across portfolio and pr
Slide 13: First Nine Months of 2025 Financial Performance: 26% Recurring Revenue Growth
First Nine Months of 2025 Financial Performance: 26% Recurring Revenue Growth Strong Recurring Revenue Strategic Growth Investments in R&D Profitability Powered by Execution Growth +21% +4% / +7%* +52% USD 2,662M USD 1,441M USD 1,498M USD 1,007M 4% 39 13% USD 662M USD 2,198M +26% 8% 1,402 10% 83% 82
Slide 14: 2025 Guidance Maintained: Double Digit Top-line and Operating Profit Growth
2025 Guidance Maintained: Double Digit Top-line and Operating Profit Growth 15% total revenue growth & 22% recurring revenue 2025 Guidance growth USD Millions Mid-point YOY Growth* • Improving revenue quality Revenue 3,600 15% Continued focused and disciplined approach to 2025 Range 3,500 – 3,700 in
Slide 15: Summary: Strong Financial Foundation Positions Genmab for Growth
Summary: Strong Financial Foundation Positions Genmab for Growth Growing recurring Significant growth Focused and revenue streams and opportunities supported disciplined investment significant underlying by our capital allocation approach profitability strategy For Investor audience only. Not for pu
Slide 16: 2025 Priorities
2025 Priorities Program Indication Event Anticipated Timing • Advance late-stage pipeline assets: JP regulatory 1Q 2025 EPKINLY® epcoritamab, Rina-S®, acasunlimab 3L+ R/R FL decision & launch (Approved January) • Expand our pipeline through organic TIVDAK® 2L R/M cervical cancer EU regulatory 20
Slide 17: Q&A Upcoming Investor Events
Q&A Upcoming Investor Events Jefferies Global Healthcare Conference, November 19, 2025 Citi Healthcare Conference, December 4, 2025 R&D Update and ASH Data Review, December 11, 2025 JP Morgan Healthcare Conference, January 13, 2026 © Genmab 2025
Slide 18: Appendix
Appendix © Genmab 2025 18
Slide 19: Condensed Income Statement: Nine Months Ended September 30
Condensed Income Statement: Nine Months Ended September 30 2025 2024 • 21% increase in revenue & 26% USDM Change increase in recurring revenue Total Revenue 2,662 2,198 464 Royalties 2,219 1,802 417 • 7%* growth in investment driven Net Product Sales/Collaboration Revenue** 334 224 110 by continued
Slide 20: USD 2024 Consolidated Income Statement (Unaudited)
USD 2024 Consolidated Income Statement (Unaudited) (USD million) Q1 2024* Q2 2024* Q3 2024* Q4 2024* Full Year 2024* Revenue 603 779 816 923 3,121 Cost of product sales (27) (28) (40) (48) (143) Research and Development expenses (335) (361) (336) (382) (1,414) Selling, general and administrative exp
Slide 21: USD 2024 Consolidated Balance Sheet (Unaudited)
(USD million) January 1, 2024* (USD million) January 1, 2024* USD 2024 Consolidated Intangible assets 15 Share capital Share premium 10 1,942 Property and 142 Balance Sheet (Unaudited) equipment Other reserves (2) Right-of-use assets 102 Retained earnings 2,736 Receivables 9 Shareholders’ equity 4,6