Slide 1: Quarter End Results
Quarter End Results Period Ended March 31, 2025 © Genmab 2025
Slide 2: Forward looking statements
Forward looking This presentation contains forward looking statements. The words “believe”, “expect”, rates of patient recruitment, unforeseen safety issues resulting from the administration of our statement “anticipate”, “intend” and “plan” and similar expressions identify forward looking statement
Slide 3: Strategic Partnerships, Collaborations, and Licensing Agreements
Strategic Partnerships, Collaborations, and Licensing Agreements As part of Genmab’s First Quarter 2025 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 companies. This slide
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: Q1 2025: Delivering on Our Commitments
Q1 2025: Delivering on Our Commitments 19% total revenue growth Focused investments & 62% operating profit growth delivering on our financial commitments Share buyback initiated USD 3.2B cash Advances for high-impact programs For Investor audience only. Not for public information or use. Not for pro
Slide 6: Strength of Late-Stage Pipeline: Multibillion-dollar Opportunities
Strength of Late-Stage Pipeline: Multibillion-dollar Opportunities Addressable Anticipated Anticipated Program Indication Status Patient Opportunity Read-Out Launch Population Advance late-stage pipeline assets: 1L DLBCL (EPCORE DLBCL-2) Fully Recruited 2026 2027 70,000 epcoritamab, Rina-S®, acasu
Slide 7: Advancing Pipeline & Bringing Our Own Antibody Medicines to More Patients
Advancing Pipeline • Intent to submit sBLA to FDA, combination with R2 for & Bringing Our Own R/R FL • Approved in multiple territories incl Japan for additional/ Antibody Medicines second indication as a treatment for 3L+ R/R FL to More Patients • NCCN Guidelines update • Approved in EU for treatme
Slide 8: Rina-S: Potential Best-in-class Treatment for Ovarian Cancer and Other FRα-expressing Tumors
Rina-S: Potential Best-in-class Treatment for Ovarian Cancer and Other FRα-expressing Tumors: Two Phase 3 Trials Anticipated in 2025 Phase 3 Trials Phase 3 trial in 2L+ PROC enrolling • All comers, regardless of FRα expression • Human monoclonal antibody directed at • Includes patients with prior ex
Slide 9: Rina-S at the 2025 SGO Annual Meeting on Women's Cancer
Rina-S at the 2025 Society of Gynecologic Oncology (SGO) Annual Meeting on Women’s Cancer Rina-S Continues to Show Encouraging Antitumor Activity in Patients with Advanced Ovarian Cancer Antitumor Activity Responses Over Time Overall Safety Encouraging confirmed ORR, With a median on-study follow-up
Slide 10: Performance of Commercialized Portfolio Reinforces Growth Potential
Performance of Commercialized Portfolio Reinforces Growth Potential COMBINED COMMERCIALIZED MEDICINES SALES1 Building on Launch Momentum • Commercialized medicines meaningfully $123M contribute to overall revenue growth +56% • Significant growth potential through commercial portfolio advancement $79
Slide 11: EPKINLY: Encouraging Brand Performance and Growth Potential
EPKINLY: Encouraging Brand Performance and Growth Potential Continue to Validate Differentiated Profile NET SALES The Core Therapy Across B-cell Lymphomas Q1 YoY • Strong foundation in place for EPKINLY to become the Core Therapy across B-cell Lymphomas $90M +73% • US • Continued performance driven
Slide 12: TIVDAK: Continued Performance Supports Position in 2L+ Advanced Cervical Cancer
TIVDAK: Continued Performance Supports Position as the Clear Answer in 2L+ Advanced Cervical Cancer NET SALES The Global Standard of Care in R/M Cervical Cancer Q1 YoY • Widely recognized by physicians around the world as the standard of care in 2L+ advanced cervical cancer $33M +22% • US • Continue
Slide 13: Executing on Long-Term Commercial Growth Strategy
Executing on Long-Term Commercial Growth Strategy Investing in our • Strategically scaling the business, driving strong results commercialization capabilities and fueling our future success Expanding utilization of • Building upon launch success to deliver our antibody- TIVDAK & EPKINLY based medici
Slide 14: Q1 2025 Financial Performance: 33% Recurring Revenue Growth
Q1 2025 Financial Performance: 33% Recurring Revenue Growth Strong Recurring Revenue Strategic Growth Investments in R&D Profitability Powered by Execution Growth +19% +5% +62% USD 715M USD 485M USD 188M 5% 1 USD 603M 13% 24 USD 116M +33% 15% USD 460M 10% 82% 75% Q1 2024 Q1 2025 Q1 2024 R&D SG&A Q1
Slide 15: 2025 Guidance: Double Digit Top-line and Operating Profit Growth
2025 Guidance: Double Digit Top-line and Operating Profit Growth 2025 2025 Guidance 12% total revenue growth & 18% recurring USD Millions Guidance Mid-point revenue growth Revenue 3,340 - 3,660 3,500 • Improving revenue quality Gross Profit 3,120 - 3,420 3,270 7% growth in operating expenses • Prior
Slide 16: Summary: Strong Financial Foundation Positions Genmab for Growth
Summary: Strong Financial Foundation Positions Genmab for Growth Significant growth Growing recurring Focused and opportunities revenue streams and disciplined investment supported by our significant underlying approach capital allocation profitability strategy For Investor audience only. Not for pu
Slide 17: 2025 Priorities
2025 Priorities Anticipated Program Indication Event Timing Advance mid-to-late-stage pipeline JP regulatory 1Q 2025 Epcoritamab 3L+ R/R FL assets: epcoritamab, Rina-S, decision & launch (Approved January) acasunlimab EU regulatory 2025 Tivdak 2L R/M cervical cancer decision (Approved March) Exp
Slide 18: Q&A Upcoming Investor Events
Q&A Upcoming Investor Events • ASCO Annual Meeting, May 30-June 3, 2025 • William Blair Healthcare Conference, June 3, 2025 • Jefferies Global Healthcare Conference, June 5, 2025 • Goldman Sachs Annual Conference, June 9, 2025 • Citibank Healthcare Conference, June 18, 2025 • J.P. Morgan Healthcare
Slide 19: Appendix
¥Genmab Appendix © Genmab 2025 19
Slide 20: Condensed Income Statement: Three Months Ended March
Condensed Income Statement: Three Months Ended March 31 2025 2024 • 19% increase in revenue & 33% USDM Change increase in recurring revenue Total Revenue 715 603 112 Royalties 589 452 137 • 5% growth in investment driven by Net Product Sales/Collaboration Revenue** 91 61 30 continued commercializati
Slide 21: 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 22: 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 Balance Sheet (Unaudited) equipment Property and 142 Other reserves (2) Right-of-use assets 102 Retained earnings 2,736 Receivables 9 Shareholders’ equity 4,6