ConvictaFree beta

Genmab

Biotechnology·GMAB · Nasdaq Copenhagen·Fiscal year to 31/12/2025

Diabetes careCybersecurity (products and services)Buying contract manufacturing and research (CMO/CRO/EMS)Labour and wagesInterest rates

Develops antibody-based cancer treatments, often in partnerships with larger pharmaceutical companies (including Janssen/J&J and AbbVie) that handle commercialisation and share revenue through royalties. A research-driven business model exposed to clinical trial results, but with global earnings and a strong, debt-free balance sheet.

Exposure profile

Raw materials and inputsMacroTechnologyRegulationEnd marketsGeography
Raw materials and inputs Buying contract manufacturing and research (CMO/CRO/EMS), Labour and wages
Macro Interest rates, USD vs DKK/EUR, Currency exposure, Consumer spending
Technology Diabetes care, Cybersecurity (products and services), Artificial intelligence, Data centres
Regulation Drug approvals, Patent expiry and generic competition, US drug pricing policy, Financial regulation
End markets Healthcare and hospitals, Contract manufacturers as a business (EMS, CMO, CRO)
Geography Asia and emerging markets, Europe, United States

Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.

In their own words

Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.

Healthcare and hospitals

End markets

DriverPositive impact: strengthens

“The increase of $1,202 million from 2024 to 2025, or 37%, was primarily driven by increased demand and continued strong access.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“Global net sales of EPKINLY/TEPKINLY were $468 million in 2025 compared to $281 million in 2024, an increase of $187 million or 67%, driven by strong growth in 3L+ DLBCL and the expansion to address a second indication, 3L+ FL, which was approved in the US in June 2024 .”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Genmab is subject to government regulations on pricing/public reimbursement as well as other healthcare payer cost-containment initiatives; increased pressures by governmental and third-party payers to reduce healthcare costs.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Expanding access for underrepresented groups ensures Genmab’s trials reflect real-world patients and generate more representative safety and efficacy data.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“We are focused on our pursuit to turn innovative science into medicines that create value and provide meaningful impact to patients and health systems. Ultimately, we positively impact the lives of people with cancer when our science becomes medicine, our medicine creates value, and the value of our medicine is realized by patients who can benefit.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“We aim to ensure patients have timely access to our medicines, regardless of their socioeconomic or insurance status. Our pricing approach balances this commitment to access with the value of our innovations and our ability to invest in the breakthrough science of the future.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Access and inclusion in clinical trials Patient and Study Coordinator Advisory Councils: Continued involvement to inform trial design and execution. Registration: Registered all Genmab-sponsored trials on ClinicalTrials.gov to ensure transparency. Trial Access: Conducted 13 trials in 27 countries, enrolling 818 patients in 2025; compared to 25 trials in 37 countries, enrolling 620 patients in 2024.”

Annual report 2025A · The company itself

Market

“Our medicines have achieved leading positions worldwide, reaching more than 13,000 patients through 2025.”

Annual report 2025A · The company itself

Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect

Drug approvals

Regulation

DriverNegative impact: weakens

“The financial guidance assumes that no significant new agreements are entered into during 2026 that could materially affect the results. 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, and TALVEY by Genmab’s collaboration partners and on Genmab’s royalties, collaboration revenue and milestone revenue therefrom.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The identification and development of successful products is expensive and includes time-consuming clinical trials with uncertain outcomes and the risk of failure to obtain regulatory approval in one or more jurisdictions. • • • • Access and inclusion in clinical trials Potential Negative Impact Persistent inequities in cancer incidence and care continue to drive underrepresentation in clinical research.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Genmab is subject to extensive legislative, regulatory, and other requirements during preclinical and clinical development, commercialization, and post-marketing approval, including healthcare, marketing/labeling/promotion, fraud and abuse, competition/antitrust laws, and regulations, as well as transparency, privacy, and data protection and other requirements. • • • • Responsible and ethical marketing Potential Negative Impact Without responsible, ethical marketing, patients and healthcare professionals could receive incomplete or misleading information about Genmab’s therapies. This could undermine trust in our science, contributing to improper medicine use, and negatively affect patient well-being. It can also distort treatment decisions and harm the integrity of the broader healthcare ecosystem. • • • • Personal safety and information of consumers and/or end user Consumers and End-Users - Personal safety and information of consumers and/or end user Patient voice Actual Positive Impact Genmab incorporates patient and caregiver perspectives across the full product lifecycle, ensuring our innovations address the realities of serious illness.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“• Submissions, reports, and regular meetings – Advisory consultations • Ensure compliance and patient safety – Clarify approval pathways • Regulatory approvals – Streamlined development and improved safety data Investors Shareholders supporting Genmab’s financial growth and long-term strategy.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Pharmacovigilance risks as a biotech company Access to quality information 4.0 Consumers & End-Users IRO Management Policies related to Consumers and End-Users (S4-1) Policy/ Commitment Scope Accountability Stakeholder Consideration Communication Code of Conduct Access and inclusion in clinical trials; Responsible and ethical marketing Defines our commitment to conducting business ethically and in compliance with applicable legal, regulatory, and industry code requirements. The objective is to translate the principles of the Code into clear global compliance expectations, guiding interactions with healthcare professionals, healthcare organizations, patients, patient advocacy groups, public officials, and other stakeholders, and supporting consistent, lawful, and ethical conduct across all business activities. employees, Board members, and third parties.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Genmab has established a Code of Conduct that sets high ethical standards for employees, reinforced through regular training. This ensures that all marketing and sales efforts align with local and national regulations, which may limit direct engagement with consumers and endusers. Ethical marketing practices are the responsibility of our Chief Commercial Officer.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Our internal Global Compliance Policy, owned by our head of Global Compliance, outlines our standards on interactions and engagements with HCPs, healthcare organizations, patients, patient association groups and government officials consistent with applicable industry codes and standards. The policy aligns with the values and principles articulated in our Code of Conduct and is complemented by an associated Global Fair Market Value Policy and a Compliance Playbook tool to ensure stakeholder engagement is conducted in an ethical, compliant manner. Our compliance program focuses on our commercialization efforts to assure ethical market-based and customer-focused business practices.”

Annual report 2025A · The company itself

Chains out: this strengthens Biotech and drug development

Biotech and drug development

Technology

StrategyPositive impact: strengthens

“Looking ahead, our priorities are clear: • Integrate Merus to preserve momentum on the petosemtamab program and prepare for potential launch in 2027. • Accelerate the development of our late-stage pipeline, delivering key clinical readouts across our late-stage portfolio, especially for epcoritamab and Rina-S, while preparing for potential label expansions and launches. • Continue to deliver on our capital allocation priorities, maintaining financial discipline while focusing our investments on the highest-growth opportunities.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“The increase from 2024 to 2025 of $192 million , or 14% , was driven by the addition of ProfoundBio related research and development expenses, primarily Rina-S, and the increase in team members to support the continued expansion of our product portfolio. The acquisition of ProfoundBio occurred in the second quarter of 2024 and therefore there were minimal Rina-S related research and development expenses during 2024 compared to 2025.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“To address the impact of DARZALEX Genmab patents expiration, Genmab intends to mitigate this risk through its strong foundation in science and investments in its late-stage assets EPKINLY, Rina-S and petosemtamab.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Commitment to Quality Health and safety of patients; quality information Reflects our commitment to developing, manufacturing, and delivering antibody therapies that meet applicable regulatory requirements and patient needs. The objective is to ensure the consistent delivery of safe, effective, and compliant products through a robust quality management system, adherence to global regulatory standards, protection of patient safety, and continuous improvement across the product lifecycle. Genmab maintains comprehensive quality and safety processes to identify and mitigate product-related risks and works with relevant authorities and stakeholders to support product safety and efficacy.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Genmab has safety measures in place for products, patients, and healthcare providers. Genmab believes that patient safety plays a critical role in our business operations. Genmab has a Comprehensive Safety Program that is designed to identify and mitigate potential risks associated with our products, and to ensure that our products are safe and effective for their intended use.”

Annual report 2025A · The company itself

Market

“Genmab remains committed to its purpose: to improve the lives of patients with cancer and other serious diseases through innovative and differentiated antibody therapeutics.”

Annual report 2025A · The company itself

Market

“S4 - Consumers and End-Users Social inclusion of consumers and/or end-users Consumers and End-Users - Social inclusion of consumers and/or end-users Innovation for patients with unmet needs Actual Positive Impact From discovery through commercialization, Genmab’s antibody-based medicines have a meaningful positive impact on patients’ lives. As we expand our innovative capabilities to address cancer and other serious diseases, our continued investment in scientific excellence creates new opportunities to deliver breakthrough therapies that improve health outcomes and quality of life.”

Annual report 2025A · The company itself

Market

“We screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx. • Turnover - We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY and Tivdak qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). • CapEx - Our assessment focused on investments that align with Taxonomy-eligible activities.”

Annual report 2025A · The company itself

Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)

Carbon tax and ETS prices

Regulation

DriverNegative impact: weakens

“No aspects of Genmab’s business were identified as incompatible with a transition to a climate neutral economy. • Key transition risks to Genmab’s business activities identified in the scenarios: Loss of market access due to net-zero healthcare and high costs from investments in green/resource efficient technology.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Genmab has set a science-aligned emissions reduction target in line with the Paris Agreement, aimed at reducing its GHG emissions in line with the global goal to limit warming to 1.5°C. This target plays a critical role in mitigating both transition and potential physical risks by guiding risk mitigation, reducing exposure to physical risks and enhancing resilience to market shifts.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Genmab monitored the climate ambitions of our top suppliers to ensure traction towards our 2030 target of at least 70% (by spend) of our suppliers having a sciencealigned target. Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have science-aligned targets by 2030.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Genmab also faces potential physical risks including disruption of supply chain and operations from extreme weather, heat waves, and flooding, though exposure is limited in our own operations due to Genmab’s asset-light model. • • • • • Partner with value chain to reduce Scope 3 emissions Opportunity Genmab has an opportunity to partner with the value chain to reduce upstream emissions while driving efficiency and potential cost savings for both Genmab and its suppliers.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“3. Executive Management received RSU grants in 2024 and 2025 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.”

Annual report 2025A · The company itself

Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials

Labour and wages

Raw materials and inputs

DriverNegative impact: weakens

“The increase from 2024 to 2025 of $192 million , or 14% , was driven by the addition of ProfoundBio related research and development expenses, primarily Rina-S, and the increase in team members to support the continued expansion of our product portfolio.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Percentage of own workforce covered by the Health and Safety management system 100% 100% Number of fatalities Number of recordable work-related accidents Rate of recordable work-related accidents (accidents per million hours worked) 0.4”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Our workforce is central to our success. The Genmab Commitment anchors our culture and reflects our vision, purpose, and core values.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Meet or exceed the global benchmark for (1) employee engagement score and (2) participation rate for the Global Employee Engagement Survey (Annual)1 Target achieved for 2025. In 2025, Genmab achieved a 77% engagement score compared to 77% industry average, and an 89% global participation rate compared to an 80% industry average.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Learning & Development: Leveraged multiple skills-based in-person workshops and digital learning paths for employees focused on specific skill development with focus areas including leadership, digital and AI, feedback, strategic planning, advance Excel skills, leading different generations, informal leadership, and business communications. Global Mentorship Program: Extended the Program to ensure an inclusive and supportive environment, designed to impact the sense of belonging, as employees connect with other colleagues outside their area of expertise as well as connecting with leaders who can provide insights and feedback not linked to any performance plan.”

Annual report 2025A · The company itself

Cybersecurity (products and services)

Technology

DriverNegative impact: weakens

“Misaligned or toxic culture, or failure to prevent corruption and bribery in operations and the supply chain, can result in financial, operational, legal, and reputational risks, including high employee turnover, reduced productivity, compliance breaches, and loss of trust with stakeholders and patients. • • • • Privacy Global data privacy Potential Negative Impact Genmab handles the data of patients, employees, business partners, healthcare professionals and other stakeholders.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Despite prioritizing the privacy and protection of personal data, there is an inherent potential negative impact. • • • • • • Protection of whistleblower Protection of whistleblowers Potential Negative Impact Failing to protect whistleblowers could discourage the reporting of incidents or unethical and unlawful behavior, potentially leading to negative impacts on patients and undermining trust in Genmab’s operations.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Our Global Procurement function implemented a dedicated supplier vetting tool which serves as a single point of entry for all new suppliers. Information technology & digital, quality assurance, compliance and risk, and legal functions are involved when the risk score is elevated based on a fact-based approach. Our vetting process focuses on financial health, international sanctions, regulatory and reputational risks, and other key issues.”

Annual report 2025A · The company itself

Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation

EU climate and energy policy

Regulation

DriverNegative impact: weakens

“No aspects of Genmab’s business were identified as incompatible with a transition to a climate neutral economy. • Key transition risks to Genmab’s business activities identified in the scenarios: Loss of market access due to net-zero healthcare and high costs from investments in green/resource efficient technology.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Genmab has set a science-aligned emissions reduction target in line with the Paris Agreement, aimed at reducing its GHG emissions in line with the global goal to limit warming to 1.5°C. This target plays a critical role in mitigating both transition and potential physical risks by guiding risk mitigation, reducing exposure to physical risks and enhancing resilience to market shifts.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“As an international biotech company, Genmab recognizes its responsibility to safeguard the environment, natural resources, and the health and safety of employees, partners, and society. We aim to reduce our environmental impact by operating safely and sustainably, refining processes, and applying best practices across our operations and value chain where relevant. Our environmental strategy focuses on setting, monitoring, and evaluating targets; measuring our environmental impact; and transparently communicating progress.”

Annual report 2025A · The company itself

Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency

M&A and consolidation

Macro

StrategyPositive impact: strengthens

“Importantly, Merus strengthens, not changes, our strategy as it accelerates our shift toward a fully integrated, 100%-owned medicines model. The addition of petosemtamab to our pipeline diversifies our sources of future revenue, reduces our dependence on royalties over time, and enhances our flexibility to invest in the “next winners” emerging from our research and development (R&D) engine.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“On December 12, 2025, Genmab closed on the a cquisition of Merus, including its late-stage breakthrough therapy asset petosemtamab. In order to finance the acquisition, Genmab incurred borrowing of $5.5 billion and utilized cash on hand.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Acquisition and integration related charges were $185 million in 2025 compared to $43 million in 2024 and no acquisition and integration related charges for 2023 as there were no acquisitions during 2023. The $185 million in 2025 is primarily related to professional fees of $109 million incurred by Merus upon close of the acquisition and $58 million of equity payouts to former Merus employees.”

Annual report 2025A · The company itself

Artificial intelligence

Technology

StrategyPositive impact: strengthens

“We have expanded our scientific focus to use data science and AI to aid in the discovery of new targets and biomarkers and bolster our in-depth precision medicine and translational laboratory capabilities.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Learning & Development: Leveraged multiple skills-based in-person workshops and digital learning paths for employees focused on specific skill development with focus areas including leadership, digital and AI, feedback, strategic planning, advance Excel skills, leading different generations, informal leadership, and business communications. Global Mentorship Program: Extended the Program to ensure an inclusive and supportive environment, designed to impact the sense of belonging, as employees connect with other colleagues outside their area of expertise as well as connecting with leaders who can provide insights and feedback not linked to any performance plan.”

Annual report 2025A · The company itself

Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry

Diabetes care

Technology

DriverNegative impact: weakens

“DARZALEX is subject to intense competition in the multiple myeloma therapy market.”

Annual report 2025A · The company itself

Market

“J&J’s net sales of DARZALEX were $14,351 million in 2025 compared to $11,670 million in 2024 and $9,744 million in 2023 . The increase from 2024 to 2025 of $2,681 million, or 23%, was driven by share gains in all regions.”

Annual report 2025A · The company itself

Ageing population

Geography

Market

“Safety in our facilities Potential Negative Impact Genmab recognizes there is a systemic potential negative impact around safety in our facilities due to potential work-related accidents, illnesses or fatalities that can arise in a laboratory setting. • • • • Equal Treatment and Opportunities for All Own Workforce - Equal Treatment and Opportunities for All Career development through training and skill building Actual Positive Impact Genmab’s focus on continuous learning fosters growth, collaboration, and morale while strengthening its ability to attract and retain top talent. • • • • Equal opportunity promoting innovation Actual Positive Impact Genmab’s team members encompass over 75 nationalities.”

Annual report 2025A · The company itself

Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care

Data centres

Technology

StrategyPositive impact: strengthens

“We have expanded our scientific focus to use data science and AI to aid in the discovery of new targets and biomarkers and bolster our in-depth precision medicine and translational laboratory capabilities.”

Annual report 2025A · The company itself

Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper

Employment

Macro

Market

“Safety in our facilities Potential Negative Impact Genmab recognizes there is a systemic potential negative impact around safety in our facilities due to potential work-related accidents, illnesses or fatalities that can arise in a laboratory setting. • • • • Equal Treatment and Opportunities for All Own Workforce - Equal Treatment and Opportunities for All Career development through training and skill building Actual Positive Impact Genmab’s focus on continuous learning fosters growth, collaboration, and morale while strengthening its ability to attract and retain top talent. • • • • Equal opportunity promoting innovation Actual Positive Impact Genmab’s team members encompass over 75 nationalities.”

Annual report 2025A · The company itself

Rare diseases and orphan drugs

End markets

Market

“S4 - Consumers and End-Users Social inclusion of consumers and/or end-users Consumers and End-Users - Social inclusion of consumers and/or end-users Innovation for patients with unmet needs Actual Positive Impact From discovery through commercialization, Genmab’s antibody-based medicines have a meaningful positive impact on patients’ lives. As we expand our innovative capabilities to address cancer and other serious diseases, our continued investment in scientific excellence creates new opportunities to deliver breakthrough therapies that improve health outcomes and quality of life.”

Annual report 2025A · The company itself

Interest rates

Macro

DriverNegative impact: weakens

“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 compared to actual net sales in 2025 of $14.3 billion.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The decrease of $6 million, or 4% from 2024 to 2025, was primarily driven by the lower average cash and cash equivalents and marketable securities as a result of the ProfoundBio acquisition in the second quarter of 2024, as well as lower interest rates of USD denominated marketable securities in 2025 compared to 2024. Additionally, Genmab liquidated its entire marketable security portfolio in December 2025 to contribute to the financing of the Merus acquisition.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Genmab's borrowings include two senior secured term loans, Term Loan A and Term Loan B, with nominal amounts of $1 billion and $2 billion, senior secured notes of $1.5 billion, senior unsecured notes of $1.0 billion as well as access to a revolving loan facility up to $500 million with a syndicate of lenders, which can be drawn down upon as another source of additional funding. The credit agreement requires Genmab to comply with certain financial maintenance and other covenants.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“The increase of $27 million, or 100% from 2024 to 2025, was primarily driven by interest expense associated with debt issued in December 2025 in connection with financing the Merus acquisition.”

Annual report 2025A · The company itself

Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction

USD vs DKK/EUR

Macro

DriverNegative impact: weakens

“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 compared to actual net sales in 2025 of $14.3 billion.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and TEPKINLY net sales and royalties paid to Genmab; changing rates of inflation; and currency exchange rates (the 2026 guidance assumes a USD/DKK exchange rate of 6.2).”

Annual report 2025A · The company itself

DriverMixed impact: mixed

“The change from 2024 to 2025 is primarily driven by a lower exchange rate impact due to the change in functional currency of Genmab A/S from DKK to USD on January 1, 2025.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“The increase in gain, net of $147 million, or 865% from 2023 to 2024, was primarily driven by foreign exchange rate movements impacting Genmab’s USD denominated marketable securities. As the majority of Genmab’s investment portfolio is denominated in U.S. dollars, these securities benefited from the strengthening of the USD against the DKK in 2024, as compared the USD weakening against the DKK in 2023.”

Annual report 2025A · The company itself

Chains out: this mixed effect United States

Buying contract manufacturing and research (CMO/CRO/EMS)

Raw materials and inputs

DriverNegative impact: weakens

“Genmab relies on a limited number of manufacturing organizations (CMO) and individual sites at those CMOs to produce and supply our product candidates. Genmab is also dependent on clinical research organizations to conduct key aspects of our clinical trials, and on collaboration partners to conduct some of our clinical trials.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Other clinical stage programs (68)% (33)% Total third-party costs for clinical stage programs 5% 56% Preclinical projects 13% 32% Personnel, unallocated costs and overhead 27% (3)% Total research and development expenses 1,606 1,414 1,107 14% 28% Third-party costs for epcoritamab decreased by $111 million, or 27%, in 2025 as compared to 2024, primarily due to lower CMC costs in 2025 compared to 2024 related to epcoritamab under our collaboration with AbbVie.”

Annual report 2025A · The company itself

Chains in: Biotech and drug development strengthens

Currency exposure

Macro

DriverNegative impact: weakens

“The percentage increase in royalties of 21% from 2024 to 2025 is lower than the percentage increase in the underlying net sales of 23% primarily due to negative foreign exchange rate impacts and an increase in Genmab’s Halozyme royalty reductions in connection with the increase in SC product net sales, partially offset by higher effective royalty rate for 2025.”

Annual report 2025A · The company itself

Financial regulation

Regulation

DriverNegative impact: weakens

“Genmab is subject to extensive legislative, regulatory, and other requirements during preclinical and clinical development, commercialization, and post-marketing approval, including healthcare, marketing/labeling/promotion, fraud and abuse, competition/antitrust laws, and regulations, as well as transparency, privacy, and data protection and other requirements. • • • • Responsible and ethical marketing Potential Negative Impact Without responsible, ethical marketing, patients and healthcare professionals could receive incomplete or misleading information about Genmab’s therapies. This could undermine trust in our science, contributing to improper medicine use, and negatively affect patient well-being. It can also distort treatment decisions and harm the integrity of the broader healthcare ecosystem. • • • • Personal safety and information of consumers and/or end user Consumers and End-Users - Personal safety and information of consumers and/or end user Patient voice Actual Positive Impact Genmab incorporates patient and caregiver perspectives across the full product lifecycle, ensuring our innovations address the realities of serious illness.”

Annual report 2025A · The company itself

Patent expiry and generic competition

Regulation

DriverNegative impact: weakens

“The impact of DARZALEX patent expirations will have an adverse impact on Genmab’s future royalty revenue.”

Annual report 2025A · The company itself

Chains out: this weakens Biotech and drug development

US drug pricing policy

Regulation

DriverNegative impact: weakens

“Genmab is subject to government regulations on pricing/public reimbursement as well as other healthcare payer cost-containment initiatives; increased pressures by governmental and third-party payers to reduce healthcare costs.”

Annual report 2025A · The company itself

Chains out: this mixed effect Biotech and drug development, weakens GLP-1 and obesity treatment

Climate change and extreme weather

Macro

DriverNegative impact: weakens

“• Key potential physical risks to Genmab’s business activities and assets identified in the scenarios: Disruption of supply chain and operations from extreme weather events, increased cooling costs from more frequent and severe heat waves, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.”

Annual report 2025A · The company itself

Chains out: this weakens Agriculture and food production

Consumer spending

Macro

DriverPositive impact: strengthens

“Revenue grew significantly, driven by royalties from our collaborations as well as sales of our own medicines. We anticipate this trend will continue into the future.”

Annual report 2025A · The company itself

Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label

Contract manufacturers as a business (EMS, CMO, CRO)

End markets

InputNegative impact: weakens

“In manufacturing, Genmab focuses on developing scalable efficient, and sustainable production processes. While we partner with contract manufacturing organizations (CMOs) for manufacturing and production, we maintain strict oversight and quality control to ensure product consistency and compliance with global standards.”

Annual report 2025A · The company itself

Chains in: Biotech and drug development strengthens

Inflation

Macro

DriverNegative impact: weakens

“TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and TEPKINLY net sales and royalties paid to Genmab; changing rates of inflation; and currency exchange rates (the 2026 guidance assumes a USD/DKK exchange rate of 6.2).”

Annual report 2025A · The company itself

Chains out: this weakens Consumer spending, strengthens Interest rates

Asia and emerging markets

Geography

Geography

“Genmab’s Japan office is located in Roppongi, an international business district in the center of Tokyo. It offers an open and collaborative environment that fosters Genmab’s culture of innovation and teamwork.”

Annual report 2025A · The company itself

Geography

“In 2025, Tivdak achieved additional regulatory approvals in the EU, Japan, and the UK, marking the start of a new chapter in its global reach. Tivdak also continues to catalyze our evolution into a fully integrated, end-to-end company.”

Annual report 2025A · The company itself

Geography

“Our approved medicines are EPKINLY/TEPKINLY, which Genmab is co-developing and co-commercializing in the US and Japan in collaboration with AbbVie and Tivdak, which Genmab is co-developing globally and co-promoting in the US in collaboration with Pfizer and exclusively by Genmab outside of the US and China.”

Annual report 2025A · The company itself

Geography

“Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety information. Approved in the Treatment of RMS • Human CD20 monoclonal antibody developed and commercialized by Novartis under a license agreement with Genmab • Approved in territories including the US, EU and Japan for treatment of RMS in adults • First B-cell therapy that can be self-administered by patients using the Sensoready® autoinjector pen Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule encompassing parts of the small and large extracellular loops.”

Annual report 2025A · The company itself

Europe

Geography

Geography

“In 2025 and 2026 we opened Market offices in Munich, Germany, London, UK and Paris, France.”

Annual report 2025A · The company itself

Geography

“In 2025, Tivdak achieved additional regulatory approvals in the EU, Japan, and the UK, marking the start of a new chapter in its global reach. Tivdak also continues to catalyze our evolution into a fully integrated, end-to-end company.”

Annual report 2025A · The company itself

Geography

“Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety information. Approved in the Treatment of RMS • Human CD20 monoclonal antibody developed and commercialized by Novartis under a license agreement with Genmab • Approved in territories including the US, EU and Japan for treatment of RMS in adults • First B-cell therapy that can be self-administered by patients using the Sensoready® autoinjector pen Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule encompassing parts of the small and large extracellular loops.”

Annual report 2025A · The company itself

United States

Geography

Geography

“Our approved medicines are EPKINLY/TEPKINLY, which Genmab is co-developing and co-commercializing in the US and Japan in collaboration with AbbVie and Tivdak, which Genmab is co-developing globally and co-promoting in the US in collaboration with Pfizer and exclusively by Genmab outside of the US and China.”

Annual report 2025A · The company itself

Geography

“Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety information. Approved in the Treatment of RMS • Human CD20 monoclonal antibody developed and commercialized by Novartis under a license agreement with Genmab • Approved in territories including the US, EU and Japan for treatment of RMS in adults • First B-cell therapy that can be self-administered by patients using the Sensoready® autoinjector pen Ofatumumab is a human monoclonal antibody that targets an epitope on the CD20 molecule encompassing parts of the small and large extracellular loops.”

Annual report 2025A · The company itself

Chains in: USD vs DKK/EUR mixed effect

Competitors mentioned in the report

No named competitors in the report.

Financial figures

Revenue
latest fiscal year
3.72 bn USD
Revenue growth
vs. the year before, same method
19.2 %
EBITDA
reported by the company
1.14 bn USD
Net debt
debt incl. leasing minus cash
3.71 bn USD
Diluted EPS
per share
15.37 USD

Source: annual report (ESEF) A. See the report

Criteria

Profit✓
Growing✓
Healthy balance sheet✗

Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.

This page describes what the company itself writes. It isn't an assessment and isn't a recommendation. Run an analysis to see how the company connects to your view.