Genmab (GMAB) investor relations material

Executive summary

• Achieved 21% total revenue growth and 26% recurring revenue growth for the first nine months of 2025, with operating profit up 52% to $1,007 million and net profit at $932 million, driven by strong product and royalty sales and strategic investments.

• Advanced late-stage pipeline with rapid progress for Epkinly and rinatabart sesutecan, including FDA breakthrough therapy designations and new phase III trials.

• Announced the proposed $8.0 billion acquisition of Merus, expected to close in early Q1 2026, to accelerate shift to a wholly owned model and diversify revenue.

• Expanded commercial reach of Epkinly and TIVDAK, with strong sales growth and new launches in Germany and Japan.

• Maintained a strong cash position, ending the period with $3.4 billion in cash and cash equivalents.

Financial highlights

• Total revenue for the first nine months of 2025 was $2,662 million, up 21% year-over-year, with recurring revenue up 26%.

• Operating profit increased by 52% year-over-year, reaching $1,007 million, and net profit was $932 million.

• Royalty revenue grew 23% to $2,219 million, mainly from Darzalex and Kesimpta.

• Epkinly and TIVDAK sales up 54% year-over-year, with Epkinly sales at $333 million and TIVDAK at $120 million.

• Cash and cash equivalents at period end were $3.4 billion.

Outlook and guidance

• 2025 guidance maintained: revenue projected at $3.5–$3.7 billion (15% growth at midpoint), operating profit at $1.1–$1.4 billion (26% growth at midpoint), and recurring revenue growth of 22%.

• Operating expenses expected at $2.1–$2.2 billion.

• Confident in delivering significant profitability in 2026 and meaningful EBITDA growth in 2027.

• Royalty growth expected to be driven by Darzalex and Kesimpta, with Darzalex royalties projected at $2.3–2.4 billion.

• Guidance subject to changes in milestone achievements, development timelines, sales, inflation, and FX rates.