Genmab Announces Financial Results for the First Quarter of 2026

May 7, 2026 Copenhagen, Denmark;
Interim Report for the Three Months Ended March 31, 2026

Highlights

Genmab revenue increased 25% compared to the first three months of 2025, to $896 million
FDA approved an sBLA to remove the recommendation for 24-hour hospitalization for patients with third line plus relapsed/refractory DLBCL
Remained focused on disciplined investment in our late-stage portfolio, EPKINLY^® (epcoritamab), Rina-S^®, and petosemtamab, including launch readiness

“We made tangible progress in the first quarter as we continue to integrate Merus™ and advance our late-stage portfolio - EPKINLY, Rina-S and petosemtamab. Across the business, our focus remained on disciplined execution, progressing these programs toward key readouts and preparing for potential launches to have an impact on more patients,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.

Financial Performance First Three Months of 2026

Revenue was $896 million for the first three months of 2026 compared to $715 million for the first three months of 2025. The increase of $181 million, or 25%, was primarily driven by higher DARZALEX^® and Kesimpta^® royalties achieved under our collaborations with Johnson & Johnson (J&J) and Novartis Pharma AG (Novartis), respectively, and higher EPKINLY net product sales.
Royalty revenue was $742 million in the first three months of 2026 compared to $589 million in the first three months of 2025, an increase of $153 million, or 26%. The increase in royalties was driven by higher net sales of DARZALEX and Kesimpta.
Net sales of DARZALEX, including sales of the subcutaneous (SC) product (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO^® in the U.S.) by J&J were $3,964 million in the first three months of 2026 compared to $3,237 million in the first three months of 2025, an increase of $727 million or 22%.
Cost of product sales were $65 million for the first three months of 2026 compared to $42 million for the first three months of 2025. The increase of $23 million, or 55%, was primarily driven by the profit-sharing amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.
Operating expenses, excluding Acquisition and integration related charges, were $606 million for the first three months of 2026 compared to $485 million for the first three months of 2025. The increase of $121 million, or 25%, was primarily driven by the expansion of our product pipeline, including advancement of Rina-S and petosemtamab, and the continued investment in Genmab’s global commercialization capabilities to prepare for the upcoming projected launches of Rina-S and petosemtamab.
Acquisition and integration related charges, which related primarily to severance and retention in connection with the acquisition of Merus, were $45 million in the first three months of 2026.
Amortization of acquired intangible assets was $12 million for the first three months of 2026 compared to $3 million for the first three months of 2025. The increase of $9 million, was primarily driven by the amortization of the Merus technology platform acquired in December 2025.
Operating profit was $180 million in the first three months of 2026 compared to $188 million in the first three months of 2025. Operating Profit excluding Acquisition and integration related charges and Amortization of acquired intangible assets, was $237 million in the first three months of 2026 compared to $191 million in the first three months of 2025.

Outlook
Genmab is maintaining its 2026 financial guidance published February 17, 2026.

Conference Call
Genmab will hold a conference call to discuss the results for the first three months of 2026 today, Thursday, May 7, at 6:00 pm CEST, 5:00 pm BST or 12:00 pm EDT. To join the call please use the below registration link. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN: https://register-conf.media-server.com/register/BI96fe01e0770b4c3c962997a86df525ee. A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.

Contact
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com

Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com

*FDA = U.S. Food and Drug Administration; sBLA = supplemental biologics license application; DLBCL= diffuse large B-cell lymphoma; Rina-S = rinatabart sesutecan

The Interim Report contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.com and the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in the Interim Report nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.

Genmab A/S and/or its subsidiaries own the following trademarks: Genmab^®; the Y-shaped Genmab logo^®; Genmab in combination with the Y-shaped Genmab logo^®; HuMax^®; DuoBody^®; HexaBody^®; DuoHexaBody^®; HexElect^®; KYSO^®, ABBIL1TY™, RAINFOL™; ProfoundBio™ and Rina-S^®are trademarks of ProfoundBio, U.S., Co. and Genmab (Suzhou) Co., Ltd. Tivdak^® is a trademark of Seagen Inc.; EPCORE^®, EPKINLY^®, TEPKINLY^® and their designs are trademarks of AbbVie Biotechnology Ltd.; Biclonics^® and BIZENGRI^® are registered trademarks of Merus N.V. Kesimpta^® and Sensoready^® are trademarks of Novartis AG or its affiliates; DARZALEX^®, DARZALEX FASPRO^®, RYBREVANT^®, RYBREVANT FASPRO™, TECVAYLI^® and TALVEY^® are trademarks of Johnson & Johnson; TEPEZZA^® is a trademark of Horizon Therapeutics Ireland DAC.

Download the full Interim Report for the First Three Months of 2026 on attachment or at www.genmab.com/investor-relations.

CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122

Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark

Attachment

070526_CA25_Genmab Interim Report Q1 2026

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