•Announcement of Genmab’s proposed acquisition of Merus N.V. (Merus)

•Genmab revenue increased 21% compared to the first nine months of 2024, to $2,662 million

•FDA granted BTD to Rina-S® in advanced endometrial cancer

•Epcoritamab Phase 3 EPCORE® FL-1 trial met dual primary endpoints of ORR and PFS, demonstrating statistically significant and clinically meaningful differences in both endpoints

•FDA granted priority review of the sBLA for epcoritamab plus R2 in patients with relapsed or refractory FL

“In the third quarter we made advances that underscore the potential of our late-stage portfolio; Epcoritamab moved closer to being available to patients in earlier lines of therapy for follicular lymphoma and Rina-S was granted Breakthrough Therapy Designation (BTD) in advanced endometrial cancer. With robust development plans for both epcoritamab and Rina-S and with Tivdak® (tisotumab vedotin) now available for prescribing in Germany - our first commercial entry into a European market - we continue to execute on our strategic imperatives to accelerate our late-stage pipeline and maximize our approved medicines to reach more patients,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. “In addition, our proposed acquisition of Merus provides us with the potential to add petosemtamab, a late-stage asset with two BTDs, to our late-stage portfolio. This proposed transaction is expected to meaningfully accelerate our shift to a wholly owned model, driving sustained growth into the next decade and contributing to our evolution into a global biotechnology leader.”

•Revenue was $2,662 million for the first nine months of 2025 compared to $2,198 million for the first nine months of 2024. The increase of $464 million, or 21%, 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 $2,219 million in the first nine months of 2025 compared to $1,802 million in the first nine months of 2024, an increase of $417 million, or 23%. The increase in royalties was driven by higher net sales of DARZALEX and Kesimpta.

•Net sales of DARZALEX (daratumumab), 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 $10,448 million in the first nine months of 2025 compared to $8,586 million in the first nine months of 2024, an increase of $1,862 million or 22%.

•Total costs and operating expenses were $1,655 million in the first nine months of 2025 compared to $1,536 million in the first nine months of 2024. The increase of $119 million, or 8%, was driven by the expansion of our product pipeline, including advancement of Rina-S, the continued development of Genmab’s broader organizational capabilities as well as profit-sharing amounts payable to AbbVie Inc. (AbbVie) related to EPKINLY sales.

•Operating profit was $1,007 million in the first nine months of 2025 compared to $662 million in the first nine months of 2024.

Outlook
Genmab is maintaining its 2025 financial guidance published August 7, 2025.

Other Matters
Both the functional currency of the Genmab A/S legal entity and the presentation currency of the condensed consolidated financial statements have been changed from DKK to USD effective January 1, 2025. The change in functional currency has been implemented with prospective effect. The change in presentation currency has been implemented with retrospective effect. Comparative figures for prior periods have been restated accordingly.

As disclosed in Company Announcement No. 46, Genmab and Merus announced that the companies entered into a transaction agreement pursuant to which Genmab intends to acquire all the shares of Merus, a clinical-stage biotechnology company with its late-stage breakthrough therapy asset petosemtamab, which is in Phase 3 development, for USD 97.00 per share in an all-cash transaction representing a transaction value of approximately USD 8.0 billion. The transaction is not subject to a financing condition. Consideration is expected to be funded through a combination of cash on hand and approximately $5.5 billion of non-convertible debt financing. Genmab has obtained a funding commitment from Morgan Stanley Senior Funding, Inc. for this amount. The financing package includes a meaningful portion of prepayable debt, in line with Genmab’s commitment to deleveraging with a target of gross leverage <3x within two years after the closing of the proposed transaction. On October 21, 2025, a wholly owned subsidiary of Genmab commenced a tender offer for 100% of Merus’ common shares. The proposed transaction is anticipated to close by early in the first quarter of 2026, subject to the satisfaction of customary closing conditions for similar transactions. In addition to the Company Announcement, further information may be found in Notes 1 and 2, below.

Conference Call
Genmab will hold a conference call to discuss the results for the first nine months of 2025 today, Thursday, November 6, at 6:00 pm CET, 5:00 pm GMT or 12:00 pm EST. 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/BI1532cd9886ad43bea2ecd7c91c404a7d. A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.

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

*ORR = overall response rate; PFS = progression-free survival; sBLA = supplemental Biologics License Application; FDA = U.S. Food and Drug Administration; R2 = rituximab and lenalidomide; FL = follicular lymphoma; PDUFA = Prescription Drug User Fee Act; BTD = Breakthrough Therapy Designation

*Full-time equivalent or team members

*Net Product Sales and Collaboration Revenue consists of EPKINLY Net Product Sales in the U.S. and Japan and Tivdak (Genmab’s share of net profits) in the U.S. and Net Product Sales in Japan and European Markets

**Operating Expenses Range excludes Cost of Product Sales Range, which is included in Gross Profit Range

Genmab is maintaining its 2025 financial guidance published August 7, 2025.

Revenue
Genmab expects its 2025 revenue to be in the range of $3.5 - 3.7 billion. Genmab’s projected revenue growth for 2025 is driven by higher royalties, net product sales and collaboration revenue.

Royalty growth relates mainly to DARZALEX and Kesimpta net sales growth. DARZALEX royalties are expected to be in the range of $2.3 - $2.4 billion and are based on Genmab’s estimate of DARZALEX 2025 net sales of $13.7 – 14.1 billion. DARZALEX royalties are partly offset by Genmab’s share of Janssen’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme) in connection with SC net sales as well as royalty reduction in countries and territories where there are no Genmab patents.

Operating Expenses
Genmab is maintaining its 2025 operating expenses to be in the range of $2.1 - 2.2 billion.

Operating Profit
Genmab expects its 2025 operating profit to be in the range of $1.1 - 1.4 billion, primarily driven by the items described above.

Outlook: Risks and Assumptions
In addition to factors already mentioned, the estimates above are subject to change due to numerous reasons, including but not limited to, the achievement of certain milestones associated with Genmab’s collaboration agreements; the timing and variation of development activities (including activities carried out by Genmab’s collaboration partners) and related income and costs; DARZALEX, DARZALEX FASPRO, Kesimpta, TEPEZZA®, RYBREVANT®, TECVAYLI®, TALVEY® and TEPKINLY® net sales and royalties paid to Genmab; changing rates of inflation; and currency exchange rates. The financial guidance assumes that no significant new agreements are entered into during the remainder of 2025 that could materially affect the results. Refer to the section “Significant Risks and Uncertainties” in this interim report for matters that may cause Genmab’s actual results to differ materially from 2025 Guidance.

The factors discussed above, as well as other factors that are currently unforeseeable, may result in further and other unforeseen material adverse impacts on Genmab’s business and financial performance, including 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.

At the end of the first nine months of 2025, Genmab’s proprietary pipeline of investigational medicines, where we are responsible for at least 50% of development, consisted of nine antibody products in clinical development. These include Genmab’s approved medicines, Tivdak, which Genmab is co-developing globally and co-promoting in the U.S. in collaboration with Pfizer Inc. (Pfizer) and exclusively by Genmab outside of the U.S. and China, and EPKINLY/TEPKINLY, which Genmab is co-developing and co-commercializing in the U.S. and Japan in collaboration with AbbVie Inc. (AbbVie). In addition to our own pipeline, there are multiple investigational medicines in development by global pharmaceutical and biotechnology companies, including six approved medicines powered by Genmab’s technology and innovations. Beyond the investigational medicines in clinical development, our pipeline includes multiple preclinical programs. An overview of the development status of our approved medicines and each of our investigational medicines is provided in the following section, including updates for the third quarter of 2025. For events that occurred during the first and second quarters of 2025, please refer to Genmab’s Q1 2025 and Genmab’s First Half 2025 reports. Detailed descriptions of dosing, efficacy and safety data from certain clinical trials have been disclosed in company announcements and media releases published via the Nasdaq Copenhagen A/S (Nasdaq Copenhagen) stock exchange and may also be found in Genmab’s filings with the U.S. Securities and Exchange Commission (U.S. SEC). Additional information is available on Genmab’s website, www.genmab.com. The information accessible through our website is not part of this report and is not incorporated by reference herein.

Genmab Proprietary Products1

1Approved and investigational medicines where Genmab has ≥50% ownership, in co-development with partners as indicated.

2Refer to relevant local prescribing information for precise indication and safety information.

•Epcoritamab (approved as EPKINLY and TEPKINLY) has received regulatory approvals in multiple territories including in the U.S. and Europe for adult patients with relapsed or refractory DLBCL after two or more lines of systemic therapy, and in Japan for adult patients with certain types of relapsed or refractory LBCL after two or more lines of systemic therapy

•EPKINLY/TEPKINLY has also been approved in multiple territories including the U.S., Japan and Europe for the treatment of adults with relapsed or refractory FL after two or more lines of systemic therapy

•More than 40 clinical trials are ongoing across different treatment settings, lines of therapy and in combination regimens across histologies, including five Phase 3 trials and additional trials in development

•Two BTDs granted by the FDA for relapsed/refractory FL: as monotherapy after two or more therapies and in combination with R2 following at least one prior systemic therapy

•SC bispecific antibody targeting CD3 and CD20, created using Genmab’s DuoBody technology platform

•Co-developed and co-commercialized in collaboration with AbbVie

Epcoritamab is a proprietary bispecific antibody created using Genmab’s DuoBody technology platform. Epcoritamab targets CD3, which is expressed on T-cells, and CD20, a clinically validated target on malignant B-

cells. Genmab used technology licensed from Medarex Inc. (Medarex) to generate the CD20 antibody forming part of epcoritamab. Epcoritamab is marketed as EPKINLY in the U.S., Japan, and other regions, and as TEPKINLY in Europe and other regions. See local prescribing information for specific indications and safety information. In 2020, Genmab entered into a collaboration agreement with AbbVie to jointly develop and commercialize epcoritamab. The companies share commercialization responsibilities in the U.S. and Japan, with AbbVie responsible for further global commercialization.

Genmab records sales in the U.S. and Japan and receives tiered royalties between 22% and 26% on remaining global sales outside of these territories, subject to certain royalty reductions. The companies have a broad clinical development program for epcoritamab including five ongoing Phase 3 trials and additional trials in planning. Please consult the U.S. Prescribing Information for EPKINLY and the European Summary of Product Characteristics for TEPKINLY for the labeled indication and safety information.

•July: The FDA accepted for priority review the sBLA for epcoritamab in combination with R2 for the treatment of adult patients with relapsed or refractory FL, following at least one prior systemic therapy. The sBLA submission was based on data from the first interim analysis of the Phase 3 EPCORE® FL-1 (NCT05409066) trial. Under the PDUFA, the FDA has set a target action date of November 30, 2025. If approved, epcoritamab plus R2 would be the first bispecific antibody combination regimen available in the U.S. as a second-line treatment option for patients with relapsed/refractory FL.

•August: In a second pre-planned interim analysis the Phase 3 EPCORE FL-1 trial met its dual primary endpoints of ORR and PFS. The safety profile of epcoritamab in combination with R2 was consistent with the known safety profiles of the individual regimens and as presented in the U.S. prescribing information for epcoritamab. These results will serve as the basis for global regulatory submissions.

•September: Updated results from the outpatient Phase 2 EPCORE NHL-6 trial (NCT05451810) were presented as a poster at the 13th Society of Hematologic Oncology Annual Meeting. These results demonstrated the feasibility of treating and monitoring patients in an outpatient setting following the first dose of epcoritamab and showed that the incidence and severity of adverse events associated with epcoritamab were consistent with previous epcoritamab studies in patients with relapsed/refractory DLBCL.

•An ADC directed to TF, a protein highly prevalent in solid tumors, including cervical cancer, which is associated with poor prognosis

•Tisotumab vedotin, approved as Tivdak, is the first and only ADC approved in the U.S., Europe and Japan for the treatment of recurrent or metastatic cervical cancer after prior therapy and is the only ADC with demonstrated overall survival data in this setting compared to chemotherapy

•Co-developed globally and co-promoted in the U.S. in collaboration with Pfizer, exclusively by Genmab outside of the U.S. and China

Tisotumab vedotin is an ADC composed of Genmab’s human monoclonal antibody directed to TF and Pfizer’s ADC technology that utilizes a protease-cleavable linker that covalently attaches the microtubule-disrupting agent monomethyl auristatin E (MMAE) to the antibody. Genmab used technology licensed from Medarex to generate the TF antibody forming part of tisotumab vedotin. Tisotumab vedotin, marketed as Tivdak, is the first and only ADC approved for the treatment of adult patients with recurrent or metastatic cervical cancer after prior therapy in the U.S., Europe and Japan. Tisotumab vedotin is being co-developed by Genmab and Pfizer. Under a joint commercialization agreement, Genmab is co-promoting Tivdak in the U.S. and is leading commercial operational activities in Japan, Europe and all other regions globally, excluding the United States and China. Pfizer is leading commercial operational activities in the U.S. and will lead commercial operational activities in China once approved in connection with the sublicense of its rights to develop and commercialize tisotumab vedotin in China to Zai Lab. Genmab will record sales for Europe, Japan and rest of world markets (excluding

the United States and China), and will provide royalties in the low teens to Pfizer on net sales. The companies have joint decision-making power on the worldwide development and commercialization strategy for Tivdak. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for the labeled indication and safety information for Tivdak.

Third Quarter 2025 Update

•September: Tivdak became available for prescribing in Germany. This is the first European country where this medicine is commercially available following approval by the European Commission in March 2025.

•FRα-targeted TOPO1 ADC being evaluated for potential treatment of FRα-expressing cancers

•Phase 3 clinical trial (NCT06619236) in PROC is recruiting

•Phase 2 clinical trials (dose expansion arms of NCT05579366) in PROC and second line plus endometrial cancer are recruiting

•Additional trials announced including Phase 3 trials in second line plus endometrial cancer, second line platinum sensitive ovarian cancer (PSOC), and a planned Phase 2 trial in NSCLC

Rina-S is a novel FRα-targeted TOPO1 ADC being evaluated for the potential treatment of ovarian cancer, endometrial cancer and other FRα-expressing cancers. Dose expansion data suggests that Rina-S has robust single agent activity in various cancers across a broad range of FRα expression levels. In January 2024, Rina-S was granted Fast Track Designation by the FDA for the treatment of FRα-expressing high-grade serous or endometrioid PROC. A Phase 3 trial in second line plus platinum PROC is recruiting.

•August: The FDA granted BTD to Rina-S for the treatment of adult patients with recurrent or progressive endometrial cancer who have disease progression on or following prior treatment with a platinum-containing regimen and a PD-(L)1 therapy.

•Bispecific antibody targeting PD-L1 and 4-1BB, created using Genmab’s DuoBody technology platform

•A Phase 3 trial (NCT06635824, ABBIL1TY™ NSCLC-06) NSCLC is recruiting

Acasunlimab (GEN1046, DuoBody-PD-L1x4-1BB) is a proprietary bispecific antibody, created using Genmab’s DuoBody technology platform. Originally developed in collaboration with BioNTech, in 2024 Genmab assumed sole responsibility for the continued development and potential commercialization of acasunlimab. The program will be subject to payment of certain milestones and a tiered single-digit royalty on net sales by Genmab to BioNTech. Acasunlimab is designed to induce an antitumor immune response by simultaneous and complementary PD-L1 blockade and conditional 4-1BB stimulation using an inert DuoBody format. A Phase 3 trial of acasunlimab in combination with pembrolizumab compared to docetaxel in checkpoint inhibitor (CPI)-experienced, PD-L1 positive metastatic NSCLC is recruiting. A Phase 2 trial (NCT06984328, ABBIL1TY™ MELANOMA-07) of acasunlimab alone and with pembrolizumab to treat advanced melanoma of the skin that has returned after treatment with an approved checkpoint inhibitor therapy is in planning.

•Bispecific antibody targeting CD40 and 4-1BB, created using Genmab’s DuoBody technology platform

•Multiple clinical trials in solid tumors ongoing

•Co-developed in collaboration with BioNTech

GEN1042 (DuoBody-CD40x4-1BB, BNT312) is a proprietary bispecific antibody, jointly owned by Genmab and BioNTech, created using Genmab’s DuoBody technology platform. It is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1042 on a 50:50 basis. CD40 and 4-1BB were selected as targets to enhance activation of both dendritic cells and antigen-dependent T-cells. Three clinical trials of GEN1042 in solid tumors are ongoing. Based on the current data, including a preliminary cohort analysis in frontline head and neck squamous cell carcinoma that did not meet our high bar for continued development, Genmab and BioNTech have agreed that no further development will be planned for GEN1042 in combination with pembrolizumab and chemotherapy beyond the currently ongoing clinical trials. The companies will evaluate the option for future potential combination opportunities with GEN1042.

•Bispecific antibody targeting EpCAM and 4-1BB, created using Genmab’s DuoBody technology platform

•Phase 1 clinical trials are ongoing

•Co-developed in collaboration with BioNTech

GEN1059 (DuoBody-EpCAMx4-1BB, BNT314), jointly owned by Genmab and BioNTech and created using Genmab’s DuoBody technology platform, is a bispecific antibody aimed at boosting antitumor immune responses through EpCAM-dependent 4-1BB agonistic activity. GEN1059 is being co-developed by Genmab and BioNTech under an agreement in which the companies share all costs and future potential profits for GEN1059 on a 50:50 basis. A Phase 1 clinical trial (NCT06150183) of GEN1059 in solid tumors is ongoing and a Phase 1 trial (NCT07079631) in mCRC in combination with BioNTech and Bristol Myers Squibb’s pumitamig (an immune checkpoint inhibitor) and chemotherapy is recruiting.

•CD70-targeted ADC being evaluated in advanced solid and liquid tumors

•Phase 1/2 clinical trial (NCT05721222) in advanced solid and liquid tumors is recruiting

GEN1160 is a CD70-targeted ADC created using Genmab’s ADC technology. CD70 is a protein expressed on both solid tumors and hematological malignancies. A Phase 1/2 clinical study of GEN1160 in advanced renal cell carcinoma, nasopharyngeal carcinoma and NHL is recruiting.

•PTK7-targeted ADC with potential in advanced solid tumors

GEN1107 is a PTK7-targeted ADC created using Genmab’s ADC technology. PTK7 is a clinically validated ADC target with broad solid tumor expression, particularly in tumor-initiating cells. Genmab has decided to discontinue the clinical development of GEN1107 as the overall benefit-risk profile no longer supports continuation.

•Bispecific antibody targeting FAPα and DR4, created using Genmab’s DuoBody technology platform

•Phase 1/2 clinical trial (NCT06573294) in malignant solid tumors is recruiting

GEN1057 (DuoBody-FAPαxDR4) is a bispecific antibody-based investigational medicine created using Genmab’s DuoBody technology platform. GEN1057 is designed for the conditional DR4 transactivation-mediated tumor cell killing by crosslinking FAPα expression on cancer-associated fibroplasts with DR4 expressed on tumor cells. A Phase 1/2 clinical trial of GEN1057 in malignant solid tumors is recruiting.

•ADC that targets EGFR and cMet being evaluated in advanced solid tumors

•Phase 1/2 clinical trial (NCT06685068) in advanced solid tumors is recruiting

GEN1286 is an ADC targeting EGFR and cMet, two validated cancer targets created using Genmab’s ADC technology. A Phase 1/2 clinical study of GEN1286 in advanced solid tumors is recruiting.

•Broad preclinical pipeline that includes both partnered products and in-house programs based on our proprietary technologies and/or antibodies

•Multiple new Investigational New Drug (IND) applications expected to be submitted over the coming years

•Genmab has entered multiple strategic collaborations to support the expansion of our innovative pipeline, including our acquisition of ProfoundBio in 2024

Our preclinical pipeline includes immune effector function enhanced antibodies developed with our HexaBody technology platform, bispecific antibodies created with our DuoBody technology platform and ADCs created with our ADC technology platforms. We are also collaborating with our partners to generate additional new antibody-based product concepts. A number of the preclinical programs are conducted in cooperation with our collaboration partners.

Programs Incorporating Genmab’s Innovation and Technology1

In addition to Genmab’s own pipeline of investigational medicines and preclinical pipeline candidates, our innovations and proprietary technology platforms are applied in the pipelines of global pharmaceutical and biotechnology companies. These companies are running clinical development programs with antibodies created by Genmab or created using Genmab’s proprietary DuoBody bispecific antibody technology platform.

The information in this section includes those therapies that have been approved by regulatory agencies in certain territories. Under the agreements for these medicines Genmab is entitled to certain potential milestones and royalties.

1Approved and investigational medicines created by Genmab or created by collaboration partners leveraging Genmab’s DuoBody technology platform, under development, and where relevant, commercialized by a third party.

2See local prescribing information for precise indication and safety information.

*UltiMAb transgenic mouse technology licensed from Medarex, a wholly owned subsidiary of Bristol-Myers Squibb.

•First-in-class human CD38 monoclonal antibody

•Developed and commercialized by J&J under an exclusive worldwide license from Genmab

•Intravenous (IV) formulation approved in combination with other therapies and as monotherapy for certain multiple myeloma indications

•First and only SC CD38-directed antibody approved for the treatment of certain multiple myeloma indications, known as DARZALEX FASPRO in the U.S., and DARZALEX SC in Europe

•First licensed treatment for patients with high-risk smoldering multiple myeloma (SMM), approved in Europe

•SC daratumumab is the first and only approved therapy for AL amyloidosis in the U.S., Europe, and Japan

Daratumumab is a human monoclonal antibody that binds with high affinity to the CD38 molecule, which is highly expressed on the surface of multiple myeloma cells and is also expressed by AL amyloidosis plasma cells. Genmab used technology licensed from Medarex to generate the CD38 antibody. Daratumumab is being developed and commercialized by J&J under an exclusive worldwide license from Genmab. Under the terms of the agreement, Genmab receives royalties between 12% and 20% with J&J reducing such royalty payments for Genmab’s share of J&J’s royalty payments made to Halozyme; payments are further reduced in countries and territories where there are no relevant patents. Daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the U.S. and as DARZALEX SC in Europe for SC administration) is approved in a large number of territories for the treatment of adult patients with certain multiple myeloma indications and is the only approved therapy for the treatment of patients with high-risk SMM, approved in Europe. It is also the only approved therapy in the U.S., Europe and Japan for the treatment of adult patients with AL amyloidosis.

Please consult the European Summary of Product Characteristics for DARZALEX and DARZALEX SC and the U.S. Prescribing Information for DARZALEX and DARZALEX FASPRO for the labeled indication and safety information.

•Human CD20 monoclonal antibody developed and commercialized by Novartis under a license agreement with Genmab

•Approved in multiple territories including the U.S., Europe and Japan for the 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. Genmab used technology licensed from Medarex to generate the CD20 antibody. Ofatumumab, marketed as Kesimpta, is approved in territories including the U.S., Europe, and Japan for the treatment of certain adult patients with RMS. Kesimpta is the first B-cell therapy that can be self-administered by patients using the Sensoready autoinjector pen, once monthly after starting therapy. Ofatumumab is being developed and marketed worldwide by Novartis under a license agreement between Genmab and Novartis. Under the terms of the agreement, Genmab receives a 10% royalty on net sales of Kesimpta, and Genmab pays a low-single digit royalty to Medarex based on Kesimpta sales. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for the labeled indication and safety information for Kesimpta.

•Developed and commercialized by Amgen for the treatment of TED

•First and only approved medicine for the treatment of TED in the U.S., Japan and Europe

Teprotumumab, approved in the U.S., Japan and Europe under the trade name TEPEZZA, is a human monoclonal antibody that targets the Insulin-like Growth Factor 1 Receptor (IGF-1R), a validated target. It is the first and only medicine approved for the treatment of TED. Genmab used technology licensed from Medarex to generate the IGF-1R antibody. The antibody was created by Genmab under a collaboration with Roche. Development and commercialization of the product is currently being conducted by Amgen. Under the terms of Genmab’s original agreement with Roche, Genmab receives a mid-single digit royalty on net sales (as defined) of TEPEZZA. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for the labeled indication and safety information for TEPEZZA.

•Part of Genmab and J&J DuoBody research and license agreement

•First approved medicine created using Genmab’s proprietary DuoBody technology

•Under the agreement with J&J, Genmab is eligible to receive milestones and receives royalties on net sales of RYBREVANT

In July 2012, and as amended in December 2013, Genmab entered into a collaboration with J&J to create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of these, J&J’s amivantamab, is a fully human bispecific antibody that targets EGFR and cMet, two validated cancer targets. The two antibody libraries used to produce amivantamab were both generated by Genmab. In collaboration with J&J, the antibody pair used to create amivantamab was co-discovered. Amivantamab, marketed as RYBREVANT, is approved in territories including the U.S., Europe and Japan for the treatment of certain adult patients with NSCLC. J&J is responsible for the development and commercialization of amivantamab. Under the terms of the agreement, Genmab receives royalties between 8% and 10% on net sales of RYBREVANT with J&J reducing such royalty payments for Genmab’s share of J&J’s royalty payments made to Halozyme; payments are further reduced in countries and territories where there are no relevant patents. Genmab pays a royalty to Medarex based on RYBREVANT net sales. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for RYBREVANT for the labeled indication and safety information.

TECVAYLI (teclistamab) – Bispecific antibody approved for the treatment of relapsed and refractory multiple myeloma

•Part of Genmab and J&J DuoBody research and license agreement

•Second approved medicine created using Genmab’s proprietary DuoBody technology

•Under the agreement with J&J, Genmab is eligible to receive milestones and receives royalties on net sales of TECVAYLI

In July 2012, and as amended in December 2013, Genmab entered into a collaboration with J&J to create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of the products subsequently discovered and developed by J&J is teclistamab, a bispecific antibody that targets CD3, which is expressed on T-cells, and B-cell maturation antigen (BCMA), which is expressed in mature B lymphocytes. Teclistamab, marketed as TECVAYLI, is approved in certain territories including the U.S., Europe and Japan for the treatment of certain adult patients with relapsed or refractory multiple myeloma. J&J is responsible for the development and commercialization of TECVAYLI. Under our agreement with J&J, Genmab is eligible to receive milestones and receives a mid-single digit royalty on net sales of TECVAYLI subject to a reduction of such royalty payments in countries and territories where there are no relevant patents, among other reductions. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for TECVAYLI for the labeled indication and safety information.

•Part of Genmab and J&J DuoBody research and license agreement

•Fourth approved medicine created using Genmab’s proprietary DuoBody technology

•Under the agreement with J&J, Genmab is eligible to receive milestones and royalties on net sales of TALVEY

In July 2012, and as amended in December 2013, Genmab entered into a collaboration with J&J to create and develop bispecific antibodies using Genmab’s DuoBody technology platform. One of the products subsequently discovered and developed by J&J is talquetamab, a bispecific antibody that targets CD3, which is expressed on T-cells, and G protein-coupled receptor, family C, group 5, member D (GPRC5D), an orphan receptor expressed in malignant plasma cells. Talquetamab, marketed as TALVEY, is approved in certain territories including the U.S. and Europe for the treatment of certain adult patients with relapsed or refractory multiple

myeloma. J&J is responsible for the development and commercialization of TALVEY. Under our agreement with J&J, Genmab is eligible to receive milestones and receives a mid-single digit royalty on net sales of TALVEY subject to a reduction of such royalty payments in countries and territories where there are no relevant patents, among other reductions. Please consult the U.S. Prescribing Information and the European Summary of Product Characteristics for TALVEY for the labeled indication and safety information.

As a biotech company, Genmab faces a number of risks and uncertainties. These are common for the industry and relate to operations, intellectual property, research and development, commercialization, and financial activities.

Genmab is exposed to increasing risks related to evolving trade policies, including tariffs and other trade restrictions, which may increase costs or create regulatory uncertainty in key markets. In addition, changes made at the FDA may lead to delays in regulatory reviews, which could impact the timing of clinical milestones and product launches.

For further information about risks and uncertainties that Genmab faces, refer to the 2024 Annual Report filed with the Nasdaq Copenhagen and the Form 20-F filed with the U.S. SEC, both of which were filed in February 2025. At the date of this interim report, there have been no significant changes to Genmab’s overall risk profile since the publication of these reports. See Genmab’s Form 20-F for a detailed summary of risks related to our collaborations.

The interim report is prepared on a consolidated basis for Genmab A/S (parent company) and its subsidiaries. Management determined it is appropriate to change both the functional currency of the Genmab A/S legal entity and the presentation currency of the condensed consolidated financial statements from DKK to USD effective January 1, 2025. The change in functional currency was triggered by the commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in presentation currency is applied retrospectively and was made to better reflect the Company’s financial position. Comparative figures for prior periods have been restated accordingly. The symbol “$” is used throughout this interim report to refer to the U.S. dollar. The Genmab consolidated Group is referenced herein as “Genmab” or the “Company.”

(In all accompanying tables, amounts of dollars are expressed in millions, except per share amounts, unless otherwise noted).

Revenue
Genmab’s revenue was $2,662 million for the first nine months of 2025 compared to $2,198 million for the first nine months of 2024. The increase of $464 million, or 21%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with J&J and Novartis, respectively, and increased EPKINLY net product sales. This increase was partly offset by reduced reimbursement revenue associated with Genmab assuming full control of development, as well as future commercialization, of the acasunlimab program, effective in the second half of 2024.

Royalty revenue amounted to $2,219 million in the first nine months of 2025 compared to $1,802 million in the first nine months of 2024. The increase of $417 million, or 23%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our daratumumab collaboration with J&J and ofatumumab collaboration with Novartis. The table below summarizes Genmab’s royalty revenue by product.

J&J’s net sales of DARZALEX were $10,448 million in the first nine months of 2025 compared to $8,586 million in the first nine months of 2024. The increase of $1,862 million, or 22%, was driven by market share gains and

market growth in all regions. Royalty revenue on net sales of DARZALEX was $1,744 million in the first nine months of 2025 compared to $1,442 million in the first nine months of 2024, an increase of $302 million. The percentage increase in royalties of 21% is in line with the percentage increase in the underlying net sales.

Novartis’ net sales of Kesimpta were $3,198 million in the first nine months of 2025 compared to $2,274 million in the first nine months of 2024. The increase of $924 million, or 41%, was primarily driven by increased demand and strong access. Royalty revenue on net sales of Kesimpta was $320 million in the first nine months of 2025 compared to $228 million in the first nine months of 2024, an increase of $92 million, or 40%.

Amgen’s net sales of TEPEZZA were $1,446 million in the first nine months of 2025 compared to $1,391 million in the first nine months of 2024. Royalty revenue on net sales of TEPEZZA was $75 million in the first nine months of 2025 compared to $78 million in the first nine months of 2024, a decrease of $3 million, or 4%, which is in line with the slight reduction of net sales.

Other royalties consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY. These royalties were not material for the first nine months of 2025 or 2024.

Royalty revenue fluctuations from period to period are driven by the level of product net sales, foreign currency exchange rate movements and more specifically to DARZALEX, the contractual arrangement related to annual Currency Hedge Rate, Genmab’s share of J&J’s royalty payments to Halozyme in connection with SC product net sales and the level of royalty deductions on net sales in countries and territories where there is no patent protection.

Reimbursement revenue amounted to $43 million in the nine months of 2025 compared to $121 million in the first nine months of 2024. The decrease of $78 million, or 64%, was primarily driven by Genmab assuming full control of development, as well as future commercialization, of the acasunlimab program, effective in the second half of 2024.

Milestone revenue was $66 million in the first nine months of 2025 compared to $51 million in the first nine months of 2024, an increase of $15 million, or 29%, primarily driven by milestones achieved under our collaborations with AbbVie for $30 million, J&J for $20 million and Novo Nordisk for $13 million as compared to a milestone achieved under our collaboration with AbbVie for $50 million in the first nine months of 2024.

Milestone revenue may fluctuate significantly from period to period due to both the timing of achievements and the varying amount of each individual milestone under our license and collaboration agreements.

Collaboration revenue was $54 million in the first nine months of 2025 compared to $45 million in the first nine months of 2024, an increase of $9 million, or 20%, primarily driven by an increase in net sales of Tivdak in the U.S. by Pfizer.

Genmab’s net product sales include sales of EPKINLY in the U.S. and Japan and Tivdak in Japan and Germany. Global net sales of EPKINLY/TEPKINLY were $333 million in the first nine months of 2025 compared to $203 million in the first nine months of 2024, an increase of $130 million or 64%, driven by strong growth in 3L+ DLBCL and the expansion to address a second indication, 3L+ FL, which was approved in the U.S. in June 2024. Net product sales of EPKINLY in the U.S. and Japan recorded by Genmab were $272 million in the first nine months of 2025 compared to $179 million in the first nine months of 2024. EPKINLY was approved in the U.S. in May 2023 and in Japan in September 2023.

Net sales of TEPKINLY in territories where Genmab receives royalty revenue were $61 million in the first nine months of 2025 compared to $24 million in the first nine months of 2024.

Net product sales of Tivdak by Genmab were $8 million in the first nine months of 2025 with no net product sales in the first nine months of 2024. Tivdak was approved in Japan in May 2025 and became available for prescribing in Germany in September 2025.

Refer to Financial Statement Note 3 in this interim report for further details about revenue.

Genmab’s revenue was $1,022 million for the third quarter of 2025 compared to $816 million for the third quarter of 2024. The increase of $206 million, or 25%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with J&J and Novartis, respectively, increased EPKINLY net product sales, and increased milestones achieved under our collaborations with AbbVie, J&J and Novo Nordisk, respectively, partly offset by reduced reimbursement revenue associated with Genmab assuming full control of development, as well as future commercialization, of the acasunlimab program, effective in the second half of 2024.

Royalty revenue on net sales of DARZALEX was $656 million in the third quarter of 2025 compared to $557 million in the third quarter of 2024, an increase of $99 million, or 18%. Royalty revenue on net sales of Kesimpta was $122 million in the third quarter of 2025 compared to $84 million in the third quarter of 2024, an increase of $38 million, or 45%.

Global net sales of EPKINLY/TEPKINLY were $122 million in the third quarter of 2025, compared to $82 million in the third quarter of 2024, an increase of $40 million or 49%.

Net product sales of Tivdak recorded by Genmab were $7 million in the third quarter of 2025 with no net product sales in the third quarter of 2024.

Reimbursement revenue amounted to $7 million in the third quarter of 2025 compared to $39 million in the third quarter of 2024, a decrease of $32 million or 82%.

Cost of Product Sales
Genmab recognized cost of product sales of $157 million in the first nine months of 2025 compared to $95 million in the first nine months of 2024. Cost of product sales includes product costs, royalty expense and profit-sharing amounts payable to AbbVie. The profit-sharing amount paid to AbbVie related to EPKINLY was $128 million in the first nine months of 2025.

Cost of product sales were $58 million for the third quarter of 2025 compared to $40 million for the third quarter of 2024. Cost of product sales includes product costs, royalty expense and profit-sharing amounts payable to AbbVie. The profit-sharing amount paid to AbbVie related to EPKINLY was $46 million in the third quarter of 2025.

Research and Development Expenses
Research and development expenses amounted to $1,080 million in the first nine months of 2025 compared to $1,032 million in the first nine months of 2024. The increase of $48 million, or 5%, 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 ProfoundBio related research and development

expenses during the first nine months of 2024. These increases were partly offset by decreased research and development expenses related to Epcoritamab under our collaboration with AbbVie, primarily due to lower CMC costs in the first nine months of 2025 compared to the first nine months of 2024.

Research and development expenses accounted for 72% of total research and development expenses & selling, general and administrative expenses in the first nine months of 2025 compared to 74% in the first nine months of 2024.

Research and development expenses were $357 million for the third quarter of 2025 compared to $336 million for the third quarter of 2024, an increase of $21 million, or 6%.

Selling, General and Administrative Expenses
Selling, general and administrative expenses were $418 million in the first nine months of 2025 compared to $370 million in the first nine months of 2024. The increase of $48 million, or 13%, was driven primarily by the expansion of Genmab’s global commercialization capabilities, primarily associated with the expansion of Epcoritamab and investment in commercialization related activities for Rina-S to prepare for the upcoming projected launch.

Selling, general and administrative expenses accounted for 28% of total research and development expenses & selling, general and administrative expenses in the first nine months of 2025 compared to 26% for the first nine months of 2024.

Selling, general and administrative expenses were $148 million for the third quarter of 2025 compared to $127 million for the third quarter of 2024. The increase of $21 million, or 17%, was driven primarily by the expansion of Genmab’s European commercialization capabilities.

Acquisition and Integration Related Charges
Acquisition and integration related charges for the acquisition of ProfoundBio were $39 million in the first nine months of 2024. There were no acquisition and integration related charges in the first nine months of 2025.

Acquisition and integration related charges for the acquisition of ProfoundBio were $3 million for the third quarter of 2024. There were no acquisition and integration related charges for the third quarter of 2025.

Operating Profit
Operating profit was $1,007 million in the first nine months of 2025 compared to $662 million in the first nine months of 2024. The increase was driven by the items described above.

Key Developments to Operating Profit - Third Quarter of 2025
Operating profit was $459 million for the third quarter of 2025 compared to $310 million for the third quarter of 2024. The increase was driven by the items described above.

Net Financial Items
Financial income and expense was comprised of the following:

Interest and other financial income was $90 million in the first nine months of 2025 compared to $112 million in the first nine months of 2024. The decrease of $22 million was primarily driven by 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 on USD denominated marketable securities in the first nine months of 2025 compared to the first nine months of 2024.

Gain on Marketable Securities, Net
Gain on marketable securities, net, which includes the impact of foreign exchange rate movements, totaled $63 million for the first nine months of 2025, compared to $8 million for the same period in 2024. The increase was primarily driven by the change in the functional currency of Genmab A/S effective January 1, 2025. As the majority of Genmab’s investment portfolio is denominated in U.S. dollars, these securities were adversely affected by the weakening of the USD against the DKK during the first nine months of 2024. In contrast, during the first nine months of 2025, Genmab’s DKK and EUR denominated securities benefited from the strengthening of those currencies against the USD, resulting in a higher overall gain on marketable securities.

Foreign exchange rate gain, net, which excludes foreign exchange rate movements on marketable securities, was $7 million in the first nine months of 2025 compared to foreign exchange rate gain, net of $32 million in the first nine months of 2024. The decrease in foreign exchange rate gain, net is primarily driven by a lower foreign exchange rate impact due to the change in functional currency of Genmab A/S from DKK to USD on January 1, 2025.

Refer to Financial Statement Note 1 and Note 6 in this interim report for further details about the net financial items.

Interest and other financial income was $32 million for the third quarter of 2025 compared to $24 million for the third quarter of 2024. The increase of $8 million was primarily driven by higher cash and cash equivalents and

marketable securities in the third quarter of 2025 compared to the third quarter of 2024, due to the ProfoundBio acquisition in the second quarter of 2024.

Gain on Marketable Securities, net which includes the impact of foreign exchange rate movements, was $6 million for the third quarter of 2025 compared to a loss on marketable securities, net of $62 million for the third quarter of 2024. As the majority of Genmab’s investment portfolio is denominated in U.S. dollars, these securities were adversely affected by the weakening of the USD against the DKK during the third quarter of 2024. In contrast, during the third quarter of 2025, Genmab’s DKK and EUR denominated securities benefited from the strengthening of those currencies against the USD, resulting in a gain on marketable securities.

Corporate Tax
Corporate tax expense for the first nine months of 2025 was $217 million compared to $228 million for the first nine months of 2024. The decrease in corporate tax expense is primarily the result of Genmab’s lower estimated annual effective tax rate in the first nine months of 2025 of 18.9% compared to 28.1% in the first nine months of 2024.

Corporate tax expense for the third quarter of 2025 was $81 million compared to $67 million for the third quarter of 2024. The increase in corporate tax expense is primarily the result of Genmab’s higher net profit before tax, partly offset by Genmab’s lower estimated annual effective tax rate for the third quarter of 2025 of 18.9% compared to 28.1% in the third quarter of 2024.

Net Profit
Net profit for the first nine months of 2025 was $932 million compared to $581 million in the first nine months of 2024. The increase was driven by the items described above.

Net cash provided by operating activities is primarily related to our operating profit, changes in operating assets and liabilities, reversal of net financial items, and adjustments related to non-cash transactions. The $148 million increase in net cash provided by operating activities is primarily driven by a $340 million increase in net profit before tax and a $69 million increase related to changes in receivables and other current assets, partly offset by an increase in corporate taxes paid of $268 million.

Net cash used in investing activities primarily reflects differences between the proceeds received from the sale and maturity of our investments and amounts invested, and the cash paid for investments in tangible and intangible assets. The $1,388 million decrease in net cash used in investing activities is primarily driven by the acquisition of ProfoundBio during the second quarter of 2024, partly offset by the sales and maturities of marketable securities exceeding purchases in the first nine months of 2024 compared to purchases of marketable securities exceeding sales and maturities during the first nine months of 2025.

Net cash used in financing activities is primarily related to the purchase of treasury shares, exercise of warrants, lease payments, and payment of withholding taxes on behalf of employees on net settled Restricted Stock Units (RSUs). The $124 million decrease in net cash used in financing activities between the periods is primarily driven by $130 million decreased cash paid for the purchase of treasury shares during the first nine months of 2025 compared to the first nine months of 2024 due to the timing of share repurchases. This decrease was partly offset by lower proceeds from the exercise of warrants of $2 million, with $16 million received in the first nine months of 2025 as compared to $18 million in the first nine months of 2024.

Genmab’s USD denominated marketable securities represented 75% of Genmab’s total marketable securities as of September 30, 2025, compared to 76% as of December 31, 2024.

Cash and cash equivalents included short-term marketable securities of $140 million as of September 30, 2025, compared to $11 million as of December 31, 2024. In accordance with our accounting policy, securities purchased with a maturity of less than ninety days at the date of acquisition are classified as cash and cash equivalents.

Refer to Note 5 - Financial Instruments in this interim report for further details about our marketable securities.

Balance Sheet
As of September 30, 2025, total assets were $7,021 million compared to $6,414 million on December 31, 2024. The increase of $607 million, or 9% was primarily driven by an increase in cash and cash equivalents of $381 million due to the continued rebuild of Genmab’s cash post acquisition of ProfoundBio in May 2024 and an increase in current receivables of $123 million due to higher DARZALEX and Kesimpta royalties achieved under our collaborations with J&J and Novartis, respectively in Q3 2025 as compared to Q4 2024. As of September 30, 2025, assets were mainly comprised of $355 million of goodwill and $1,748 million of other intangible assets, primarily made up of assets acquired in the ProfoundBio acquisition, marketable securities of $1,650 million, current receivables of $1,046 million, and cash and cash equivalents of $1,761 million. The current receivables consist primarily of amounts related to royalties from our collaboration agreements.

As of September 30, 2025, total liabilities were $1,270 million compared to $1,277 million on December 31, 2024. The decrease in total liabilities of $7 million was primarily driven by a decrease of $119 million in corporate taxes payable primarily due to Genmab’s lower annual effective tax rate, partially offset by an increase in current other payables of $113 million, primarily related to accruals related to the expansion of our product pipeline.

Shareholders’ equity as of September 30, 2025, was $5,751 million compared to $5,137 million on December 31, 2024. The increase of $614 million, or 12%, was primarily driven by Genmab’s net profit for the period and share-based compensation expenses, partly offset by the purchase of treasury shares. Genmab’s equity ratio increased to 82% as of September 30, 2025 compared to 80% as of December 31, 2024.

Team Members
As of September 30, 2025, the total number of team members was 2,681 compared to 2,635 as of September 30, 2024. The increase was primarily driven by the continued expansion of our product portfolio, as well as the

investment in the expansion of Genmab’s global commercialization capabilities, including continued support for EPKINLY in the U.S. and Japan post launch activities, and broader organizational capabilities.

These interim financial statements of the Genmab Group (Genmab or the Company) have been prepared in accordance with IAS 34 (Interim Financial Reporting) as issued by the International Accounting Standards Board (IASB) and in accordance with IAS 34 as endorsed by the European Union (EU) and additional Danish disclosure requirements for interim reports of listed companies. The interim report has not been audited or reviewed by Genmab’s external auditors.

The interim report has been prepared using the same accounting policies as outlined in Section 1 – Basis of Presentation in the financial statements in the Genmab 2024 Annual Report (Annual Report), except as noted below. A number of amended standards became applicable for the current reporting period. There was no impact to Genmab’s financial statements as a result of adopting these amended standards. These interim financial statements should be read in conjunction with the Annual Report.

Management determined it is appropriate to change both the functional currency of the Genmab A/S legal entity and the presentation currency of the condensed consolidated financial statements from DKK to USD effective January 1, 2025. The change in functional currency was triggered by the commercialization of EPKINLY and was made to reflect that USD has become the predominant currency of the Genmab A/S legal entity. The change has been implemented with prospective effect. The change in presentation currency is applied retrospectively and was made to better reflect the Company’s financial position. Comparative figures for prior periods have been restated accordingly.

The condensed consolidated statements of comprehensive income and the condensed consolidated statements of cash flows have been translated into the presentation currency using the average exchange rates prevailing during each reporting period. In the condensed consolidated balance sheets, all assets and liabilities have been translated using the period-end exchange rates, and all resulting exchange differences have been recognized in accumulated other comprehensive income. Shareholders’ equity balances have been translated using historical rates in effect on the date of the transactions. The DKK/USD exchange rates used to reflect the change in presentation currency were as follows:

The change in presentation currency resulted in the following impact on the December 31, 2024 condensed consolidated balance sheets:

The change in presentation currency resulted in the following impact on the three months ended September 30, 2024 condensed consolidated statements of comprehensive income:

The change in presentation currency resulted in the following impact on the nine months ended September 30, 2024 condensed consolidated statements of comprehensive income:

The change in presentation currency resulted in the following impact on the nine months ended September 30, 2024 condensed consolidated statements of cash flows:

The change in presentation currency resulted in the following impact on the three months ended September 30, 2024 basic and diluted earnings per share:

The change in presentation currency resulted in the following impact on the nine months ended September 30, 2024 basic and diluted earnings per share:

Genmab is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, product candidates, product sales or geographical markets and no segment information is currently prepared for internal reporting. Refer to Note 2.2 in the Annual Report for further details.

In order to conform to the current period gross presentation for the first nine months of 2025, a reclassification of net $24 million has been made to the gross amounts presented for the first nine months of 2024 to move foreign exchange rate gains and losses related to marketable securities from gains and losses on foreign exchange rates to gains and losses on marketable securities. These reclassifications have no impact on the net amounts of financial items as presented in Note 6 - Financial Income and Expenses.

(In all accompanying tables, amounts of dollars expressed in millions, except per share amounts, unless otherwise noted.)

On May 21, 2024 (Acquisition Date), Genmab completed the acquisition of all of the outstanding shares of ProfoundBio, resulting in ProfoundBio becoming a wholly owned subsidiary of Genmab. The acquisition of ProfoundBio gave Genmab worldwide rights to three candidates in clinical development, including ProfoundBio’s lead drug candidate, rinatabart sesutecan (Rina-S). In addition, Genmab acquired ProfoundBio’s novel ADC technology platforms. Rina-S is a clinical-stage, FRα-targeted, TOPO1 ADC, which was in Phase 2 of a Phase 1/2 clinical trial at the time of the acquisition, for the treatment of ovarian cancer and other FRα-expressing solid tumors. Based on the data from the ongoing Phase 1/2 clinical trial Genmab intends to broaden the development plans for Rina-S within ovarian cancer and other FRα-expressing solid tumors. In January 2024, the U.S. FDA granted Fast Track designation to Rina-S for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

In addition to payment of $1.72 billion for all of the outstanding shares of ProfoundBio, Genmab also made a $199 million payment to holders of outstanding ProfoundBio equity awards for settlement of such vested and non-vested awards. Of the USD $199 million payment, $187 million related to the portion of awards where the vesting period was completed prior to the Acquisition Date. This portion of the payment was therefore determined to be attributable to the pre-combination period and included in purchase consideration. The remaining $11 million payment related to the portion of awards with future vesting conditions, and therefore is attributable to post-combination services. The amount attributable to the post-combination service does not form part of the consideration and was therefore instead recognized as Acquisition and integration related charges in Genmab’s Condensed Consolidated Statements of Comprehensive Income during the second quarter of 2024.

The acquisition has been accounted for using the acquisition method of accounting which requires that assets acquired and liabilities assumed be recognized at their fair values as of the Acquisition Date and consolidated into Genmab’s Condensed Consolidated Balance Sheets. The results of operations for ProfoundBio have been included in Genmab’s consolidated financial statements from the Acquisition Date. A fair value measurement

has been performed and the purchase price has been allocated to intangible assets, associated deferred tax liabilities, other assets and liabilities, as well as goodwill being the excess value of the purchase price over the fair value of assets acquired and liabilities assumed (the purchase price allocation). Adjustments may be applied to the purchase price allocation for a period of up to 12 months from the Acquisition Date and was therefore finalized during the second quarter of 2025. During the fourth quarter of 2024, the Company recorded a measurement period adjustment impacting non-current deferred tax liabilities and goodwill that was not material.

The total consideration for the acquisition of ProfoundBio is summarized as follows:

The purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the Acquisition Date based upon their respective fair values summarized below:

*Includes receivables and other investments

**Includes other investments and right-of-use assets

***Includes other payables, contract liabilities, lease and other liabilities

The carrying values of other current assets, property and equipment, other non-current assets and other current liabilities were determined to approximate their fair values.

The fair value assigned to acquired IPR&D, which was calculated using the multi-period excess earnings method of the income approach, was based on the present value of expected after-tax cash flows attributable to Rina-S, which was in Phase 1/2 testing. The present value of expected after-tax cash flows obtainable from Rina-S and assigned to IPR&D was determined by estimating the after-tax costs to complete development of Rina-S into a commercially viable product, estimating future revenue and ongoing expenses to produce, support and sell Rina-S, on an after-tax basis, and discounting the resulting net cash flows to present value. The revenue and costs projections used were reduced based on the probability that compounds at similar stages of

development will become commercially viable products. The rate utilized to discount the net cash flows to their present value reflects the risk associated with the future earnings attributable to the intangible asset. Acquired IPR&D will be accounted for as an intangible asset not yet available for use until regulatory approval in a major market is received or development is discontinued.

The fair value of the technology platform intangible asset was calculated using the relief from royalty method of the income approach. This method includes assigning value based on the economic savings from owning, rather than in-licensing, the technology platform intangible asset supported by observable market data for peer companies, then discounting the resulting probability adjusted net post-tax cash flows using a discount rate commensurate with the risk associated with the future income or cost savings attributable to the intangible asset.

The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as probabilities of technical and commercial success, revenue growth rates, operating margins, and royalty rates). 

The excess of purchase price over the fair value amounts assigned to identifiable assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition. The goodwill recorded as part of the acquisition is attributable to the intangible assets that do not qualify for separate recognition at the time of the acquisition, assembled workforce and deferred tax consequences of the IPR&D and technology platform intangible asset recorded for financial statement purposes. Genmab does not expect any portion of this goodwill to be deductible for tax purposes. The goodwill attributable to the acquisition has been recorded as a non-current asset in Genmab’s Condensed Consolidated Balance Sheets and is not amortized, but is subject to review for impairment annually. Refer to Note 4 for further details related to the accounting for goodwill.

From the Acquisition Date through September 30, 2024, Genmab’s Condensed Consolidated Statements of Comprehensive Income include no revenue and the following expenses associated with the acquisition and operations of ProfoundBio:

*Acquisition related charges incurred from the Acquisition Date through September 30, 2024, are comprised of payments to holders of outstanding ProfoundBio equity awards related to post-combination services ($11 million). The remaining expenses are integration related charges incurred from the Acquisition Date through September 30, 2024, which are comprised of professional fees incurred to assist with the integration of ProfoundBio into Genmab’s operations post-acquisition. Additionally, prior to the Acquisition Date, Genmab recorded $16 million in Acquisition and integration related charges in Genmab’s Condensed Consolidated Statements of Comprehensive Income related to professional due diligence procedures in connection with the acquisition of ProfoundBio. The $16 million of Acquisition and integration related charges incurred prior to the Acquisition Date and the $23 million of Acquisition and integration charges incurred from the Acquisition Date through September 30, 2024 total $39 million.

The following table provides Genmab’s consolidated revenue and net profit for the first nine months of 2024 as if the acquisition of ProfoundBio had occurred on January 1, 2024:

The unaudited pro forma information does not necessarily reflect the actual results of operations of the combined entities that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of ProfoundBio, including additional amortization adjustments for the fair value of the technology platform intangible asset acquired.

As of September 30, 2024, Cash and cash equivalents in Genmab’s Condensed Consolidated Balance Sheets includes $30 million of restricted cash balances for funds held in escrow related to the acquisition of ProfoundBio.

On September 29, 2025, Genmab entered into a transaction agreement for the acquisition of all the shares of Merus, a clinical-stage biotechnology company with its late-stage breakthrough therapy asset petosemtamab (Peto), which is in Phase 3 development, for $97 per share in an all-cash transaction representing a transaction value of approximately $8.0 billion. The transaction has been unanimously approved by the Boards of Directors of both companies. During the fourth quarter of 2025, Genmab will commence a tender offer for 100% of Merus’ common shares. The closing of the transaction is subject to the satisfaction of customary closing conditions for similar transactions and the acquisition is anticipated to close by early in the first quarter of 2026. The transaction, which is not subject to a financing condition, is expected to be funded through a combination of cash on hand and approximately $5.5 billion of non-convertible debt financing. Genmab has obtained a funding commitment from Morgan Stanley Senior Funding, Inc. for this amount.

It is anticipated that upon closing, this transaction will be accounted for by Genmab as an asset acquisition as substantially all of the fair value of the acquired set of assets is anticipated to be concentrated in a single identifiable asset (i.e. Peto).

Acquisition-related costs incurred in connection with an asset acquisition are capitalized as part of the purchase price and allocated based on relative fair value to the net assets acquired. As of September 30, 2025, Other non-current assets in Genmab’s Condensed Consolidated Balance Sheets includes $9 million of acquisition costs related primarily to professional service fees in connection to the transaction. Upon closing of the asset acquisition, such costs will be reclassified to the net assets acquired based on relative fair value.

Additionally, Genmab is anticipated to incur approximately $44 million of M&A transaction fees upon closing of the transaction as well as approximately $91 million of fees related to the non-convertible debt financing. Such costs have not been recorded in Genmab’s Condensed Consolidated Financial Statements as of September 30, 2025 as they have yet to be incurred. Upon closing of the transaction, it is anticipated that the M&A fees will be capitalized as an acquisition transaction cost and the commitment fees will be recorded as a reduction to the debt liability within Genmab’s Consolidated Balance Sheets.

The table below summarizes Genmab’s revenue by type and collaboration partner, and royalties by product, under Genmab’s agreements.

*Excludes Genmab’s Net product sales

**Other consist of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY.

Genmab recognized net product sales of $280 million during the first nine months of 2025 compared to $179 million in the first nine months of 2024. EPKINLY was approved in the U.S. in May 2023 and Japan in September 2023.

As part of the continued evaluation of contract liabilities related to the AbbVie Agreement, during the first nine months of 2025, Genmab’s classification of contract liabilities reflects the current estimate of co-development activities as of September 30, 2025. These co-development activities are related to a performance obligation in connection with the product concepts under a research option agreement. Contract liabilities have been recognized as reimbursement revenue during the first nine months of 2025.

Refer to Note 2.1 in the Annual Report for further details regarding revenue.