Slides
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**** Genmab Quarter End Results Period Ended June 30 , 2026
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© Genmab 2026 Forward-looking Statements and Non-IFRS Financial Information This presentation contains forward looking statements. The words “believe”, “expect”, “anticipate”, “intend” and “plan” and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our products), are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. The important factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include, among others, risks associated with product discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of our products in patients, 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 obsolete, and other factors. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. The forward-looking statements in this document speak only as at the date of this presentation. Genmab does not undertake any obligation to update or revise forward looking statements in this presentation 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. This presentation includes certain non-international financial reporting standards (“IFRS”) financial measures that we use to describe the Company’s performance. The non-IFRS Q2 2026 Results financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items and believes that the non-IFRS financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. The non-IFRS information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related IFRS measures. Moreover, other companies may define non-IFRS measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 25% total revenue growth First Half 2026: Strong Execution and Long-term Value Creation 3For Investor audience only. Not for public information or use. Not for promotional use Focused investments & delivering on our financial commitments 18% adj. operating profit growth* Petosemtamab: Phase 3 trials in 1L and 2L CRC Epcoritamab: positive Phase 3 EPCORE® DLBCL-4 results in combination with lenalidomide in R/R DLBCL *Does not include acquisition- and integration-related charges and amortization of intangibles acquired through acquisitions. See “Forward-Looking Statements and Non-IFRS Financial Information” TEPKINLY®: + R2 approved in Europe for 2L+ FL
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© Genmab 2026 Multiple Phase 3 Readouts to Drive 2027 Launches For Investor audience only. Not for public information or use. Not for promotional use Rina-S® • Ph 2 2L+ PROC (RAINFOL -01) • Ph 3 2L+ PROC (RAINFOL -02) • Q4 2026 EPKINLY® • Ph 3 1L DLBCL (EPCORE® DLBCL-2) • Q4 2026 • Ph 3 2L+ DLBCL mono (EPCORE ® DLBCL-1) January 2026 Petosemtamab • Ph 3 1L r/m HNSCC (LiGeR-HN1) • Q4 2026 • Ph 3 2L/3L r/m HNSCC (LiGeR-HN2) • Q1 2027 4 • Ph 3 2L+ DLBCL combo + len (EPCORE® DLBCL-4) June 2026 EPKINLY® is being co-developed and co-promoted by Genmab and AbbVie
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© Genmab 2026 HNSCC = head and neck squamous cell carcinoma Petosemtamab: Expanding Into Colorectal Cancer *Estimated patients by line of therapy; US, EU, Japan. Source: Genmab internal analysis 5 Planned Phase 3 Trials Across HNSCC and Colorectal Cancer HNSCC Treatment setting Phase 3 trial Addressable Patients* First line LiGeR-HN1 41K Second line + LiGeR-HN2 25K Locally advanced Trial start 2026 70K Colorectal Cancer (RAS BRAF Wild Type) Treatment setting Phase 3 trial Addressable Patients* First line Trial to start 2026 78K Second line + Trial to start 2026 101K For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 Strong Growth for Proprietary Medicines in H1 2026 PROPRIETARY PORTFOLIO SALES1 H1 HIGHLIGHTS 6 H1 2025 H1 2026 +37% 1. Total combined sales for EPKINLY/TEPKINLY and TIVDAK in given time period. $289M $396M Proprietary portfolio delivered accelerated growth in H1, reaching an increasing number of patients around the world Proven launch execution continues to grow adoption across the portfolio and markets, demonstrating strength of commercialization model Well positioned to drive long-term growth with late- stage portfolio of antibody medicines and expanding geographic footprint For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 Performance Underscores Strength of Antibody Science and Launch Execution Across Markets 7 NET SALES H1 HIGHLIGHTS TIVDAK® • TIVDAK® is the global standard of care in recurrent and metastatic cervical cancer • US market leader in r/m cervical cancer • Encouraging performance across launch markets with readiness well underway in additional markets • Q2 milestones include reimbursement from NICE and regulatory approval in China (Pfizer/Zai Lab) EPKINLY® • EPKINLY® is the only BsAb approved in both DLBCL and FL indications • Strong growth in H1 globally; Accelerated uptake in the community driven by 2L FL launch and removal of 24-hour hospitalization recommendation for 3L+ R/R DLBCL • Majority of new site activations in the US now occurring in the community • Q2 milestones include new first-to-market approvals for EPKINLY ® + R2 in 2L FL in Europe and China • Launches in early lines of therapy will continue to drive growth for the brand globally H1 2026 YoY $312M +48% $84M +8% For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 Commercialization Excellence Will Drive Sustained Growth 8 Grow adoption of EPKINLY® and TIVDAK® Expand to new markets and indications • Strong H1 results and continued scientific and commercialization momentum across proprietary portfolio setting strong foundation to support growth trajectory • Successfully expanding TIVDAK® to new markets and capitalizing on EPKINLY®’s first mover advantage in early lines of therapy and in combination with 2L FL launch • Delivering independently-led launches across geographies, advancing evolution to wholly-owned model Priorities Progress Execute next phase of our commercialization strategy For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 First Half 2026: Sustained Growth and Disciplined Investment 9 H1 2025 H1 2026 USD 554M USD 656M Adjusted Operating Profit* 25% Revenue Growth Focused Investments 18% Adj. Operating Profit Growth* 84% 13% 3% H1 2025 83% 15% 2% H1 2026 USD 1,640M USD 2,051M Royalties Net Product Sales/Collab. Rev. Milestones/Reimb. Rev. H1 2025 H1 2026 USD 987M USD 1,250M Adjusted Operating Expenses* Strong execution drove another quarter of durable growth across markets Continued improvement in revenue quality and diversification Continue to deliver on our financial commitments *Does not include acquisition- and integration-related charges and amortization of intangibles acquired through acquisitions. See “Forward-Looking Statements and Non-IFRS Financial Information” For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 2026 Improved Guidance: Revenue Growth Funds Strategic Investment 19% total revenue growth*** • EPKINLY® and continued momentum in royalty portfolio supports growth and revenue quality • 5% above previous guidance Planned & focused investments • Increase driven by acceleration of late-stage development for petosemtamab & Rina-S ® and launch readiness activities Strong profitability*** • 7% above previous guidance *Adj. operating expenses and operating profit exclude 2026 charges related to: 1) acquisition and integration-related charges of $90 million and 2) amortization of intangible assets acquired through acquisitions of $47 million. See “Forward-Looking Statements and Non-IFRS Financial Information” **Adj. operating expenses and operating profit exclude 2026 charges related to: 1) acquisition and integration-related charges of $65 million and 2) amortization of intangible assets acquired through acquisitions of $45. See “Forward-Looking Statements and Non-IFRS Financial Information” ***At the mid-point Maintain Strong Profitability while Investing for Future Growth 10 For Investor audience only. Not for public information or use. Not for promotional use USD Millions Revised Guidance* Previous Guidance** Revenue 4,425 4,230 2026 Range 4,325 - 4,525 4,065 - 4,395 Gross Profit 4,105 3,960 2026 Range 4,015 - 4,195 3,810 - 4,110 Adj. Operating Expenses (2,880) (2,810) 2026 Range (2,810) - (2,950) (2,710) - (2,910) Adj. Operating Profit 1,225 1,150 2026 Range 1,065 - 1,385 900 - 1,400
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© Genmab 2026© Genmab 2024 Summary: Strong Financial Foundation Positions Genmab for Growth Growing revenue streams and significant underlying profitability Focused and disciplined investment approach Significant growth opportunities supported by our capital allocation strategy 11© Genmab 2026For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026© Genmab 2024 Accelerating development of our late- stage pipeline and maximizing success of our commercialized medicines including launch readiness Focused integration of Merus, accelerates value capture Deleveraging: targeting gross leverage <3.0x by year end 2027 For Investor audience only. Not for public information or use. Not for promotional use 12© Genmab 2026 Our 2026 Capital Allocation Priorities: on the Path to Our Next Decade of Durable Growth
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© Genmab 2026 Q&A Upcoming Investor Events Wells Fargo 21st Annual Healthcare Confrence, September 9, 2026 Morgan Stanley 24th Annual Global Healthcare Conference, September 15, 2026 BofA Global Healthcare conference, September 22, 2026 JP Morgan European CEO Call Series, October 5, 2026
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© Genmab 2026 Appendix 14
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© Genmab 2026 Strategic Partnerships, Collaborations, and Licensing Agreements As part of Genmab’s First Half 2026 Financial Results presentation, we will discuss several products developed in collaboration with strategic partners or that are the result of product or technology licenses with other companies. This slide is an acknowledgement of those relationships. Genmab 50% owned products • EPKINLY® / TEPKINLY® (epcoritamab): AbbVie Inc. • Tivdak® (tisotumab vedotin): Pfizer Inc. Companies developing products created by Genmab or that incorporate Genmab’s innovation: • DARZALEX®, DARZALEX FASPRO® (daratumumab, daratumumab and hyaluronidase-fihj), RYBREVANT® (amivantamab), TECVAYLI® (teclistamab), TALVEY® (talquetamab): J&J • Kesimpta® (ofatumumab): Novartis • TEPEZZA® (teprotumumab): Amgen* For Investor audience only. Not for public information or use. Not for promotional use *Teprotumumab was created by Genmab under a collaboration with Roche and development and commercialization of the product is now being conducted by Amgen under a license from Roche
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© Genmab 2026 Condensed Income Statement: Six Months Ended June 30 Reconciliation *Adjusted 2026 actual cost of good sold, operating expenses, operating profit and net profit excludes Merus Acquisition and Integration related charges of $77 million, and amortization of intangible assets acquired through acquisitions of $24 million. See “Forward-Looking Statements and Non-IFRS Financial Information” 16 (USD Millions) H1 2026 Actual Result H1 2026 Adjusted Result* Total Revenue 2,051 2,051 Royalties 1,708 1,708 Net Product Sales/Collaboration Revenue 297 297 Milestones and Reimbursement 46 46 Gross Profit* 1,902 1,906 Operating Expenses* (1,347) (1,250) Operating Profit* 555 656 Net Financial Items (186) (186) Tax (13) (13) Net Profit* 356 457 For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 2026 Improved Guidance: Revenue Growth Funds Strategic Investment 19% total revenue growth*** • EPKINLY® and continued momentum in royalty portfolio supports growth and revenue quality • 5% above previous guidance Planned & focused investments • Increase driven by acceleration of late- stage development for petosemtamab & Rina-S ® and launch readiness activities Strong profitability*** • 7% above previous guidance *Adj. operating expenses and operating profit exclude 2026 charges related to: 1) acquisition and integration-related charges of $90 million and 2) amortization of intangible assets acquired through acquisitions of $47 million. See “Forward-Looking Statements and Non-IFRS Financial Information” **Adj. operating expenses and operating profit exclude 2026 charges related to: 1) acquisition and integration-related charges of $65 million and 2) amortization of intangible assets acquired through acquisitions of $45. See “Forward-Looking Statements and Non-IFRS Financial Information” ***At the mid-point Maintain Strong Profitability while Investing for Future Growth 17For Investor audience only. Not for public information or use. Not for promotional use USD Millions Revised Guidance* Revised Mid-point* Previous Guidance** Previous Mid-point** Revenue 4,325 - 4,525 4,425 4,065 - 4,395 4,230 Gross Profit 4,015 - 4,195 4,105 3,810 - 4,110 3,960 Adj. Operating Expenses (2,810) - (2,950) (2,880) (2,710) - (2,910) (2,810) Incl. Acquisition & Integration related Charges and amortization of intangibles acquired through acquisitions (2,930) - (3,090) (3,010) (2,810) - (3,030) (2,920) Adj. Operating Profit 1,065 - 1,385 1,225 900 - 1,400 1,150 Incl. Acquisition & Integration related Charges and amortization of intangibles acquired through acquisitions 920 – 1,255 1,088 780 – 1,300 1,040
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© Genmab 2026 Reconciliation of Net Income to Adjusted Consolidated EBITDA Results of the Last Twelve Months (LTM) – Q2 2026 LTM Q2 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net Profit $788 $303 $53 $31 $401 Plus/(Less): Corporate tax expense/(benefit) 118 (8) 21 24 81 Plus: Depreciation 60 14 16 16 14 Plus: Amortization 34 12 13 5 4 Plus: Share-based compensation expense 156 37 49 36 34 Plus: Impairment charges 32 1 - 31 - Plus: Acquisition & Integration related Charges 262 32 45 185 - Plus/(Less): Proforma run rate synergy savings 50 (10) (10) 70 - (Less): Financial Income (256) (59) (44) (93) (60) Plus: Financial Expense 422 139 150 96 37 Adjusted Consolidated EBITDA $1,666 $461 $293 $401 $511 18For Investor audience only. Not for public information or use. Not for promotional use
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© Genmab 2026 Strength of Late-Stage Pipeline: Multibillion-dollar Opportunities Ongoing & Announced Phase 3 Trials 19 For Investor audience only. Not for public information or use. Not for promotional use Program Indication Status Addressable Patient Population* Opportunity (Peak Sales) EPKINLY® 1L DLBCL (EPCORE®DLBCL-2) Fully Recruited 70,000 >$3Bn 2L+ DLBCL (EPCORE®DLBCL-1) Data January 2026 21,000 2L+ DLBCL (EPCORE®DLBCL-4) Fully Recruited 1L FL (EPCORE®FL-2) Ongoing 28,000 2L+ FL (EPCORE®FL-1) Approved in US 9,000 Rina-S® PROC (RAINFOL -02) Fully Recruited 40,000 >$2Bn 2L+ EC (RAINFOL -03) Ongoing 14,000 1L pMMR EC (RAINFOL -08) Announced 2L PSOC maintenance (RAINFOL -04) Ongoing 25,000 2L PSOC platinum-doublet chemo replacement (RAINFOL -07) Announced Petosemtamab 1L HNSCC (LiGeR-HN1) Ongoing 41,000 $Multibillion 2L+ HNSCC (LiGER-HN2) Ongoing 25,000 1L CRC (GCT1158-08) Announced 78,000 2L CRC (GCT1158-10) Announced 101,000 *Genmab Internal, US, JP and EU5