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| Type | Time | Amount | Unit |
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| ifrs-full:Assets | 2024-12-31 | 45811000000 | dkk |
| ifrs-full:Assets | 2023-12-31 | 35289000000 | dkk |
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| Type | Start date | End date | Amount | Unit |
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| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 21526000000 | dkk |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 16474000000 | dkk |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 14505000000 | dkk |
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<mrv:SustainabilityReport contextRef="ctx-1" id="s8__7__8" xml:lang="en">Sustainability StatementsSustainability StatementsGeneral InformationGenmab recognizes that sustainability is fundamental to the way we work, and crucial for protecting the planet, fostering economic and social stability, and ensuring a viable future for all. As Genmab is committed to improving patientsâ lives through transformative medicines, Genmab understands the interconnectedness between human health and the health of our planet. By prioritizing sustainability initiatives, such as reducing carbon emissions, and fostering a diverse and inclusive workplace, Genmab ensures that its actions today contribute to a healthier and more equitable future for generations to come. Moreover, sustainability is integral to maintaining stakeholder trust and securing long-term success in an increasingly conscious global marketplace.Disclosure Section Disclosure Requirements ContentRequirements # Reference/Report1.1 Basis for preparation General basis for preparation of the sustainability BP-1 SUSstatementDisclosures in relation to specific circumstances BP-2 SUS1.2 Governance The role of the administrative, management and GOV-1 SUS, MRsupervisory bodiesInformation provided to, and sustainability matters GOV-2 SUS, MRaddressed by the undertakingâs administrative, management and supervisory bodiesSustainability-related performance in incentive GOV-3, E1, S1 SUSschemesStatement on due diligence GOV-4 SUSRisk management and internal controls over GOV-5 SUS, MRsustainability reporting1.3 Strategy Strategy, business model and value chain SBM-1 SUS, MR, FSInterests and views of stakeholders SBM-2 SUSMaterial impacts, risks and opportunities and how SBM-3 SUSthey interact with our strategy and business model1.4 Impact, risk and opportunity Process to identify and assess material impacts, IRO-1 SUSmanagementrisks and opportunitiesDisclosure requirements in ESRS covered by the IRO-2 SUSsustainability statementSUS â Sustainability StatementsMR â Managementâs ReviewFS â Financial StatementsSustainability Statements1.1 Basis for presentationGeneral basis for preparation of the sustainability statement (BP-1)FrameworksThe Corporate Sustainability Reporting Directive (CSRD) directs public companies to report in line with the European Sustainability Reporting Standards (ESRS) starting on or after January 1, 2024. As a result, this 2024 annual report marks the first year in which Genmab is reporting in accordance with this directive and the underlying reporting standards. Genmabâs sustainability statements have been prepared in compliance with the ESRS as required by sections 99a of the Danish Financial Statements Act.ConsolidationThe sustainability statements have been prepared on a consolidated basis in line with our consolidated financial statements; therefore, the disclosures comprise the Genmab A/S (parent company) and its subsidiaries. The E1 disclosures in particular have been consolidated on the basis of both financial and operational control. The sustainability statements cover Genmabâs own operations and upstream and downstream value chains, where material, specifically regarding disclosures around impacts, risks and opportuni-ties (IROs), policies, actions, targets and metrics. Genmab has not omitted any specific pieces of information corresponding to intellectual property, know-how or the results of innova-tion nor used the exemption from disclosure of impending developments or matters in the course of negotiation.Disclosures in relation to specific circumstances (BP-2)Disclosures Stemming from Other RegulationGenmabâs sustainability statements also comply with sections 99d and 107(d) of the Danish Financial Statements Act. Refer to Appendix A for a full overview.Accounting PoliciesGenmabâs accounting policies have been applied, in all material respects, consistently in the financial year and for comparative figures.Key Accounting Estimates and JudgementsGenmab uses estimates and judgements for the reporting of certain data points related to our Scope 3 emissions, which are detailed in the relevant accounting policies. Quantifying greenhouse gas (GHG) emissions inherently involves significant uncertainty due to the complexity of natural and anthropogenic systems. Measurement challenges arise from factors such as variability in emissions sources, accuracy of data and assumptions in emission factors. We regularly reassess our use of estimates and judgements based on experience, the development of sustainability reporting, and a number of other factors. Changes in estimates are recognized in the period in which the estimate in question is revised. In addition, we make judgements when we apply the accounting policies.Refer to the quantitative data tables in the sustainability statements for further informa-tion on accounting policies, key estimates, judgements, and assumptions applied.Incorporation by ReferenceGenmabâs management report consists of a Managementâs Review section and these sustain-ability statements which reports disclosure requirements from the ESRS. Our sustainability statements are structured into four overall sections: âGeneral Information,â âEnvironmental,â âSocial,â and âGovernance.â Genmab has chosen to incorporate some of the strategy and gover-nance disclosures from the cross-cutting standard ESRS 2 in the Managementâs Review as we believe this information is best read in close connection with our Financial Review and overview of our activities. Where incorporation by reference is used to refer outside of these sustainability statements, it is clearly defined.Genmab considers forward-looking information including targets disclosed in the sustainability statements to be uncertain.1.2 GovernanceThe role of the administrative, management and supervisory bodies (GOV-1), and information provided to, and sustainability matters addressed by the undertakingâs administrative, management and supervisory bodies (GOV-2)At Genmab, sustainability governance is ingrained in our overall corporate governance framework, reflecting our commitment to inte-grating sustainable practices into all aspects of our business. Genmabâs sustainability gover-nance structure is robust, with clear roles and responsibilities defined at various levels of the organization.At the highest level, the Board (which includes 0 executive members and 9 non-executive members) oversees sustainability strategy and performance, ensuring alignment with Genmabâs long-term business objectives and stakeholder expectations. The Board receives updates on CSR and sustainability initiatives at least annually, has oversight of material impacts, risks, and oppor-tunities (IROs) and targets identified by Genmab, and enables informed decision-making that incor-porates environmental, social, and governance (ESG) considerations.It is the Boardâs aim to maintain an equitable gender representation in the Board. As of December 31, 2024, the six shareholder-elected board members are evenly split between 50% male (three persons) and 50% female (three persons) which constitutes equal gender representation in accordance with the guidelines from the Danish Business Authority. As of December 31, 2024, at the Board level, five or 56%, are independent, and four or 44%, are not independent. In accordance with the Danish corporate governance recommendations, we consider shareholder-elected board member Anders Gersel Pedersen non-independent solely by virtue of the length of his tenure on our Board, following his election to the Board in 2003. Also, the three employee-elected board members are non-independent.Our Boardâs Nominating and Corporate Governance Committee oversees our corporate governance, CSR, ESG and sustainability efforts and provides recommendations to the Board on corporate governance, CSR, ESG and sustain-ability matters. Additionally, the Boardâs Audit and Finance Committee oversees our sustain-ability reporting requirements.Sustainability StatementsWithin the management structure, Genmab has established a dedicated CSR & Sustainability Committee, which is co-chaired by our CEO and SVP of Global Communications and Corporate Affairs and is comprised of senior leaders from relevant functional areas, such as research and development, operations, compliance and risk, legal, human resources, and finance. This committee is responsible for setting strategic priorities, management of material IROs and targets, and monitoring progress towards sustain-ability goals. It also facilitates cross- functional collaboration to drive innovation and continuous improvement in sustainability performance.Under the CSR & Sustainability Committee, Genmab has established a Corporate Sustainability Team comprised of Genmab employees respon-sible for driving the double materiality assessment process including the identification of material impacts, risks and opportunities, targets/goals, actions and metrics, and the collection and documentation of relevant data for sustain-ability reporting requirements. The Corporate Sustainability Team coordinates with internal stakeholders (other Genmab employees) respon-sible for integrating sustainability strategy into business operations. The Corporate Sustainability Team is responsible for monitoring and reporting on progress towards targets at least annually.Sustainability reporting is approved annually by Executive Management (which includes 9 executive members and 0 non-executive members) and the Board. Executive Management and the Board have significant global expertise in the pharmaceutical, biotech and life sciences industries with specific expertise in Environmental, Social and Governance matters. Further, Genmab has access to experts and has utilized the expertise of outside consultants in preparing its DMA and with regards to envi-ronmental matters. Refer to the biographies in the âBoard of Directorsâ and âExecutive Managementâ sections in Managementâs Review for an understanding of the relevant experience (including sustainability- related expertise).Genmab maintains transparent communication channels with stakeholders, including investors and proxy advisors, employees, customers, suppliers, and the broader community, regarding its sustainability efforts. Genmab regularly discloses sustainability-related information through various channels, such as annual reports, investor presentations and engagement sessions. By fostering dialogue and incorporating feedback from stakeholders, Genmab ensures that its sustainability initiatives are responsive to evolving expectations and societal needs.For Business Conduct matters, the leaders of our Global Compliance, Data Privacy, and Enterprise Risk Management Programs report directly to the CEO and the Board.Overall, sustainability governance at Genmab is characterized by proactive leadership, robust oversight, and stakeholder engagement, reflecting our commitment to creating long-term value while contributing positively to society and the environment.Refer to the âCorporate Governanceâ section in Managementâs Review for additional informa-tion on governance structure.Refer to section SBM-3 for a list of the material impacts, risks and opportunities addressed by management and those charged with gover-nance during the reporting period.Sustainability StatementsSustainability-related performance in incentive schemes (GOV-3)Per Genmabâs Remuneration Policy, the variable compensation of the Executive Management is based on the achievement of specific Key Performance Indicators (KPIs) and performance goals that relate to the performance of each executive member and to Genmab A/Sâ short and long-term business results. The KPIs and perfor-mance goals that the Board sets for the purposes of Genmab A/Sâ incentive arrangements â both annual and share-based â are directly linked to the business strategy and our annual business plans. The KPIs/performance goals may be financial, operational, and/or strategic and organizational. The KPIs/performance goals are recommended by the Compensation Committee and approved by the Board.Genmab grants restricted stock units (RSUs) to Executive Management which are performance- based and include sustainability- related performance goals, whereas RSUs granted to the Board are not performance-based and do not include sustainability-related performance goals. The key characteristics of the sustainability- related performance goals are tied to Climate, Diversity and Employee Well-Being targets with equal weighting against the overall goals of 10% for the 2024 and 2023 grants, and 15% for the 2022 grant. Share-based compensation granted is at a 4x target multiplier with maximum oppor-tunity of 6x multiplier with no cap in 2024 and 2023, compared to a 2.4x target multiplier with 4x maximum with a grant date fair value cap of DKK 25 million in 2022. In 2025, Genmab plans to remove gender diversity balance targets from executive management performance criteria in future grants.Refer to sections E1-4 and S1-5 for targets linked to Executive Management incentive compensation.Total remuneration to registered Executive Management in 2024 was DKK 79.9 million. The proportion of total remuneration to regis-tered Executive Management in 2024 linked to climate-related performance goals was DKK 1.8 million, or 2%. Total variable remunera-tion to registered Executive Management in 2024 was DKK 63.4 million and comprises annual cash bonus and share-based compensation expense. The proportion of variable remuneration to regis-tered Executive Management in 2024 linked to all sustainability-related performance goals was DKK 5.7 million, or 9%.Refer to Note 5.1 in the consolidated financial statements for details.Statement on due diligence (GOV-4)The following table provides a mapping of the core elements of due diligence, for impacts on people and the environment, to the relevant disclosures in Genmabâs sustainability statements:Sections in the Does the disclosure relate to Core elements of Due DiligenceSustainability Statementpeople and/or the environment?a) Embedding due diligence ESRS 2 GOV-1, GOV-2, GOV-3People and Environmentin governance, strategy, and ESRS 2 SBM-3:business modelE1Environmentb) Engaging with affected ESRS 2 GOV-1, GOV-2People and Environmentstakeholders in all key steps of ESRS 2 SBM-2People and Environmentthe due diligenceESRS 2 IRO-1People and EnvironmentESRS 2 MDR-P:E1-2Environmentc) Identifying and assessing ESRS 2 IRO-1:adverse impactsE1 Environmentd) Taking actions to address ESRS 2 MDR-A:those adverse impactE1-3 Environmente) Tracking the effectiveness of ESRS 2 MDR-M:these efforts and communicatingE1-4EnvironmentESRS 2 MDR-T:E1-4EnvironmentRisk management and internal controls over sustainability reporting (GOV-5)Genmab assesses potential risks related to sustainability mainly through our CSR & Sustainability Committee but also as part of Genmabâs Enterprise Risk Program led by our Head of Global Compliance and Risk who reports directly to our CEO, both of which are members of the CSR & Sustainability Committee. Clearly defined sustainability governance aids the overall risk management process. The Board has a supervisory duty and Executive Management has overall responsibility for Genmabâs risk management and internal controls in relation to sustainability reporting processes.Genmab evaluates how sustainability-related risks could affect operations, reputation, and financial performance. Genmab has also imple-mented processes to ensure the accuracy and reliability of sustainability data collected from various internal stakeholders/departments, which help maintain transparency and trace-ability of reported information.Genmab aligns its sustainability reporting with recognized frameworks to ensure consis-tency and comparability, and engages with stakeholders to gather feedback and ensure reporting meets their needs and expectations.Internal and external audits are conducted of sustainability reporting processes to assess compliance with established controls and processes. Genmab has an Internal Audit function that reports to the Audit and Finance Committee of the Board and administratively reports to the CFO, and any findings would be communicated through this channel at least annually. The Corporate Sustainability Team integrates the findings of its risk assessment and internal controls regarding the sustainability reporting process into relevant internal functions and processes.Genmabâs external auditor provides limited assurance on Genmabâs sustainability statements.Genmab provides training to employees on sustainability issues, related risk management practices and reporting responsibilities to foster a culture of accountability. These compo-nents collectively help Genmab manage risks effectively and ensure the integrity of its sustain-ability reporting.Refer to Risk Management section in Managementâs Review for the followed risk assessment approach including the risk prioritization methodology, details of risks identified and mitigation strategies, and related controls.1.3 StrategyStrategy, business model and value chain (SBM-1)A description of Genmabâs strategy including our response/priorities to the main challenges ahead, business model, value chain, products, and customers in relation to sustainability is provided in the following sections in Managementâs Review:⢠Our Strategy⢠Who We Are⢠Business Model⢠Value Chain⢠Research and Development Capabilities⢠Bringing Our Own Innovative Medicines to Patients⢠Antibody Discovery and Development⢠Products and TechnologiesGenmabâs sustainability-related goals have been broken out into relevant targets in the Environmental, Social and Governance sections of these sustainability statements.Refer to section S1-6 for information on Genmabâs headcount by geographical areas.Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue by type, collaboration partner and product, and Note 2.2 for Genmabâs revenue by geographical area. There are no additional significant ESRS sectors beyond those reflected in these disclosures. Genmabâs goals have been broken out into relevant targets in the Environmental, Social and Governance sections of the sustainability statements.Interests and views of stakeholders (SBM-2)As an international biotech company, Genmab engages continuously with a diverse range of stakeholders, all of whom have a vested interest in our business practices. This engage-ment is crucial to our success and reinforces our commitment to benefiting both our direct stakeholders and society as a whole. Through ongoing dialogue, we seek to understand their perspectives, concerns, and expectations. These interactions inform our sustainability efforts, due diligence processes and double materiality assessments, ensuring that our actions align with the needs and insights of those we serve.The views and interests of affected key stake-holders regarding our sustainability-related impacts are regularly communicated to our CSR & Sustainability Committee through periodic meetings. For all key stakeholders listed in the table, Genmab listens to the views of stakeholders through engagement and takes these views into account, which has led to the outcomes disclosed.Genmabâs Key Stakeholders Description Value Chain Location How Engagement is Organized Purpose of Engagement Outcome from EngagementAcademic and research Partners contributing to early-stage Upstream â Academic partnerships â Collaboration on research â Accelerated innovationinstitutionsresearch, technology development, â Scientific conferences and â Access to innovation â Enhanced scientific knowledgeand/or innovation.workshops â Training and knowledge sharing â Strengthened reputation â Sponsorship of academic â Talent developmentresearch â Collaborative research programsCollaboration partners Companies that collaborate with Upstream, â Joint team meetings â Innovation and development â Successful product development Genmab in co-development, licensing, Downstream â Steering committees â Strategic alignmentand commercializationand/or commercialization. â Project reviews â Shared knowledge and expertise â Strengthened relationshipsCommunities As part of Genmabâs ongoing Upstream, â Community programs â Health education and awareness â Positive community impactcommitment to Corporate Social Own Operations, â Partnerships with nonprofits â Social responsibility â Increased employee satisfaction and Responsibility (CSR), we aim to Downstream â Employee involvement â Building trustmoralecontribute to and ensure the vibrancy â Stronger relationships and rapport and sustainability of the communities with the communitywhere we live and work.Contract manufacturing CMOs manage the production of Upstream â Structured collaboration â Efficiency and flexibility to leverage â Quality productsorganizations (CMOs)Genmabâs antibody therapies, ensuring â Regular communicationthe expertise and capacity of CMOs â Timely productionthat they meet quality standards and â Quality assurance processes â Focus on core competencies â Building long-term relationships with are produced at scale.CMOs fosters innovationEmployees Internal stakeholders involved at every Own Operations â Surveys and workplace â Including employeesâ perceptions â Internal policy updatesstage of our supply chain, from research assessments, including our and experiences â Improvement and action plansto commercialization, ensuring that Global Engagement Survey â Contributing to a sustainable â Communications from managementGenmabâs operations align with its â Inclusion networksworkplace and working life â Global initiatives and campaignsstrategic goals. Our talented teams â Employee-elected board â Social dialogue with workers â Employee engagement scoresare the cornerstone of our success memberscouncilsand fundamental to achieving our â Personal development dialogues 2030 Vision.and trainings â Employment relations and occupational health and safety representation â Dutch Works Council â Danish Employee Representative CouncilHealthcare providers Physicians, nurses, pharmacists and Upstream, â Clinical Trials â Understanding clinical needs â Refined clinical trialsmedical institutions that play a role in Downstream â Advisory Boards â Enhancing clinical research â Increased adoption of therapiesrecruiting patients for clinical trials and â Educational Initiatives â Improving patient outcomes â Enhanced safety and efficacyprescribing/administering Genmabâs â Feedback Mechanisms â Building relationships â Stronger provider networkstherapies.Genmabâs Key Stakeholders Description Value Chain Location How Engagement is Organized Purpose of Engagement Outcome from EngagementInvestors Shareholders interested in the entire Upstream, â Earnings calls and reports â Transparency related strategy, â Increased investor confidencevalue chain, with a focus on how each Downstream â Investor conferencesfinancial performance, and research â Enhanced market understandingstage contributes to Genmabâs financial â One-on-one meetings with advancements â Diverse shareholder basehealth and growth potential. Genmab investors and proxy advisors â Trust buildinghas a diverse shareholder base with â Roadshows â Feedback gathering to understand investors from across a spectrum of size investor perspectives and concernsand location. The support of Genmabâs investors is essential to the success of the Company.Patients/patient The end-users of Genmabâs therapies Upstream, â Standing Patient Advisory â Patient-centric approach â Insights on trial designsorganizationsor groups who represent them, whose DownstreamCouncil â Feedback mechanisms â Enhanced communicationoutcomes and feedback are vital to â Survey and focus groups â Education and awareness â Informed decision makingdevelop and deliver better medicines. â Support patient organizations â Evaluate patient information of â Safer and more effective products â Clinical trial participationGenmab medicines and clinical trials â Annual science dayPayers Insurance companies, government Downstream â Value assessment studies â Market access â Increased accesshealthcare programs, and other â Direct meetings and â Value demonstration â Stronger relationshipsentities that reimburse or fund the cost presentations â Refine pricing strategies, improve â Enhanced value propositionof therapies, influencing pricing and â Participation in advisory boardsproduct offerings, and align with market access. â Collaboration with health market needs.economistsQuality assurance teams Both internal teams (employees) Own Operations, â Cross-functional teams ensuring â Regulatory compliance â High quality productsand external partners ensure the Upstreamquality is integrated throughout â Product integrity â Reduced risk of non-complianceconsistency and safety of the products product lifecycle â Identifying continuous improvement â Enhanced reputationduring manufacturing. â Regular audits and reviewswithin processes â Standard operating procedures (SOPs) â TrainingsRegulatory agencies Bodies like the EMA (Europe), the Upstream, Downstream â Regular meetings â Regulatory compliance â Streamlined development processFDA (U.S.) and MHLW (Japan) are key â Submissions and reports â Gaining insights and â Regulatory approvalsstakeholders, as they approve trial â Advisory committeesrecommendations â Enhanced safety and efficacy datadesigns, oversee progress, and ultimately â Guidance consultation â Risk mitigation â Stronger regulatory relationshipsdecide on the approval of new therapies. â Approval pathway clarityScientists and research Internal teams (employees) and external Own Operations, â Co-development of programs â Access to technology â Development of innovative/new partnerspartners are critical in the early stages Upstream â Licensing of our technology â Accelerated drug developmentantibody therapeutics and other of target identification and antibody platforms â Networking and community buildingtreatment modalitiesengineering. These include our own â Involvement in clinical trials â Publications and patentsantibody expert scientists as well including partnering with clinical â Enhanced research capabilitiesas academic institutions, research research organizations (CROs) â Increased visibility and reputationorganizations (including CROs) and â Indirectly through work with technology providers.industry groupsSuppliers Providers of raw materials and other Upstream â Supplier selection and â Quality assurance â Consistent qualityinputs necessary for the production of qualification â Supply chain reliability â Improved efficiencyantibody therapies. â Collaboration and â Innovation and improvement â Strong relationshipscommunication â Drive actions toward sustainability â Contracts and agreementsrelated targets/goalsMaterial impacts, risks, and opportunities and how they interact with our strategy and business model (SBM-3)The table describes Genmabâs material impacts, risks and opportunities resulting from our double materiality assessment (see section IRO-1), including a description of where in our business model, our own operations, and our value chain these material impacts, risks and opportunities are concentrated. We also describe whether our impacts are positive or negative. All impacts are actual impacts unless otherwise stated that they are potential impacts.More information on how we respond to the effects of our impacts, risks and opportuni-ties is included in the topical sections under âEnvironmental,â âSocial,â and âGovernance.â There, we also expand on the linkage to our sustainability strategy and business model, expected time horizons and the nature of the business relationship.There is no significant risk of a material adjust-ment within the next annual reporting period to the carrying amounts of assets and liabilities reported in the consolidated financial statements linked to material risks and opportunities iden-tified in our sustainability reporting. Genmab has no material investment or disposal plans currently linked to our material IROs or planned sources of funding to implement our sustain-ability strategy.We have one entity specific IRO relating to G1: Business Conduct, Cybersecurity. This is Genmabâs first year of sustainability reporting andtherefore there are no changes since the previous reporting period.Section Material Topic Material Impact Value Chain Location Time Horizon Material Risk Material OpportunityEnvironmental Climate ChangeEmissions from value chain (negative) Upstream Short, Medium, Refer to the Risk Management section of the Partner with value chain to reduce Long-TermAnnual Report for risks related to EnvironmentScope 3 emissions â Adaptation and MitigationEmissions from own operations Own Operations Short, Medium, Refer to the Risk Management section of the Renewable energy contracts (to (negative)Long-TermAnnual Report for risks related to Environmentmitigate climate change risks)Behavioral changes of employees (labs, travel patterns)Climate ChangeEnergy consumption (negative) Own Operations Short, Medium, Refer to the Risk Management section of the Increasing energy efficiency in the Long-TermAnnual Report for risks related to Environmentprocurement of new locations as â Energyoperations expand in the future and major renovations to existing locations.Generation of energy from onsite solar Own Operations Short, Medium, panels (positive)Long-TermSocial Own WorkforceEmployee well-being and vitality Own Operations Short, Medium, Refer to the Risk Management section of the Provide a voice to employees through (positive)Long-TermAnnual Report for risks related to Management and our global engagement survey â Working ConditionsWorkforceSafety in our facilities (positive) Own Operations Short, Medium, Refer to the Risk Management section of the Safety training/ongoing education in Long-TermAnnual Report for risks related to Management and our laboratoriesWorkforceOwn WorkforceCareer development through training Own Operations Short, Medium, Refer to the Risk Management section of the Providing employees with and skill building (positive)Long-TermAnnual Report for risks related to Management and opportunities to discuss their career at â Equal Treatment and WorkforceGenmabOpportunities for AllDiversity in the workplace (positive) Own Operations Short, Medium, Refer to the Risk Management section of the Long-TermAnnual Report for risks related to Management and WorkforceSection Material Topic Material Impact Value Chain Location Time Horizon Material Risk Material OpportunitySocialConsumers and End-UsersAccess and integrity in clinical trials Downstream Short, Medium, Refer to the Risk Management section of the (positive)Long-TermAnnual Report for risks related to Regulation, (continued) â Social inclusion of Legislation and Compliance consumers and/or end-users Market access programs to allow for Downstream Short, Medium, Refer to the Risk Management section of the Assisting those having difficulty product availability for uninsured or Long-TermAnnual Report for risks related to Business and affording Genmab products prescribed underinsured (positive)Products to themConsumers and End-UsersPatient engagement programs Downstream Short, Medium, Refer to the Risk Management section of the developed (positive)Long-TermAnnual Report for risks related to Business and â Personal safety Products and information of consumers and/or end Clinical trial transparency (positive) Downstream Short, Medium, Refer to the Risk Management section of the usersLong-TermAnnual Report for risks related to Regulation, Legislation and ComplianceGovernance Business ConductHealthy corporate culture aligned with Own Operations Short, Medium, Refer to the Risk Management section of the Annual Code of Conduct training rollout core values and purpose (positive)Long-TermAnnual Report for risks related to Regulation, as mandatory for all employees, with â Corporate CultureLegislation and Compliancelaunch and completion rates monitored by Global Compliance teamBusiness ConductCybersecurity and Global Data Privacy Upstream, Short, Medium, Refer to the Risk Management section of the programs in place to protect the privacy Own Operations, Long-TermAnnual Report for risks related to Regulation, â Privacyof our business, our own workforce, DownstreamLegislation and Compliance and Cybersecuritypatients and all individuals who entrust us with their information (positive)Business ConductProtection of whistleblowers through Upstream, Short, Medium, Refer to the Risk Management section of the anti-retaliation policies and procedures Own Operations, Long-TermAnnual Report for risks related to Regulation, â Protection of (positive)DownstreamLegislation and Compliancewhistle-blowersBusiness ConductAnimal welfare policy (positive) Own Operations Short, Medium, Refer to the Risk Management section of the Long-TermAnnual Report for risks related to Regulation, â Animal WelfareLegislation and ComplianceBusiness ConductStrong management of suppliers, Upstream Short, Medium, Refer to the Risk Management section of the Continue to partner with suppliers on focused on compliance with supplier Long-TermAnnual Report for risks related to Strategic sustainability related commitments in â Management of code of conduct (positive)Collaborationsthe futurerelationships with suppliers (including payment practices)Business ConductEthical business culture and business Own Operations Short, Medium, Refer to the Risk Management section of the Annual Code of Conduct training rollout practices (positive)Long-TermAnnual Report for risks related to Regulation, as mandatory for all employees, with â Corruption and briberyLegislation and Compliance, Strategic launch and completion rates monitored Collaborations and Management and Workforceby Global Compliance teamGenmab has the resources in place to manage the effects of the IROs on our business across the Environmental, Social and Governance areas.Refer to the Environmental section of the sustainability statements for information on Genmabâs resilience analysis.1.4 Impact, risk and opportunity managementProcess to identify and assess material impacts, risks and opportunities (IRO-1)A cornerstone element of the CSRD and ESRS is the concept of double materiality for sustain-ability matters. The concept of double materiality means that a sustainability matter can have an inside-out impact (i.e., an impact that Genmab has or can have on people and/or the environ-ment â this is called âimpact materialityâ) or an outside-in impact (i.e., a (actual/potential) financial impact (risk/opportunity) from a sustainability matter on Genmab â this is called âfinancial materialityâ).Genmab performed a double materiality assess-ment (DMA) for the first time as part of our 2024 sustainability reporting and we look forward to incorporating our sustainability strategy in our day-to-day business operations over the coming year(s).From a governance perspective, the Corporate Sustainability Team drove the execution of the DMA. The approach for and outcomes of the double materiality were extensively discussed with and approved by Executive Management and our Board and its relevant Committees. Refer to GOV-1 and GOV-2 for further details on the governance structure with regards to sustainability.ScopeThe scope of the DMA entailed the parent company, Genmab A/S, and its subsidiaries on a consolidated basis as well as our upstream and downstream value chain.Material topicsGenmab engaged a sustainability consultancy firm to assist in the performance of a DMA in accordance with the CSRD and the underlying ESRS. During this process, which involved numerous internal and external stakeholders, we determined seven (7) topics, sub-topics or sub-sub topics to be material for Genmab. These seven material topics link to four (4) of the standards (ESRS E1, S1, S4 and G1).Non-material topicsGenmab screened site locations and assets across Denmark, the Netherlands, the U.S., Japan and China including business activities and considering all Application Requirement 16 topics, determined ESRS E2, E3, E4, E5, S1 (specific to other work-related rights), S2 and S3 to be not material from an impact or financial perspective. In our analysis, we considered our own operations and upstream and down-stream value chain and were not aware of any material matters to disclose in our sustainability statements. We surveyed internal stakeholders and external stakeholders and performed desk research, held workshops and deep-dive sessions, and noted no issues triggering these topics to be material for Genmab. E4 followed the same approach as above and as such we did not perform a detailed assessment to identify related IROs.Impact MaterialDouble Material E1 G1 S1 Working conditions S1 Equal treatment and opportunities for all S4Non-MaterialFinancial Material E2 S1 Other work-related rights E3 S2 E4 S3 E5Financial Impact on Genmab EnvironmentalE1: Climate Change⢠Climate change adaptation/Climate change mitigation (1)⢠Energy (2)E2: PollutionE3: Water and Marine ResourcesE4: Biodiversity & EcosystemsE5: Circular Economy SocialS1: Own Workforce⢠Working Conditions (3)⢠Equal treatment and opportunities for all (4)⢠Other work-related rightsS2: Workers in the value chainS3: Affected communitiesS4: Consumers & End-Users⢠Social inclusion of consumers and/or end-users (5)⢠Personal safety and information of consumers and/or end-users (6) GovernanceG1: Business Conduct (7)The process of how the DMA was performed, and description of how we arrived at these material topics is described below.Value chain analysis and stakeholder selectionAs an initial step, Genmab defined our value chain and key stakeholders, focusing both on our own operations, as well as on our value chain. We conducted desk research that included peer reviews on sustainability topics and research on the relevance of sustainability topics for the pharmaceutical sector. Based on the outcomes of this mapping exercise and desk research, we determined initial topics for the longlist used in the double materiality analysis.We selected internal stakeholders from across our business operations to provide coverage across all ESRS topics, sub-topics, and sub-sub-topics. Given the global scope of our business, we included internal stakeholders from across all our locations.We interviewed external stakeholders repre-senting at least one across each of the following: patient associations, investors, collaboration partners, sector organizations and civil society organizations. The input of these external stake-holders, combined with the expertise of the internal stakeholders, provided valuable insights.Longlist and validationFollowing the analysis as described above, a longlist of material topics was prepared. This longlist was based on the guidance provided by the ESRS (ESRS 1 â Application Requirement 16), further complemented by insights from the value chain and stakeholder analyses, other regulatory frameworks, and desktop peer review.Based on this longlist, both impact materiality and financial materiality were assessed through surveys, interviews, and workshops. The combi-nation of these three methods ensured coverage of the broad range of stakeholders and provided room to finetune the outcomes to reflect any (regional) nuances during the workshops.The surveys provided input from a broad audience and led to initial scoring. Internal and external interviews conducted before the workshops and after the workshops provided expert insight and guidance to validate outcomes. Refer below for further detail on the execution of the impact mate-riality and financial materiality analyses.Double MaterialityThe ESRS prescribes companies to assess topics that are material to the business from an impact and/or financial perspective. The following para-graphs describe the methodology Genmab used to assess both impact and financial materiality.Impact MaterialityESRS 1, âGeneral Requirements,â highlights the indicators that companies should consider in assessing their impacts on sustainability matters. The assessment of impacts is aligned with other international standards, such as the United Nations Guiding Principles on Business and Human Rights (UNGP) and the Organization for Economic Co-Operation and Development (OECD) Guidelines. International standards prescribe that impacts should be rated based on their severity. The concept of severity is based on the factors scale, scope, and irremediable character of the impact. In case of positive impacts, scoringirremediability is unnecessary. For Genmab, all the mentioned individual factors were rated on a scale of 1 to 5, based on which an average score was calculated.In case of potential impacts, participants also rated likelihood on a scale of 0 to 1. For actual impacts, the likelihood is automatically scored as1 since the likelihood has already been proven. For completenessâ sake, we note that for potentialnegative impacts regarding human rights, severity took precedence over likelihood as also prescribed by the ESRS.Other indicators that are prescribed by the ESRS for the assessment of impact materiality include: the topicâs location in the value chain (own opera-tions, upstream or downstream), and whether theimpact pertains to the undertaking in the short-, medium- or long-term scored as time horizons.To summarize, all longlisted sustainability matters were scored using the following indicators:(i) the topicâs location in the value chain (own operations, upstream or downstream),(ii) whether it is an actual or potential impact,(iii) whether it is a positive or negative impact,(iv) time horizons, and(v) scale, scope and irremediability of the impacts.For a matter to be considered as impact material, we have used a relative threshold â i.e., we have used the average score for impact materi-ality based on the five-point scale and set the threshold a full point higher.Financial MaterialityDuring the preparation of the longlist, as well as during the workshops, we considered impacts and dependencies with the risks and opportu-nities that may arise from these impacts and dependencies through extensively discussing the sustainability topic at hand and what impact it could have on Genmab and our business.The scoring of financial materiality is largely similar to impact materiality; however, instead of focusing on impacts, financial materiality is based on risks and opportunities. Risks and opportunities are scored on the basis of magnitude (scale of 1 to 5), and likelihood (scale of 0 to 1). Participants also assess time horizons and location in the value chain.For a matter to be considered as financial material, we initially used a similar relative threshold as for impact materiality: the average financial materiality score based on the five-point scale plus a full point. Our final results used a mix of qualitative and quantitative factors and our financial statement materiality level to conclude on material topics.ValidationThe survey outcomes were discussed with internal stakeholders during the workshops and deep-dive sessions. Where needed, changes and/or nuances were made. To further align and validate the outcomes of the DMA, these were presented to external stakeholders and internal interviews were conducted with subject matter experts.All identified sustainability-related risks have been identified in prior year reporting under our ERM framework and continue to be updated and prioritized in line with other risks identified.The final DMA for 2024 has been approved and adopted by the Board with the filing of this Annual Report.ActionWhile conducting the DMA in 2024, we further integrated the various aspects of the DMA into our business. We focused on setting meaningful and appropriate targets for our material topics including defining the data gathering processes.With our dedicated Corporate Sustainability Team, we intend to monitor our performance over the coming years, while remaining agile and current with our double materiality assess-ment (e.g., following acquisitions or other major business changes).Disclosure requirements in ESRS covered by the sustainability statement (IRO-2)Following the outcome of our DMA, Genmab compiled a list of disclosure requirements including the page numbers and/or paragraphs where the related disclosures are located in the sustainability statements. This is presented as content indexes in the General, Environmental, Social and Governance sections of the sustain-ability statements. Genmab has determined the material information to be disclosed in relation to the impacts, risks and opportunities assessed to be material, utilizing a mix of qualitative and quantitative factors and our financial statement materiality level.Genmab also included a table of datapoints derived from other EU legislation in the appen-dices to the sustainability statements.EnvironmentalAs a leading international biotech company, we recognize the responsibility we have to protect our planet and its natural resources, as well as the health and safety of our team members, business partners and society as a whole. By conducting our business in a safe and sustainable manner, we aim to reduce our environmental impact by refining our processes and incorporating best practices into our own operations and value chain, where applicable. To achieve this, our environmental strategy focuses on monitoring and evaluating targets for environmental activities, measuring our impact and communicating our progress.Disclosure Section Disclosure Requirement ContentRequirement #E1 Climate Change2.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy SBM-3and business model2.1 E1 Climate Change Strategy Transition plan for climate change mitigation E1-12.2 E1 Climate ChangePolicies related to climate change mitigation and adaptation E1-2IRO managementActions and resources in relation to climate change policies E1-32.3 E1 Climate ChangeTargets related to climate change mitigation and adaptation E1-4Metrics and TargetsEnergy consumption and mix E1-5Gross Scopes 1, 2, 3 and total GHG emissions E1-6GHG removals and GHG mitigation projects financed through carbon credits E1-7*Internal carbon pricing E1-8*Anticipated financial effects from material physical and transition risks and E1-9**potential climate-related opportunitiesEU Taxonomy2.4 EU Taxonomy Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy N/ARegulation)*Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.**Genmab has adopted the phase-in for E1-9 and elected not to disclose for year 1 reporting.2.0 IROsMaterial Impacts, Risks and Opportunities (IROs) and their interaction with strategy and business model (SBM-3)Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunityEnvironmental Climate ChangeEmissions from value chain (negative) Upstream Genmab could face transitional risks by its Partner with value chain to reduce Scope 3 inability to manage the carbon footprint and emissions â Adaptation and Mitigationenergy mix from our business operations and physical risks from climate-related events that may impact our business operations or that of our third-party partners or suppliers.Emissions from own operations (negative) Own OperationsRefer to the Risk Management section of the Renewable energy contracts (to mitigate Annual Report under Environment for detailsclimate change risks)Behavioral changes of employees (labs, travel patterns)Climate ChangeEnergy consumption (negative) Own Operations Increasing energy efficiency in the procurement of new locations as operations â Energyexpand in the future and major renovations to existing locations.Generation of energy from onsite solar Own Operationspanels (positive)All impacts, risks and opportunities have expected time horizons of short, medium and long-term.Emissions from our value chain/Emissions from our own operationsClimate change adaptation and mitigation is material due to GHG emissions primarily in our value chain, but also in our own operations, which has a negative impact on the environment with transitional and physical risks associated. Genmab has adaptation and mitigation efforts aligned with the Paris Agreement for a future where warming is kept at 1.5°C. Genmab is committed to reducing GHG emissions to limit the global warming the planet is facing.In line with our ambitions to reduce Scope 3 emissions through supplier engagement, Genmab has an opportunity to reduce GHG emissions in our upstream value chain by setting clear expec-tations and requirements, providing incentives and setting goals, which could lead to more efficient production processes and cost savings for both Genmab and its suppliers.In terms of our own operations, Genmab plans to reduce emissions by sourcing electricity from renewable energy sources such as solar, wind, hydroelectric, or geothermal power. Genmab has an opportunity to reduce emissions by actively investing in renewable energy procurement through power purchase agreements (PPAs), green tariffs, or direct ownership of renewable energy assets which could mitigate climate change risks relating to carbon taxation. Genmab can decrease the carbon intensity of its electricity consumption by contracting with renewable energy providers or investing in onsite renewable energy projects. This not only helps in reducing emissions, but also supports the growth of renewable energy markets and contributes to broader sustainability goals.Genmab has an opportunity to reduce GHG emissions and promote health in the context of climate change through various initiatives targeting employee behavior and operational practices. We aim to reduce energy consumption and GHG emissions by implementing sustainable practices in laboratories in line with MyGreenLab recommendations. Additionally, we encourage employees to minimize air travel to lower GHG emissions while ensuring business continuity, supported by guidelines that have been in place for several years. Furthermore, establishing remote work policies and promoting alternative commuting methods, such as biking, carpooling, and public transit, can contribute to decreasing GHG emissions associated with employee commuting, fostering a healthier environment for all and could lead to cost savings.Energy consumptionGenmab utilizes 61% renewable energy at our state-of-the-art buildings; therefore, there is a negative impact in terms of non- renewable energy usage with risk associated with our energy mix; however, there is room to achieve 100% renewable energy usage at all of our locations.Genmab has an opportunity to increase energy efficiency in the procurement of new locations as operations expand in the future and major renovations to existing locations which could lead to financial savings on operational expenses.Refer to E1-5 for energy mix and consumption table.Generation of energy from onsite solar panelsGenmab also has a positive impact from generation of energy through solar panels at our headquarters in Denmark and certain R&D locations in the Netherlands.Refer to E1-4 for climate change targets.Genmabâs Resilience to Climate ChangeGenmabâs resilience analysis was conducted qualitatively in 2021, incorporating climate scenarios based on key reports from authorita-tive bodies such as the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA). No material changes to the analysis were identified in 2024, 2023 or 2022. The analysis was conducted by assessing climate-related impacts across Genmabâs entire value chain, including supply chains, operations, energy consumption, and logistics.This resilience analysis helps inform Genmabâs strategic planning, risk management, and financial planning processes, ensuring that climate-related risks and opportunities are integrated into the companyâs Enterprise Risk Management (ERM) framework.Genmab utilized two scenarios to explore potential transition and physical risks at a Paris Agreement aligned 1.5â2°C and a high emissions scenario at 4°C warming levels, considering both short-term (2030) and medium-to-long-term (2040/2050) time horizons in alignment with Genmabâs strategic planning horizons and its GHG emissions reduction targets.⢠The 1.5â2°C scenario assumes a transition to a low-carbon economy in line with global climate targets. This scenario evaluates risks and opportunities arising from regulatory actions such as carbon taxation, low-carbon technology adoption, and evolving consumer preferences toward sustainability.⢠The 4°C scenario represents a business-as-usual pathway with high emissions and limited global mitigation efforts, leading to more severe physical risks such as extreme weather events, flooding, and disruptions to supply chains.The key assumptions for the resilience analysis include the transition to a low-carbon economy, macroeconomic trends, energy consumption and mix, technology deployment and time horizons.Based on the scenario analysis, Genmab iden-tified several potential physical risks, transition risks and opportunities for both the 1.5â2°C and 4°C warming scenarios across short-term and medium/long-term time frames. The identified physical and transition risks and opportunities were evaluated based on likelihood, magnitude and duration to Genmabâs operations and taking into account Genmabâs physical geographical locations at the time of conducting the analysis. No aspects of Genmabâs business were identified as incompatible with a transition to a climate neutral economy.⢠Key physical risks to Genmabâs business activities and assets identified in the scenarios: Disruption of supply chain and operations from extreme weather events, increased cooling costs from more frequent and severe heat waves, increased costs of raw materials due to changes in weather patterns and extreme weather events, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.⢠Key transition risks to Genmabâs business activities identified in the scenarios: Global carbon taxation and pricing impacting costs and financial returns, investor focus on climate performance limiting access to capital and investment, competition for talent in scientific and innovative fields becomes increasingly linked to climate performance, and cost of compliance with fragmented and drastic regulatory intervention.While the scenario analysis identified potential physical and transition risks, the risk related to the Environment was identified as the material risk to Genmab. Refer to the Risk Management section in Managementâs Review for risks related to the Environment.Genmab has committed to a science-aligned emissions reduction target aligned with the Paris Agreement, aimed at reducing its GHG emissions in line with the global goal to limit warming to 1.5°C. This target plays a critical role in mitigating both transition and physical risks by guiding risk mitigation, reducing exposure to physical risks and enhancing resilience to market shifts.Uncertainties within the resilience analysis included climate projections under the scenarios and regulatory evolution over time.Genmabâs resilience analysis, underpinned by qualitative scenario analysis and guided by a science-aligned emissions reduction target, high-lights the companyâs preparedness by adapting our strategy for both transition and physical climate risks in the medium and long term. The science-aligned emissions reduction target offers a clear pathway for mitigating these risks while also seizing opportunities associated with the transition to a low-carbon economy. Through its ongoing commitment to sustainability, Genmab is not only reducing its exposure to climate risks but also positioning itself for long-term business success in an increasingly climate- conscious world.2.1 E1 Climate Change StrategyTransition plan for climate change mitigation (E1-1)Genmab approaches climate change mitiga-tion through a comprehensive transition plan, addressing risks, setting targets, and engaging stakeholders including suppliers. We have assessed potential climate-related risks to our own operations and our value chain â See the Risk Management section in Managementâs Review for further details.We have established science-aligned emissions reductions targets for reducing GHG emissions across our own operations and our value chain, aligning with the goals of the Paris Agreement to limit global warming to 1.5°C, and we have set targets for GHG emission reduction.Genmab plans to reduce GHG emissions by:⢠engaging with suppliers and partners to ensure ongoing decarbonization of our value chain,⢠sourcing electricity from renewable energy sources such as solar, wind, hydroelectric, or geothermal power, and⢠encouraging and inspiring behavioral changes for our employees to reduce emissions from lab operations, business travel and employee commutingGenmabâs transition plan is embedded in and aligned with our overall business strategy including our financial planning. Refer to âOur Strategyâ section in Managementâs Review for details.The transition plan is reviewed through our governance model and is approved by Executive Management and Board.Refer E1-4 for Genmabâs progress on the imple-mentation of the transition plan.2.2 E1 Climate Change IRO ManagementPolicies related to climate change mitigation and adaptation (E1-2)Genmab published its Corporate Social Responsibility (CSR) Policy in 2023 which was adopted by the Board and includes a focus on environmental sustainability.In 2024, Genmab published an overarching Commitment to the Environment and Sustainability to manage material environ-mental sustainability matters including material IROs covering climate change adaptation and mitigation, and energy, and matters not material to Genmab including water and circular economy. The Commitment to the Environment and Sustainability was adopted by the CSR & Sustainability Committee on December 11, 2024.Genmabâs Commitment to the Environment and Sustainability applies to all employees and contractors and all activities within Genmabâs operations. It extends to all regions where Genmab operates, recognizing diverse environ-mental challenges and opportunities.Genmabâs CSR & Sustainability Committee, composed of cross-functional senior leaders, and co-lead by our CEO and SVP Communications & Corporate Affairs, is responsible for the oversight of Genmabâs Commitment to the Environment & Sustainability and implementation.Genmab has included the perspectives of internal and external key experts and stakeholders in determining material environmental topics and in formulating Genmabâs Commitment to the Environment and Sustainability.Genmabâs Commitment to the Environment and Sustainability is available for our key stake-holders including our employees on our website (Genmab.com).Refer to the Commitment to the Environment and Sustainability on our website.Actions and resources in relation to climate change policies (E1-3)Engaged with suppliers to encourage them to set their own emissions targetsWe engage in continuous dialogue on sustain-ability with our key suppliers so Genmab may meet our target as disclosed in E1-4.In 2024, Genmab benchmarked the climate ambitions of our top suppliers to provide a clear baseline and identify actions and hotspots for improvement. We had in-person and virtual engagement with key suppliers identified as significant sources of emissions. Genmab estab-lished formalized processes governing supplier engagement on climate change by incorporating specific climate change topics in the supplier onboarding and annual contract review.Continued investment in Renewable Energy ProcurementIn 2024, Genmab renegotiated an electricity contract to ensure that our sites continue towards our ambition of sourcing 100% renewable elec-tricity to help mitigate our Scope 2 emissions.Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions.2.3 E1 Climate Metrics and TargetsTargets related to climate change mitigation and adaptation (E1-4)Genmab plans to minimize its carbon footprint across our business to align with a future where warming is kept at 1.5°C in line with the Paris Agreement. Genmab has considered a diverse range of climate scenarios when setting the targets. Specific targets consistent with Genmabâs GHG inventory are summarized below and relate to the gross reduction of GHG emissions:(1) Develop and execute on sustainable 1climate-related strategy by 2025The development and execution of a sustain-able climate-related strategy by 2025 is critical to ensuring that we align our operations with global climate targets. By disclosing Scope 1, 2, and 3 emissions in the 2023 annual report-ing, Genmab has already laid the groundwork for transparency and accountability of our envi-ronmental impact. Building on this foundation, in 2024, Genmab achieved the development of a comprehensive climate strategy, with a clear commitment to climate targets aligned with the Paris Agreement. Executing this strategy will involve taking tangible actions toward GHG emissions reductions, with partial progress on Scope 1 and 2 reductions expected by the end of 2025. By executing these steps, Genmab plans to not only meet regulatory expecta-tions but also contribute to global efforts to combat climate change toward a sustainable future for both our operations and the planet.(2) Reduce Scope 1 and Scope 2 emissions by 42% through a reduction in Scope 2 2emissions by 2030 from a 2024 base yearGenmab intends to achieve a 42% reduction in Scope 1 and Scope 2 (market-based) GHG emissions by 2030 compared to a 2024 baseline year by sourcing renewable electricity at our facilities.(3) Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have Science Based Targets 3(SBT) by 2030Genmab intends to indirectly mitigate GHG emission impacts to the environment by 2030 through supplier engagement and responsible sourcing practices by ensuring at least 70% of our largest suppliers by spend (operating expenses), covering upstream purchased goods and services, capital goods and upstream transportation, commit to have science-based targets by 2030.(4) Reduce Scope 1 and 2 emissions by 90% by 2050 from a 2024 base yearGenmab intends to reduce Scope 1 and 2 (market-based) GHG emissions by 90% by 2050 from a 2024 base year to contribute to the obtainment of the ambitions laid out in the 2015 Paris Agreement by sourcing renewable electricity and switching to cleaner heating sources.Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.In 2022, Executive Management was granted RSUs linked to Genmabâs climate target to ensure 100% renewable electricity was achieved across all major operating sites, which at the time of grants included our headquarters in Denmark and sites in the Netherlands, the U.S. and Japan. As of December 31, 2024, all major operating sites under the RSU grant achieved 100% renewable electricity.Energy consumption and mix (E1-5)Energy consumption and mix 20241 Total fossil energy consumption MWh4,616Share of fossil sources in total energy consumption % 38%2 Consumption from nuclear sources MWh 92Share of consumption from nuclear sources in total energy consumption % 1%3 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWhâ4 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh7,4145 The consumption of self-generated non-fuel renewable energy MWh 7716 Total renewable energy consumptionMWh 7,491Share of renewable sources in total energy consumption % 61%2Total energy consumptionMWh 12,1991. Total renewable energy consumption (MWh) (calculated as the sum of lines 3 to 5)2. Total energy consumption (MWh) (calculated as the sum of lines 1, 2 and 6)1. Executive Management received RSU grants in 2023 with performance linked to developing and executing on a sustainable climate-related strategy.2. Executive Management received RSU grants in 2024 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2021 base year. The grant occurred prior to our base year update to 2024 due to significant changes in our structure and corresponding emissions (ProfoundBio acquisition in May 2024) and achievement will be assessed prior to base year update.3. Executive Management received RSU grants in 2024 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.Accounting PoliciesTotal energy consumption is accounted for by combining both renewable and non-renewable energy sources used across our operations. We measure energy consumption in megawatt-hours (MWh), incorporating data from energy manage-ment systems and utility invoices to ensure accuracy. Renewable energy includes wind, solar, hydro and other sustainable sources which are supported by contractual agreements such as Energy Attribute Certificates (EACs), while non- renewable energy encompasses fossil fuels and grid electricity. This comprehensive approach allows us to monitor our overall energy usage effectively and conduct annual reviews of our consumption data to validate its completeness and reliability, ensuring compliance with relevant reporting standards and reinforcing our commit-ment to sustainability.Gross Scopes 1, 2, 3 and total GHG emissions (E1-6)Genmab calculates its Scope 1, 2 and 3 GHG emissions in accordance with the requirements of ESRS E1 Climate Change, considering the principles, require-ments and guidance provided by the GHG Protocol.Milestones and Target YearsAnnual % Base YearTarget/ 320242023 % Change 2030 2050Base Year1Scope 1 GHG emissionsGross Scope 1 GHG emissions (tCO2eq) 534 317 68% 534 54 0%Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions (tCO2eq) 2,705 1,200 125% â â âGross market-based Scope 2 GHG emissions (tCO2eq) 1,163 238 389% 450 116 7%Total Scope 1 and market-based Scope 2 GHG emissions (tCO2eq) 1,697 555 206% 984 170 7%2Significant Scope 3 GHG emissionsTotal Gross indirect (Scope 3) GHG emissions (tCO2eq)1 â Purchased Goods and services 164,449 127,237 29%2 â Capital goods 5,519 10,045 (45)%3 â Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,078 411 162%4 â Upstream transportation and distribution 5,425 4,737 15%6 â Business travel 10,559 7,675 38%7 â Employee commuting 946 803 18%Total Scope 3 GHG emissions 187,976 150,908 25%Total GHG emissionsTotal GHG emissions (location-based) (tCO2eq) 191,215 152,425 25%Total GHG emissions (market-based) (tCO2eq) 189,673 151,463 25%1. Percentage of Scope 1 GHG emissions from regulated emission trading schemes not applicable to Genmab.2. Scope 3 GHG emissions categories excluded from the inventory include 5 â Waste generated in operations as it is included in category 1, 8 â Upstream leased assets, 9 â Downstream transportation and distribution, 10 â Processing of sold products, 11 â Use of products sold, 13 â Downstream leased assets and 14 â Franchises as they are all not applicable to Genmab, and 12 â End-of-life treatment of sold products and 15 â Investments as they are not material. Further, there are no emission reduction target percentages for Scope 3 GHG emissions. Refer to E1-4 for environmental targets.3. Annual % Target/Base Year represents the actual reduction target for 2030 (or 42%) over six years.Accounting PoliciesScope 1 GHG EmissionsScope 1 GHG emissions refer to the direct GHG emissions from sources that are financially or operationally (as required by ESRS 1) controlled by Genmab at our headquarters, office, laboratory and preclinical development space across all Genmab locations. Direct GHG emissions is comprised of the sum of greenhouse gases, which are converted to CO2 equivalents (CO2eq). The GHG emissions arise from the combustion of fuel products and leakage of refrigerants. To calculate GHG emissions the newest version of DEFRA GHG Conversion factors (2024) has been used.Scope 2 GHG EmissionsScope 2 GHG emissions refer to the indirect GHG emissions resulting from the generation of purchased energy that is used by Genmab at our headquarters, office, laboratory and preclinical development space across all Genmab locations. Scope 2 GHG emissions occur at the facility where the energy is generated, thus being classified as indirect GHG emissions. The GHG emissions are linked to the electricity and district heating consumption.Scope 2 location-based GHG emissions are calcu-lated by taking consumed energy multiplied with relevant location-based national emission factors provided by the International Energy Agency (IEA) (2023) and the Association of Issuing Bodies (AIB) (2023).Scope 2 market-based emissions are calculated by taking consumed energy multiplied with market-specific emission factors provided directly from the energy supplier. Renewable energy purchases and certificates are considered, when accounting for indirect GHG emissions, using the market-based approach.Scope 3 GHG EmissionsGenmab has identified six categories, out of the 15 categories of Scope 3 GHG emissions defined by the GHG protocol, as relevant. The remaining nine categories are not separately reported on as they are either not applicable to Genmab or GHG emissions have been included in the other emission categories. Zero percent of Genmabâs Scope 3 GHG emissions are measured using primary data obtained from suppliers or other value chain partners. For spend-based calcula-tions, all spend in foreign currencies has been converted into USD using the average exchange rate for the year.Category 1 â Purchased goods and servicesPurchased goods and services include GHG emissions related to all spend from external suppliers, except for investment (CapEx), travel, and transportation and distribution spend, which are included in other Scope 3 catego-ries. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 2 â Capital goodsCapital goods include GHG emissions related to investments in tangible assets (CapEx). Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 3 â Fuel and energy-related activitiesFuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased fuel and electricity and Transmission and Distribution (T&D) Loss of purchased electricity (beyond Scope 1 and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRAâs emission factors (2023 for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises upstream WTT and T&D emissions from electricity and WTT emissions from natural gas.Category 4 â Upstream transportation and distributionUpstream transportation and distribution include GHG emissions related to spend from external suppliers related to transportation and distribution of goods. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 6 â Business travelBusiness travel includes GHG emissions related to spend from external suppliers related to flights, ground transportation, hotel stays and meals in connection with business travel. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 7 â Employee CommutingEmployee commuting includes GHG emissions related to employeesâ commuting between their homes and the Genmab sites. GHG emissions are estimated using the average data method and based on assumptions across our locations.2024GHG intensity per net revenueTotal GHG emissions (location-based) per net revenue (tCO2eq/DKK million ) 8.88Total GHG emissions (market-based) per net revenue (tCO2eq/DKK million ) 8.81Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue.2.4 EU TaxonomyDisclosures pursuant to Article 8 of Regulation (EU) 2020/852The EU Taxonomy is a classification system designed to provide a framework for identi-fying sustainable economic activities. It helps companies and investors distinguish between activities that contribute to environmental sustainability by establishing a common language for defining what constitutes âgreenâ or sustainable business practices. The EU Taxonomy plays a role in supporting the transition towards a more sustainable economy.In line with Article 8 of the EU Taxonomy and the Disclosure Delegated Act (EU) 2021/2178, Genmab is required to report on the sustainability profile of its activities, specifically focusing on the eligibility and alignment of its Turnover, Capital Expenditures (CapEx) and Operating Expenditures (OpEx).Eligibility:We screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx.⢠Turnover â We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). We did not include turnover from the sale of EPKINLY as eligible activities in 2023 as EPKINLY launched in the U.S. in May 2023 and Japan in September 2023.⢠CapEx â Our assessment focused on investments that align with Taxonomy-eligible activities. We identified one eligible project under Renovation of Buildings (#7.2) in line with the Taxonomy criteria for Climate Change Mitigation (CCM).⢠OpEx â We evaluated the eligibility of our OpEx by reviewing the eligible economic activities outlined in its Statement of Profit or Loss and examining the data available to us from our ERP system. Based on this evaluation, we did not identify eligible OpEx.Alignment:We assessed whether any of our Taxonomy-eligible Turnover or CapEx for economic activities 1.2 and 7.2 could be considered Taxonomy-aligned; however, we were not able to obtain enough evidence to conclude alignment with the âSubstantial contributionâ and âDo No Significant Harmâ (DNSH) criteria.Accounting PoliciesTurnover:Total Turnover consists of total revenue as disclosed in Note 2.1 in the consolidated financial statements. The Turnover KPI represents the ratio of net product sales from taxonomy- eligible or taxonomy-aligned economic activities to the total revenue in a fiscal year.CapEx:Total CapEx consists of additions to intangible assets, tangible assets and right-of-use assets during the fiscal year (refer to Notes 3.1, 3.2 and 3.3, respectively) and considered before depre-ciation, amortization, and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial year, excluding any fair value changes. Furthermore, total CapEx consists of any additions to tangible and intangible assets resulting from business combinations. The CapEx KPI represents the share of CapEx that is taxonomy-eligible or taxonomy-aligned divided by the total CapEx.OpEx:Total OpEx includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. OpEx does not include amortization, depreciation, or impairments.To avoid double counting related to the economic activities, Turnover, CapEx and OpEx are distinctly allocated to ensure that there is no overlap across these financial metrics.Economic Activities â TurnoverDNSH criteria TURNOVERSubstantial Contribution Criteria(âDoes Not Significantly Harmâ)Economic ActivitiesDKK % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E TmillionA. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned)None â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/ATurnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AA.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Manufacture of medicinal products. PPC 1.2 1,743 8%Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 1,743 8%Total (A.1+A.2) 1,743 8%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESTurnover of Taxonomy-non-eligible activities 19,783 92%Total (A+B) 21,526 100%Economic Activities â CapEXDNSH criteria CAPEXSubstantial Contribution Criteria(âDoes Not Significantly Harmâ)Economic ActivitiesDKK % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E TmillionA. TAXONOMY-ELIGIBLE ACTIVITIESA.1. Environmentally sustainable activities (Taxonomy-aligned)None â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/ACapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Renovation of existing buildings CCM 7.2 80 1%CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 80 1%Total (A.1+A.2) 80 1%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCapEx of Taxonomy-non-eligible activities 12,486 99%Total (A+B) 12,566 100%Economic Activities â OpExDNSH Criteria OpExSubstantial Contribution Criteria(Does Not Significantly Harm)Economic ActivitiesDKK % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E TmillionA. TAXONOMY-ELIGIBLE ACTIVITIESA.1. Environmentally sustainable activities (Taxonomy-aligned)None â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AOpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)None â 0%OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) â 0%Total (A.1+A.2) â 0%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOpEx of Taxonomy-non-eligible activities 9,501 100%Total (A+B) 9,501 100%Annex XIIRow Nuclear energy related activities1 The undertaking carries out, funds or has exposures to research, development, NOdemonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.2 The undertaking carries out, funds or has exposures to construction and NOsafe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.3 The undertaking carries out, funds or has exposures to safe operation of NOexisting nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.Fossil gas related activities4 The undertaking carries out, funds or has exposures to construction or NOoperation of electricity generation facilities that produce electricity using fossil gaseous fuels.5 The undertaking carries out, funds or has exposures to construction, NOrefurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.6 The undertaking carries out, funds or has exposures to construction, NOrefurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.Sustainability StatementsSocial â Own WorkforceGenmab is dedicated to making a meaningful impact in the lives of patients and caregivers by developing innovative treatments to transform cancer care and address other serious diseases. We prioritize understanding the needs of patients and their families, ensuring that their experiences and insights guide our research, development and commercialization efforts.Our workforce is our greatest asset; the dedication and innovation of our team members are essential to our success. The Genmab Commitment, our employee value proposition, grounds our culture and brings our vision, purpose, and core values to life. Team members, or full-time equivalents (FTEs) at Genmab are defined as all employees on our payroll, both full-time and part-time, as well as active and on-leave. All individuals have been included by reflecting the proportion of an FTE they represent based on their contractual agreement. Non-employees at Genmab include contingent workers and consultants provided by third party undertakings who are primarily engaged in employment activities.We prioritize attracting and retaining qualified individuals who align with our core mission of improving patient lives. Teamwork and respect are central to our culture, fostering an inclusive, open, and supportive environment across our global locations. We believe that workplace diversity â encompassing social, educational, cultural, national, age, and gender differences â is crucial for our continued success. By recruiting employees with the right skills and competencies, we create interactive teams that drive our goals and ensure Genmabâs ongoing impact in healthcare, ultimately benefiting the patients and care partners we serve.Below are the list of Disclosure Requirements as it pertains to ESRS S1 â Own Workforce:Section Disclosure requirement content Disclosure requirement #3.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy and SBM-3business model3.1 Own Policies related to own workforce S1-1Workforce IRO Processes for engaging with own workers and workersâ representatives about impacts S1-2ManagementProcesses to remediate negative impacts and channels for own workers to raise S1-3concernsTaking action on material impacts on own workforce, and approaches to mitigating S1-4material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions3.2 Own Targets related to managing material negative impacts, advancing positive impacts, and S1-5Workforce Metrics managing material risks and opportunitiesand TargetsCharacteristics of the Companyâs employees S1-6Characteristics of non-employee workers in the Companyâs own workforce S1-7*Collective bargaining coverage and social dialogue S1-8Diversity metrics S1-9Adequate wages S1-10Social protection S1-11Persons with disabilities S1-12*Training and skills development metrics S1-13Health and safety metrics S1-14Work-life balance metrics S1-15*Compensation metrics (pay gap and total compensation) S1-16Incidents, complaints and severe human rights impacts S1-17*Genmab has adopted the phase-in for S1-7, S1-12 and S1-15 and elected not to disclose for year 1 reporting.3.0 IROsThe table describes Genmabâs material impacts, risks and opportunities related to our material Social topics on own workforce:Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunitySocial Own WorkforceEmployee well-being and vitality Own Operations Genmab may have an inability to attract and retain suitably Provide a voice to employees through our (positive)qualified team membersglobal engagement survey â Working ConditionsSafety in our facilities (positive) Own OperationsRefer to the Risk Management section of the Annual Report laboratoriesunder Management and Workforce for detailsOwn WorkforceCareer development through training and Own Operations Providing employees with opportunities to skill building (positive)discuss their career at Genmab â Equal Treatment and Opportunities for AllDiversity in the workplace (positive) Own OperationsAll impacts, risks and opportunities have expected time horizons of short, medium and long-term.Employee well-being and vitalityPrioritizing employee well-being and vitality is not just a moral imperative but also a strategic investment in the success and sustainability of Genmab. It promotes a positive work envi-ronment, improves employee morale and engagement, enhances productivity, reduces turnover, and helps maintain compliance with legal requirements. Therefore, prioritizing the health and safety of our teams demon-strates our commitment to our most valuable asset â our people.Promoting work-life balance is not just beneficial for employees, it also positively impacts Genmab by fostering a more productive, engaged, and satisfied workforce. It contributes to a positive organizational culture, supports recruitment and retention efforts, and ultimately enhances the overall performance and success of Genmab.Genmab has a significant opportunity to enhance its workplace culture by providing a voice to our employees through ongoing initiatives aimed at improving employee engagement. By leveraging platforms such as our annual global engage-ment survey, Genmab can foster an environment where employees feel valued, motivated, and committed to both their work and the organiza-tionâs goals. This focus on engagement is likely to lead to improved talent retention and overall employee well-being.With both local and global surveys conducted annually or biennially, Genmab gathers valuable insights into employee satisfaction, including both physical and mental workplace conditions. The results of these surveys provide a foun-dation for actionable improvements, with the Human Resources team facilitating the process and Genmab leaders taking ownership of the outcomes. By actively addressing areas of concern highlighted in the surveys, Genmab can create a more supportive and responsive work environment, ultimately empowering employees to share their feedback, concerns, and ideas effectively.Safety in our facilitiesSafety in facilities at Genmab is essential not only for complying with legal requirements, but also for protecting employees, enhancing productivity, reducing costs, maintaining a positive reputation, and supporting overall business success and sustainability. It reflects Genmabâs commitment to the well-being of its employees and its responsibility as a corporate citizen within the broader community.We have instituted mandatory safety training and ongoing education in all workplace areas, especially related to the proper handling of hazardous materials and chemicals in our labs to enhance productivity and reduce costs.Career development through training and skill buildingEmployees with advanced skills contribute to higher productivity and efficiency, improving the overall performance of the organization. Organizations that invest in their employeesâ development tend to have higher retention rates, as employees feel valued and are more likely to stay with Genmab. Companies known for their commitment to employee development attract top talent, as professionals seek employers who offer growth opportunities. A focus on continuous learning fosters a culture of growth and develop-ment, enhancing teamwork, collaboration, and overall morale.Genmab provides employees with opportunities to discuss their future career at Genmab which should increase employee retention, provide for the ability to attract top talent and achieve higher productivity and efficiency. This is done formally through the year-end performance reviews, but also informally through ad hoc discussions with the manager, as needed. Employees are provided with several internal resources related to the performance process.Diversity in the workplaceWe strive to create, nurture, and maintain a global, inclusive culture where differences drive innovative solutions to meet the needs of patients, care partners, families, and employees. Our teams give Genmab its strength. We are committed to championing a corporate culture that accepts and promotes uniqueness and empowers each team member to bring their authentic self to work in a safe, open, and respectful environment. Our diversity, equity, and inclusion (âDE&Iâ) strategy aims to make Genmab an Extra[not]ordinary⢠employer and inclusive workplace with DE&I efforts centered on gender, age and nationality. Genmab has team members representing over 75 nationalities.Genmab also has several initiatives in place to connect employees across the company, including employee resource groups (ERGs), sharing individual and group experiences to create an inclusive and supporting work environment and to continuously improve employee engagement.Refer to S1-5 for targets related to our Own Workforce and S1-9 for diversity metrics including gender and age.3.1 Own workforce IRO managementPolicies related to own workforce (S1-1)Genmab has a number of policies that address our material IROs for the topic of Working Conditions, and related to all of its own workforce, including the following:⢠Code of Conduct⢠Global Speak Up Policy⢠Human Rights Commitment⢠Global Diversity, Equity & Inclusion Policy⢠Corporate Social Responsibility (CSR)⢠Global Lab Occupational Health and Safety PolicyGenmab has other processes and systems in place including our Workplace Accident Prevention Management System and Employee Value Proposition.Code of ConductThe Code of Conduct policy aims to promote ethical and compliant conduct in all aspects of our business. Our Code of Conduct applies to everyone in our Company, at every level, including employees, managers, and board members. We expect our alliance partners and third parties, including agents, consultants, contingent workers, and suppliers, to act in a way that is consistent with our values and our Code of Conduct when conducting business on behalf of Genmab. As noted in the Code of Conduct, #11 â Genmab proactively seeks to foster a values-based performance culture and a safe and healthy workplace environment of mutual respect, dignity and inclusion, one that assures we can attract, develop and retain a highly talented, diverse workforce of engaged employees driven to deliver superior business outcomes. We are committed to equal opportunity and fair treatment of our employees. All forms of harassment and retalia-tion are unacceptable and counter to everything we stand for as a Company.The Code of Conduct can be mapped to the following positive impacts:⢠Employee well-being and vitality⢠Career development through training and skill buildingGenmabâs Head of Global Compliance is respon-sible for this policy and reports directly to the CEO, and both are members of the CSR and Sustainability Committee.Refer to the Code of Conduct on our website.Global Speak Up PolicyEnabling employees and external stakeholders to speak up when they observe potential miscon-duct or have concerns about matters relating to our business is vital to retaining our strong Genmab culture and to doing the right thing. The Genmab Global Speak Up Policy allows for confi-dential and (where allowed) anonymous reports that will be directed to Genmab Compliance for initial triage and handling. This approach renders the reporting process more accessible and easier to navigate. All reports made under this Policy will be received and treated sensitively and seriously, and will be dealt with promptly, fairly, and objectively. Any investigations commenced will be conducted in a timely manner and will be fair and independent from any persons to whom the report relates.Importantly, our policy also extends protections not only to our regular employees, but also contingent staff, part-timers, temp staff, trainees, interns (both current and former) and others who choose to report their concerns.All employees, in addition to the new hire onboarding training, are required to complete annual Code of Conduct training and attest to their commitment to adhere to our ethical standards. This training also reviews among other topics, the Global Speak Up Policy concepts.The Global Speak Up Policy can be mapped to the positive impact of Employee well-being and vitality. Genmabâs Head of Global Compliance is responsible for this policy and reports directly to the CEO, and both are members of the CSR and Sustainability Committee.Refer to the Global Speak Up Policy on our website.Human Rights CommitmentWe recognize and support human rights and are dedicated to conducting business in a way that respects the dignity of all people. Our Human Rights Commitment is guided by current human rights laws and the United Nations Guiding Principles on Business and Human Rights. Our Guiding Principles refer to the International Bill of Human Rights, which consists of the Universal Declaration of Human Rights and the two Covenants that implement it, as well as the International Labour Organizationâs (ILO) Declaration on Fundamental Rights and Principles at Work and the core conventions that underpin it, and we are in alignment with these instruments. We are committed to respecting human rights, including labor rights in our own operations and complying with the laws of the countries in which we do business. As part of our commitment, we seek to identify, prevent, and address any potential and actual adverse human rights impacts that our business may contribute to or cause. Further, as disclosed in our Human Rights Commitment, privacy rights of our employees, patients, healthcare providers, customers and other stakeholders are protected. Additionally, per the Human Rights Commitment policy we ensure fair, non-discriminatory employment practices and the prohibition of any form of human trafficking, forced, indentured, slave or child labor. We ensure that the policy is publicly available to all affected stakeholders by publishing it on our website.In 2024, through periodic checks and audits, we continued to provide assurance that our policies, procedures, and operations align with our Human Rights Commitment. Our Supplier Code of Conduct addresses human rights and labor relations to ensure suppliers understand our commitment to compliance with local human and labor laws and recognize the importance we place on human rights. The Supplier Code of Conduct includes provisions in line with the applicable ILO standards addressing the safety of all workers including those in precarious work, human trafficking and the use of forced labour or child labour. The Global Speak Up Policy and Hotline covers the measures provided to enable remedy for human rights impacts.The Human Rights Commitment policy can be mapped to the positive impact of Employee well-being and vitality. Under the leadership of our Chief People Officer, our Human Resources function is responsible for ensuring our compli-ance with this Commitment.Refer to the Human Rights Commitment on our website. Refer also to the Corporate Global Supplier Code of Conduct Policy on our website.Global Diversity, Equity & Inclusion PolicyAt Genmab, prioritizing DE&I means creating richer solutions, obtaining better results, and maximizing productivity, innovation, and creativity. Diversity allows for a variety of perspectives, and inclusion takes different ideas and perspectives into account, while equity ensures fair opportunities to succeed. We embrace each employeeâs unique contribution to our culture by valuing differences including age, disabilities, gender, Genmab heritage, nation-ality, professional specialization race/ethnicity, problem-solving style, sexual orientation, and social class. Genmabâs Global Diversity, Equity & Inclusion Policy covers inclusion for groups that may be at particular risk of vulnerability including all employees, regardless of gender, race, ethnicity, religion, age, disability, and other characteristics.By ensuring equal treatment and opportunity, Genmab has a positive impact on people in its workforce and value chain. Diversity in the workplace and harboring a safe workplace for all leads to innovation, creating the opportunity for Genmab to gather multiple perspectives into one place. Similarly, a lack of diversity can impact company performance negatively and hinder innovative solutions to support patients.With regards to our people and measures against violence and harassment in the workplace, as noted in our Code of Conduct, all forms of harassment and retaliation are unacceptable and counter to everything we stand for as a Company.The Global Diversity, Equity & Inclusion Policy (most recently adopted by the Board of Directors on June 12, 2024) can be mapped to the positive impact of Diversity in the workplace. The DE&I Council (made up of senior leaders at Genmab) is responsible for ensuring our compliance with this policy.Refer to the Global Diversity, Equity & Inclusion Policy on our website.Corporate Social Responsibility (CSR) PolicyAs noted in the CSR Policy under No. #2, we care for our employeesâ health, well-being, safety, and development and promote a collaborative culture that fosters passion for innovation, integrity, and respect. We believe that diversity, equity, and inclusion are fundamental to achieving our vision and are committed to championing a corporate culture that accepts and promotes uniqueness and empowers each team member to bring their authentic self to work in a safe, open, and respectful environment.The CSR Policy is mapped to the positive impact of Career development through training and skill building. The Nominating and Corporate Governance Committee of Genmab A/Sâ Board of Directors oversees all aspects of Genmabâs CSR efforts.Refer to the Corporate Social Responsibility (CSR) Policy on our website.Global Lab Occupational Health and Safety PolicyGenmab has an internal Global Lab Occupational Health and Safety Policy specific to our R&D labs across our locations. Formal committees respon-sible for monitoring and improving health and safety at each of our locations continued their work. Each committee reports to site operations and to the local management team to address and escalate any issues. Health and safety prevention workers continue to monitor and improve health and safety at our R&D labs. This policy is mapped to the positive impact of Safety in our facilities. Under the leadership of our Chief Medical Officer, our committees are responsible for ensuring our compliance with the policy.Workplace Accident Prevention Management SystemGenmab adheres to processes, assessments, inspections, and staff trainings and has reporting in place to prevent, monitor and manage any workplace accidents. We aim to create a workplace accident prevention policy over the coming years. Mandatory workplace assessmentsare conducted in compliance with local regula-tions. This strategy is mapped to the positive impact of Safety in our facilities. Under the lead-ership of our Chief People Officer, our Human Resources function is responsible for ensuring our compliance with this Commitment.Employee Value PropositionGenmab has developed the Genmab Commitment, which is our employee value proposition that is published internally and the essence of it is used across in our internal and external communica-tions and social media platforms.The Commitment is what grounds our culture in the day-to-day work and brings our vision, purpose, and core values to life.Our Commitment is made up of four key ingre-dients that illustrate how âWe are extra[not]ordinaryâ¢â:⢠Empowerment⢠Care⢠Authenticity⢠ImpactThese principles capture the culture we aspire to â engaging our team members to go beyond business as usual and to be remarkable, unique, and authentic. We offer an extra[not] ordinary rewards and opportunities package that empowers team members to succeed and enhances their well-being.Processes for engaging with own workers and workersâ representatives about impacts (S1-2)Genmab promotes an environment that fosters individual empowerment that allows team members to achieve their maximum potential. Genmab encourages active dialogue directly between employees and management. Genmab drives initiatives that engage, develop, and inspire employees as a part of our overall Total Rewards strategy.Genmab facilitates active dialogue between our team members and management on workplace issues and other topics of concern through HR business partners, Employee Representative Council and Works Council.⢠Danish Employee Representative Council presents topics of interest and concern to employees during the year (at least once a year) through meetings to enable us to gain insight into the perspectives of our workforce and to ensure we remain a preferred workplace. Team members in Denmark have furthermore exercised their right to elect representatives to the Board of Directors in accordance with Danish legislation, and three group employees were elected to the Board under a voluntary scheme allowing employees from other sites to be elected. This employee representation strengthens the involvement and decision-making process at Genmab.⢠Dutch Works Council is a statutory body with the legal right and obligation to monitor and work for the proper functioning of the Company in all its objectives. This advocacy group represents team members in the Netherlands to bring concerns from the workforce to management during the year (at least once a year). Under the Dutch Works Councils Act, our Council must consent on topics that directly affect employeesâ everyday work and must be involved in, and consulted for, advice on major organizational changes and determine the impact on the local workforce.While the U.S., Japan and China do not have Work Councils, employee engagement occurs globally for all employees through surveys and workplace assessments including our annual global engage-ment survey, inclusion networks, personal development dialogues, employee-elected board positions, employment relations and occupa-tional health and safety representation.A Global Employee Engagement Survey is conducted on an annual basis. The results of the survey help us keep a pulse on Genmabâs areas of strength and opportunity. Focus groups are conducted to generate further insights on critical engagement issues. The organization shares results with all team members and encourages all people leaders to review feedback with their teams and develop actions to improve the overall employee experience. In addition, Executive Management reviews results as a group to analyze key findings, themes, reflect on areas of strengths and opportunities for employee engagement.To inform teams on our business and our progress, Genmab hosts functional and/or regional town hall updates.Under the leadership of our Chief People Officer, our Human Resources function is responsible for ensuring engagement with our own workers and workersâ representatives.Refer to SBM-2 for summary table of key stakeholder engagement.Processes to remediate negative impacts and channels for own workers to raise concerns (S1-3)While we have not identified any material negative impacts regarding our team members, we do promote and encourage our people to speak up to report concerns, share feedback, address compliance issues, and express ethical dilemmas to promoting transparency and foster a culture of openness and accountability by raising awareness of potential risks or challenges that could affect the organization.Employees can raise concerns through their immediate managers or a Human Resource colleague, who will track and monitor such concerns, and raise the issue as needed to the appropriate management to resolve it.Employees can also raise concerns through our 24/7 full-service Speak Up (whistleblower) compliance hotline.Speak Up Compliance Hotline24/7 â Online or by PhoneGenmabSpeakUp.ethicspoint.comDenmark: 80-83-01-69Netherlands: 0800-020-1556United States: 1-844-942-3289Japan: 0800-123-0136China: 400 125 3055Refer to the Global Speak Up Policy in S1-1 and on our website. Refer to G1-1 for details of Genmabâs anti-retaliation policies and procedures and how Genmab tracks and monitors issues raised.Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions (S1-4)The following actions were taken around Genmabâs material impacts on our own workforce in 2024:Employee Well-Being and VitalityGenmabâs well-being pillars were implemented in 2024 which include:⢠Emotional well-being: thrive every daySupporting resilience and mental health through manager training and tools⢠Financial well-being: enjoy security and freedomPromoting financial security with initiatives like Global Money Week⢠Physical well-being: feel your bestOffering on-site and virtual fitness opportunities⢠Social well-being: live connectedFacilitating volunteer opportunities to connect employees with the communityProgramsGlobal Well-Being: In 2023, we created a strategic roadmap to help establish an effective Global Well-Being (GWB) Program to support our team members. Our roadmap was developed based on feedback from key stakeholders and the insights of well-being experts who use research-based best practices to design and implement a custom GWB program for our organi-zation. The program that Genmab offered in 2024 and 2023 included the following workshops:⢠Care for you as the caregiver⢠Leading with love â celebrating and affirming LGBTQ+ young people⢠Creating financial well-being plan⢠Design your work/life webinar⢠International self-care day article posted on Everyday intranetEmotional and Mental Health: Genmab offered multiple programs, including self-care applica-tions, in 2024 and 2023 and resources at each location to support emotional and mental health needs. A weeklong series on Well-being for employees that provided resources for managers to leverage in support of their employeesâ mental health in 2024 and 2023 included the following workshops:⢠Resilience: protecting your mental health in stressful times⢠How to maximize your day⢠Stress busting: run from the bear⢠The importance of unplugging⢠Boundaries before burnoutVolunteeringGenmab organizes events throughout the year to connect with each other and our communities. In 2024, 688 team members volunteered 2,952 hours on Global Volunteer Day compared to 571 team members and 2,668 hours in 2023.Self-Care ApplicationsIn 2023, we launched our own mental health application, GenCare, which is used by our team members globally. The app uses several learning approaches and preferences to support neurodi-versity. GenCare evolved in 2024 with updated content and a focus on improved well-being.Work-life BalanceGenmab continued to provide four additional days off and four meeting-free days throughout the year in both 2024 and 2023. Genmab recognizes the importance of time away from work and offers all employees paid time off, as well as leave of absence policies, to support our teams members through extended periods away from work on a paid and/or unpaid basis. Genmab offers family-related leave to all full-time employees across all our Genmab entities following statutory provisions as stated by the relevant local jurisdiction.Total Rewards & OpportunitiesAs Genmab continues to grow, weâve been enhancing systems to support transparency, understanding, and empowerment regarding employeesâ Total Rewards & Opportunities which includes all of the tangible and intangible elements available to employees in return for helping Genmab fulfill our purpose and live our values.In 2024, we introduced a new feature in our Human Resources Information System (HRIS) providing more information about employee salary and growth potential. Employees have the ability to view salary ranges and market ratios for comparable roles in the Biotech/Life Sciences industry. These ranges were created following consultation and alignment with leaders throughout Genmab to ensure that the market data leveraged was the most appropriate for the skills and responsibilities our employees possess. As a result, this exercise exemplifies our rigorous, data-driven processes to ensure our salaries are internally consistent as well as externally attractive â for both new hires and current employees.Genmab also awards new hires with equity grants in the form of warrants and restricted stock units, allowing our team members the opportunity to become part owners in Genmab.Lastly, Genmab offers a variety of market competitive benefits to our employees including physical, social, professional, emotional and financial well-being.Refer to Note 4.6 in the consolidated financial statements for details related to grants of share-based instruments in 2024 and 2023.Safety in Our FacilitiesOur Safe & Sound and Sustainability Week recog-nizes the successes of workplace health and safety programs and provides information on how to keep our lab workers safe while bringing awareness to our sustainability footprint.As part of the program for the weeks in 2024 and 2023, we highlighted important lab safety topics specifically for the laboratories in the Netherlands and the U.S. This included CPR certification to equip our team members with life-saving skills, eyewash demonstrations, management of expired/unused chemicals, fire extinguisher training and biosafety. We also cele-brated our team membersâ efforts in identifying and reporting potential hazards.We have instituted mandatory safety training and ongoing education in all workplace areas, especially related to the proper handling of hazardous materials and chemicals in our labs. We are fully aware of the impact that chemicals can have on employee and patient health and safety. We are committed to ensuring that our chemical management practices comply with all relevant regulations and standards, and that we minimize the potential for harm to our workers, customers, and the environment. Risk assessments of chemicals used by Genmab in its operations indicate that many pose low or no hazard. However, we constantly monitor the use of chemicals with high risk factors, such as being corrosive, reactive, mutagenic or carcinogenic, and are constantly promoting investigation into their potential replacement or process enhance-ments. In alignment with our stringent safety protocols and adherence to legal requirements, our labs recorded no chemical-related incidents resulting in injuries requiring beyond basic first aid treatment or significant chemical emissions.Career Development through Training and Skill BuildingGlobal Employee Engagement SurveyAs standard practice, Genmab reviews the survey results with the Executive Committee to reflect on employee feedback, current engagement strategy and understand future actions that could support the employee experience. It is also encouraged for people leaders to review survey results directly with their employees to discuss the feedback and establish any actions to improve the employee experience. Lastly, Genmab trans-parently displays survey results with the broader employee population by publishing them on the Companyâs internal secured network.In 2024 and 2023, Genmab conducted the survey with areas of focus including: diversity and inclusion, immediate manager, work environ-ment, innovation, engagement, camaraderie & teamwork, thriving, communication effectiveness, work-life balance, career development, senior leadership, performance management and orga-nization effectiveness. Team members scored Genmab on these areas of focus which helps us keep a pulse on areas of concern. The engagement score, which measures favor-ability, is influenced by certain questions specifically designed to measure overall employee engagement on a five point rating scale. In 2024, we achieved a 79% engage-ment score and a 90% global participation rate compared to an 83% engagement score and an 88% global participation rate in 2023. Our results in 2024 and 2023 exceeded life sciences industry benchmarks of 78% engagement score and 80% participation rate.Refer to S1-5 for targets related to the global employee engagement survey.Learning & DevelopmentIn 2024, Genmab created multiple skills-based learning paths for team members focusing on specific skill development with focus areas including digital and AI, feedback, strategic planning, advance excel skills, leading different generations, informal leadership, and business communications.In 2023, Genmab focused its efforts to continue building our learning culture, including curation and development of new virtual learning content through our GenSpire platform, as well as initi-ating custom, targeted learning programs. We continued to implement our cloud-based learning management system, together with an e-learning library of courses to help team members develop their skills while working remotely.AI in learningIn 2024, Genmab focused on the usage of AI in learning to increase usability, course suggestions,and our collaboration with our learning providers.Global Mentorship ProgramIn 2024, Genmab launched a Global Mentor Program, to ensure an inclusive and supporting environment. This new mentor program can impact the sense of belonging, as employees connect with other colleagues outside their area of expertise as well as connecting with leaders that can provide insights and feedback that is not linked to any performance plan. The feedback can be used to develop skills and traits important to that specific individual.Diversity in the WorkplaceEmployee SatisfactionWe achieved an overall satisfaction score of 88% or greater on Diversity and Inclusion in the Global Employee Engagement Survey in 2024 and 2023.DE&I CouncilOur DE&I Council guides the alignment of our DE&I strategy with our overall business strategy. The Council includes representation of senior leaders, DE&I team, Internal Communication, and presidents of our ERGs, and meets to discuss cultural activities, employee feedback and future DE&I needs.DE&I TrainingsOur DE&I team updates Genmab DE&I training each year to respond to the growth and diversity in Genmab as well as the geopolitical situation in the global environment. We conducted multiple trainings in 2024 and 2023. The trainings offered were a combination of culture Workshops, culture masterclasses and DE&I workshops with basic concepts and definitions.Employee Resource Groups (ERGs)Genmab currently has six (6) Employee Resource Groups (ERGs). ERGs are employee led, self- directed voluntary groups that enhance culture and aim to bring better business outcomes through leveraging diversity and inclusion by offering opportunities to network internally, attracting a diverse employee base, providing the inclusion of ideas and solutions, and creating opportunities for career development. ERGs are overseen by the DE&I team, under the Human Resource function. All ERGs are open to all employees of Genmab.Talent Acquisition and Fair & Equal Hiring PracticesIn 2024, we attended two (2) diversity career fairs. In 2023, our Talent Acquisition team, including 100% of our recruiters, received additional implicit bias training on eliminating bias in the hiring process. In partnership with the National Black MBA Association, Inc and Disability IN, in the U.S., as well as Women in Tech in Brussels, we continued outreach and relationship building in historically underserved communities to better understand their needs and identify ways to support local prosperity and the development of potential talent for our Company. We plan to continue to participate in three to four diversity career fairs annually, with the focus on expanding the talent pipeline and ensuring that diverse talent has access to apply for vacant positions.Compliance with the Dutch Participation ActWe employ three individuals with disabilities who were trained, mentored, and coached on the job to support this law that aims to help everyone find work in the Netherlands, including people with disabilities.Refer to S1-5 for targets linked to diversity.Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S1-5)Targets related to Employee well-being and vitalityGenmab continues to promote an environment that fosters individual empowerment that allows team members to achieve their maximum potential, and drive initiatives that engage, develop and inspire employees as a part of our overall Total Rewards strategy. Specific target identified by the HR function related to promoting employee well-being and vitality is indicated below:⢠Meet or exceed the global benchmark for (1) employee engagement score and (2) participation rate for the Global Employee 1Engagement Survey in 2025 (annual target)The target is measured annually after the administration of the Global Employee Engagement Survey. Genmab will compare the engagement score, which measures the favorability rate, and the participation rate for the Companyâs engagement in comparison to the life sciences industry average. Focusing on top-down governance, the survey results are reviewed with the Executive Committee. During the discussion, the team will reflect on any actions needed to maintain or improve overall employee engagement.Refer to S1-4 which shows how Genmabâs Global Employee Engagement Survey results in 2024 and 2023 outpaced life sciences industry benchmarks.Targets related to Career development through training & skill buildingThe Genmab Learning & Development (L&D) team within the Global Talent Management strives to be data centric. The L&D team measures learning completion records for required learning, optional learning, and self-assigned learning. Aside from completion measures the team also measures the communication channels effectiveness. Specifically, L&D has set annual required career development, training & skill building targets as follows:⢠100% of eligible employees are provided access to Genmabâs end of year performance processThe Global Talent Management team at Genmab will ensure that all eligible employees are provided full access to the year-end performance process at Genmab, including providing internal resources and early engagement to the employees. This is set as an annual target for 2025.⢠100% of employees are provided access to training programs that meet the development needs across various career stages and learnings stylesThe Global Talent Management team at Genmab will ensure that professional development skills trainings are offered to all employees. This is set as an annual target for 2025.⢠Launch sustainability awareness training by 2025The Corporate Sustainability Team at Genmab plans to launch sustainability awareness training for team members in 2025.Targets related to Diversity in the WorkplaceDiversity targets are determined by the DE&I Council (made up of senior executives) and adopted by the Board of Directors. They are as follows:(1) Maintain between 40% to 60% gender 2representation at a director level and aboveThe Board of Directors has committed to maintaining an annual target of balanced gender representation, at a director level and above level positions by 2025. In order to provide equal employment and advancement opportunities to all individuals, employment decisions at Genmab are based on merit. The Company is committed to equal opportunity in the conduct of all our business activities. Genmab does not discriminate on the basis of race, color, creed, religion, gender, national origin, age, marital status, disability, sexual orientation, gender identity or expression, status with regard to public assistance or any other classification protected by appli-cable law.As of December 31, 2024, the gender split in director level and above was 52% female and 48% male as disclosed in the table in section S1-9.(2) Target between 40% to 60% gender repre-sentation by 2025 in the Other Management Levels at Genmab A/S only in accordance with the guidelines from the Danish Business AuthorityAs of December 31, 2024, the gender split in the Other Management Levels, as defined in the Danish Companies Act, was 33% female managers (six persons) and 67% male managers (12 persons) for Genmab A/S (Danish Parent only). As we do not currently have an equal share of men and women in the Other Management Levels at Genmab A/S as defined by the Danish Companies Act, the Board of Directors has committed to a target ratio of 40% to 60% for female and male splits in the Other Management Levels of Genmab A/S by 2025, or the target that comes closest to this target and which still constitutes an equal gender composition in accordance with the guidelines from the Danish Business Authority.To pursue the fulfillment of the set target and to continue working towards and main-taining diversity and equal opportunities for employees at all management levels in the Genmab Group, we have implemented several initiatives related to, among other things, recruitment, employment terms and talent development. We also offer participation in internal network groups and focus on raising awareness of bias throughout the organiza-tion by conducting regular internal training.Taking into account these initiatives and the existing composition of the Other Management Levels of Genmab A/S, the target is expected to be met by 2025.1. Executive Management received RSU grants in 2022, 2023 and 2024 with performance linked to sustaining at or better than the global benchmark for employee engagement.2. Executive Management received RSU grants in 2022, 2023 and 2024 with performance linked to gender diversity balance targets in director and above level roles. The range of payout varies based on gender splits (see GOV-3).Characteristics of the undertakingâs employees (S1-6)December 31,2024* 2023 2022Female Male Total Total TotalEmployees (Headcount)Denmark 326 228 554 495 410Netherlands 490 335 825 740 600U.S. 642 432 1,074 887 643Japan 55 131 186 140 58China 55 56 111 â âTotal Headcount 1,568 1,182 2,750 2,262 1,711December 31,2024* 2023 2022Female Male Total Total TotalEmployees (FTEs) Female Male Total Total TotalPermanent 1,498 1,136 2,634 2,159 1,627Temporary 28 20 48 45 33Total FTEs 1,526 1,156 2,682 2,204 1,660December 31,2024 2023 2022FTEs (R&D vs. SG&A)Research and development FTE 1,886 1,541 1,193Selling, general and administrative FTE 796 663 4672024 2023 2022Turnover# of FTEs leaving Genmab 190 157 119Turnover Rate â Overall 7% 8% 8%Turnover Rate â Voluntar y 6% 5% 6%* 2024 is a baseline year for female/male headcount and FTE reporting. Splits were not previously disclosed in prior year Annual Reports.As of December 31, 2024, the total number of FTEs was 2,682 compared to 2,204 as of December 31, 2023. The increase was primarily driven by the expansion and acceleration of our pipeline, as well as the investment in the expansion of Genmabâs commercialization capabilities, including support for EPKINLY in the U.S. and Japan post launch activities, and broader organizational capabilities and the acquisition of ProfoundBio.Accounting PoliciesNumber of EmployeesFTEs are defined as all employees on our payroll, both full-time and part-time, as well as active and on-leave. All individuals have been included by reflecting the proportion of an FTE they represent based on their contractual agreement.Headcount are defined as all employees on our payroll, both full-time and part-time, as well as active and on-leave. All individuals have been included by reflecting a 1 equivalent per person.Turnover RateTurnover rate is calculated by the overall number of FTEs leaving since the beginning of the year divided by the average FTE for the year.TemporaryIncludes interns, student workers, post Doctorate (post doc) and fixed term employees.Refer to the Note 2.3 Staff Costs for cross reference to FTEs reported in Genmabâs financial statements.Collective bargaining coverage and social dialogue (S1-8)There are no employees covered by collective bargaining agreements at Genmab. There are workers councils in Denmark and the Netherlands. Refer to S1-2 for details of the work councils.Collective Bargaining Coverage Social Dialogue Coverage RateEmployees â EEAWorkplace representation (EEA only)0â19%20â39%40â59%60â79%80â100% Denmark, NetherlandsDiversity metrics (S1-9)Diversity metrics as of December 31:2024 2023 2022Female Male Total Female Male Total Female Male TotalBoard of Directors, Shareholder-Elected 3 3 6 3 3 6 3 3 6% of total 50% 50% 100% 50% 50% 100% 50% 50% 100%Board of Directors, Including Employee-Elected 4 5 9 4 5 9 4 5 9% of total 44% 56% 100% 44% 56% 100% 44% 56% 100%Executive Management 3 6 9 3 5 8 2 5 7% of total 33% 67% 100% 38% 63% 100% 29% 71% 100%2024 2023 2022Female Male Total Female Male Total Female Male TotalGenmab Group 1,525 1,157 2,682 1,270 934 2,204 964 696 1,660% of total 57% 43% 100% 58% 42% 100% 58% 42% 100%Director Level and Above 547 507 1,054 449 414 863 348 332 680% of total 52% 48% 100% 52% 48% 100% 51% 49% 100%Below Director Level 978 650 1,628 821 520 1,341 616 364 980% of total 60% 40% 100% 61% 39% 100% 63% 37% 100%2024 2023 2022Age< 30 11% 13% 14%30â50 63% 63% 62%> 50 26% 24% 24%100% 100% 100%Adequate wages (S1-10)All of Genmabâs employees receive adequate wages. We have a dedicated compensation & benefits team at Genmab that ensures that we are paying our people in line with local legal require-ments and with peer and similar companies through benchmark analysis.Social protection (S1-11)All of Genmabâs employees are covered by social protection, through public programs or through benefits offered by Genmab, against loss of income due to any of the following major life events including sickness, unemployment, employment injury and acquired disability, parental leave and retirement.Training and skills development metrics (S1-13)Genmab provides all employees training and skills development related activities within the context of continuous professional growth, to upgrade employeesâ skills and facilitate continued employability.2024Female MaleTraining and skills development metrics% of Employees Who Have Completed Performance Reviews/Career Conversations 100% 100%% of Employees Who Have Not Completed Performance Reviews/Career Conversations 0% 0%Average Number of Training Hours 10 8Health and safety metrics (S1-14)The health and safety of 100% of Genmabâs employees and non-employees are covered by legal requirements and recognized standards and guidelines. There were no fatalities in 2024 or 2023 as a result of work-related injuries and work-related ill health. In 2024, there were no work-related accidents. In 2023, we had one occupational incident that resulted in lost time at work in the U.S. We will continue our ongoing preventative health and safety activities to reinforce policies and procedures to all team members globally.Remuneration metrics (pay gap and total remuneration) (S1-16)The below table shows the percentage gap in pay between all our female and male employees and the ratio between the remuneration of our CEO and the median remuneration of our employees.2024Gender pay gap â Overall 12%Gender pay gap â E xcluding Executive Management 5%CEO pay ratio 64Accounting PoliciesGender pay gapGenmab calculates the gender pay gap for employees as the difference of average pay levels (gross hourly pay) between female and male employees, expressed as percentage of the average pay level of male employees. The calculation relies on a single variable (gender) and excludes other factors that would typically be included in a pay analysis, such as job level, amount of experience, performance rating, education level, typical market pay for a position, etc.CEO pay ratioGenmab calculates the CEO pay ratio for employees as the annual total remuneration ratio of the highest paid individual (our CEO) to the median annual total remuneration for all employees (excluding our CEO). Remuneration includes base salary, defined contribution plans, other benefits, annual cash bonus and share-based compensation. Refer to Note 5.1 in the consolidated financial statements for details of CEO pay for 2024.Incidents, complaints and severe human rights impacts (S1-17)During 2024, there were no work-related incidents of discrimination, including harassment, substantiated. No cases of severe human rights incidents (e.g., forced labor, human trafficking, or child labor) were identified during 2024.Social â Consumers and End-usersGenmabâs consumers include healthcare providers, pharmaceu-tical distributors, and end-users are its patients. Our consumers and/or end-users are dependent on accurate and accessible product-related infor-mation, such as manuals and product labels, to avoid potentially damaging use of a product. We also have a small group of pediatric consumers/end-users who are participating in a pediatric study, who are particu-larly vulnerable to health or privacy impacts or impacts from marketing and sales strategies due to the inherent nature of young age-group.At Genmab, our work is anchored in our core purpose: to improve the lives of patients through innovative and differentiated antibody therapeutics. Driven by this purpose, we are transforming the way patients fight cancer while creating long-term value for all our stakeholders.Below is the list of Disclosure Requirements as it pertains to ESRS S4 â Consumers and/or End-users:Section Disclosure requirement content Disclosure requirement #4.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy SBM-3and business model4.1 IRO Management Policies related to consumers and end-users S4-1Processes for engaging with consumers and end-users about impacts S4-2Processes to remediate negative impacts and channels for consumers and S4-3end-users to raise concernsTaking action on material impacts on consumers and end-users, and approaches S4-4to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions4.2 Consumers & End-Users Metrics Targets related to managing material negative impacts, advancing positive S4-5and Targetsimpacts, and managing material risks and opportunities4.0 IROsThe below table describes Genmabâs material impacts, risks and opportunities related to our material Social topics for Consumers and End-Users:Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunitySocial Consumers and End-UsersAccess and integrity in clinical trials Downstream Refer to the Risk Management section of the Annual Report (positive)for risks related to Regulation, Legislation and Compliance â Social inclusion of consumers and/or end-users Market access programs to allow for Downstream Refer to the Risk Management section of the Annual Report Assisting those having difficulty affording product availability for uninsured or for risks related to Business and Products Genmab products prescribed to themunderinsured (positive)Consumers and End-UsersPatient engagement programs Downstream Refer to the Risk Management section of the Annual Report developed (positive)for risks related to Business and Products â Personal safety and information of consumers and/Clinical trial transparency (positive) Downstream Refer to the Risk Management section of the Annual Report or end usersfor risks related to Regulation, Legislation and Compliance All impacts, risks and opportunities have expected time horizons of short, medium and long-term.Access and integrity in Clinical trials (positive)We strive to enroll patients who will benefit from our clinical studies and Genmab is subject to extensive legislative, regulatory and other requirements which pose a risk to Genmab; however, Genmab is committed to ensuring equal access to Genmab clinical trials. We have DE&I initiatives to ensure we enroll diverse patients who represent the communities we serve.Market access programs to allow for product availability for uninsured or underinsured (positive)MyNavCare Patient Support is designed to provide comprehensive resources and support to help patients access EPKINLY (epcoritam-ab-bysp) throughout their treatment journey. Recognizing the challenges faced by uninsured or underinsured patients, Genmab has created a robust program through MyNavCare to provide financial assistance and free medicine for eligible patients struggling to afford their prescribed treatments. Without effective market access programs, Genmab could lose market share from competition.Assisting those having difficulty affording Genmab products prescribed to them is an iden-tified opportunity for Genmab and can lead to market growth in a competitive pharmaceutical landscape. Through MyNavCare, Genmab assists eligible patients with coverage for co-pays, co-insurance, and deductibles, helping to ensure that financial challenges do not become barriers to accessing life-changing therapies. This initia-tive reflects Genmabâs commitment to reducing disparities in healthcare access and empowering patients to focus on their treatment journey.Patient engagement programs developed (positive)Genmab is elevating the voices of patients and care partners by incorporating their perspectives into all aspects of our work â from early-stage R&D to clinical trials and commercialization. These insights are vital to our ability to innovate and to support people impacted by our medicines as they navigate the complex aspects of a serious illness. Without our patient engagement programs, there is risk of increased competi-tion and decreased overall patient experience. Genmab engages with patients and caregivers to gather insights and improve patient outcomes.The goal of these programs is to effectively and efficiently bring medicines to patients that incor-porate the patient voice across the continuum of clinical development, including ensuring clinical protocols and informed consents have the patient insights required to attract and retain patients in the trials while meeting regulatory requirements.Clinical trial transparency (positive)As there is risk associated with transparency in our business, increased transparency in clinical trials is a key factor for advancing medical research and improving patient outcomes. As Genmab develops antibody therapeutics for cancer treatment and other serious diseases, increased transparency can have the following material impacts:⢠Help patients find trials that match their eligibility criteria and preferences, increasing the recruitment and retention rates of participants.⢠Empower patients to make informed decisions about their health, enhancing their trust and satisfaction with the trial process and the Company.⢠Improve the evidence base for clinical care, allowing clinicians and scientists to access and evaluate the safety and efficacy of new treatments.⢠Prevent duplication of unsuccessful trials, saving time and resources for the research community.⢠Contribute to efficient design of clinical trials, enabling Genmab and the research communityto learn and optimize new trial protocols and outcomes.Increased transparency in clinical trials benefits Genmab by facilitating development of innovativand effective therapies for patients with cancer or other serious diseases and ensuring their optimal use.4.1 Consumers and End-Users IRO managementPolicies related to Consumers and End-Users (S4-1)Human Rights CommitmentOur Human Rights Commitment includes policies around our patientâs safety and privacy rights of our patients, healthcare providers and other customers.Refer to section S1-1 for additional disclosures on our Human Rights Commitment and the Human Rights Commitment on our website.Commitment to QualityOur goal is to safeguard patient safety through state-of-the-art monitoring systems, stringent processes, and industry best practices. Our comprehensive safety program is designed to identify and mitigate potential risks asso-ciated with our products, and to ensure that our products are safe and effective for their intended use.We work closely with regulatory agencies to ensure that our products meet all safety and efficacy standards. We also collaborate with healthcare providers and patient advocacy groups to ensure that patients have access to the information they need to make informed decisions about their treatment. Under the lead-ership of our Chief Development Officer, our functions are responsible for ensuring compli-ance with Commitment to Quality.Refer to the Commitment to Quality on our website.Clinical Trial TransparencyGenmab is committed to transparency of clinical trial research. We recognize the scientific and ethical value of sharing clinical trial information in a non-biased and timely manner to benefit diverse audiences. Transparency in clinical trials helps patients and healthcare providers to make well-informed decisions about patientsâ health. Transparency is also about building and main-taining public trust in clinical research. We are committed to sharing clinical trial information and results in a language understandable also for non-scientists, as part of our ongoing transpar-ency efforts.Our commitments apply to all Genmab-sponsored interventional clinical trials, Phase 1 and beyond, conducted worldwide. To the extent applicable, our commitments also apply to Genmab-sponsored non-interventional clinical studies and expanded access programs. The most senior level in Genmab that is accountable for the policy is the Chief Development Officer.The Genmab Clinical Trial Transparency Declaration can be mapped to the positive impact of Clinical trial transparency and is publicly available via the website. The Declaration is also referenced in the onboarding program of new Development Operations employees.Refer to the Clinical Trial Transparency Declaration on our website.Code of ConductWithin Genmabâs Code of Conduct, there is a section (#5) specifically on Clinical Trials, which is publicly available via Genmabâs website.Our research and clinical trials are always guided by Our Purpose: to improve the lives of patients through innovative and differentiated antibody therapeutics. We are committed to conducting our research, development, and related data collec-tion with scientific integrity and disclosing results in a timely manner.Genmabâs Code of Conduct also describes our 20 ethical standards and covers respon-sible marketing practices. We at Genmab are committed to conducting all aspects of our business with integrity, and in an ethical, honest, and transparent manner. These standards and our associated corporate policies provide further guidance for our people with respect to this commitment. Genmabâs Head of Global Compliance is responsible for this policy and reports directly to the CEO, and both are members of the CSR and Sustainability Committee. The Code of Conduct can be mapped to our positive impact of Access and integrity in clinical trials.Refer to the Code of Conduct on our website.Commitment to PatientsAcross Genmab, our talented and dedicated team works every day to improve the lives of patients through innovative and differentiated antibody therapeutics. Genmabâs Commitment to Patients describes how our work is guided by doing whatâs best for patients. Through our Patient Advisory Council, patients contribute their insights ranging from how we design and conduct our clinical trials to how we may help to educate and support patients who have been prescribed our products. We are focused on understanding the many indi-viduals who may support a patient throughout their disease experience and tailoring resources to the needs of these care partners to better facilitate their role in the care journey. Our goal is to conduct clinical research that reflects the real-world demographics of the diseases we study, and we strive to ensure our trials are patient centric and accessible for patients of all back-grounds to participate. We aim to ensure that all patients who are prescribed our medicines have timely access to them. We work with stakeholders across the healthcare system and have patient support services (PSS) in place to address patient access to our medications once prescribed. We aim to facilitate transparency in our work and interactions.The Commitment to Patients can be mapped to the positive impacts of patient engagement and market access programs developed to allow for product availability for uninsured or underin-sured. The Senior Vice President Communications and Corporate Affairs is responsible for the policy and reports directly to CEO.Refer to the Commitment to Patients on our website.Global Compliance PolicyGenmab has an internal Global Compliance Policy and playbook. The Global Compliance Policy covers interactions and engagements with healthcare professionals, healthcare organizations, patients, patient association groups and government officials (stakeholders). Genmabâs Head of Global Compliance is respon-sible for this policy and reports directly to the CEO, and both are members of the CSR and Sustainability Committee.Processes for engaging with consumers and end-users about impacts (S4-2)Genmabâs engagement with consumers and end-users is a multi-faceted strategy that prior-itizes patient safety, ethical marketing, and transparent communication.Patient Engagement ProgramsGenmabâs mission to improve the lives of patients with cancer and serious diseases is realized through its commitment to patient engagement programs. These efforts include clinical trials, advocacy initiatives, and also through tailored support programs like MyNavCare Patient Supportâ¢, which provides, with respect to Genmab products approved in the U.S., person-alized assistance for patients and their care partners, as well as support for HCPs for the ultimate benefit of patients.The MyNavCare Patient Support⢠program offers comprehensive support, including insurance navigation, and financial support, designed to facilitate access to therapies for all eligible patients. The program supports, among others, those who are uninsured or underinsured, ensuring equitable access to treatment while alle-viating the burdens associated with navigating complex healthcare systems. When someone has enrolled in the MyNavCare program, which is optional, they can call and engage with MyNavCare team members to discuss any questions or issues they have.Genmab values patient input and actively involves patients in its decision-making processes through initiatives like the Patient Advisory Council. This council enables patients to share their experiences and insights, influ-encing how clinical trials are designed and how medicines are delivered. By listening to patient feedback, Genmab can better understand their needs and concerns, ultimately enhancing both the science behind its therapies and the support services offered, thereby contributing to the decision-making processes ranging from how we design and conduct our clinical trials to the way we deliver our medicines.Engagement occurs on a regular basis, from early development through commercial. The Senior Vice President Communications and Corporate Affairs is responsible for ensuring this engage-ment and reports directly to CEO.Clinical Trial TransparencyTransparency in clinical trials is another key focus for Genmab. Genmab engages on a regular basis with patient advocacy groups and healthcare professionals to ensure that the perspectives of consumers and end-users are integrated into trial design and execution. Genmab publishes its Clinical Trial Transparency Declaration on its website, keeping patients and other stakeholders informed about trial processes and expectations. The Development Operations team, organized under the Chief Development Officer, oversees this engagement, and ensures the effective planning, execution, and public disclosure of clinical trials.Safety and ComplianceThe Global Drug Safety team plays a crucial role in ensuring that Genmabâs products meet stringent safety and efficacy standards. They work closely with regulatory agencies to maintain compliance but do not engage directly with patients. This teamâs efforts are complemented by a comprehensive safety monitoring program designed to identify and mitigate potential risks associated with Genmabâs therapies. Trust in the safety and quality of these products is essential, as any breach of trust can adversely affect the Companyâs reputation and core business. Under the leadership of our Chief Development Officer, our internal functions are responsible for ensuring safety and compliance.Ethical Marketing PracticesGenmab emphasizes responsible marketing practices in all interactions with healthcare providers and stakeholders. Genmab has estab-lished a Code of Conduct that sets high ethical standards for employees, reinforced through regular training. This ensures that all marketing and sales efforts align with local and national regulations, which may limit direct engagement with consumers and end-users. Ethical marketing practices are the responsibility of our Chief Commercial Officer.Processes to remediate negative impacts and channels for consumers and end-users to raise concerns (S4-3)While we have not identified any material negative impacts regarding our consumers and end-users, we do promote and encourage our consumers and end-users to speak up to report concerns, share feedback, address compli-ance issues, and enable remedy for human rights impacts. We believe our consumers and end-users trust the channels described in this section as we receive questions and requests from these channels.Clinical TrialsConsumers and end-users can raise questions or concerns via Genmabâs publicly available mailbox, ClinicalTrial@genmab.com. This mailbox is provided along with all registered trialson disclosure platforms such as ClinicalTrials.gov and the EU CTIS public portal. At time of enrollment, the trial participants are provided an Informed Consent Form (ICF) to sign before joining a trial. The ICF contains additional information on channels to raise questions or concerns. The requests received are reviewed and assessed to ensure they are addressed by the appropriate Genmab function, while ensuring that personal information is handled securely andin compliance with privacy regulations.MyNavCarePatients enrolled in the MyNavCare program haveaccess to dedicated team members who address their concerns, answer questions, and provide personalized assistance. The Patient EngagementLiaisons (PELs) serve as trusted points of contact,offering tailored support without providing medical advice or working under the direction of the prescribing healthcare providers. PELs are dedicated to helping patients and care partners by:⢠Providing information about the patientâs condition and what to expect while on treatment⢠Connecting them with external organizations⢠Offering resources tailored for the needs of bothpatients and care partnersThis optional program ensures that patients feel supported and informed, creating a compas-sionate framework that prioritizes patient empowerment while respecting the role of health-care providers in treatment decisions.The effectiveness of our work is tracked via regular meetings with our MyNavCare team members and through scheduled updates with theother cross functional teams leadership meetings. The Patient Services Steering Committee, made of senior U.S. Market leaders, meets every quarter to review the patient services program operational metrics and effectiveness.Reporting a Side Effect or a Quality ConcernWe take patient safety seriously. Reports of side effects and quality concerns enable us to ensure the safety of our medicines and the patients who take them. Genmab has a public number that patients may call. We state on all our resources the following:You are encouraged to report side effects to the FDA at (800) FDA-1088 or www.fda.gov/medwatch or to Genmab US, Inc. at 1-855-4GENMAB (18554436622).The company systematically monitors and evaluates adverse events and other safety- related information associated with its therapies post-approval. This ongoing surveillance helps identify and respond to potential safety concerns promptly.Speak Up HotlineIf patients or caregivers have concerns, they can raise them through the Speak Up Hotline. Our 24/7 full-service Speak Up (whistle-blower) compliance hotline enables the anonymous reporting of illegal, unethical, and/or non-compliant behavior and related concerns in connection with our organization. Our Compliance team regularly reviews these matters, and supports investigations as warranted, reporting to both management and the Audit & Finance Committee.Refer to the Global Speak Up Policy and Hotline on our website, and S1-3 for further details.Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions (S4-4)Genmab has safety measures in place for products, patients, and healthcare providers. Genmab believes that patient safety plays a critical role in our business operations. Genmab has a Comprehensive Safety Program that is designed to identify and mitigate potential risks associated with our products, and to ensure that our products are safe and effective for their intended use. We work closely with regulatory agencies to ensure that our products meet all safety and efficacy standards.Genmab provided annual training programs on pharmacovigilance for global drug safety and pharmacovigilance (GDS&PV) staff, including regular updates and assessments to ensure continuous learning and compliance with the latest regulations. Also, Genmab developed and distributed educational materials on safety requirements to stakeholders and organized workshops to enhance their understanding and implementation of safety protocols. These actions are linked to the personal safety and information of consumers and end-users.The following actions were taken around Genmabâs material impacts on our consumers and end-users for 2024:Access and integrity in clinical trialsWe have a Patient Advisory Council and a Study Coordinator Advisory Council who provide input to our clinical trials. In addition, our clinical trials are reviewed by institutional review boards, ethics committees, regulatory authorities, and data and safety monitoring boards.As of December 31, 2024, there was a total of 25 ongoing Genmab-sponsored clinical trials, all registered on ClinicalTrials.gov. Our clinical trials are taking place in 37 countries worldwide with 620 patients enrolled during the year.Genmab complies with all applicable industry regulations, guidelines, and standards globally for drug development, such as cGLP, cGCP, cGMPs and good animal practice as defined by the Federation of European Laboratory Animal Science Associations (FELASA). We also monitor and comply with all relevant legislation and regulations, including guidelines issued by international regulatory authorities such as the European Medicines Agency (EMA), the U.S. Food and Drug Administration (FDA), the Pharmaceuticals and Medical Devices Agency (PMDA) and others. It is important to acknowl-edge our relationship with Japan PMDA, as it reflects our global strength. Our operations were periodically audited by relevant authorities.Clinical trials generate the data necessary to evaluate the safety and efficacy of drugs, providing insight on how to use a therapy and which patients are most likely to benefit from treatment. Even with the advancements in understanding the incidence of different cancers between genders and racial or ethnic groups, inequities persist, resulting in underrepresenta-tion in clinical trials.Genmabâs DE&I in Clinical Trials Project Team is responsible for defining and implementing a framework to deliver Genmabâs intentions to provide clinical trial treatment options to patients in a wider community and generate clinical trial data from currently underrepresented popu-lations. The Project Team works to ensure all Genmab registration studies have a clear strategyand process for Diversity Plan success.Genmab has been working to implement diversityin our pivotal clinical trials. In 2024, Genmab introduced a Diversity Action Plan (DAP) SOP and DAP template to be implemented for all pivotal trials. The inaugural Diversity Action Plan was submitted to the U.S. FDA in 2024. With the U.S. FDA final guidance expected in 2025 we will ensure compliance with the agencyâs new rules and implement diversity in all applicable pivotal studies where appropriate.Genmab systematically monitors and evaluates adverse events and other safety-related informa-tion associated with its therapies post-approval. This ongoing surveillance helps identify and respond to potential safety concerns promptly. Our cross functional team regularly reviews matters, and supports investigations as warranted. We have a mix of internal and external committees that regularly monitors clinical trial data to track and assess the effectiveness of these actions mentioned above.Market Access Programs to Allow for Product Availability for Uninsured or UnderinsuredAll Market Access colleagues undergo compre-hensive annual compliance training to ensure adherence to regulatory standards and ethical practices. Here is a list of some of the key compli-ance training modules they complete:⢠Data Privacy⢠U.S. FDA guidelines⢠The PhRMA code and Ad Promotion rules⢠Compliance issues including Anti-bribery and Speak Up modules (including whistleblower training)⢠Pharmacovigilance⢠Sunshine Act (and various other transparency laws)⢠Conflict of interestThe MyNavCare team also trains annually on specific compliance related PSS polices and business rules.These training modules ensure that colleagues in the Market Access group remain informed about the latest regulatory requirements and ethical standards, thereby safeguarding the Companyâs reputation and ensuring the continued availabilityof their products to patients. The tracking of the completion rates are monitored by the Global Compliance team.Patient Engagement Programs DevelopedGenmab is elevating the voices of patients and care partners by incorporating their perspectives into all aspects of our work from early-stage R&D to clinical trials and commercialization. These insights are vital to our ability to innovate and to support patients as they navigate the complex aspects of a serious illness. The effec-tiveness of these patient engagement programs are tracked via regular meetings with our patient advisory council and through scheduled updates with other internal teams. Our patient advocacy team facilitated multiple touchpoints with key stakeholders throughout the year to provide opportunities for mutual learning and insight sharing:⢠Our Patient Advisory Council, formed in 2023, which consisted of 16 members as of December 31, 2024 compared to 13 members as of December 31, 2023, met nine times in 2024 and four times in 2023. In 2024, topics discussed included feedback on patient materials, such as brand messaging and caregiver resources, the global and U.S. websites, and review of clinical trial materials, including informed consent forms, protocol, and lay summary. In 2023, topics discussed were around clinical trial recruitment and diversity in clinical trials, providing patient perspective on the cancer experience and how Genmab can better serve patients and care partners. Members of the Council represent people with a variety of tumor types, ages, geographies, and socioeconomic backgrounds.⢠Our third annual Science Day in 2024 brought together 29 leaders from 24 organizations and six patient advisors for 1.5 days of scientific discussion and knowledge exchange. Our second annual Science Day in 2023 brought together 32 representatives from patient advocacy and professional groups, our Patient Advisory Council and Genmab team members to share information about our respective work to inform how we can best address the needs of patients and their care partners. Topics included AI, and the cancer journey for patients and care partners. We understand the need for broad stakeholder education to help break down barriers and reach underrepresented populations, along with the need to support the patient and care partner to address the psychosocial impacts of living with cancer, such as feelings of depression, anxiety, and fear. The actionable insights gained from Science Day are key to shaping our future patient engagement and education efforts.MyNavCareWe are bringing life-changing medicines and support services to patients through MyNavCare Patient Support. Since the 2023 launch of EPKINLY in the U.S., through 2024, we have supported patients directly through MyNavCare Patient Support, our robust patient support program, and continuously worked with stakeholders across the healthcare system to ensure rapid and sustainable access to appro-priate patients.In the U.S., MyNavCare supports each patientâs unique needs alongside the needs of care partners. We support:⢠Patients and care partners through case management, insurance navigation and financial assistance, among other services⢠HCPs through navigating access, including reimbursement education, and billing and coverage information, among other resources with the overarching goal of supporting patients needsWe also provide access support for eligible patients who are uninsured or underinsured through our Patient Assistance Program, which minimizes the burden of applying for assistance and quickly determines eligibility.We aim to take great care and consideration to help ensure rapid and sustainable access for all appropriate patients who may benefit from our therapies as we look to bring our own medicines to additional markets in the future. We remain focused in our pursuit to turn innovative science into medicine that creates value and delivers meaningful impact to patients, their care partnersand the HCPs who serve them.Under the leadership of our Vice President, U.S. Market Access, our market access function is responsible for oversight of MyNavCare.The effectiveness of our work is tracked via regular meetings with our MyNavCare team members and through scheduled updates with the other cross functional teams leader-ship meetings.Clinical Trial TransparencyTo ensure access to quality information for patients, consumers, and end-users, Genmab hastaken the following action in 2024:⢠Offered trial descriptions in the ClinicalTrials.govregistration that are clear and understandable for non-scientists, benefiting potential trial participants.Tracking and assessment is done by reviewing requests received from consumers and end-usersvia Genmabâs publicly available mailbox, ClinicalTrial@genmab.com. The received requests are triaged to ensure they are addressedby the appropriate Genmab function.Continuous Improvement⢠Genmab is committed to continuous improvement in patient engagement and safety monitoring. The Company regularly evaluates feedback from advocacy groups and utilizes social media to assess the effectiveness of its communications. By fostering a culture of open dialogue and ethical conduct, Genmab not only meets regulatory requirements but also builds trust with the patients and healthcare providers it serves.⢠Genmab is actively working to reduce the clinical trial burden for patients. Engaging our Patient Advisory Council to review protocols and integrating patient feedback into our trials, and developing health-literate materials are some of the ways in which we help to increase access to our clinical trials.⢠Our Clinical Trial Transparency Declaration acknowledges our strong commitment to the scientific and ethical aspects of increasing the transparency of clinical trial research. In alignment with the Declaration, we disclosed information and results from our clinical trials through publicly accessible study registries/databases such as ClinicalTrials.gov, and the European Union Clinical Trials Information System (EU CTIS), to ensure compliance with global and national laws in the evolving area of transparency.4.2 Consumers and End-Users Metrics and TargetsTargets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S4-5)As there are no identified negative impacts in this area, no targets were set, which is aligned with our strategy/priority for 2025.Refer to Our Strategy in Managementâs Review for details.GovernanceGenmabâs oversight of sustainability is designed to ensure that our commitments are integrated as a core part of our business and aligned with international best practice. We are dedicated to complying with all laws, codes, and standards applicable to our business and operations, as well as ensuring transparency in our sustainability disclosures.Business ConductBelow are the list of disclosure requirements as it pertains to ESRS G1 â Business Conduct:Section Disclosure requirement content Disclosure requirement #5.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy SBM-3and business model5.1 Business Conduct IRO Management Business conduct policies and corporate culture G1-1Management of relationships with suppliers G1-2Prevention and detection of corruption and bribery G1-35.2 Business Conduct Metrics and Targets Incidents of corruption or bribery G1-4Political influence and lobbying activities G1-5*Payment practices G1-6*Disclosure requirement G1-5 is not material for Genmab.5.0 IROsMaterial Impacts, Risks and Opportunities and their interaction with strategy and business model (SBM-3)The table describes Genmabâs material impacts, risks and opportunities related to our material business conduct matters:Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunityGovernance Business ConductHealthy corporate culture aligned Own Operations Refer to the Risk Management section of the Annual Report Annual Code of Conduct training rollout as with core values and purpose for risks related to Regulation, Legislation and Compliancemandatory for all employees, with launch â Corporate Culture(positive) and completion rates monitored by Global Compliance teamBusiness ConductCybersecurity and Global Data Upstream, Refer to the Risk Management section of the Annual Report Privacy programs in place to Own Operations, for risks related to Regulation, Legislation and Compliance â Privacyprotect the privacy of our business, Downstreamand Cybersecurityour own workforce, patients and all individuals who entrust us with their information (positive)Business ConductProtection of whistleblowers Upstream, Refer to the Risk Management section of the Annual Report through anti-retaliation policies Own Operations, for risks related to Regulation, Legislation and Compliance â Protection of whistle-blowersand procedures (positive)DownstreamBusiness ConductAnimal welfare policy (positive) Own Operations Refer to the Risk Management section of the Annual Report for risks related to Regulation, Legislation and Compliance â Animal WelfareBusiness ConductStrong management of suppliers, Upstream Refer to the Risk Management section of the Annual Report Continue to partner with suppliers on focused on compliance with for risks related to Strategic Collaborationssustainability related commitments in â Management of relationships supplier code of conduct (positive)the futurewith suppliers (including payment practices)Business ConductEthical business culture and Own Operations Refer to the Risk Management section of the Annual Report Annual Code of Conduct training rollout as business practices (positive)for risks related to Regulation, Legislation and Compliance, mandatory for all employees, with launch â Corruption and bribery Strategic Collaborations and Management and Workforceand completion rates monitored by Global Compliance teamNo actions were taken in 2024 across the business conduct section as no negative impacts were identified. Further, there were no instances of corruption and bribery (see G1-4) or late payments resulting in fines, penalties or litigation (see G1-6).Other than the metrics disclosed in G1-4 and G1-6, no other metrics were determined to be relevant for reporting in 2024. One target across the business conduct section was identified related to suppliers (see G1-2) and is in collaboration with our environmental strategy/priorities for 2025 and the future. No other targets were identified due to the fact that there were no negative impacts identified.All impacts, risks and opportunities have expected time horizons of short, medium and long-term.Healthy corporate culture aligned with core values and purposeIn our quest to turn science into medicine, we use these guideposts to transform the future of cancer treatment:⢠Passion for innovation⢠Determination â being the best at what we do⢠Integrity â we do the right thing⢠We work as one team and respect each otherWithout maintaining a healthy corporate culture, Genmab is exposed to compliance and other risks. Genmab has an opportunity to provide annual training to employees on key business conduct matters. Annual Code of Conduct training is mandatory for all employees, with launch and completion rates monitored by the Global Compliance team. The Code of Conduct training should decrease behaviors that go against our Code of Conduct that could lead to compliance or other issues.Cybersecurity programs in place to protect the privacy of our business, our own workforce and patientsWe focus on privacy and protection of personal data at Genmab, covering several data catego-ries, such as the data of patients, employees, business partners, HCPs, and other stakeholders. Genmab acknowledges the risk related to cyber-security breaches that could occur within our value chain. We have taken solid measures to protect personal data in compliance with the EU General Data Protection Regulation (GDPR) and other applicable personal data protection legisla-tion and requirements. All our team members are educated in the GDPR.The Global Information Security and Risk Management team reports to the Board on a quarterly basis. No security incidents with critical or material business impact have been reported in 2024.Accounting policiesGenmab has a security incident management process and a separate security incident system which security incidents are processed. Incidents are entered through a number of channels including Genmabâs security monitoring partner, by employees through Genmabâs internal systems and by Genmabâs security operations team. Security incidents are analyzed and rated according to different priority categories ranging from priority 1 (critical) to priority 4 (low). We perform an analysis of the number of incidents with business impact utilizing the financial statement materiality threshold. Incidences with material impact are reported to Genmabâs Board on a quarterly basis.Protection of whistleblowers through anti-retaliation policies and proceduresGenmabâs 24/7 full-service Speak Up (whis-tleblower) compliance hotline enables the anonymous reporting of illegal, unethical, and/or non-compliant behavior and related concerns in connection with our organization. Our Compliance team regularly reviews these matters which pose legal and regulatory risks to Genmab, and supports investigations as warranted, reporting to both management and the Audit & Finance Committee.Animal welfare policyGenmab understands the legal and regulatory risks associated with working with animals in our business, and our animal welfare policy represents Genmabâs commitment to sound practices that aim to replace, reduce, and refine the use of animals in Genmabâs research and development.Strong management of suppliers, ensuring compliance with Genmabâs Global Supplier Code of ConductSupplier relationship management is a key business initiative that aims to build mutually beneficial relationships between the company and suppliers. Well-designed programs help companies to increase collaboration by identi-fying the right suppliers. Genmab understands the risk of being dependent on existing part-nerships, and has mitigation efforts in place to address these risks.Genmab has a real opportunity to partner with suppliers on Sustainability related commitments around the environment and our Supplier Code of Conduct which could lead to cost savings and stronger relationships in the future.Refer to E1-4 for environmental targets linked tosupplier engagement.Ethical business culture and business practicesWe are committed to operating all aspects of our business with the utmost integrity. We have an established global compliance program and incorporate compliance, ethics and transpar-ency considerations into our business practices, policies, and procedures. We hold ourselves accountable to high ethical standards, promoting our Code of Conduct to employees and engaging with partners and suppliers committed to the same level of ethics in their operations. We are committed to conducting all aspects of our business in an ethical, honest, and transparent manner, and understand there are various regula-tory, legislative and compliance risks.All employees and contractors are required to complete annual training and attest to their commitment to adhere to our ethical standards. The Code of Conduct training provides an overview of our Ethical Standards, Company Values, and incorporates training vignettes that illustrate ethical approaches to common business practices. This training also reviews relevant anti-bribery and anti-corruption, regulatory, conflicts of interest, and Speak Up concepts. Compliance team members receive regular compliance training on key aspects of our compliance policies and procedures.Refer to GOV-1 for details of the role and expertise of the administrative, management and supervisory bodies related to business conduct matters.5.1 Business conduct IRO managementBusiness conduct policies and corporate culture (G1-1)Our Code of Conduct and 20 ethical standards embody Genmabâs commitment to doing the right thing and ensure that the ways in which we work reflect the highest standards of integrity and compliance with applicable laws and regulations. We continue to mature our compliance, risk, and data privacy program foundations as we grow and evolve to further strengthen our culture of integrity, business continuity and corporate resil-ience. These steps help us assure a risk-based approach to our business, giving us the confi-dence to make the right decisions, drive value for patients and unite behind shared Company goals.The leader of our Global Compliance and Enterprise Risk Management programs reports directly to the CEO and the Board.Genmabâs policies on business conduct related matters linked to material IROs disclosed in section G1-1 include the following:⢠Code of Conduct⢠Global Compliance Policy⢠Global Speak Up Policy⢠Anti-Fraud Policy⢠Data Ethics Policy⢠Cybersecurity Program⢠Animal Welfare PolicyCode of ConductGenmabâs Code of Conduct sets high ethical standards for all employees and the Board when conducting business on behalf of Genmab. The Code of Conduct encourages team members to conduct themselves in a manner reflecting our core values, determination, integrity, inno-vation, and teamwork when representing the Company. All employees are required to complete annual training and attest to their commitment to adhere to our ethical standards. The Code of Conduct training provides an overview of our Ethical Standards, Company Values, and incor-porates training vignettes that illustrate ethical approaches to common business practices. This training also reviews relevant anti-bribery and anti-corruption, regulatory, conflicts of interest, and Speak Up concepts. Our head of Global Compliance is responsible for the Code of Conduct and reports directly to our CEO, and both are members of the CSR & Sustainability Committee. The Global Compliance team monitors completion of the annual Code of Conduct training and provides progress updates to function leaders and the Global Compliance and Risk Committee. The Code of Conduct can be mapped to the positive impact of a healthy corporate culture aligned with core values and purpose. Refer to the Code of Conduct on our website.Global Compliance PolicyOur internal Global Compliance Policy, owned by our head of Global Compliance, outlines our standards on interactions and engagements with HCPs, healthcare organizations, patients, patient association groups and government officials consistent with applicable industry codes and standards. The policy aligns with the values and principles articulated in our Code of Conduct and is complemented by an associated Global Fair Market Value Policy and a Compliance Playbook tool to ensure stakeholder engagement is conducted in an ethical, compliant manner. As a result of the commercialization our first co-owned medicines including TIVDAK (2021) and EPKINLY (2023), we have expanded our compliance program to assure ethical market-based and customer-focused business practices. Genmab maintains a Global Compliance Program staffed by compliance professionals who monitor adherence to the policy.Global Speak Up PolicyGenmab maintains a Speak Up (whistleblower) program featuring an independently operated hotline service available globally intended to provide anyone with information about potential misconduct related to Genmab or its business activities the opportunity to report the miscon-duct. Genmabâs Speak Up program is intended to accommodate information from any group with information including all Genmabâs current and former employees, directors, contractors, customers, suppliers, and other third parties wishing to report concerns.All reports made through the Genmab Speak Up program are assessed and considered by the Genmab Global Compliance team in a prompt, fair, and compliant manner. Genmab has estab-lished procedures to protect whistleblowers and ensure they do not suffer retaliation for their report. On a quarterly basis, Genmabâs Audit and Finance Committee receives a summary of all reports made under the Speak Up program along with additional information about any material incidents raised. Summaries of all reports made to the Speak Up program are provided to Genmabâs Global Compliance and Risk Committee (GCRC) annually.All Genmab employees and contractors are required to take Speak Up training, and comple-tion metrics are monitored by the Compliance team. Speak Up program training is a mandatory component of employee onboarding and also an annual requirement.Genmab has zero tolerance for any retaliation against anyone who raises concerns or partic-ipates in investigations. Retaliation includes any conduct or treatment that could discourage someone from speaking up. Genmab will protect the identity of people who participate in the Speak Up program as appropriate and consistent with applicable law. Genmab utilizes a number of methods (determined by the scenario) to protect whistleblowers from retaliation or detriment including but not limited to discrimination, harassment, physical or psychological harm, isolation, impact to employee performance and/or compensation, damaging property, or varying employeeâs role or duties.The Global Speak Up Policy can be mapped to the positive impact of protection of whistleblowers through anti-retaliation policies and procedures.Refer to the Global Speak Up Policy on our website, and S1-3 for further details. Refer to G1-3 for Genmabâs procedures to investigate business conduct matters.Anti-Fraud PolicyGenmab has an internal Anti-Fraud Policy that communicates anti-fraud principles and program elements, and managementâs responsibility for detecting and responding to fraud and miscon-duct. This Policy applies to all employees, officers, directors of Genmab, and management regardless of legal entity or work location, and anyone supervising the performance of services for or on behalf of Genmab, including contractors, contingent workers, agents, suppliers, and consul-tants (collectively âGenmab Personâ). Genmabâs Corporate Controller is responsible for the anti-fraud policy and reports to the CFO. Genmab monitors through Internal Audit assessing the potential for fraud risk when planning indi-vidual audits. On an annual basis, a fraud risk assessment is prepared with the participation of management. This annual fraud risk assessment is presented to the Audit & Finance Committee.Data Ethics PolicyThe use of data, both personal and non- personal, is essential to fulfilling our core purpose, and we are committed to handling data with integrity and in an ethical and compliant manner. Genmab has developed a global data privacy program supported by a cross-functional team of global data privacy subject matter experts and appointed an external Data Privacy Officer (DPO) dedicated to GDPR compliance and oversight.Our Data Ethics Policy complies with Section 99d of the Danish Financial Statements Act, and we adopted the Data Ethics principles of the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA). As part of this commitment to ethical and responsible use of data and overall transparency, Genmab has made this Data Ethics Policy publicly available to all external stakeholders. Refer to the Data Ethics Policy on our website.The policy and its principles are anchored in our Code of Conduct as part of our overall Compliance program, and has been communicated to our management so they can share and consider it with team members. Over the past year, we focused on further embedding these principles into our operations, particularly in the areas of data privacy, DE&I, clinical trials, and the applica-tion of new technologies such as AI and machine learning. This goal was supported by efforts to evolve our data privacy governance model into a forward-looking and comprehensive global data privacy program. Genmab, in 2025, will continue to optimize and enhance its approach to respon-sible and ethical use of data in its operations through continued transformation of and invest-ment in its global data privacy program. There were no substantiated complaints concerning breaches of data privacy from individuals or data protection authorities in 2024 or 2023.Cybersecurity ProgramWe maintain a comprehensive cybersecurity program based on the National Institute of Standards and Technologyâs NIST 800 Special Publication Information Security standard (âNIST standardâ) for managing cybersecurity activities, including formulation of global objectives of the cybersecurity program and risk identification and mitigation activities.Our Global Cybersecurity Program is under the leadership of the vice president and global head of cybersecurity and IT risk management who reports to the senior vice president, global head ofIT & digital. The program is overseen by the GlobalCompliance and Risk Committee (co-chaired by our CEO and our global head of compliance and risk) and the Audit and Finance Committee.The program includes activities and projects in all five functions of the NIST standard with the goal of further improving our security profile and adapting, where needed, to changes in the business strategy and threat environment of Genmab. Input for the program comes from the annual attack and penetration test, periodic threat landscape and security maturity assess-ments, as well as requirements of applicable cybersecurity regulations.We have established a Cyber Response Task Force responsible for responding to potential cyber crisis situations that could have an impact on our Company, partners, or patients we serve. The Task Force provides assurance that our incident response and recovery capability is effective in increasing our ability to prevent, detect and respond to potential cyberattacks.We regard the protection of the Company against cybersecurity attacks as a task for everyone in the organization. Therefore, employees are provided with information about cybersecurity risks and how to detect and report security incidents in online trainings and quarterly security events. The Cybersecurity Program can be mapped to the positive impact of cybersecu-rity and global data privacy programs in place to protect the privacy of our business, our own workforce, patients and all individuals who entrust us with their information.Animal Welfare PolicyAt Genmab, we use research animals for the purpose of addressing important scientific questions or to fulfill a regulatory requirement. Animals have intrinsic value and experiments on animals are only carried out when no appropriate alternative method is available.Genmab has established an internal animal welfare policy and animal welfare management procedures for its locations in the U.S., Europe, Japan, and China that incorporate local laws and regulations and that reflect our high standards. We plan to harmonize these ways of working between our sites in 2025.Our policies reflect our responsible and humane use of animals in research. We actively continue to drive the implementation of the 3Rs principles (Replacement, Reduction and Refinement) in all that we do. A dedicated animal welfare officer monitors animal welfare policies and practices, ensuring we continuously refine the care and use of the animals involved in our research.In 2023, we implemented the use of low-stress handling techniques for mice, the use of optimized nesting material and started an ongoing effort to use minimally invasive techniques for the identifi-cation (marking) of rodents to improve the welfare of animals in our daily care.In 2024, we launched a Global Animal Welfare Committee who owns the policies, to explore 3R opportunities, to advise on animal welfare matters and to work towards enhancing our trans-parency regarding the use of animals in research. In addition, we started to develop internal policies describing all the elements of working with animals.Genmab provides continuing education to team members working with animals on ethical treatment of animals.Genmab performs animal welfare audits at external contractors, when required, to ensure contractors maintain comparable high standards for animal use and care as we do internally. All animal studies performed, whether internally or externally, are Genmabâs moral and ethical responsibility and we strive to apply our high standards in all that we do.Refer to G1-2 for details of the Global Procurement Policy and Global Supplier Code of Conduct.Refer to G1-3 for details of the Anti-Corruption Anti-Bribery Policy which includes disclosure of functions within Genmab that are most at risk in respect of corruption and bribery.Other Genmab policies disclosed on our website or internal Genmab policies include the Enterprise Risk Management and Resilience Policy, International Trade Controls Policy, and Tax Policy.Management of relationships with suppliers (G1-2)Genmabâs Global Procurement functions which include, R&D Contract Management, Lab Purchase Management, CMC Commercial Supply Chain and Global Procurement (collectively known as âProcurementâ) are created to be a trusted value adding partner to both internal and external stakeholders across the entire Genmab value chain.Global Procurement PolicyGenmabâs Global Procurement Policy is an import-ant tool utilized by our team members to steer the procurement practices and increase financial cost control and transparency within Genmab. Furthermore, the Policy helps assess and miti-gate risk, ensure selection and maintenance of high quality, regulatory compliant third parties, through a transparent, fair, and compliant pro-cess. Genmabâs CFO is responsible for the policy, which is available on Genmabâs intranet.The Global Procurement Policy states that suppliers have to be on-boarded prior to engaging in a commercial relationship to ensure timely payment. The use of purchase orders, which is also mandated by the Procurement Policy, furthermore, facilitates approval of invoiced spend, ensuring that the agreed upon payment terms are being met. Suppliers that self-identify to Genmab as small and medium enterprises (SMEs), have 30 days net as a standard payment term unless contractually agreed otherwise in writing, which is clearly stated in the Global Procurement Policy.The procurement process is set up to facili-tate on-time payments, starting with proper on-boarding of the suppliers prior to engaging in a commercial relationship, followed by a mandatory use of Purchase Requisitions and Purchase Orders (with an exception list), ensuringthat, when an invoice is received it will be paid in a timely manner.Supplier Code of ConductOur Supplier Code of Conduct articulates expec-tations for all third parties conducting work on our behalf, minimizing risks to Genmab posed by our suppliersâ activities. The Supplier Code of Conduct addresses topics that include, but are not limited to, anti-bribery and anti-corruption, privacy, trade compliance, conflicts of interest, human and labor rights, diversity, compliance with environmental laws and regulations, supply chain and animal welfare, protecting information and intellectual property, protecting physical and digital security and product compliance and quality. Our VP, Head of Global Procurement who reports to our CFO is responsible for the policy. In 2024 and 2023, all new Genmab suppliers have been required to attest to our Supplier Code of Conduct annually as part of the onboarding and contracting process.Our Global Procurement function implemented a dedicated supplier vetting tool which serves as a single point of entry for all new suppliers. Information technology & digital, quality assurance, compliance and risk, and legal functions are involved when the risk score is elevated based on a fact-based approach. Our vetting process focuses on financial health, inter-national sanctions, regulatory and reputational risks, and other key issues. Suppliers in sanctionedcountries are subject to additional legal review before payments may be processed. In 2023, we established a supplier diversity program in the U.S., working closely with entities such as the Veterans Administration to align on targets. Genmab defines a diverse supplier as a >51% women, minority, or veteran-owned small business. The Supplier Master Registry in SAP has been updated in 2024 with a specific field to allow Genmab to monitor supplier diversity for the U.S.We have created our first-ever Company-wide supplier governance best practices guide to improve how we work together across lines of business, and how we partner with suppliers so all teams can successfully execute against their goals. In January 2024, contract managers, sourcing managers, procurement leads and alliance managers have been trained on how and when to apply these best practices in support of our lines of businessesâ priorities and goals. A Vendor Risk Manager is planned to be on-boarded in 2025 to ensure proper documen-tation and tracking of the initiative.All the Genmab suppliers are vetted against unethical business practices, including adverse media, U.S. and EU Sanctions lists and the Global Corruption Index as well as a review of the financial health of the third party.The Global Procurement Policy and Supplier Code of Conduct can be mapped to the positive impact of our strong management of suppliers, focused on compliance with supplier code of conduct, and targets set are the responsibility of our global procurement team.Targets for supplier management:⢠Acceptance of Genmabâs Supplier Code of Conduct by 80% of suppliers by spend by 2025The target specifically supports important gover-nance topics covered in the Supplier Code of Conduct including areas like legal compliance, anti-corruption and bribery, labor practices, human rights, supply chain, animal welfare, protection of information and intellectual property/security. Genmab will monitor, review and report metrics related to this target in the next annual report.Refer to E1-4 for details of Genmabâs engage-ment plans with suppliers on Scope 3 emission reductions targets.Prevention and detection of corruption and bribery (G1-3)Anti-Bribery and Anti-Corruption (ABAC) PolicyAs a global company, we implement policies to mitigate risks related to bribery and corruption. Our Anti-Bribery and Anti-Corruption (ABAC) Policy educates team members on recognizing risks, emphasizes our zero-tolerance stance, and outlines reporting mechanisms for suspected misconduct. All employees receive annual ABAC training, and we are enhancing due diligence and monitoring activities for better oversight. In 2023,we updated our Quarterly Financial Disclosure Questionnaire to improve management disclo-sures regarding potential bribery and corruption.Management identifies the primary bribery and corruption risks as payments or gifts intended to secure preferential treatment for the company. Employees interacting with public officials or regulatory representatives face heightened risks, as do those dealing with healthcare providers and third parties on Genmabâs behalf, especially due to limited oversight of third-party anti- corruption practices.Reports of bribery or corruption are reviewed by the Global Compliance Program, which reports directly to the CEO. Annual summaries are provided to the Global Compliance and Risk Committee and the Board, detailing all reported incidents.We consider all functions within the business to be potentially subject to corruption and bribery and as such, 100% of Genmab employees, contractors, and Board members must complete annual Code of Conduct training, which covers ABAC, regulatory issues, conflicts of interest, and reporting mechanisms. New hires also receive ABAC training. Our Compliance program maintains a SharePoint site for business conduct policies and uses the company intranet to communicate key concepts.Every two years, business functions assess their vulnerability to corruption and report findings to the Compliance organization, which may implement further controls. Our Internal Audit function also conducts an annual fraud assess-ment. The Anti-Bribery and Anti-Corruption Policy can be mapped to the positive impact of our ethical business culture and business practices.5.2 Business conduct metrics and targetsIncidents of corruption or bribery (G1-4)Genmab defines bribery as acts designed to influence individuals to act dishonestly in the performance or discharge of their duty, and corruption as the misuse of office or power or influence for private gain. Genmab has a zero- tolerance policy for any acts of bribery or corruption by employees, contingent staff, management, officers, directors, or third-party agents or representatives. Genmabâs 24/7 Speak Up Compliance Hotline enables the anonymous reporting of behavior indicative of corruption or bribery. Our compliance team reviews these reports and supports investigations as warranted. A review of all hotline reported incidents indicates no submissions related to a Genmab employee, contingent staff, management, officer, director, or third-party agent or representative performing an act of bribery or corruption in 2024 or 2023, thus no incidents of corruption or bribery.Payment practices (G1-6)Standard payment terms are 45 days net.For certain categories of suppliers there are other possible payment terms, for example 30 days net allowed for Small and Medium Enterprises (SMEs) and 7 days net for Grants/Sponsorships and Government organizations.Genmab defines SMEs as enterprises which employ fewer than 10 persons or which have an annual turnover not exceeding EUR/USD 10 million.There were no legal proceedings for late payments in 2024, including payments to SMEs.Currently, Genmab does not have a process to track actual payment terms by main category of suppliers. However, the average time Genmab takes to pay an invoice for all suppliers with varying payment terms from the date when the contractual or statutory term of payment starts to be calculated, in number of days was 46 in 2024.Appendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS 2 GOV-1 Boardâs gender diversity Indicator number 13 of Commission Delegated Material GOV-1 Sectionparagraph 21 (d)Table #1 of Annex 1Regulation (EU) 2020/1816, Annex IIESRS 2 GOV-1 Percentage of board Delegated Regulation (EU) Material GOV-1 Sectionmembers who are independent 2020/1816, Annex IIparagraph 21 (e)ESRS 2 GOV-4 Statement on due Indicator number 10 Material GOV-4 Sectiondiligence paragraph 30Table #3 of Annex 1ESRS 2 SBM-1 Involvement in activities Indicators number 4 Article 449a Regulation Delegated Regulation (EU) Not Materialrelated to fossil fuel activities Table #1 of Annex 1(EU) No 575/2013; 2020/1816, Annex IIparagraph 40 (d) iCommission Implementing Regulation (EU) 2022/2453 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social riskESRS 2 SBM-1 Involvement in activities Indicator number 9 Delegated Regulation (EU) Not Materialrelated to chemical production Table #2 of Annex 12020/1816, Annex IIparagraph 40 (d) iiESRS 2 SBM-1 Involvement in activities Indicator number 14 Delegated Regulation (EU) Not Materialrelated to controversial weapons Table #1 of Annex 12020/1818, Article 12(1) paragraph 40 (d) iiiDelegated Regulation (EU) 2020/1816, Annex IIESRS 2 SBM-1 Involvement in activities Delegated Regulation (EU) Not Materialrelated to cultivation and production of 2020/1818, Article 12(1) tobacco paragraph 40 (d) ivDelegated Regulation (EU) 2020/1816, Annex IIESRS E1-1 Transition plan to Regulation (EU) Material ESRS E1-1 Sectionreach climate neutrality by 2050 2021/1119, Ar ticle 2(1)paragraph 14Appendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS E1-1 Undertakings excluded Article 449a Regulation Delegated Regulation (EU) Not Materialfrom Paris-aligned Benchmarks (EU) No 575/2013; 2020/1818, Article12.1 (d) paragraph 16 (g)Commission Implementing to (g), and Article 12.2Regulation (EU) 2022/2453 Template 1: Banking book â Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturityESRS E1-4 GHG emission reduction Indicator number 4 Article 449a Regulation Delegated Regulation (EU) Material ESRS E1-4 Sectiontargets paragraph 34Table #2 of Annex 1(EU) No 575/2013; 2020/1818, Article 6Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book â Climate change transition risk: alignment metricsESRS E1-5 Energy consumption from Indicator number 5 Not Materialfossil sources disaggregated by Table #1 and Indicator n. 5 sources (only high climate impact Table #2 of Annex 1sectors) paragraph 38ESRS E1-5 Energy consumption and mix Indicator number 5 Material ESRS E1-5 Sectionparagraph 37Table #1 of Annex 1ESRS E1-5 Energy intensity associated Indicator number 6 Not Materialwith activities in high climate impact Table #1 of Annex 1sectors paragraphs 40 to 43ESRS E1-6 Gross Scope 1, 2, 3 and Total Indicators number 1 and 2 Article 449a; Regulation Delegated Regulation (EU) Material ESRS E1-6 SectionGHG emissions paragraph 44Table #1 of Annex 1(EU) No 575/2013; 2020/1818, Article 5(1), 6 Commission Implementing and 8(1)Regulation (EU) 2022/2453 Template 1: Banking book â Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturityAppendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS E1-6 Gross GHG emissions Indicators number 3 Article 449a Regulation Delegated Regulation (EU) Material ESRS E1-6 Sectionintensity paragraphs 53 to 55Table #1 of Annex 1(EU) No 575/2013; 2020/1818, Article 8(1)Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book â Climate change transition risk: alignment metricsESRS E1-7 GHG removals and carbon Regulation (EU) Not Materialcredits paragraph 562021/1119, Ar ticle 2(1)ESRS E1-9 Exposure of the benchmark Delegated Regulation Not Materialportfolio to climate-related physical (EU) 2020/1818, Annex II risks paragraph 66Delegated Regulation (EU) 2020/1816, Annex IIESRS E1-9 Disaggregation of monetary Article 449a Regulation Not Materialamounts by acute and chronic (EU) No 575/2013; physical risk paragraph 66 (a) ESRS Commission E1-9 Location of significant assets at Implementing Regulation material physical risk paragraph 66 (c).(EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book â Climate change physical risk: Exposures subject to physical risk.ESRS E1-9 Breakdown of the Article 449a Regulation Not Materialcarrying value of its real estate (EU) No 575/2013; assets by energy-efficiency classes Commission paragraph 67 (c).Implementing Regulation (EU) 2022/2453 paragraph 34;Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable proper ty â Energy efficiency of the collateralESRS E1-9 Degree of exposure of Delegated Regulation (EU) Not Materialthe portfolio to climate-related 2020/1818, Annex IIopportunities paragraph 69Appendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS E2-4 Amount of each pollutant Indicator number 8 Table Not Materiallisted in Annex II of the E- PRTR #1 of Annex 1 Indicator Regulation (European Pollutant Release number 2 Table #2 of and Transfer Register) emitted to air, Annex 1 Indicator number water and soil, paragraph 281 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1ESRS E3-1 Water and marine resources Indicator number 7 Not Materialparagraph 9Table #2 of Annex 1ESRS E3-1 Dedicated policy Indicator number 8 Table 2 Not Materialparagraph 13of Annex 1ESRS E3-1 Sustainable oceans and Indicator number 12 Not Materialseas paragraph 14Table #2 of Annex 1ESRS E3-4 Total water recycled and Indicator number 6.2 Not Materialreused paragraph 28 (c)Table #2 of Annex 1ESRS E3-4 Total water consumption in Indicator number 6.1 Not Materialm3 per net revenue on own operations Table #2 of Annex 1paragraph 29ESRS 2 â SBM 3 â E4 paragraph 16 (a) i Indicator number 7 Not MaterialTable #1 of Annex 1ESRS 2 â SBM 3 â E4 paragraph 16 (b) Indicator number 10 Not MaterialTable #2 of Annex 1ESRS 2 â SBM 3 â E4 paragraph 16 (c) Indicator number 14 Not MaterialTable #2 of Annex 1ESRS E4-2 Sustainable land/agriculture Indicator number 11 Not Materialpractices or policies paragraph 24 (b)Table #2 of Annex 1ESRS E4-2 Sustainable oceans/seas Indicator number 12 Not Materialpractices or policies paragraph 24 (c)Table #2 of Annex 1ESRS E4-2 Policies to address Indicator number 15 Not Materialdeforestation paragraph 24 (d)Table #2 of Annex 1ESRS E5-5 Non-recycled waste Indicator number 13 Not Materialparagraph 37 (d)Table #2 of Annex 1ESRS E5-5 Hazardous waste and Indicator number 9 Not Materialradioactive waste paragraph 39Table #1 of Annex 1Appendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS 2- SBM3 â S1 Risk of incidents of Indicator number 13 Not Materialforced labour paragraph 14 (f)Table #3 of Annex IESRS 2- SBM3 â S1 Risk of incidents of Indicator number 12 Not Materialchild labour paragraph 14 (g)Table #3 of Annex IESRS S1-1 Human rights policy Indicator number 9 Material ESRS S1-1 Sectioncommitments paragraph 20Table #3 and Indicator number 11 Table #1 of Annex IESRS S1-1 Due diligence policies on Delegated Regulation (EU) Material ESRS S1-1 Sectionissues addressed by the fundamental 2020/1816, Annex IIInternational Labor Organisation Conventions 1 to 8, paragraph 21ESRS S1-1 processes and measures for Indicator number 11 Material ESRS S1-1 Sectionpreventing trafficking in human beings Table #3 of Annex Iparagraph 22ESRS S1-1 workplace accident Indicator number 1 Material ESRS S1-1 Sectionprevention policy or management Table #3 of Annex Isystem paragraph 23ESRS S1-3 grievance/complaints Indicator number 5 Material ESRS S1-3 Sectionhandling mechanisms paragraph 32 (c)Table #3 of Annex IESRS S1-14 Number of fatalities and Indicator number 2 Delegated Regulation (EU) Material ESRS S1-14 Sectionnumber and rate of work-related Table #3 of Annex I2020/1816, Annex IIaccidents paragraph 88 (b) and (c)ESRS S1-14 Number of days lost to Indicator number 3 Material ESRS S1-14 Sectioninjuries, accidents, fatalities or illness Table #3 of Annex Iparagraph 88 (e)ESRS S1-16 Unadjusted gender pay gap Indicator number 12 Delegated Regulation (EU) Material ESRS S1-16 Sectionparagraph 97 (a)Table #1 of Annex I2020/1816, Annex IIESRS S1-16 Excessive CEO pay ratio Indicator number 8 Material ESRS S1-16 Sectionparagraph 97 (b)Table #3 of Annex IESRS S1-17 Incidents of discrimination Indicator number 7 Material ESRS S1-17 Sectionparagraph 103 (a)Table #3 of Annex IAppendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS S1-17 Non-respect of UNGPs on Indicator number 10 Delegated Regulation Not MaterialBusiness and Human Rights and OECD Table #1 and Indicator n. (EU) 2020/1816, Annex II Guidelines paragraph 104 (a)14 Table #3 of Annex IDelegated Regulation (EU) 2020/1818 Art 12 (1)ESRS 2- SBM3 â S2 Significant risk Indicators number 12 and Not Materialof child labour or forced labour in the n. 13 Table #3 of Annex Ivalue chain paragraph 11 (b)ESRS S2-1 Human rights policy Indicator number 9 Not Materialcommitments paragraph 17Table #3 and Indicator n. 11 Table #1 of Annex 1ESRS S2-1 Policies related to value Indicator number 11 and n. Not Materialchain workers paragraph 184 Table #3 of Annex 1ESRS S2-1 Non-respect of UNGPs on Indicator number 10 Delegated Regulation Not MaterialBusiness and Human Rights principles Table #1 of Annex 1(EU) 2020/1816, Annex II and OECD guidelines paragraph 19Delegated Regulation (EU) 2020/1818, Art 12 (1)ESRS S2-1 Due diligence policies on Delegated Regulation (EU) Not Materialissues addressed by the fundamental 2020/1816, Annex IIInternational Labor Organisation Conventions 1 to 8, paragraph 19ESRS S2-4 Human rights issues and Indicator number 14 Not Materialincidents connected to its upstream Table #3 of Annex 1and downstream value chain paragraph 36ESRS S3-1 Human rights policy Indicator number 9 Not Materialcommitments paragraph 16Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1ESRS S3-1 non-respect of UNGPs Indicator number 10 Delegated Regulation Not Materialon Business and Human Rights, Table #1 Annex 1(EU) 2020/1816, Annex II ILO principles or OECD guidelines Delegated Regulation (EU) paragraph 172020/1818, Art 12 (1)ESRS S3-4 Human rights issues and Indicator number 14 Not Materialincidents paragraph 36Table #3 of Annex 1Appendix A (Derived from ESRS 2 Appendix B)Disclosure Requirement Benchmark Regulation Section, Paragraph or and related datapoint SFDR Reference Pillar 3 ReferenceReference EU Climate Law Reference Material/Not MaterialPage ReferenceESRS S4-1 Policies related Indicator number 9 Table Material ESRS S4-1 Sectionto consumers and end-users #3 and Indicator number paragraph 1611 Table #1 of Annex 1ESRS S4-1 Non-respect of UNGPs on Indicator number 10 Delegated Regulation Not MaterialBusiness and Human Rights and OECD Table #1 of Annex 1(EU) 2020/1816, Annex II guidelines paragraph 17Delegated Regulation (EU) 2020/1818, Art 12 (1)ESRS S4-4 Human rights issues and Indicator number 14 Not Materialincidents paragraph 35Table #3 of Annex 1ESRS G1-1 United Nations Convention Indicator number 15 Not Materialagainst Corruption paragraph 10 (b)Table #3 of Annex 1ESRS G1-1 Protection of whistle-Indicator number 6 Material ESRS G1-1 Sectionblowers paragraph 10 (d)Table #3 of Annex 1ESRS G1-4 Fines for violation of anti-Indicator number 17 Delegated Regulation (EU) Material ESRS G1-4 Sectioncorruption and anti-bribery laws Table #3 of Annex 12020/1816, Annex II)paragraph 24 (a)ESRS G1-4 Standards of anti-corruption Indicator number 16 Not Materialand anti-bribery paragraph 24 (b)Table #3 of Annex 1</mrv:SustainabilityReport>
<mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="s8__7__9" xml:lang="en">2.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy SBM-3and business model2.1 E1 Climate Change Strategy Transition plan for climate change mitigation E1-12.2 E1 Climate ChangePolicies related to climate change mitigation and adaptation E1-2IRO managementActions and resources in relation to climate change policies E1-32.3 E1 Climate ChangeTargets related to climate change mitigation and adaptation E1-4Metrics and TargetsEnergy consumption and mix E1-5Gross Scopes 1, 2, 3 and total GHG emissions E1-6GHG removals and GHG mitigation projects financed through carbon credits E1-7*Internal carbon pricing E1-8*Anticipated financial effects from material physical and transition risks and E1-9**potential climate-related opportunitiesEU Taxonomy2.4 EU Taxonomy Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy N/ARegulation)*Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.**Genmab has adopted the phase-in for E1-9 and elected not to disclose for year 1 reporting.2.0 IROsMaterial Impacts, Risks and Opportunities (IROs) and their interaction with strategy and business model (SBM-3)Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunityEnvironmental Climate ChangeEmissions from value chain (negative) Upstream Genmab could face transitional risks by its Partner with value chain to reduce Scope 3 inability to manage the carbon footprint and emissions â Adaptation and Mitigationenergy mix from our business operations and physical risks from climate-related events that may impact our business operations or that of our third-party partners or suppliers.Emissions from own operations (negative) Own OperationsRefer to the Risk Management section of the Renewable energy contracts (to mitigate Annual Report under Environment for detailsclimate change risks)Behavioral changes of employees (labs, travel patterns)Climate ChangeEnergy consumption (negative) Own Operations Increasing energy efficiency in the procurement of new locations as operations â Energyexpand in the future and major renovations to existing locations.Generation of energy from onsite solar Own Operationspanels (positive)All impacts, risks and opportunities have expected time horizons of short, medium and long-term.Emissions from our value chain/Emissions from our own operationsClimate change adaptation and mitigation is material due to GHG emissions primarily in our value chain, but also in our own operations, which has a negative impact on the environment with transitional and physical risks associated. Genmab has adaptation and mitigation efforts aligned with the Paris Agreement for a future where warming is kept at 1.5°C. Genmab is committed to reducing GHG emissions to limit the global warming the planet is facing.In line with our ambitions to reduce Scope 3 emissions through supplier engagement, Genmab has an opportunity to reduce GHG emissions in our upstream value chain by setting clear expec-tations and requirements, providing incentives and setting goals, which could lead to more efficient production processes and cost savings for both Genmab and its suppliers.In terms of our own operations, Genmab plans to reduce emissions by sourcing electricity from renewable energy sources such as solar, wind, hydroelectric, or geothermal power. Genmab has an opportunity to reduce emissions by actively investing in renewable energy procurement through power purchase agreements (PPAs), green tariffs, or direct ownership of renewable energy assets which could mitigate climate change risks relating to carbon taxation. Genmab can decrease the carbon intensity of its electricity consumption by contracting with renewable energy providers or investing in onsite renewable energy projects. This not only helps in reducing emissions, but also supports the growth of renewable energy markets and contributes to broader sustainability goals.Genmab has an opportunity to reduce GHG emissions and promote health in the context of climate change through various initiatives targeting employee behavior and operational practices. We aim to reduce energy consumption and GHG emissions by implementing sustainable practices in laboratories in line with MyGreenLab recommendations. Additionally, we encourage employees to minimize air travel to lower GHG emissions while ensuring business continuity, supported by guidelines that have been in place for several years. Furthermore, establishing remote work policies and promoting alternative commuting methods, such as biking, carpooling, and public transit, can contribute to decreasing GHG emissions associated with employee commuting, fostering a healthier environment for all and could lead to cost savings.Energy consumptionGenmab utilizes 61% renewable energy at our state-of-the-art buildings; therefore, there is a negative impact in terms of non- renewable energy usage with risk associated with our energy mix; however, there is room to achieve 100% renewable energy usage at all of our locations.Genmab has an opportunity to increase energy efficiency in the procurement of new locations as operations expand in the future and major renovations to existing locations which could lead to financial savings on operational expenses.Refer to E1-5 for energy mix and consumption table.Generation of energy from onsite solar panelsGenmab also has a positive impact from generation of energy through solar panels at our headquarters in Denmark and certain R&D locations in the Netherlands.Refer to E1-4 for climate change targets.Genmabâs Resilience to Climate ChangeGenmabâs resilience analysis was conducted qualitatively in 2021, incorporating climate scenarios based on key reports from authorita-tive bodies such as the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA). No material changes to the analysis were identified in 2024, 2023 or 2022. The analysis was conducted by assessing climate-related impacts across Genmabâs entire value chain, including supply chains, operations, energy consumption, and logistics.This resilience analysis helps inform Genmabâs strategic planning, risk management, and financial planning processes, ensuring that climate-related risks and opportunities are integrated into the companyâs Enterprise Risk Management (ERM) framework.Genmab utilized two scenarios to explore potential transition and physical risks at a Paris Agreement aligned 1.5â2°C and a high emissions scenario at 4°C warming levels, considering both short-term (2030) and medium-to-long-term (2040/2050) time horizons in alignment with Genmabâs strategic planning horizons and its GHG emissions reduction targets.⢠The 1.5â2°C scenario assumes a transition to a low-carbon economy in line with global climate targets. This scenario evaluates risks and opportunities arising from regulatory actions such as carbon taxation, low-carbon technology adoption, and evolving consumer preferences toward sustainability.⢠The 4°C scenario represents a business-as-usual pathway with high emissions and limited global mitigation efforts, leading to more severe physical risks such as extreme weather events, flooding, and disruptions to supply chains.The key assumptions for the resilience analysis include the transition to a low-carbon economy, macroeconomic trends, energy consumption and mix, technology deployment and time horizons.Based on the scenario analysis, Genmab iden-tified several potential physical risks, transition risks and opportunities for both the 1.5â2°C and 4°C warming scenarios across short-term and medium/long-term time frames. The identified physical and transition risks and opportunities were evaluated based on likelihood, magnitude and duration to Genmabâs operations and taking into account Genmabâs physical geographical locations at the time of conducting the analysis. No aspects of Genmabâs business were identified as incompatible with a transition to a climate neutral economy.⢠Key physical risks to Genmabâs business activities and assets identified in the scenarios: Disruption of supply chain and operations from extreme weather events, increased cooling costs from more frequent and severe heat waves, increased costs of raw materials due to changes in weather patterns and extreme weather events, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.⢠Key transition risks to Genmabâs business activities identified in the scenarios: Global carbon taxation and pricing impacting costs and financial returns, investor focus on climate performance limiting access to capital and investment, competition for talent in scientific and innovative fields becomes increasingly linked to climate performance, and cost of compliance with fragmented and drastic regulatory intervention.While the scenario analysis identified potential physical and transition risks, the risk related to the Environment was identified as the material risk to Genmab. Refer to the Risk Management section in Managementâs Review for risks related to the Environment.Genmab has committed to a science-aligned emissions reduction target aligned with the Paris Agreement, aimed at reducing its GHG emissions in line with the global goal to limit warming to 1.5°C. This target plays a critical role in mitigating both transition and physical risks by guiding risk mitigation, reducing exposure to physical risks and enhancing resilience to market shifts.Uncertainties within the resilience analysis included climate projections under the scenarios and regulatory evolution over time.Genmabâs resilience analysis, underpinned by qualitative scenario analysis and guided by a science-aligned emissions reduction target, high-lights the companyâs preparedness by adapting our strategy for both transition and physical climate risks in the medium and long term. The science-aligned emissions reduction target offers a clear pathway for mitigating these risks while also seizing opportunities associated with the transition to a low-carbon economy. Through its ongoing commitment to sustainability, Genmab is not only reducing its exposure to climate risks but also positioning itself for long-term business success in an increasingly climate- conscious world.2.1 E1 Climate Change StrategyTransition plan for climate change mitigation (E1-1)Genmab approaches climate change mitiga-tion through a comprehensive transition plan, addressing risks, setting targets, and engaging stakeholders including suppliers. We have assessed potential climate-related risks to our own operations and our value chain â See the Risk Management section in Managementâs Review for further details.We have established science-aligned emissions reductions targets for reducing GHG emissions across our own operations and our value chain, aligning with the goals of the Paris Agreement to limit global warming to 1.5°C, and we have set targets for GHG emission reduction.Genmab plans to reduce GHG emissions by:⢠engaging with suppliers and partners to ensure ongoing decarbonization of our value chain,⢠sourcing electricity from renewable energy sources such as solar, wind, hydroelectric, or geothermal power, and⢠encouraging and inspiring behavioral changes for our employees to reduce emissions from lab operations, business travel and employee commutingGenmabâs transition plan is embedded in and aligned with our overall business strategy including our financial planning. Refer to âOur Strategyâ section in Managementâs Review for details.The transition plan is reviewed through our governance model and is approved by Executive Management and Board.Refer E1-4 for Genmabâs progress on the imple-mentation of the transition plan.2.2 E1 Climate Change IRO ManagementPolicies related to climate change mitigation and adaptation (E1-2)Genmab published its Corporate Social Responsibility (CSR) Policy in 2023 which was adopted by the Board and includes a focus on environmental sustainability.In 2024, Genmab published an overarching Commitment to the Environment and Sustainability to manage material environ-mental sustainability matters including material IROs covering climate change adaptation and mitigation, and energy, and matters not material to Genmab including water and circular economy. The Commitment to the Environment and Sustainability was adopted by the CSR & Sustainability Committee on December 11, 2024.Genmabâs Commitment to the Environment and Sustainability applies to all employees and contractors and all activities within Genmabâs operations. It extends to all regions where Genmab operates, recognizing diverse environ-mental challenges and opportunities.Genmabâs CSR & Sustainability Committee, composed of cross-functional senior leaders, and co-lead by our CEO and SVP Communications & Corporate Affairs, is responsible for the oversight of Genmabâs Commitment to the Environment & Sustainability and implementation.Genmab has included the perspectives of internal and external key experts and stakeholders in determining material environmental topics and in formulating Genmabâs Commitment to the Environment and Sustainability.Genmabâs Commitment to the Environment and Sustainability is available for our key stake-holders including our employees on our website (Genmab.com).Refer to the Commitment to the Environment and Sustainability on our website.Actions and resources in relation to climate change policies (E1-3)Engaged with suppliers to encourage them to set their own emissions targetsWe engage in continuous dialogue on sustain-ability with our key suppliers so Genmab may meet our target as disclosed in E1-4.In 2024, Genmab benchmarked the climate ambitions of our top suppliers to provide a clear baseline and identify actions and hotspots for improvement. We had in-person and virtual engagement with key suppliers identified as significant sources of emissions. Genmab estab-lished formalized processes governing supplier engagement on climate change by incorporating specific climate change topics in the supplier onboarding and annual contract review.Continued investment in Renewable Energy ProcurementIn 2024, Genmab renegotiated an electricity contract to ensure that our sites continue towards our ambition of sourcing 100% renewable elec-tricity to help mitigate our Scope 2 emissions.Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions.2.3 E1 Climate Metrics and TargetsTargets related to climate change mitigation and adaptation (E1-4)Genmab plans to minimize its carbon footprint across our business to align with a future where warming is kept at 1.5°C in line with the Paris Agreement. Genmab has considered a diverse range of climate scenarios when setting the targets. Specific targets consistent with Genmabâs GHG inventory are summarized below and relate to the gross reduction of GHG emissions:(1) Develop and execute on sustainable 1climate-related strategy by 2025The development and execution of a sustain-able climate-related strategy by 2025 is critical to ensuring that we align our operations with global climate targets. By disclosing Scope 1, 2, and 3 emissions in the 2023 annual report-ing, Genmab has already laid the groundwork for transparency and accountability of our envi-ronmental impact. Building on this foundation, in 2024, Genmab achieved the development of a comprehensive climate strategy, with a clear commitment to climate targets aligned with the Paris Agreement. Executing this strategy will involve taking tangible actions toward GHG emissions reductions, with partial progress on Scope 1 and 2 reductions expected by the end of 2025. By executing these steps, Genmab plans to not only meet regulatory expecta-tions but also contribute to global efforts to combat climate change toward a sustainable future for both our operations and the planet.(2) Reduce Scope 1 and Scope 2 emissions by 42% through a reduction in Scope 2 2emissions by 2030 from a 2024 base yearGenmab intends to achieve a 42% reduction in Scope 1 and Scope 2 (market-based) GHG emissions by 2030 compared to a 2024 baseline year by sourcing renewable electricity at our facilities.(3) Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have Science Based Targets 3(SBT) by 2030Genmab intends to indirectly mitigate GHG emission impacts to the environment by 2030 through supplier engagement and responsible sourcing practices by ensuring at least 70% of our largest suppliers by spend (operating expenses), covering upstream purchased goods and services, capital goods and upstream transportation, commit to have science-based targets by 2030.(4) Reduce Scope 1 and 2 emissions by 90% by 2050 from a 2024 base yearGenmab intends to reduce Scope 1 and 2 (market-based) GHG emissions by 90% by 2050 from a 2024 base year to contribute to the obtainment of the ambitions laid out in the 2015 Paris Agreement by sourcing renewable electricity and switching to cleaner heating sources.Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.In 2022, Executive Management was granted RSUs linked to Genmabâs climate target to ensure 100% renewable electricity was achieved across all major operating sites, which at the time of grants included our headquarters in Denmark and sites in the Netherlands, the U.S. and Japan. As of December 31, 2024, all major operating sites under the RSU grant achieved 100% renewable electricity.Energy consumption and mix (E1-5)Energy consumption and mix 20241 Total fossil energy consumption MWh4,616Share of fossil sources in total energy consumption % 38%2 Consumption from nuclear sources MWh 92Share of consumption from nuclear sources in total energy consumption % 1%3 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWhâ4 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh7,4145 The consumption of self-generated non-fuel renewable energy MWh 7716 Total renewable energy consumptionMWh 7,491Share of renewable sources in total energy consumption % 61%2Total energy consumptionMWh 12,1991. Total renewable energy consumption (MWh) (calculated as the sum of lines 3 to 5)2. Total energy consumption (MWh) (calculated as the sum of lines 1, 2 and 6)1. Executive Management received RSU grants in 2023 with performance linked to developing and executing on a sustainable climate-related strategy.2. Executive Management received RSU grants in 2024 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2021 base year. The grant occurred prior to our base year update to 2024 due to significant changes in our structure and corresponding emissions (ProfoundBio acquisition in May 2024) and achievement will be assessed prior to base year update.3. Executive Management received RSU grants in 2024 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.Accounting PoliciesTotal energy consumption is accounted for by combining both renewable and non-renewable energy sources used across our operations. We measure energy consumption in megawatt-hours (MWh), incorporating data from energy manage-ment systems and utility invoices to ensure accuracy. Renewable energy includes wind, solar, hydro and other sustainable sources which are supported by contractual agreements such as Energy Attribute Certificates (EACs), while non- renewable energy encompasses fossil fuels and grid electricity. This comprehensive approach allows us to monitor our overall energy usage effectively and conduct annual reviews of our consumption data to validate its completeness and reliability, ensuring compliance with relevant reporting standards and reinforcing our commit-ment to sustainability.Gross Scopes 1, 2, 3 and total GHG emissions (E1-6)Genmab calculates its Scope 1, 2 and 3 GHG emissions in accordance with the requirements of ESRS E1 Climate Change, considering the principles, require-ments and guidance provided by the GHG Protocol.Milestones and Target YearsAnnual % Base YearTarget/ 320242023 % Change 2030 2050Base Year1Scope 1 GHG emissionsGross Scope 1 GHG emissions (tCO2eq) 534 317 68% 534 54 0%Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions (tCO2eq) 2,705 1,200 125% â â âGross market-based Scope 2 GHG emissions (tCO2eq) 1,163 238 389% 450 116 7%Total Scope 1 and market-based Scope 2 GHG emissions (tCO2eq) 1,697 555 206% 984 170 7%2Significant Scope 3 GHG emissionsTotal Gross indirect (Scope 3) GHG emissions (tCO2eq)1 â Purchased Goods and services 164,449 127,237 29%2 â Capital goods 5,519 10,045 (45)%3 â Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,078 411 162%4 â Upstream transportation and distribution 5,425 4,737 15%6 â Business travel 10,559 7,675 38%7 â Employee commuting 946 803 18%Total Scope 3 GHG emissions 187,976 150,908 25%Total GHG emissionsTotal GHG emissions (location-based) (tCO2eq) 191,215 152,425 25%Total GHG emissions (market-based) (tCO2eq) 189,673 151,463 25%1. Percentage of Scope 1 GHG emissions from regulated emission trading schemes not applicable to Genmab.2. Scope 3 GHG emissions categories excluded from the inventory include 5 â Waste generated in operations as it is included in category 1, 8 â Upstream leased assets, 9 â Downstream transportation and distribution, 10 â Processing of sold products, 11 â Use of products sold, 13 â Downstream leased assets and 14 â Franchises as they are all not applicable to Genmab, and 12 â End-of-life treatment of sold products and 15 â Investments as they are not material. Further, there are no emission reduction target percentages for Scope 3 GHG emissions. Refer to E1-4 for environmental targets.3. Annual % Target/Base Year represents the actual reduction target for 2030 (or 42%) over six years.Accounting PoliciesScope 1 GHG EmissionsScope 1 GHG emissions refer to the direct GHG emissions from sources that are financially or operationally (as required by ESRS 1) controlled by Genmab at our headquarters, office, laboratory and preclinical development space across all Genmab locations. Direct GHG emissions is comprised of the sum of greenhouse gases, which are converted to CO2 equivalents (CO2eq). The GHG emissions arise from the combustion of fuel products and leakage of refrigerants. To calculate GHG emissions the newest version of DEFRA GHG Conversion factors (2024) has been used.Scope 2 GHG EmissionsScope 2 GHG emissions refer to the indirect GHG emissions resulting from the generation of purchased energy that is used by Genmab at our headquarters, office, laboratory and preclinical development space across all Genmab locations. Scope 2 GHG emissions occur at the facility where the energy is generated, thus being classified as indirect GHG emissions. The GHG emissions are linked to the electricity and district heating consumption.Scope 2 location-based GHG emissions are calcu-lated by taking consumed energy multiplied with relevant location-based national emission factors provided by the International Energy Agency (IEA) (2023) and the Association of Issuing Bodies (AIB) (2023).Scope 2 market-based emissions are calculated by taking consumed energy multiplied with market-specific emission factors provided directly from the energy supplier. Renewable energy purchases and certificates are considered, when accounting for indirect GHG emissions, using the market-based approach.Scope 3 GHG EmissionsGenmab has identified six categories, out of the 15 categories of Scope 3 GHG emissions defined by the GHG protocol, as relevant. The remaining nine categories are not separately reported on as they are either not applicable to Genmab or GHG emissions have been included in the other emission categories. Zero percent of Genmabâs Scope 3 GHG emissions are measured using primary data obtained from suppliers or other value chain partners. For spend-based calcula-tions, all spend in foreign currencies has been converted into USD using the average exchange rate for the year.Category 1 â Purchased goods and servicesPurchased goods and services include GHG emissions related to all spend from external suppliers, except for investment (CapEx), travel, and transportation and distribution spend, which are included in other Scope 3 catego-ries. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 2 â Capital goodsCapital goods include GHG emissions related to investments in tangible assets (CapEx). Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 3 â Fuel and energy-related activitiesFuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased fuel and electricity and Transmission and Distribution (T&D) Loss of purchased electricity (beyond Scope 1 and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRAâs emission factors (2023 for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises upstream WTT and T&D emissions from electricity and WTT emissions from natural gas.Category 4 â Upstream transportation and distributionUpstream transportation and distribution include GHG emissions related to spend from external suppliers related to transportation and distribution of goods. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 6 â Business travelBusiness travel includes GHG emissions related to spend from external suppliers related to flights, ground transportation, hotel stays and meals in connection with business travel. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 7 â Employee CommutingEmployee commuting includes GHG emissions related to employeesâ commuting between their homes and the Genmab sites. GHG emissions are estimated using the average data method and based on assumptions across our locations.2024GHG intensity per net revenueTotal GHG emissions (location-based) per net revenue (tCO2eq/DKK million ) 8.88Total GHG emissions (market-based) per net revenue (tCO2eq/DKK million ) 8.81Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue.2.4 EU TaxonomyDisclosures pursuant to Article 8 of Regulation (EU) 2020/852The EU Taxonomy is a classification system designed to provide a framework for identi-fying sustainable economic activities. It helps companies and investors distinguish between activities that contribute to environmental sustainability by establishing a common language for defining what constitutes âgreenâ or sustainable business practices. The EU Taxonomy plays a role in supporting the transition towards a more sustainable economy.In line with Article 8 of the EU Taxonomy and the Disclosure Delegated Act (EU) 2021/2178, Genmab is required to report on the sustainability profile of its activities, specifically focusing on the eligibility and alignment of its Turnover, Capital Expenditures (CapEx) and Operating Expenditures (OpEx).Eligibility:We screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx.⢠Turnover â We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). We did not include turnover from the sale of EPKINLY as eligible activities in 2023 as EPKINLY launched in the U.S. in May 2023 and Japan in September 2023.⢠CapEx â Our assessment focused on investments that align with Taxonomy-eligible activities. We identified one eligible project under Renovation of Buildings (#7.2) in line with the Taxonomy criteria for Climate Change Mitigation (CCM).⢠OpEx â We evaluated the eligibility of our OpEx by reviewing the eligible economic activities outlined in its Statement of Profit or Loss and examining the data available to us from our ERP system. Based on this evaluation, we did not identify eligible OpEx.Alignment:We assessed whether any of our Taxonomy-eligible Turnover or CapEx for economic activities 1.2 and 7.2 could be considered Taxonomy-aligned; however, we were not able to obtain enough evidence to conclude alignment with the âSubstantial contributionâ and âDo No Significant Harmâ (DNSH) criteria.Accounting PoliciesTurnover:Total Turnover consists of total revenue as disclosed in Note 2.1 in the consolidated financial statements. The Turnover KPI represents the ratio of net product sales from taxonomy- eligible or taxonomy-aligned economic activities to the total revenue in a fiscal year.CapEx:Total CapEx consists of additions to intangible assets, tangible assets and right-of-use assets during the fiscal year (refer to Notes 3.1, 3.2 and 3.3, respectively) and considered before depre-ciation, amortization, and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial year, excluding any fair value changes. Furthermore, total CapEx consists of any additions to tangible and intangible assets resulting from business combinations. The CapEx KPI represents the share of CapEx that is taxonomy-eligible or taxonomy-aligned divided by the total CapEx.OpEx:Total OpEx includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. OpEx does not include amortization, depreciation, or impairments.To avoid double counting related to the economic activities, Turnover, CapEx and OpEx are distinctly allocated to ensure that there is no overlap across these financial metrics.Economic Activities â TurnoverDNSH criteria TURNOVERSubstantial Contribution Criteria(âDoes Not Significantly Harmâ)Economic ActivitiesDKK % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E TmillionA. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned)None â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/ATurnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AA.2. Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Manufacture of medicinal products. PPC 1.2 1,743 8%Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 1,743 8%Total (A.1+A.2) 1,743 8%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESTurnover of Taxonomy-non-eligible activities 19,783 92%Total (A+B) 21,526 100%Economic Activities â CapEXDNSH criteria CAPEXSubstantial Contribution Criteria(âDoes Not Significantly Harmâ)Economic ActivitiesDKK % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E TmillionA. TAXONOMY-ELIGIBLE ACTIVITIESA.1. Environmentally sustainable activities (Taxonomy-aligned)None â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/ACapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Renovation of existing buildings CCM 7.2 80 1%CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 80 1%Total (A.1+A.2) 80 1%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCapEx of Taxonomy-non-eligible activities 12,486 99%Total (A+B) 12,566 100%Economic Activities â OpExDNSH Criteria OpExSubstantial Contribution Criteria(Does Not Significantly Harm)Economic ActivitiesDKK % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E TmillionA. TAXONOMY-ELIGIBLE ACTIVITIESA.1. Environmentally sustainable activities (Taxonomy-aligned)None â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AOpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) â 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% N/A N/AA.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)None â 0%OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) â 0%Total (A.1+A.2) â 0%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOpEx of Taxonomy-non-eligible activities 9,501 100%Total (A+B) 9,501 100%Annex XIIRow Nuclear energy related activities1 The undertaking carries out, funds or has exposures to research, development, NOdemonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.2 The undertaking carries out, funds or has exposures to construction and NOsafe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.3 The undertaking carries out, funds or has exposures to safe operation of NOexisting nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.Fossil gas related activities4 The undertaking carries out, funds or has exposures to construction or NOoperation of electricity generation facilities that produce electricity using fossil gaseous fuels.5 The undertaking carries out, funds or has exposures to construction, NOrefurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.6 The undertaking carries out, funds or has exposures to construction, NOrefurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.Sustainability Statements</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="s8__7__10" xml:lang="en">2.4 EU Taxonomy Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy N/ARegulation)*Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.**Genmab has adopted the phase-in for E1-9 and elected not to disclose for year 1 reporting.2.0 IROsMaterial Impacts, Risks and Opportunities (IROs) and their interaction with strategy and business model (SBM-3)Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunityEnvironmental Climate ChangeEmissions from value chain (negative) Upstream Genmab could face transitional risks by its Partner with value chain to reduce Scope 3 inability to manage the carbon footprint and emissions â Adaptation and Mitigationenergy mix from our business operations and physical risks from climate-related events that may impact our business operations or that of our third-party partners or suppliers.Emissions from own operations (negative) Own OperationsRefer to the Risk Management section of the Renewable energy contracts (to mitigate Annual Report under Environment for detailsclimate change risks)Behavioral changes of employees (labs, travel patterns)Climate ChangeEnergy consumption (negative) Own Operations Increasing energy efficiency in the procurement of new locations as operations â Energyexpand in the future and major renovations to existing locations.Generation of energy from onsite solar Own Operationspanels (positive)All impacts, risks and opportunities have expected time horizons of short, medium and long-term.Emissions from our value chain/Emissions from our own operationsClimate change adaptation and mitigation is material due to GHG emissions primarily in our value chain, but also in our own operations, which has a negative impact on the environment with transitional and physical risks associated. Genmab has adaptation and mitigation efforts aligned with the Paris Agreement for a future where warming is kept at 1.5°C. Genmab is committed to reducing GHG emissions to limit the global warming the planet is facing.In line with our ambitions to reduce Scope 3 emissions through supplier engagement, Genmab has an opportunity to reduce GHG emissions in our upstream value chain by setting clear expec-tations and requirements, providing incentives and setting goals, which could lead to more efficient production processes and cost savings for both Genmab and its suppliers.In terms of our own operations, Genmab plans to reduce emissions by sourcing electricity from renewable energy sources such as solar, wind, hydroelectric, or geothermal power. Genmab has an opportunity to reduce emissions by actively investing in renewable energy procurement through power purchase agreements (PPAs), green tariffs, or direct ownership of renewable energy assets which could mitigate climate change risks relating to carbon taxation. Genmab can decrease the carbon intensity of its electricity consumption by contracting with renewable energy providers or investing in onsite renewable energy projects. This not only helps in reducing emissions, but also supports the growth of renewable energy markets and contributes to broader sustainability goals.Genmab has an opportunity to reduce GHG emissions and promote health in the context of climate change through various initiatives targeting employee behavior and operational practices. We aim to reduce energy consumption and GHG emissions by implementing sustainable practices in laboratories in line with MyGreenLab recommendations. Additionally, we encourage employees to minimize air travel to lower GHG emissions while ensuring business continuity, supported by guidelines that have been in place for several years. Furthermore, establishing remote work policies and promoting alternative commuting methods, such as biking, carpooling, and public transit, can contribute to decreasing GHG emissions associated with employee commuting, fostering a healthier environment for all and could lead to cost savings.Energy consumptionGenmab utilizes 61% renewable energy at our state-of-the-art buildings; therefore, there is a negative impact in terms of non- renewable energy usage with risk associated with our energy mix; however, there is room to achieve 100% renewable energy usage at all of our locations.Genmab has an opportunity to increase energy efficiency in the procurement of new locations as operations expand in the future and major renovations to existing locations which could lead to financial savings on operational expenses.Refer to E1-5 for energy mix and consumption table.Generation of energy from onsite solar panelsGenmab also has a positive impact from generation of energy through solar panels at our headquarters in Denmark and certain R&D locations in the Netherlands.Refer to E1-4 for climate change targets.Genmabâs Resilience to Climate ChangeGenmabâs resilience analysis was conducted qualitatively in 2021, incorporating climate scenarios based on key reports from authorita-tive bodies such as the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA). No material changes to the analysis were identified in 2024, 2023 or 2022. The analysis was conducted by assessing climate-related impacts across Genmabâs entire value chain, including supply chains, operations, energy consumption, and logistics.This resilience analysis helps inform Genmabâs strategic planning, risk management, and financial planning processes, ensuring that climate-related risks and opportunities are integrated into the companyâs Enterprise Risk Management (ERM) framework.Genmab utilized two scenarios to explore potential transition and physical risks at a Paris Agreement aligned 1.5â2°C and a high emissions scenario at 4°C warming levels, considering both short-term (2030) and medium-to-long-term (2040/2050) time horizons in alignment with Genmabâs strategic planning horizons and its GHG emissions reduction targets.⢠The 1.5â2°C scenario assumes a transition to a low-carbon economy in line with global climate targets. This scenario evaluates risks and opportunities arising from regulatory actions such as carbon taxation, low-carbon technology adoption, and evolving consumer preferences toward sustainability.⢠The 4°C scenario represents a business-as-usual pathway with high emissions and limited global mitigation efforts, leading to more severe physical risks such as extreme weather events, flooding, and disruptions to supply chains.The key assumptions for the resilience analysis include the transition to a low-carbon economy, macroeconomic trends, energy consumption and mix, technology deployment and time horizons.Based on the scenario analysis, Genmab iden-tified several potential physical risks, transition risks and opportunities for both the 1.5â2°C and 4°C warming scenarios across short-term and medium/long-term time frames. The identified physical and transition risks and opportunities were evaluated based on likelihood, magnitude and duration to Genmabâs operations and taking into account Genmabâs physical geographical locations at the time of conducting the analysis. No aspects of Genmabâs business were identified as incompatible with a transition to a climate neutral economy.⢠Key physical risks to Genmabâs business activities and assets identified in the scenarios: Disruption of supply chain and operations from extreme weather events, increased cooling costs from more frequent and severe heat waves, increased costs of raw materials due to changes in weather patterns and extreme weather events, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.⢠Key transition risks to Genmabâs business activities identified in the scenarios: Global carbon taxation and pricing impacting costs and financial returns, investor focus on climate performance limiting access to capital and investment, competition for talent in scientific and innovative fields becomes increasingly linked to climate performance, and cost of compliance with fragmented and drastic regulatory intervention.While the scenario analysis identified potential physical and transition risks, the risk related to the Environment was identified as the material risk to Genmab. Refer to the Risk Management section in Managementâs Review for risks related to the Environment.Genmab has committed to a science-aligned emissions reduction target aligned with the Paris Agreement, aimed at reducing its GHG emissions in line with the global goal to limit warming to 1.5°C. This target plays a critical role in mitigating both transition and physical risks by guiding risk mitigation, reducing exposure to physical risks and enhancing resilience to market shifts.Uncertainties within the resilience analysis included climate projections under the scenarios and regulatory evolution over time.Genmabâs resilience analysis, underpinned by qualitative scenario analysis and guided by a science-aligned emissions reduction target, high-lights the companyâs preparedness by adapting our strategy for both transition and physical climate risks in the medium and long term. The science-aligned emissions reduction target offers a clear pathway for mitigating these risks while also seizing opportunities associated with the transition to a low-carbon economy. Through its ongoing commitment to sustainability, Genmab is not only reducing its exposure to climate risks but also positioning itself for long-term business success in an increasingly climate- conscious world.2.1 E1 Climate Change StrategyTransition plan for climate change mitigation (E1-1)Genmab approaches climate change mitiga-tion through a comprehensive transition plan, addressing risks, setting targets, and engaging stakeholders including suppliers. We have assessed potential climate-related risks to our own operations and our value chain â See the Risk Management section in Managementâs Review for further details.We have established science-aligned emissions reductions targets for reducing GHG emissions across our own operations and our value chain, aligning with the goals of the Paris Agreement to limit global warming to 1.5°C, and we have set targets for GHG emission reduction.Genmab plans to reduce GHG emissions by:⢠engaging with suppliers and partners to ensure ongoing decarbonization of our value chain,⢠sourcing electricity from renewable energy sources such as solar, wind, hydroelectric, or geothermal power, and⢠encouraging and inspiring behavioral changes for our employees to reduce emissions from lab operations, business travel and employee commutingGenmabâs transition plan is embedded in and aligned with our overall business strategy including our financial planning. Refer to âOur Strategyâ section in Managementâs Review for details.The transition plan is reviewed through our governance model and is approved by Executive Management and Board.Refer E1-4 for Genmabâs progress on the imple-mentation of the transition plan.2.2 E1 Climate Change IRO ManagementPolicies related to climate change mitigation and adaptation (E1-2)Genmab published its Corporate Social Responsibility (CSR) Policy in 2023 which was adopted by the Board and includes a focus on environmental sustainability.In 2024, Genmab published an overarching Commitment to the Environment and Sustainability to manage material environ-mental sustainability matters including material IROs covering climate change adaptation and mitigation, and energy, and matters not material to Genmab including water and circular economy. The Commitment to the Environment and Sustainability was adopted by the CSR & Sustainability Committee on December 11, 2024.Genmabâs Commitment to the Environment and Sustainability applies to all employees and contractors and all activities within Genmabâs operations. It extends to all regions where Genmab operates, recognizing diverse environ-mental challenges and opportunities.Genmabâs CSR & Sustainability Committee, composed of cross-functional senior leaders, and co-lead by our CEO and SVP Communications & Corporate Affairs, is responsible for the oversight of Genmabâs Commitment to the Environment & Sustainability and implementation.Genmab has included the perspectives of internal and external key experts and stakeholders in determining material environmental topics and in formulating Genmabâs Commitment to the Environment and Sustainability.Genmabâs Commitment to the Environment and Sustainability is available for our key stake-holders including our employees on our website (Genmab.com).Refer to the Commitment to the Environment and Sustainability on our website.Actions and resources in relation to climate change policies (E1-3)Engaged with suppliers to encourage them to set their own emissions targetsWe engage in continuous dialogue on sustain-ability with our key suppliers so Genmab may meet our target as disclosed in E1-4.In 2024, Genmab benchmarked the climate ambitions of our top suppliers to provide a clear baseline and identify actions and hotspots for improvement. We had in-person and virtual engagement with key suppliers identified as significant sources of emissions. Genmab estab-lished formalized processes governing supplier engagement on climate change by incorporating specific climate change topics in the supplier onboarding and annual contract review.Continued investment in Renewable Energy ProcurementIn 2024, Genmab renegotiated an electricity contract to ensure that our sites continue towards our ambition of sourcing 100% renewable elec-tricity to help mitigate our Scope 2 emissions.Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions.2.3 E1 Climate Metrics and TargetsTargets related to climate change mitigation and adaptation (E1-4)Genmab plans to minimize its carbon footprint across our business to align with a future where warming is kept at 1.5°C in line with the Paris Agreement. Genmab has considered a diverse range of climate scenarios when setting the targets. Specific targets consistent with Genmabâs GHG inventory are summarized below and relate to the gross reduction of GHG emissions:(1) Develop and execute on sustainable 1climate-related strategy by 2025The development and execution of a sustain-able climate-related strategy by 2025 is critical to ensuring that we align our operations with global climate targets. By disclosing Scope 1, 2, and 3 emissions in the 2023 annual report-ing, Genmab has already laid the groundwork for transparency and accountability of our envi-ronmental impact. Building on this foundation, in 2024, Genmab achieved the development of a comprehensive climate strategy, with a clear commitment to climate targets aligned with the Paris Agreement. Executing this strategy will involve taking tangible actions toward GHG emissions reductions, with partial progress on Scope 1 and 2 reductions expected by the end of 2025. By executing these steps, Genmab plans to not only meet regulatory expecta-tions but also contribute to global efforts to combat climate change toward a sustainable future for both our operations and the planet.(2) Reduce Scope 1 and Scope 2 emissions by 42% through a reduction in Scope 2 2emissions by 2030 from a 2024 base yearGenmab intends to achieve a 42% reduction in Scope 1 and Scope 2 (market-based) GHG emissions by 2030 compared to a 2024 baseline year by sourcing renewable electricity at our facilities.(3) Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have Science Based Targets 3(SBT) by 2030Genmab intends to indirectly mitigate GHG emission impacts to the environment by 2030 through supplier engagement and responsible sourcing practices by ensuring at least 70% of our largest suppliers by spend (operating expenses), covering upstream purchased goods and services, capital goods and upstream transportation, commit to have science-based targets by 2030.(4) Reduce Scope 1 and 2 emissions by 90% by 2050 from a 2024 base yearGenmab intends to reduce Scope 1 and 2 (market-based) GHG emissions by 90% by 2050 from a 2024 base year to contribute to the obtainment of the ambitions laid out in the 2015 Paris Agreement by sourcing renewable electricity and switching to cleaner heating sources.Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.In 2022, Executive Management was granted RSUs linked to Genmabâs climate target to ensure 100% renewable electricity was achieved across all major operating sites, which at the time of grants included our headquarters in Denmark and sites in the Netherlands, the U.S. and Japan. As of December 31, 2024, all major operating sites under the RSU grant achieved 100% renewable electricity.Energy consumption and mix (E1-5)Energy consumption and mix 20241 Total fossil energy consumption MWh4,616Share of fossil sources in total energy consumption % 38%2 Consumption from nuclear sources MWh 92Share of consumption from nuclear sources in total energy consumption % 1%3 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWhâ4 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh7,4145 The consumption of self-generated non-fuel renewable energy MWh 7716 Total renewable energy consumptionMWh 7,491Share of renewable sources in total energy consumption % 61%2Total energy consumptionMWh 12,1991. Total renewable energy consumption (MWh) (calculated as the sum of lines 3 to 5)2. Total energy consumption (MWh) (calculated as the sum of lines 1, 2 and 6)1. Executive Management received RSU grants in 2023 with performance linked to developing and executing on a sustainable climate-related strategy.2. Executive Management received RSU grants in 2024 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2021 base year. The grant occurred prior to our base year update to 2024 due to significant changes in our structure and corresponding emissions (ProfoundBio acquisition in May 2024) and achievement will be assessed prior to base year update.3. Executive Management received RSU grants in 2024 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.Accounting PoliciesTotal energy consumption is accounted for by combining both renewable and non-renewable energy sources used across our operations. We measure energy consumption in megawatt-hours (MWh), incorporating data from energy manage-ment systems and utility invoices to ensure accuracy. Renewable energy includes wind, solar, hydro and other sustainable sources which are supported by contractual agreements such as Energy Attribute Certificates (EACs), while non- renewable energy encompasses fossil fuels and grid electricity. This comprehensive approach allows us to monitor our overall energy usage effectively and conduct annual reviews of our consumption data to validate its completeness and reliability, ensuring compliance with relevant reporting standards and reinforcing our commit-ment to sustainability.Gross Scopes 1, 2, 3 and total GHG emissions (E1-6)Genmab calculates its Scope 1, 2 and 3 GHG emissions in accordance with the requirements of ESRS E1 Climate Change, considering the principles, require-ments and guidance provided by the GHG Protocol.Milestones and Target YearsAnnual % Base YearTarget/ 320242023 % Change 2030 2050Base Year1Scope 1 GHG emissionsGross Scope 1 GHG emissions (tCO2eq) 534 317 68% 534 54 0%Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions (tCO2eq) 2,705 1,200 125% â â âGross market-based Scope 2 GHG emissions (tCO2eq) 1,163 238 389% 450 116 7%Total Scope 1 and market-based Scope 2 GHG emissions (tCO2eq) 1,697 555 206% 984 170 7%2Significant Scope 3 GHG emissionsTotal Gross indirect (Scope 3) GHG emissions (tCO2eq)1 â Purchased Goods and services 164,449 127,237 29%2 â Capital goods 5,519 10,045 (45)%3 â Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,078 411 162%4 â Upstream transportation and distribution 5,425 4,737 15%6 â Business travel 10,559 7,675 38%7 â Employee commuting 946 803 18%Total Scope 3 GHG emissions 187,976 150,908 25%Total GHG emissionsTotal GHG emissions (location-based) (tCO2eq) 191,215 152,425 25%Total GHG emissions (market-based) (tCO2eq) 189,673 151,463 25%1. Percentage of Scope 1 GHG emissions from regulated emission trading schemes not applicable to Genmab.2. Scope 3 GHG emissions categories excluded from the inventory include 5 â Waste generated in operations as it is included in category 1, 8 â Upstream leased assets, 9 â Downstream transportation and distribution, 10 â Processing of sold products, 11 â Use of products sold, 13 â Downstream leased assets and 14 â Franchises as they are all not applicable to Genmab, and 12 â End-of-life treatment of sold products and 15 â Investments as they are not material. Further, there are no emission reduction target percentages for Scope 3 GHG emissions. Refer to E1-4 for environmental targets.3. Annual % Target/Base Year represents the actual reduction target for 2030 (or 42%) over six years.Accounting PoliciesScope 1 GHG EmissionsScope 1 GHG emissions refer to the direct GHG emissions from sources that are financially or operationally (as required by ESRS 1) controlled by Genmab at our headquarters, office, laboratory and preclinical development space across all Genmab locations. Direct GHG emissions is comprised of the sum of greenhouse gases, which are converted to CO2 equivalents (CO2eq). The GHG emissions arise from the combustion of fuel products and leakage of refrigerants. To calculate GHG emissions the newest version of DEFRA GHG Conversion factors (2024) has been used.Scope 2 GHG EmissionsScope 2 GHG emissions refer to the indirect GHG emissions resulting from the generation of purchased energy that is used by Genmab at our headquarters, office, laboratory and preclinical development space across all Genmab locations. Scope 2 GHG emissions occur at the facility where the energy is generated, thus being classified as indirect GHG emissions. The GHG emissions are linked to the electricity and district heating consumption.Scope 2 location-based GHG emissions are calcu-lated by taking consumed energy multiplied with relevant location-based national emission factors provided by the International Energy Agency (IEA) (2023) and the Association of Issuing Bodies (AIB) (2023).Scope 2 market-based emissions are calculated by taking consumed energy multiplied with market-specific emission factors provided directly from the energy supplier. Renewable energy purchases and certificates are considered, when accounting for indirect GHG emissions, using the market-based approach.Scope 3 GHG EmissionsGenmab has identified six categories, out of the 15 categories of Scope 3 GHG emissions defined by the GHG protocol, as relevant. The remaining nine categories are not separately reported on as they are either not applicable to Genmab or GHG emissions have been included in the other emission categories. Zero percent of Genmabâs Scope 3 GHG emissions are measured using primary data obtained from suppliers or other value chain partners. For spend-based calcula-tions, all spend in foreign currencies has been converted into USD using the average exchange rate for the year.Category 1 â Purchased goods and servicesPurchased goods and services include GHG emissions related to all spend from external suppliers, except for investment (CapEx), travel, and transportation and distribution spend, which are included in other Scope 3 catego-ries. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 2 â Capital goodsCapital goods include GHG emissions related to investments in tangible assets (CapEx). Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 3 â Fuel and energy-related activitiesFuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased fuel and electricity and Transmission and Distribution (T&D) Loss of purchased electricity (beyond Scope 1 and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRAâs emission factors (2023 for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises upstream WTT and T&D emissions from electricity and WTT emissions from natural gas.Category 4 â Upstream transportation and distributionUpstream transportation and distribution include GHG emissions related to spend from external suppliers related to transportation and distribution of goods. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 6 â Business travelBusiness travel includes GHG emissions related to spend from external suppliers related to flights, ground transportation, hotel stays and meals in connection with business travel. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with US EPA emission factors (2022) to estimate GHG emissions (CO2eq).Category 7 â Employee CommutingEmployee commuting includes GHG emissions related to employeesâ commuting between their homes and the Genmab sites. GHG emissions are estimated using the average data method and based on assumptions across our locations.2024GHG intensity per net revenueTotal GHG emissions (location-based) per net revenue (tCO2eq/DKK million ) 8.88Total GHG emissions (market-based) per net revenue (tCO2eq/DKK million ) 8.81Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue.2.4 EU TaxonomyDisclosures pursuant to Article 8 of Regulation (EU) 2020/852The EU Taxonomy is a classification system designed to provide a framework for identi-fying sustainable economic activities. It helps companies and investors distinguish between activities that contribute to environmental sustainability by establishing a common language for defining what constitutes âgreenâ or sustainable business practices. The EU Taxonomy plays a role in supporting the transition towards a more sustainable economy.In line with Article 8 of the EU Taxonomy and the Disclosure Delegated Act (EU) 2021/2178, Genmab is required to report on the sustainability profile of its activities, specifically focusing on the eligibility and alignment of its Turnover, Capital Expenditures (CapEx) and Operating Expenditures (OpEx).Eligibility:We screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx.⢠Turnover â We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). We did not include turnover from the sale of EPKINLY as eligible activities in 2023 as EPKINLY launched in the U.S. in May 2023 and Japan in September 2023.⢠CapEx â Our assessment focused on investments that align with Taxonomy-eligible activities. We identified one eligible project under Renovation of Buildings (#7.2) in line with the Taxonomy criteria for Climate Change Mitigation (CCM).⢠OpEx â We evaluated the eligibility of our OpEx by reviewing the eligible economic activities outlined in its Statement of Profit or Loss and examining the data available to us from our ERP system. Based on this evaluation, we did not identify eligible OpEx.Alignment:We assessed whether any of our Taxonomy-eligible Turnover or CapEx for economic activities 1.2 and 7.2 could be considered Taxonomy-aligned; however, we were not able to obtain enough evidence to conclude alignment with the âSubstantial contributionâ and âDo No Significant Harmâ (DNSH) criteria.Accounting PoliciesTurnover:Total Turnover consists of total revenue as disclosed in Note 2.1 in the consolidated financial statements. The Turnover KPI represents the ratio of net product sales from taxonomy- eligible or taxonomy-aligned economic activities to the total revenue in a fiscal year.CapEx:Total CapEx consists of additions to intangible assets, tangible assets and right-of-use assets during the fiscal year (refer to Notes 3.1, 3.2 and 3.3, respectively) and considered before depre-ciation, amortization, and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial year, excluding any fair value changes. Furthermore, total CapEx consists of any additions to tangible and intangible assets resulting from business combinations. The CapEx KPI represents the share of CapEx that is taxonomy-eligible or taxonomy-aligned divided by the total CapEx.OpEx:Total OpEx includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. OpEx does not include amortization, depreciation, or impairments.To avoid double counting related to the economic activities, Turnover, CapEx and OpEx are distinctly allocated to ensure that there is no overlap across these financial metrics.</mrv:DescriptionofTheTaxonomyRegulation>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-2" id="s8__9__12" xml:lang="en">Social â Own WorkforceGenmab is dedicated to making a meaningful impact in the lives of patients and caregivers by developing innovative treatments to transform cancer care and address other serious diseases. We prioritize understanding the needs of patients and their families, ensuring that their experiences and insights guide our research, development and commercialization efforts.Our workforce is our greatest asset; the dedication and innovation of our team members are essential to our success. The Genmab Commitment, our employee value proposition, grounds our culture and brings our vision, purpose, and core values to life. Team members, or full-time equivalents (FTEs) at Genmab are defined as all employees on our payroll, both full-time and part-time, as well as active and on-leave. All individuals have been included by reflecting the proportion of an FTE they represent based on their contractual agreement. Non-employees at Genmab include contingent workers and consultants provided by third party undertakings who are primarily engaged in employment activities.We prioritize attracting and retaining qualified individuals who align with our core mission of improving patient lives. Teamwork and respect are central to our culture, fostering an inclusive, open, and supportive environment across our global locations. We believe that workplace diversity â encompassing social, educational, cultural, national, age, and gender differences â is crucial for our continued success. By recruiting employees with the right skills and competencies, we create interactive teams that drive our goals and ensure Genmabâs ongoing impact in healthcare, ultimately benefiting the patients and care partners we serve.Below are the list of Disclosure Requirements as it pertains to ESRS S1 â Own Workforce:Section Disclosure requirement content Disclosure requirement #3.0 IROs Material Impacts, Risks and Opportunities and their interaction with strategy and SBM-3business model3.1 Own Policies related to own workforce S1-1Workforce IRO Processes for engaging with own workers and workersâ representatives about impacts S1-2ManagementProcesses to remediate negative impacts and channels for own workers to raise S1-3concernsTaking action on material impacts on own workforce, and approaches to mitigating S1-4material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions3.2 Own Targets related to managing material negative impacts, advancing positive impacts, and S1-5Workforce Metrics managing material risks and opportunitiesand TargetsCharacteristics of the Companyâs employees S1-6Characteristics of non-employee workers in the Companyâs own workforce S1-7*Collective bargaining coverage and social dialogue S1-8Diversity metrics S1-9Adequate wages S1-10Social protection S1-11Persons with disabilities S1-12*Training and skills development metrics S1-13Health and safety metrics S1-14Work-life balance metrics S1-15*Compensation metrics (pay gap and total compensation) S1-16Incidents, complaints and severe human rights impacts S1-17*Genmab has adopted the phase-in for S1-7, S1-12 and S1-15 and elected not to disclose for year 1 reporting.3.0 IROsThe table describes Genmabâs material impacts, risks and opportunities related to our material Social topics on own workforce:Section Material Topic Material Impact Value Chain Location Material Risk Material OpportunitySocial Own WorkforceEmployee well-being and vitality Own Operations Genmab may have an inability to attract and retain suitably Provide a voice to employees through our (positive)qualified team membersglobal engagement survey â Working ConditionsSafety in our facilities (positive) Own OperationsRefer to the Risk Management section of the Annual Report laboratoriesunder Management and Workforce for detailsOwn WorkforceCareer development through training and Own Operations Providing employees with opportunities to skill building (positive)discuss their career at Genmab â Equal Treatment and Opportunities for AllDiversity in the workplace (positive) Own OperationsAll impacts, risks and opportunities have expected time horizons of short, medium and long-term.Employee well-being and vitalityPrioritizing employee well-being and vitality is not just a moral imperative but also a strategic investment in the success and sustainability of Genmab. It promotes a positive work envi-ronment, improves employee morale and engagement, enhances productivity, reduces turnover, and helps maintain compliance with legal requirements. Therefore, prioritizing the health and safety of our teams demon-strates our commitment to our most valuable asset â our people.Promoting work-life balance is not just beneficial for employees, it also positively impacts Genmab by fostering a more productive, engaged, and satisfied workforce. It contributes to a positive organizational culture, supports recruitment and retention efforts, and ultimately enhances the overall performance and success of Genmab.Genmab has a significant opportunity to enhance its workplace culture by providing a voice to our employees through ongoing initiatives aimed at improving employee engagement. By leveraging platforms such as our annual global engage-ment survey, Genmab can foster an environment where employees feel valued, motivated, and committed to both their work and the organiza-tionâs goals. This focus on engagement is likely to lead to improved talent retention and overall employee well-being.With both local and global surveys conducted annually or biennially, Genmab gathers valuable insights into employee satisfaction, including both physical and mental workplace conditions. The results of these surveys provide a foun-dation for actionable improvements, with the Human Resources team facilitating the process and Genmab leaders taking ownership of the outcomes. By actively addressing areas of concern highlighted in the surveys, Genmab can create a more supportive and responsive work environment, ultimately empowering employees to share their feedback, concerns, and ideas effectively.Safety in our facilitiesSafety in facilities at Genmab is essential not only for complying with legal requirements, but also for protecting employees, enhancing productivity, reducing costs, maintaining a positive reputation, and supporting overall business success and sustainability. It reflects Genmabâs commitment to the well-being of its employees and its responsibility as a corporate citizen within the broader community.We have instituted mandatory safety training and ongoing education in all workplace areas, especially related to the proper handling of hazardous materials and chemicals in our labs to enhance productivity and reduce costs.Career development through training and skill buildingEmployees with advanced skills contribute to higher productivity and efficiency, improving the overall performance of the organization. Organizations that invest in their employeesâ development tend to have higher retention rates, as employees feel valued and are more likely to stay with Genmab. Companies known for their commitment to employee development attract top talent, as professionals seek employers who offer growth opportunities. A focus on continuous learning fosters a culture of growth and develop-ment, enhancing teamwork, collaboration, and overall morale.Genmab provides employees with opportunities to discuss their future career at Genmab which should increase employee retention, provide for the ability to attract top talent and achieve higher productivity and efficiency. This is done formally through the year-end performance reviews, but also informally through ad hoc discussions with the manager, as needed. Employees are provided with several internal resources related to the performance process.Diversity in the workplaceWe strive to create, nurture, and maintain a global, inclusive culture where differences drive innovative solutions to meet the needs of patients, care partners, families, and employees. Our teams give Genmab its strength. We are committed to championing a corporate culture that accepts and promotes uniqueness and empowers each team member to bring their authentic self to work in a safe, open, and respectful environment. Our diversity, equity, and inclusion (âDE&Iâ) strategy aims to make Genmab an Extra[not]ordinary⢠employer and inclusive workplace with DE&I efforts centered on gender, age and nationality. Genmab has team members representing over 75 nationalities.Genmab also has several initiatives in place to connect employees across the company, including employee resource groups (ERGs), sharing individual and group experiences to create an inclusive and supporting work environment and to continuously improve employee engagement.Refer to S1-5 for targets related to our Own Workforce and S1-9 for diversity metrics including gender and age.3.1 Own workforce IRO managementPolicies related to own workforce (S1-1)Genmab has a number of policies that address our material IROs for the topic of Working Conditions, and related to all of its own workforce, including the following:⢠Code of Conduct⢠Global Speak Up Policy⢠Human Rights Commitment⢠Global Diversity, Equity & Inclusion Policy⢠Corporate Social Responsibility (CSR)⢠Global Lab Occupational Health and Safety PolicyGenmab has other processes and systems in place including our Workplace Accident Prevention Management System and Employee Value Proposition.Code of ConductThe Code of Conduct policy aims to promote ethical and compliant conduct in all aspects of our business. Our Code of Conduct applies to everyone in our Company, at every level, including employees, managers, and board members. We expect our alliance partners and third parties, including agents, consultants, contingent workers, and suppliers, to act in a way that is consistent with our values and our Code of Conduct when conducting business on behalf of Genmab. As noted in the Code of Conduct, #11 â Genmab proactively seeks to foster a values-based performance culture and a safe and healthy workplace environment of mutual respect, dignity and inclusion, one that assures we can attract, develop and retain a highly talented, diverse workforce of engaged employees driven to deliver superior business outcomes. We are committed to equal opportunity and fair treatment of our employees. All forms of harassment and retalia-tion are unacceptable and counter to everything we stand for as a Company.The Code of Conduct can be mapped to the following positive impacts:⢠Employee well-being and vitality⢠Career development through training and skill buildingGenmabâs Head of Global Compliance is respon-sible for this policy and reports directly to the CEO, and both are members of the CSR and Sustainability Committee.Refer to the Code of Conduct on our website.Global Speak Up PolicyEnabling employees and external stakeholders to speak up when they observe potential miscon-duct or have concerns about matters relating to our business is vital to retaining our strong Genmab culture and to doing the right thing. The Genmab Global Speak Up Policy allows for confi-dential and (where allowed) anonymous reports that will be directed to Genmab Compliance for initial triage and handling. This approach renders the reporting process more accessible and easier to navigate. All reports made under this Policy will be received and treated sensitively and seriously, and will be dealt with promptly, fairly, and objectively. Any investigations commenced will be conducted in a timely manner and will be fair and independent from any persons to whom the report relates.Importantly, our policy also extends protections not only to our regular employees, but also contingent staff, part-timers, t