Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 12873000000 | u-3 |
| ifrs-full:Assets | 2024-12-31 | 6414000000 | u-3 |
| ifrs-full:Assets | 2023-12-31 | 5232000000 | u-3 |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 3720000000 | u-3 |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 3121000000 | u-3 |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 2390000000 | u-3 |
XML
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<mrv:CorporateGovernanceReport contextRef="c-1" id="f-21">Genmab works diligently to improve its guidelines and policies for corporate governance, taking into account the recent trends in international and domestic requirements and recommendations. Genmabâs commitment to corporate governance is based on ethics and integrity and forms the basis of its effort to strengthen the confidence that existing and future shareholders, partners, employees, and other stakeholders have in Genmab. The role of shareholders and their interaction with Genmab is important. Genmab believes that open and transparent communication is necessary to maintain the confidence of Genmabâs shareholders and achieves this through company announcements, investor meetings and company presentations. Genmab is committed to providing reliable and transparent information about its business, financial results, development programs and scientific results in a clear and timely manner.All Danish companies listed on the Nasdaq Copenhagen are required to disclose in their annual reports how they address the Recommendations for Corporate Governance issued by the Committee on Corporate Governance in December 2020 (the âRecommendationsâ), applying the âcomply-or-explainâ principle.Genmab follows the Recommendations, except for one specific sub-area where Genmabâs corporate governance principles differ from the Recommendations. The Recommendations provide that according to a companyâs takeover contingency procedures, the Board abstains from countering any takeover bids by taking actions that seek to prevent the shareholders from deciding on the takeover bid, without the approval of the general meeting. Genmab does not have such a restriction in its takeover contingency procedures and retains the right in certain circumstances to reject takeover bids without consulting the shareholders. Genmab believes this provides the Board with the needed flexibility to best respond to takeover bids and to negotiate with bidders; retaining this flexibility helps the Board meet its objectives in protecting and creating value in the interest of the shareholders. Actions will be determined on a case-by-case basis with due consideration of the interests of the shareholders and other stakeholders.Genmab publishes its statutory report on Corporate Governance for the financial year 2025  cf. Article 107b of the Danish Financial Statements Act (âLovpligtig redegørelse for virksomhedsledelse jf. Ã¥rsregnskabslovens § 107 bâ) on the Companyâs website, including a detailed description of the Boardâs consideration in respect of all the Recommendations. The statutory report on Corporate Governance can be found on Genmabâs website ir.genmab.com/corporate governance. The Board of DirectorsThe Board is responsible for setting the overall strategy and goals for Genmab and monitoring its operations and results. Board duties include establishing policies for strategy, accounting, organization and finance and the appointment of Executive Management members. The Board also assesses Genmabâs capital and share structure and is responsible for approving share issues and the grant of warrants and RSUs.The Board has established an annual process whereby the Boardâs performance is assessed through self-evaluation to verify that the Board is capable of fulfilling its function and responsibilities. When performing these evaluations external assistance is obtained every year. The outcome of the Boardâs 2025 self-assessment was positive with only minor areas for improvement identified.Board CommitteesTo support the Board in its duties, the Board has established and appointed a Compensation Committee, an Audit and Finance Committee, a Nominating and Corporate Governance Committee and a Scientific Committee. These committees are charged with reviewing issues pertaining to their respective fields that are due to be considered at Board meetings. Written charters specifying the tasks and responsibilities for each of the committees are available on Genmabâs website genmab.com.For more details on the work, composition and evaluation of the Board and its committees, reference is made to the statutory report on Corporate Governance.Remuneration PolicyA Remuneration Policy applying to the compensation of members of the Board and the registered Executive Management of Genmab A/S has been prepared in accordance with Sections 139 and 139a of the Danish Companies Act and was most recently considered and adopted by the 2025 Annual General Meeting pursuant to the Danish Companies Act (in Danish âSelskabslovenâ). The Remuneration Policy contains an comprehensive description of the remuneration components for members of the Board and the registered Executive Management and includes the reasons for choosing the individual components of the remuneration and a description of the criteria on which the balance between the individual components of the remuneration is based. The latest version can be downloaded from Genmabâs website ir.genmab.com/compensation.Compensation ReportIn accordance with Section 139b of the Danish Companies Act, Genmab has prepared a compensation report for the financial year 2025 that includes information on the total remuneration received by each member of the Board and the registered Executive Management of Genmab A/S for the last five years, including information on the most important content of retention and resignation arrangements and the correlation between the remuneration and company strategy and relevant related goals (the âCompensation Reportâ). The Compensation Report can be found on Genmabâs website ir.genmab.com/compensation.Change of controlThe Danish Financial Statements Act (Section 107a) contains rules relating to listed companies with respect to certain disclosures that may be of interest to the stock market and potential takeover bidders, in particular in relation to disclosure of change of control provisions. In the event of a change of control, change of control clauses are included in some of our collaboration, development, and license agreements as well as in service agreements for certain employees.Collaboration, Development and License AgreementsGenmab has entered into collaboration, development and license agreements with external parties, which may be subject to renegotiation in the case of a change of control event as specified in the individual agreements. However, any changes in the agreements are not expected to have a significant impact on our financial position.Service Agreements with Executive Management and Employees The service agreements with each registered member of the Executive Management may be terminated by Genmab with no less than 12 monthsâ notice and by the registered member of the Executive Management with no less than six monthsâ notice. In the event of a change of control of Genmab, the termination notice due to the registered member of the Executive Management is extended to 24 months. In the event of termination by Genmab (unless for cause) or by a registered member of Executive Management as a result of a change of control of Genmab, Genmab is obliged to pay a registered member of Executive Management a compensation equal to his/her existing total salary (including benefits) for up to two years in addition to the notice period.In addition, Genmab has entered into service agreements with a limited number of employees according to which Genmab may become obliged to compensate the employees in connection with a change of control of Genmab. If Genmab, as a result of a change of control, terminates the service agreement without cause or changes the working conditions to the detriment of the employee, the employee shall be entitled to terminate the employment relationship without further cause with one monthâs notice in which case Genmab shall pay the employee a compensation equal to one-half, one or two times the employeeâs existing annual salary (including benefits).Change of control clauses related to our warrant and RSU programs are outlined in Note 4.6.Share capitalInformation on share capital is included in Note 4.7. Unless otherwise provided in the Danish Companies Act, the adoption of any resolution to amend Genmab A/Sâs articles of association shall be subject to the affirmative vote of not less than two thirds of the votes cast, as well as of the voting share capital represented at the general meeting. Genmab A/Sâs entire articles of association can be found on our website genmab.com.</mrv:CorporateGovernanceReport>
<mrv:SustainabilityReport contextRef="c-1" id="f-22">General InformationGenmab considers sustainability essential to its business and long-term success. Recognizing the link between human and planetary health, Genmab integrates environmental, social and governance initiatives into its operations. These efforts support stakeholder trust and contribute to a more sustainable and equitable future. Section Disclosure Requirements Content Disclosure Requirements #Reference/Report1.1 Basis for preparation General basis for preparation of the sustainability statement BP-1 SUS Disclosures in relation to specific circumstances BP-2 SUS 1.2 Governance The role of the administrative, management and supervisory bodies GOV-1 SUS, MR Information provided to, and sustainability matters addressed by the undertakingâs administrative, management and supervisory bodies GOV-2 SUS, MR Sustainability-related performance in incentive schemes GOV-3, E1, S1 SUS Statement on due diligence GOV-4 SUS Risk management and internal controls over sustainability reporting GOV-5 SUS, MR 1.3 Strategy Strategy, business model and value chain SBM-1 SUS, MR, FS Interests and views of stakeholders SBM-2 SUS Material impacts, risks and opportunities and how they interact with our strategy and business model SBM-3 SUS 1.4 Impact, risk and opportunity management Process to identify and assess material impacts, risks and opportunities IRO-1 SUS Disclosure requirements in ESRS covered by the sustainability statement IRO-2 SUS SUSâSustainability Statements MRâManagement's Review (outside of Sustainability Statements)FSâFinancial Statements1.1 Basis for presentation General basis for preparation of the sustainability statement (BP-1) Frameworks This 2025 annual report marks Genmabâs second year reporting in accordance with the European Sustainability Reporting Standards (ESRS), as required under section 99a of the Danish Financial Statements Act. For EU Taxonomy reporting, Genmab has opted to apply the amended EU Taxonomy legislation, Commission Delegated Regulation (EU) 2026/73 amending the Delegated Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486.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 opportunities (IROs), policies, actions, targets and metrics. We have applied transitional provisions relating to some value chain information. Refer to the topical sections for additional information. Genmab has not omitted any specific pieces of information corresponding to intellectual property, know-how or the results of innovation nor used the exemption from disclosure of impending developments or matters in the course of negotiation. On December 12, 2025, Genmab completed the acquisition of Merus, a clinical-stage biotech developing multispecific antibodies. The impact of the acquisition has been deemed immaterial for sustainability reporting and is not included in our sustainability statements, except as noted in the E1-6 table for Scope 3 GHG emissions and EU Taxonomy tables.Disclosures in relation to specific circumstances (BP-2)Disclosures Stemming from Other RegulationGenmabâs sustainability statements also comply with sections 99d, 107(d) and 107(f) of the Danish Financial Statements Act.Refer to Appendix A for a complete 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 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 information on accounting policies, key estimates, judgements, and assumptions applied.Incorporation by ReferenceGenmabâs Managementâs Review includes the sustainability statements, which address ESRS disclosure requirements. The sustainability statements are structured into five sections: General Information, Environmental, Social, Governance and Appendix A. Certain strategy and governance disclosures under ESRS 2 are presented outside the sustainability statements but are included in the Managementâs Review to align with the Financial Review and business overview. Any information incorporated by reference from outside the sustainability statements is clearly indicated. Forward-looking information, including disclosed targets, is subject to uncertainty.Phase-in ProvisionsGenmab has opted to apply all relevant phase-in provisions for material topics introduced by the Delegated Regulation (EU) 2025/4812 ("Quick Fix"). Accordingly, Genmab's phase-in approach remains consistent with that of 2024, as the regulation extended the previously available phase-in options.Changes in accounting policies and comparative figuresGenmab has restated certain figures in E1-5 Energy consumption and mix and E1-6 Gross Scopes 1, 2 and 3 and total GHG emissions and revised the accounting policies related to leased vehicles. Refer to the sections for further details.1.2 Governance The 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)Sustainability governance at Genmab is embedded in the overall corporate governance framework and supports the integration of sustainable practices across the business. Clear roles and responsibilities are defined at the Board, executive, and operational levels.Board of DirectorsThe Board (comprising 9 non-executive members and 0 executive members) oversees Genmabâs sustainability strategy and performance, ensuring alignment with long-term business goals and stakeholder expectations. The Board receives updates on CSR and sustainability at least annually and oversees material IROs, as well as targets. Of the full Board, five members (56%) were independent, and four (44%) were non-independent. Anders Gersel Pedersen is considered non-independent due to his tenure since 2003. All three employee-elected board members are considered non-independent. Refer to S1-9 Board diversity metrics.The Nominating and Corporate Governance Committee provides oversight of corporate governance, CSR, ESG, and sustainability matters and makes related recommendations to the Board. The Audit and Finance Committee oversees sustainability reporting compliance.Executive and Management StructureThe sustainability statements are approved annually by Executive Management (9 executive members, 0 non-executive members who are Genmabâs top management) and the Board. Executive Management brings deep expertise in the pharmaceutical, biotech, and life sciences sectors, including ESG matters. External experts and consultants are engaged to support materiality assessments and environmental disclosures. See the âBoard of Directorsâ and âExecutive Managementâ sections in the Managementâs Review for further detail.Genmabâs CSR &amp; Sustainability Committee, co-chaired by the CEO and SVP of Global Communications and Corporate Affairs, includes senior leaders from R&amp;D, commercial operations, compliance &amp; risk, legal, HR, and finance. The committee defines strategic priorities, and oversees material IROs, targets, and progress toward sustainability goals.Supporting this structure is the Corporate Sustainability Team, responsible for executing the DMA, identifying material IROs, setting and tracking targets, and collecting data for reporting. The team works closely with functional leads across the business to integrate sustainability into day-to-day operations.Business Conduct and Stakeholder EngagementLeaders of Genmabâs Global Compliance, Data Privacy, and Enterprise Risk Management Programs report directly to the Chief Legal Officer and the Board on business conduct matters.Genmab engages regularly with stakeholders through reports, presentations, and engagement sessions. Feedback is incorporated to align initiatives with stakeholder expectations and societal needs.Refer to the âCorporate Governanceâ section in Managementâs Review for additional information on governance structure and SBM-3 for the list of the material IROs. Sustainability-related performance in incentive schemes (GOV-3)Per Genmabâs Remuneration Policy, the variable compensation of Executive Management is based on predefined Key Performance Indicators (KPIs) and performance goals related to Genmab A/Sâs short- and long-term business results. These KPIs, which may be financial, operational, strategic, or organizational, are aligned with Genmabâs business strategy and annual plans. They 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. RSUs granted to the Board are not performance-based and do not include sustainability-related performance goals. Sustainability KPIs for Executive Management are tied to Climate and Employee Well-Being targets, weighted at 10% of total performance goals for the 2025, 2024 and 2023 grants. Share-based compensation granted is at a 4x target multiplier with maximum opportunity of 6x multiplier with no cap in 2025, 2024 and 2023. In 2025, Genmab removed gender diversity targets from Executive Management performance criteria for the 2024 and 2023 grants.Refer to sections E1-4 and S1-5 for targets linked to Executive Management incentive compensation. Sustainability-related performance in incentive schemes Unit 2025 2024 Total remuneration to registered Executive Management USDm 15.4 11.4 Portion linked to climate-related performance goals USDm 0.5 0.3 % 3%3%Total variable remuneration to registered Executive Management USDm 12.9 9.1 Portion of variable remuneration linked to all sustainability-related performance goals USDm 1.1 0.9 % 9%10%Refer to Note 5.1 in the consolidated financial statements for details.Statement on due diligence (GOV-4)The following table maps the core elements of due diligence related to impacts on people and the environment to the corresponding disclosures in Genmabâs sustainability statements:Core elements of Due Diligence Sections in the Sustainability StatementDoes the disclosure relate to people and/or the environment? a) Embedding due diligence in governance, strategy, and business modelESRS 2 GOV-1, GOV-2, GOV-3 People and EnvironmentESRS 2 SBM-3:E1 Environmentb) Engaging with affected stakeholders in all key steps of the due diligenceESRS 2 GOV-1, GOV-2People and EnvironmentESRS 2 SBM-2People and Environment ESRS 2 IRO-1People and Environment ESRS 2 MDR-P: E1-2Environmentc) Identifying and assessing adverse impacts ESRS 2 IRO-1:E1Environmentd) Taking actions to address those adverse impact ESRS 2 MDR-A:E1-3Environmente) Tracking the effectiveness of these efforts and communicatingESRS 2 MDR-M:E1-4Environment ESRS 2 MDR-T:E1-4Environment Risk management and internal controls over sustainability reporting (GOV-5)Genmab identifies and assesses sustainability-related risks primarily through its CSR &amp; Sustainability Committee and Enterprise Risk Program. Clear governance supports our overall risk management framework. The Board oversees, and Executive Management is responsible for, sustainability-related risk management and internal controls.Genmab evaluates how such risks may affect operations, reputation, and financial performance, and has implemented processes to ensure the accuracy and traceability of sustainability data. Our reporting aligns with recognized frameworks to support consistency, comparability, and stakeholder relevance. Internal and external audits are conducted to assess compliance with sustainability reporting controls. Genmabâs Internal Audit function reports to the Audit and Finance Committee and administratively to the CFO, with findings communicated at least annually. The Corporate Sustainability Team integrates risk assessment outcomes and internal controls regarding sustainability reporting into relevant processes and maintains controls and documentation for identifying material IROs under the DMA. Genmabâs external auditor provides limited assurance on Genmabâs sustainability statements.Training is provided to employees on sustainability-related risks and reporting responsibilities to promote accountability and support reporting integrity.Refer to the 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)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:⢠Who We Are⢠Business Model⢠Value Chain⢠Research and Development Capabilities⢠Bringing Our Own Innovative Medicines to Patients⢠Antibody Discovery and Development⢠Products and TechnologiesSustainability-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. Interests and views of stakeholders (SBM-2)As an international biotech company, Genmab maintains ongoing engagement with a broad range of stakeholders to understand their perspectives, concerns, and expectations. This dialogue supports our sustainability strategy, due diligence, and DMA, helping ensure alignment with stakeholder needs and societal expectations.Key stakeholder views on our sustainability impacts are regularly shared with the CSR &amp; Sustainability Committee through periodic meetings. For each stakeholder group listed in the table, Genmab incorporates feedback into its decision-making, contributing to the outcomes disclosed.Stakeholder Group Description Value Chain Location How Engagement is Organized Purpose of Engagement Key Outcomes Academic, Scientific &amp; Research Partners Academic institutions, Contract Research Organizations (CROs) and research organizations collaborating on early-stage research, technology, and innovation.Upstream, Own Operations ⢠Collaborative research programs and licensing agreements â Scientific conferences and workshops â Sponsorships and co-development meetings ⢠Drive innovation and access new technologies â Exchange knowledge and expertise⢠Accelerated innovation â Publications and patents â Strengthened reputation and talent developmentCollaboration Partners Companies partnering in co-development, licensing, or commercialization. Upstream, Downstream⢠Joint steering committees â Regular project reviews and team meetings ⢠Strategic alignment and innovation âShared development responsibilities ⢠Successful product launches â Shared expertise and strengthened partnershipsContract Manufacturers, Suppliers &amp; Quality Partners Contract Manufacturing Organizations (CMOs), suppliers, and QA teams ensuring quality, reliability, and sustainability of materials and production.Upstream, Own Operations ⢠Supplier qualification and audits â Regular communication and SOP adherence â Quality assurance reviews and training⢠Ensure supply chain quality, safety, and compliance â Drive continuous improvement and sustainability⢠Consistent product quality â Reduced compliance risks â Long-term, trusted supplier relationships Employees Core internal stakeholders supporting research, development, and operations aligned with Genmabâs strategic goals and 2030 Vision. Own Operations ⢠Engagement surveys and networks â Development dialogues and training â Works councils and employee representatives ⢠Foster inclusive, safe, and engaging workplace â Promote well-being and collaboration⢠Action plans and improved engagement â Enhanced workplace culture and communicationHealthcare Providers Physicians, nurses, and medical institutions supporting clinical trials and patient care.Upstream, Downstream⢠Advisory boards â Clinical trials â Educational initiatives and feedback mechanisms⢠Understand clinical needs â Enhance patient outcomes and research quality ⢠Improved clinical trial design â Increased therapy adoption and safety awarenessPatients &amp; Patient Organizations End-users and advocacy groups providing insights on therapies and clinical trials.Upstream, Downstream⢠Patient Advisory Council â Focus groups and surveys â Support for patient organizations⢠Embed patient perspectives in R&amp;D â Improve education and awareness ⢠Enhanced trial design and patient experience â Safer, more effective therapies Payers Insurance providers and health systems determining reimbursement and market access.Downstream ⢠Advisory boards and meetings â Value assessment studies â Health economics collaborations ⢠Demonstrate therapeutic value and pricing rationale â Support equitable access⢠Strengthened payer relationships â Improved access and affordability Regulatory Agencies Authorities such as EMA, FDA, and MHLW, overseeing clinical trials and approvals.Upstream, Downstream⢠Submissions, reports, and regular meetings â Advisory consultations ⢠Ensure compliance and patient safety â Clarify approval pathways ⢠Regulatory approvals â Streamlined development and improved safety data Investors Shareholders supporting Genmabâs financial growth and long-term strategy.Upstream, Own Operations, Downstream⢠Earnings calls, roadshows, and conferences â One-on-one investor meetings⢠Build trust through transparency â Gather feedback on strategy and performance ⢠Increased investor confidence â Broader shareholder baseCommunities Local and global communities where Genmab operates, benefiting from CSR and social initiatives.Upstream, Own Operations, Downstream⢠Community programs and partnerships â Employee volunteering ⢠Promote health awareness and social responsibility â Strengthen community trust⢠Positive social impact â Enhanced employee morale and community relationsMaterial impacts, risks, and opportunities and how they interact with our strategy and business model (SBM-3)The table outlines Genmabâs material IROs identified through our DMA indicating where these IROs are concentrated within our business model, own operations, and value chain, and whether impacts are positive or negative.Further details on our responses to these IROsâincluding links to our sustainability strategy, business model, expected time horizons, and business relationshipsâare provided in the Environmental, Social, and Governance sections.There is no identified significant risk of material adjustments to asset or liability values in the next annual reporting period related to these IROs. Genmab has no material investment or disposal plans, nor specific funding arrangements currently linked to our material IROs or sustainability strategy.During the reporting period, Genmab reviewed and refined the presentation of its IROs. As part of this exercise, IRO naming and categorization were updated to improve clarity and consistency of documentation. These updates were editorial in nature and did not result in any changes to the underlying content or substance of the IROs. The DMA methodology and outcomes remain unchanged. In addition, Genmab reassessed the materiality of IROs related to opportunities. Based on this review, the number of opportunity-related IROs was reduced, reflecting a more focused articulation of those opportunities that are assessed as material. This refinement did not change Genmabâs overall material topics or strategic priorities but improves the clarity and relevance of the disclosed information.Value Chain LocationTime Horizon IRO Name IRO Type IRO Description U OO D ST MT LT E1 - Climate Change Climate Change - Adaptation, Mitigation and Energy GHG emissions from own operations and value chain Actual Negative ImpactGenmabâs business model centers on the research, development, and commercialization of innovative antibody therapies. These activities generate GHG emissions which have an actual negative impact on the environment.â¢â¢â¢â¢â¢Transitional and physical risks related to GHG emissions Risk Genmab faces potential transitional risks including loss of market access and higher costs from investments in green technologies, alongside reputational, regulatory, and financial pressures linked to the net-zero transition. Genmab also faces potential physical risks including disruption of supply chain and operations from extreme weather, heat waves, and flooding, though exposure is limited in our own operations due to Genmabâs asset-light model.â¢â¢â¢â¢â¢Partner with value chain to reduce Scope 3 emissions Opportunity Genmab has an opportunity to partner with the value chain to reduce upstream emissions while driving efficiency and potential cost savings for both Genmab and its suppliers. This opportunity is linked to our Scope 3 supplier engagement target.â¢â¢â¢â¢S1 - Own Workforce Working Conditions Own Workforce - Working Conditions Employee well-being and vitalityActual Positive ImpactGenmabâs employees feel connected and motivated in a safe work environment enabling them to thrive and perform at their best.â¢â¢â¢â¢Attracting and retaining talent to enable continued innovationRisk As a science-driven innovation company, Genmab recognizes that our success depends on our ability to attract, develop, and retain exceptional talent. Our continued progress in research and development makes this especially critical.â¢â¢â¢â¢Value Chain LocationTime Horizon IRO Name IRO Type IRO Description U OO D ST MT LT Provide a voice to employees through our global engagement surveyOpportunity Genmab has an opportunity through our annual Global Engagement Survey to assesses satisfaction, well-being, and workplace conditions, using results to drive improvement. Leaders are accountable for acting on feedback, ensuring employees feel heard, valued, and aligned with the Companyâs goalsâfostering a positive, supportive, and sustainable work environment. This opportunity is linked to our Global Engagement Survey target which is part of Executive Management performance criteria for incentive compensation.â¢â¢â¢â¢Safety in our facilities Potential Negative Impact Genmab recognizes there is a systemic potential negative impact around safety in our facilities due to potential work-related accidents, illnesses or fatalities that can arise in a laboratory setting.â¢â¢â¢â¢Equal Treatment and Opportunities for All Own Workforce - Equal Treatment and Opportunities for All Career development through training and skill building Actual Positive ImpactGenmabâs focus on continuous learning fosters growth, collaboration, and morale while strengthening its ability to attract and retain top talent.â¢â¢â¢â¢Equal opportunity promoting innovationActual Positive ImpactGenmabâs team members encompass over 75 nationalities. We foster a global, inclusive culture, with access to equal opportunities, where a broad mix of perspectives across gender, age, and nationality drive innovation to meet the needs of patients, partners, and employees.â¢â¢â¢â¢S4 - Consumers and End-Users Social inclusion of consumers and/or end-users Consumers and End-Users - Social inclusion of consumers and/or end-usersInnovation for patients with unmet needsActual Positive ImpactFrom discovery through commercialization, Genmabâs antibody-based medicines have a meaningful positive impact on patientsâ lives. As we expand our innovative capabilities to address cancer and other serious diseases, our continued investment in scientific excellence creates new opportunities to deliver breakthrough therapies that improve health outcomes and quality of life.â¢â¢â¢â¢Research and development riskRisk The identification and development of successful products is expensive and includes time-consuming clinical trials with uncertain outcomes and the risk of failure to obtain regulatory approval in one or more jurisdictions.â¢â¢â¢â¢Access and inclusion in clinical trialsPotential Negative Impact Persistent inequities in cancer incidence and care continue to drive underrepresentation in clinical research. Expanding access for underrepresented groups ensures Genmabâs trials reflect real-world patients and generate more representative safety and efficacy data.â¢â¢â¢â¢Regulation, Legislation, and ComplianceRisk Genmab is subject to extensive legislative, regulatory, and other requirements during preclinical and clinical development, commercialization, and post-marketing approval, including healthcare, marketing/labeling/promotion, fraud and abuse, competition/antitrust laws, and regulations, as well as transparency, privacy, and data protection and other requirements.â¢â¢â¢â¢Responsible and ethical marketingPotential Negative Impact Without responsible, ethical marketing, patients and healthcare professionals could receive incomplete or misleading information about Genmabâs therapies. This could undermine trust in our science, contributing to improper medicine use, and negatively affect patient well-being. It can also distort treatment decisions and harm the integrity of the broader healthcare ecosystem.â¢â¢â¢â¢Personal safety and information of consumers and/or end user Consumers and End-Users - Personal safety and information of consumers and/or end userPatient voice Actual Positive ImpactGenmab incorporates patient and caregiver perspectives across the full product lifecycle, ensuring our innovations address the realities of serious illness. â¢â¢â¢â¢Value Chain LocationTime Horizon IRO Name IRO Type IRO Description U OO D ST MT LT Health and safety of patients Potential Negative Impact Any breakdown in Genmabâs safety and clinical oversight processes could expose trial participants to avoidable risks, including adverse events, inappropriate use of investigational medicines, or missed beneficial treatments. Patients depend on rigorous controls and accurate information to protect their health and ensure safe use of our therapies.â¢â¢â¢â¢Pharmacovigilance risks as a biotech company Risk Robust pharmacovigilance is essential for monitoring the safety and effectiveness of our therapies throughout their lifecycle. Any gaps or disruptions in these processes could delay the detection of adverse events, lead to regulatory non-compliance, and create reputational or financial consequences. â¢â¢â¢â¢Access to quality informationPotential Negative Impact Limited transparency in clinical trials can restrict access to reliable information, compromising patient outcomes, research integrity, and trust. â¢â¢â¢â¢G1 - Business ConductBusiness Conduct - Corporate CultureBusiness Conduct - Corruption and briberyHealthy and ethical corporate culture aligned with core values and purpose Actual Positive ImpactGenmab has clear, core values, allowing a healthy and ethical culture to thrive and anti-corruption practices embedded in the ways of working. This is demonstrated by all employeesâ attestation to our ethical standards and Code of Conduct. â¢â¢â¢â¢Organizational health risk Risk Misaligned or toxic culture, or failure to prevent corruption and bribery in operations and the supply chain, can result in financial, operational, legal, and reputational risks, including high employee turnover, reduced productivity, compliance breaches, and loss of trust with stakeholders and patients.â¢â¢â¢â¢Business Conduct - Privacy Global data privacy Potential Negative Impact Genmab handles the data of patients, employees, business partners, healthcare professionals and other stakeholders. Despite prioritizing the privacy and protection of personal data, there is an inherent potential negative impact. â¢â¢â¢â¢â¢â¢Business Conduct - Protection of whistle- blower Protection of whistleblowers Potential Negative Impact Failing to protect whistleblowers could discourage the reporting of incidents or unethical and unlawful behavior, potentially leading to negative impacts on patients and undermining trust in Genmabâs operations.â¢â¢â¢â¢â¢â¢Business Conduct - Animal Welfare Animal welfare Actual Negative ImpactAs part of developing new therapies, Genmab conducts preclinical studies involving animals before testing in humans. Failure to ensure appropriate care and minimize potential adverse impacts during research could compromise animal welfare. â¢â¢â¢â¢Business Conduct - Management of relationships with suppliers (including payment practicesManagement of suppliers Potential Negative Impact Without strong ethical standards for good supplier payment practices and responsible sourcing, Genmab could be prone to supply chain risks compromising Genmabâs ethical standards and patientâs access to treatment. Supplier relationship management is a key focus for Genmab, aimed at building strong, mutually beneficial partnerships. â¢â¢â¢â¢Genmab has the resources in place to manage the effects of IROs across the Environmental, Social, and Governance areas.Refer to the Environmental section of the sustainability statements for information on Genmabâs resilience analysis.EnvironmentalAs an international biotech company, Genmab recognizes its responsibility to safeguard the environment, natural resources, and the health and safety of employees, partners, and society. We aim to reduce our environmental impact by operating safely and sustainably, refining processes, and applying best practices across our operations and value chain where relevant. Our environmental strategy focuses on setting, monitoring, and evaluating targets; measuring our environmental impact; and transparently communicating progress.Section Disclosure Requirement Content DisclosureRequirement #E1 Climate Change 2.0 Climate Change StrategyTransition plan for climate change mitigation E1-1 2.1 Climate Change IRO managementPolicies related to climate change mitigation and adaptation E1-2 2.2 Climate Change Actions, Metrics and Targets Actions and resources in relation to climate change policies E1-3 Targets related to climate change mitigation and adaptation E1-4 Energy consumption and mix E1-5 Gross Scopes 1, 2, 3 and total GHG emissions E1-6 GHG removals and GHG mitigation projects financed through carbon credits E1-7 1Internal carbon pricing E1-8 1Anticipated financial effects from material physical and transition risks and potential climate-related opportunities E1-9 2EU Taxonomy 2.3 EU TaxonomyReporting according to the EU Taxonomy N/A 1. Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.2. Genmab has adopted the phase-in for E1-9 and elected not to disclose for 2025 reporting.IROs related to the Environment (See SBM-3 for details):Actual Negative Impact GHG emissions from own operations and value chain Risk Transitional and physical risks related to GHG emissions Opportunity Partner with value chain to reduce Scope 3 emissions Genmabâs Resilience to Climate Change Genmab's resilience analysis was conducted qualitatively in 2025, incorporating climate scenarios based on key reports from authoritative bodies such as the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA). The analysis was conducted by assessing climate-related risks and opportunities 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 ERM framework.Genmab utilized three scenarios to explore potential transition and physical risks: a Net-Zero Emission by 2050 scenario at a Paris Agreement aligned 1.5°C, Announced Pledges scenario at 1.7-2°C and Stated Policies, a high emissions scenario at 2.4-3°C warming levels, considering both short-term (within 1 year), medium-term (2030) and long-term (2050) time horizons in alignment with Genmabâs strategic planning horizons and its GHG emissions reduction targets.⢠The Net-Zero Emission by 2050 (1.5°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 Announced Pledges (1.7-2°C) scenario is marked by uneven decarbonization efforts across regions and markets. This divergence increases transition risks, particularly for global companies operating across jurisdictions with differing climate commitments.⢠The Stated Policies (2.4-3°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 identified several potential physical risks, transition risks and opportunities for all three scenarios across short, medium and long-term time frames. The identified physical and transition risks and opportunities were evaluated based on likelihood and magnitude of financial impact 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 transition risks to Genmabâs business activities identified in the scenarios: Loss of market access due to net-zero healthcare and high costs from investments in green/resource efficient technology. Other risks considered were global carbon taxation and pricing impacting costs and financial returns, investor focus on climate performance limiting access to capital and investment, and cost of compliance with fragmented and drastic regulatory intervention.⢠Key potential 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, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.Genmab has set a science-aligned emissions reduction target in line 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 potential 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, highlights Genmabâs preparedness by adapting our strategy for climate-related 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.2.0Climate Change StrategyTransition plan for climate change mitigation (E1-1)Genmab addresses climate change through a developing transition plan that sets science-aligned targets for our operations and outlines actions to reduce emissions. Climate-related risks and opportunities are identified and assessed through our resilience analysis, which covers both our operations and value chain. Aligned with the Paris Agreementâs 1.5°C goal, our GHG emissions reduction targets currently apply to Scope 1 and 2 emissions, while we continue to advance initiatives to address value chain (Scope 3) impacts. To achieve our targets, we focus on:⢠Collaborating with suppliers and partners to drive value chain decarbonization,⢠Sourcing renewable electricity (solar, wind, hydro, or geothermal), and⢠Promoting behavioral changes to reduce emissions from labs, travel, and commuting.Our developing transition plan should be regarded as a dynamic and iterative framework that will continue to evolve to reflect progress in data quality, methodological innovation, and the changing regulatory and market landscape. The plan is subject to review and oversight through our sustainability governance model. 2.1 Climate Change IRO ManagementPolicies related to climate change mitigation and adaptation (E1-2)Policy IRO Mapping Policy Content and Objectives Scope of the Policy Accountability External Standards or Commitments Stakeholder ConsiderationAccessibility / CommunicationCommitment to the Environment and Sustainability GHG emissions from own operations and value chainEstablishes our approach to managing material environmental topics. Its objective is to guide responsible environmental practices across all operations.Applies to all employees, contractors, and operations globally CSR &amp; Sustainability Committee Guided by the Paris Agreement of the United Nations Framework Convention on Climate Change Developed with input from internal and external experts and stakeholders Available on internet and intranet2.2 Climate Change Actions, Metrics and TargetsActions and resources in relation to climate change policies (E1-3) / Targets related to climate change mitigation and adaptation (E1-4)IRO Key Actions in 2025 Targets Outcomes / Tracking Effectiveness Stakeholder Involvement GHG emissions from own operations and value chain We developed a sustainability roadmap as an integral part of Genmabâs sustainable climate-related strategy, in collaboration with an external expert consultant, focusing on quantifying investments, impacts, and feasibility to ensure structured and prioritized implementation of initiatives aligned with our sustainability targets.Develop and execute on sustainable climate-related strategy by 2025. 1Achieved in 2025. The development of our sustainability roadmap has enhanced our ability to govern and sequence sustainability initiatives. Genmab has executed on this strategy with significant progress on market-based Scope 2 GHG emission reductions in 2025.Facility Management, R&amp;D Operations, and External Environmental Sustainability Expert ConsultantWe expanded the use of renewable electricity to additional Genmab sites globally to advance our target of reducing Scope 2 emissions. Specifically, we began sourcing renewable electricity by use of unbundled renewable energy certificates at our sites in China during 2025.Reduce Scope 1 and Scope 2 (market-based) emissions by 42% through a reduction in Scope 2 emissions by 2030 from a 2024 base year. 2Reduce Scope 1 and 2 (market-based) emissions by 90% by 2050 from a 2024 base yearIn progress for both targets. We plan to continue using energy attribute certificates (EACs) as the primary decarbonization lever to reduce Scope 2 emissions to achieve our 2030 GHG emissions reduction target. Additional levers are under investigation, and their quantitative impacts will be disclosed when available.Facility Management, Landlords and Utility Providers Genmab monitored the climate ambitions of our top suppliers to ensure traction towards our 2030 target of at least 70% (by spend) of our suppliers having a science-aligned target.Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have science-aligned targets by 2030. 3In progress. The benchmarking confirmed that we remain on track to meet our 2030 target and enabled us to identify priority areas for supplier engagement, highlighting action hotspots where targeted collaboration will have the greatest impact.Suppliers and Procurement. Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions. Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.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. Executive Management received RSU grants in 2025 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2024 base year.3. Executive Management received RSU grants in 2024 and 2025 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.Energy consumption and mix (E1-5)2025 2024 31 Total fossil energy consumption MWh 4,469 5,120 Share of fossil sources in total energy consumption% 35%40%2 Consumption from nuclear sourcesMWh â 92 Share of consumption from nuclear sources in total energy consumption % â%1%3 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh â â 4 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sourcesMWh 8,143 7,414 5 The consumption of self- generated non-fuel renewable energyMWh 117 77 6 Total renewable energy consumption 1MWh 8,260 7,491 Share of renewable sources in total energy consumption% 65%59%Total energy consumption2MWh 12,729 12,703 1. 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)3. 2024 restated to include fossil energy consumption for leased vehicles. Total fossil energy consumption increased from 4,616 to 5,120, or 11%.Accounting PoliciesTotal energy consumption includes both renewable and non-renewable energy sources across our operations, measured in megawatt-hours (MWh) using data from energy systems, utility invoices and leased vehicle mileage reports. Renewable energy covers wind, solar, hydro and other sustainable sources which are supported by contractual agreements such as EACs, while non-renewable energy covers fossil fuels and grid electricity. Annual reviews ensure data accuracy, compliance with reporting standards, and alignment with our sustainability commitments.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, requirements and guidance provided by the GHG Protocol.Milestones and Target Years 2025 Base Year 2024 4% Change 2030 2050 Annual % Target/Base Year 3Scope 1 GHG emissions 1Gross Scope 1 GHG emissions (tCO2eq) 75866215%662 67 â%Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2 eq) 2,6582,705(2)%Gross market-based Scope 2 GHG emissions (tCO2eq) 411,163(96)%397 116 7%Total Scope 1 and market-based Scope 2 GHG emissions (tCO 2 eq)7991,825(56)%1,059 183 7% Significant Scope 3 GHG emissions 2Total Gross indirect (Scope 3) GHG emissions (tCO2 eq)1 - Purchased Goods and services 192,922164,44917%2 - Capital goods 7,7465,51940%3 - Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,1191,1121%4 - Upstream transportation and distribution 5,8775,4258%6 - Business travel 10,78410,5592%7 - Employee commuting 1,0029466%Total Scope 3 GHG emissions 219,450188,01017%Total GHG emissions Total GHG emissions (location- based) (tCO2 eq) 222,866191,37716%Total GHG emissions (market- based) (tCO2 eq)220,249189,83516%Genmab purchases unbundled EACs related to purchased electricity to cover approximately 89% of total energy consumption in Scope 2.1. 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, 12 â End-of-life treatment of sold products, 13 â Downstream leased assets, 14 â Franchises as they are all not applicable to Genmab, and 15 â Investments as they are not material. Scope 3 GHG emissions includes the results of Merus from the date of acquisition through December 31, 2025 for categories 1, 4 and 6 as the consolidated trial balance includes the results of Merus. 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.4. 2024 restated to include GHG emissions from mobile combustion from leased vehicles. Scope 1 increased from 534 to 662, or 24%, and Scope 3 Category 3 increased from 1,078 to 1,112, or 3%.Accounting PoliciesScope 1 GHG EmissionsScope 1 GHG emissions are direct emissions from sources under Genmabâs financial or operational control at its offices, laboratories and leased vehicles. These emissions result primarily from fuel combustion and refrigerant leakage and are reported in COâ equivalents (CO2eq) using the 2025 DEFRA conversion factors.Scope 2 GHG EmissionsScope 2 GHG emissions are indirect emissions from purchased electricity and district heating used across Genmabâs offices and laboratories. Location-based and market-based GHG emissions are calculated using consumed energy multiplied with either supplier-specific emission factors or national factors from the International Energy Agency (IEA, 2023) and Association of Issuing Bodies (AIB, 2024). Renewable energy purchases and certificates are considered when accounting for GHG emissions, using the market-based approach.Scope 3 GHG EmissionsGenmab reports on six of the 15 Scope 3 GHG categories defined by the GHG Protocol; the remaining nine are either not applicable or not material. All Scope 3 emissions are currently estimated using secondary data.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 categories. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with U.S. EPA emission factors (2024) 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 U.S. EPA emission factors (2024) to estimate GHG emissions (CO2eq).Category 3 â Fuel and energy-related activities Fuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased fuel and electricity and Transmission and Distribution (T&amp;D) Loss of purchased electricity (beyond Scope 1 and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRA's emission factors (2025 for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises upstream WTT and T&amp;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 U.S. EPA emission factors (2024) 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 U.S. EPA emission factors (2024) 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.GHG intensity per net revenue2025 2024 Total GHG emissions (location-based) per net revenue (tCO2 eq/USD million)59.9 61.3 Total GHG emissions (market-based) per net revenue (tCO2 eq/ USD million) 59.2 60.8 Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue.2.3 EU TaxonomyReporting according to the EU TaxonomyThe EU Taxonomy is a classification system designed to provide a framework for identifying 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 "green" or sustainable business practices. The EU Taxonomy plays a role in supporting the transition towards a more sustainable economy.In line with the amended EU Taxonomy legislation, Commission Delegated Regulation (EU) 2026/73 amending the Delegated Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486, 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).EligibilityWe screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx.⢠Turnover - We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY and Tivdak qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). ⢠CapEx - Our assessment focused on investments that align with Taxonomy-eligible activities. We identified eligible activity under Renovation of Buildings (#7.2) in line with the Taxonomy criteria for Climate Change Mitigation (CCM).⢠OpEx - We evaluated the eligibility of our OpEx by reviewing the eligible economic activities outlined in our Income Statement and examining the data available to us from our ERP system. Based on this evaluation, we did not identify eligible OpEx.AlignmentWe 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 'Substantial contribution' and 'Do No Significant Harm' (DNSH) criteria. Accounting PoliciesTurnoverTotal 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.CapExTotal 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 depreciation, 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.OpExTotal OpEx includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property and equipment by Genmab 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. Merus results are included in the EU Taxonomy tables to reconcile with financial reporting.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.Financial Year (N) 2025 KPI (1) Total (2) Proportion of Taxonomy eligible activities (3) Taxonomy alignedactivities (4)Proportion of Taxonomy aligned activities (5) Breakdown by environmental objectives of Taxonomy aligned activities Proportion of enabling activities (12) Proportion of transitional activities (13)Not assessed activities considered non-material (14)Taxonomy aligned activities in previous financial year (N-1) (15) Proportion of Taxonomy aligned activities in previous financial year (N-1) (16)Climate Change Mitigation (6) Climate Change Adaption (7) Water (8) Circular Economy (9)Pollution (10) Biodiversity (11)MUSD% MUSD% % % % % % % % % % MUSD% Turnover 3,720 11%0 â%â%â%â%â%â%â%â%â%â%0 â%CapEx 7,469 0.4%0 â%â%â%â%â%â%â%â%â%â%0 â%OpEx 1,560 â%0 â%â%â%â%â%â%â%â%â%â%0 â%Reported KPITurnover Financial Year (N) 2025 Economic Activities (1)Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3) Taxonomy aligned KPI (monetary value of Turnover) (4)Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover) (5)Environmental objective of Taxonomy aligned activities Enabling Activity (12)Transitional Activity (13)Proportion of Taxonomy aligned in Taxonomy eligible (14) Climate Change Mitigation (6) Climate Change Adaption (7) Water (8) Circular Economy (9)Pollution (10) Biodiversity (11)% MUSD% % % % % % % (E where applicable)(T where applicable)% Manufacture of medicinal products PPC 1.211%0 â%â%â%â%â%â%â%â%Sum of alignment per objective % % % % % % Total Turnover11%0 â%â%â%â%â%â%â%â%Reported KPICapEx Financial Year (N) 2025 Economic Activities (1)Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3) Taxonomy aligned KPI (monetary value of CapEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx) (5)Environmental objective of Taxonomy aligned activities Enabling Activity (12)Transitional Activity (13)Proportion of Taxonomy aligned in Taxonomy eligible (14) Climate Change Mitigation (6) Climate Change Adaption (7) Water (8) Circular Economy (9)Pollution (10) Biodiversity (11)% (MUSD)% % % % % % % (E where applicable)(T where applicable)% Renovation of existing buildings CCM 7.20.4%0 â%â%â%â%â%â%â%â%Sum of alignment per objective % % % % % % Total CapEx0.4%0 â%â%â%â%â%â%â%â%Social Genmab is committed to improving the lives of patients and caregivers by developing innovative treatments that transform cancer care and address serious diseases. We prioritize understanding patient needs and ensuring that their insights guide our research, development and commercialization efforts.Our workforce is central to our success. The Genmab Commitment anchors our culture and reflects our vision, purpose, and core values. Genmab team members, or full-time equivalents (FTEs) are defined as all employees on our payroll, both full-time and part-time, as well as those on-leave, measured by reflecting the proportion of an FTE they represent based on their contractual agreement. Non-employees include contingent workers and consultants provided by third parties for employment. We focus on attracting and retaining individuals who align with our mission to improve patient outcomes. Our culture emphasizes teamwork, respect and inclusivity across all global locations. We believe that workplace inclusivityâencompassing social, educational, cultural, national, age, and gender differencesâis crucial for our continued success. By hiring individuals with the right skills and fostering collaborative teams, Genmab strengthens its ability to deliver lasting impact in healthcare, ultimately benefiting the patients and communities we serve.Own WorkforceBelow are the list of Disclosure Requirements pertaining to ESRS S1 - Own Workforce:Section Disclosure requirement content Disclosure requirement #3.0 Own Workforce IRO Management Policies related to own workforce S1-1 Processes for engaging with own workers and workersâ representatives about impacts S1-2 Processes to remediate negative impacts and channels for own workers to raise concerns S1-3 3.1 Own Workforce Actions, Metrics and Targets 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 actionsS1-4Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S1-5 Characteristics of the Companyâs employees S1-6 Characteristics of non-employee workers in the Companyâs own workforce S1-7 1Collective bargaining coverage and social dialogue S1-8 Diversity metrics S1-9 Adequate wages S1-10 Social protection S1-11 Persons with disabilities S1-12 1Training and skills development metrics S1-13 Health and safety metrics S1-14 Work-life balance metrics S1-15 1Compensation metrics (pay gap and total compensation) S1-16 Incidents, complaints and severe human rights impacts S1-17 1. Genmab has adopted the phase-in for S1-7, S1-12 and S1-15 and elected not to disclose for 2025 reporting.Governance Genmabâs sustainability oversight ensures that our commitments are embedded in the business and aligned with international best practices. We are committed to legal compliance, adherence to relevant codes and standards, and transparency in our sustainability disclosures. Business ConductBelow are the list of Disclosure Requirements pertaining to ESRS G1 â Business Conduct:Section Disclosure requirement content Disclosure requirement #5.0 Business Conduct IRO Management including Actions, Metrics and Targets Business conduct policies and corporate culture G1-1 Management of relationships with suppliers G1-2 Prevention and detection of corruption and bribery G1-3 Incidents of corruption or bribery G1-4 Political influence and lobbying activities G1-5 1Payment practices G1-6 1. Disclosure requirement G1-5 is not material for GenmabDisclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS 2 GOV-121 (d)⢠⢠Material GOV-1 Section ESRS 2 GOV-121 (e)⢠Material GOV-1 Section ESRS 2 GOV-430 ⢠Material GOV-4 Section ESRS 2 SBM-140 (d) i⢠⢠⢠Not Material ESRS 2 SBM-140 (d) ii⢠⢠Not Material ESRS 2 SBM-140 (d) iii⢠⢠Not Material ESRS 2 SBM-140 (d) iv⢠Not Material ESRS E1-114 ⢠Material ESRS E1-1 SectionESRS E1-116 (g)⢠⢠Not Material ESRS E1-434 ⢠⢠⢠Material ESRS E1-4 SectionESRS E1-538 ⢠Not Material ESRS E1-537 ⢠Material ESRS E1-5 SectionESRS E1-540-43⢠Not Material ESRS E1-644 ⢠⢠⢠Material ESRS E1-6 SectionESRS E1-653-55⢠⢠⢠Material ESRS E1-6 SectionESRS E1-756 ⢠Not Material Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS E1-966 ⢠Not Material ESRS E1-966 (a); 66 (c)⢠Not Material ESRS E1-967 (c)⢠Not Material ESRS E1-969 ⢠Not Material ESRS E2-428 ⢠Not Material ESRS E3-19 ⢠Not Material ESRS E3-113 ⢠Not Material ESRS E3-114 ⢠Not Material ESRS E3-428 (c)⢠Not Material ESRS E3-429 ⢠Not Material ESRS 2 - SBM 3 - E4 16 (a) i⢠Not Material ESRS 2 - SBM 3 - E4 16 (b)⢠Not Material ESRS 2 - SBM 3 - E4 16 (c)⢠Not Material ESRS E4-224 (b)⢠Not Material ESRS E4-224 (c)⢠Not Material ESRS E4-224 (d)⢠Not Material Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS E5-537 (d)⢠Not Material ESRS E5-539 ⢠Not Material ESRS 2- SBM3 - S114 (f)⢠Not Material ESRS 2- SBM3 - S114 (g)⢠Not Material ESRS S1-120 ⢠Material ESRS S1-1 SectionESRS S1-121 ⢠Material ESRS S1-1 SectionESRS S1-122 ⢠Material ESRS S1-1 SectionESRS S1-123 ⢠Material ESRS S1-1 SectionESRS S1-332 (c)⢠Material ESRS S1-3 SectionESRS S1-1488 (b); 88 (c)⢠⢠Material ESRS S1-14 SectionESRS S1-1488 (e)⢠Material ESRS S1-14 SectionESRS S1-1697 (a)⢠⢠Material ESRS S1-16 SectionESRS S1-1697 (b)⢠Material ESRS S1-16 SectionESRS S1-17103 (a)⢠Material ESRS S1-17 SectionESRS S1-17104 (a)⢠⢠Not Material ESRS 2- SBM3 â S211 (b)⢠Not Material ESRS S2-117 ⢠Not Material Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS S2-118 ⢠Not Material ESRS S2-119 ⢠⢠Not Material ESRS S2-119 ⢠Not Material ESRS S2-436 ⢠Not Material ESRS S3-116 ⢠Not Material ESRS S3-117 ⢠⢠Not Material ESRS S3-436 ⢠Not Material ESRS S4-116 ⢠Material ESRS S4-1 SectionESRS S4-117 ⢠⢠Not Material ESRS S4-435 ⢠Not Material ESRS G1-110 (b)⢠Not Material ESRS G1-110 (d)⢠Material ESRS G1-1 SectionESRS G1-424 (a)⢠⢠Material ESRS G1-4 SectionESRS G1-424 (b)⢠Not Material </mrv:SustainabilityReport>
<mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="c-1" id="f-23">Section Disclosure Requirement Content DisclosureRequirement #E1 Climate Change 2.0 Climate Change StrategyTransition plan for climate change mitigation E1-1 2.1 Climate Change IRO managementPolicies related to climate change mitigation and adaptation E1-2 2.2 Climate Change Actions, Metrics and Targets Actions and resources in relation to climate change policies E1-3 Targets related to climate change mitigation and adaptation E1-4 Energy consumption and mix E1-5 Gross Scopes 1, 2, 3 and total GHG emissions E1-6 GHG removals and GHG mitigation projects financed through carbon credits E1-7 1Internal carbon pricing E1-8 1Anticipated financial effects from material physical and transition risks and potential climate-related opportunities E1-9 2EU Taxonomy 2.3 EU TaxonomyReporting according to the EU Taxonomy N/A 1. Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.2. Genmab has adopted the phase-in for E1-9 and elected not to disclose for 2025 reporting.IROs related to the Environment (See SBM-3 for details):Actual Negative Impact GHG emissions from own operations and value chain Risk Transitional and physical risks related to GHG emissions Opportunity Partner with value chain to reduce Scope 3 emissions Genmabâs Resilience to Climate Change Genmab's resilience analysis was conducted qualitatively in 2025, incorporating climate scenarios based on key reports from authoritative bodies such as the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA). The analysis was conducted by assessing climate-related risks and opportunities 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 ERM framework.Genmab utilized three scenarios to explore potential transition and physical risks: a Net-Zero Emission by 2050 scenario at a Paris Agreement aligned 1.5°C, Announced Pledges scenario at 1.7-2°C and Stated Policies, a high emissions scenario at 2.4-3°C warming levels, considering both short-term (within 1 year), medium-term (2030) and long-term (2050) time horizons in alignment with Genmabâs strategic planning horizons and its GHG emissions reduction targets.⢠The Net-Zero Emission by 2050 (1.5°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 Announced Pledges (1.7-2°C) scenario is marked by uneven decarbonization efforts across regions and markets. This divergence increases transition risks, particularly for global companies operating across jurisdictions with differing climate commitments.⢠The Stated Policies (2.4-3°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 identified several potential physical risks, transition risks and opportunities for all three scenarios across short, medium and long-term time frames. The identified physical and transition risks and opportunities were evaluated based on likelihood and magnitude of financial impact 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 transition risks to Genmabâs business activities identified in the scenarios: Loss of market access due to net-zero healthcare and high costs from investments in green/resource efficient technology. Other risks considered were global carbon taxation and pricing impacting costs and financial returns, investor focus on climate performance limiting access to capital and investment, and cost of compliance with fragmented and drastic regulatory intervention.⢠Key potential 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, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.Genmab has set a science-aligned emissions reduction target in line 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 potential 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, highlights Genmabâs preparedness by adapting our strategy for climate-related 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.2.0Climate Change StrategyTransition plan for climate change mitigation (E1-1)Genmab addresses climate change through a developing transition plan that sets science-aligned targets for our operations and outlines actions to reduce emissions. Climate-related risks and opportunities are identified and assessed through our resilience analysis, which covers both our operations and value chain. Aligned with the Paris Agreementâs 1.5°C goal, our GHG emissions reduction targets currently apply to Scope 1 and 2 emissions, while we continue to advance initiatives to address value chain (Scope 3) impacts. To achieve our targets, we focus on:⢠Collaborating with suppliers and partners to drive value chain decarbonization,⢠Sourcing renewable electricity (solar, wind, hydro, or geothermal), and⢠Promoting behavioral changes to reduce emissions from labs, travel, and commuting.Our developing transition plan should be regarded as a dynamic and iterative framework that will continue to evolve to reflect progress in data quality, methodological innovation, and the changing regulatory and market landscape. The plan is subject to review and oversight through our sustainability governance model. 2.1 Climate Change IRO ManagementPolicies related to climate change mitigation and adaptation (E1-2)Policy IRO Mapping Policy Content and Objectives Scope of the Policy Accountability External Standards or Commitments Stakeholder ConsiderationAccessibility / CommunicationCommitment to the Environment and Sustainability GHG emissions from own operations and value chainEstablishes our approach to managing material environmental topics. Its objective is to guide responsible environmental practices across all operations.Applies to all employees, contractors, and operations globally CSR &amp; Sustainability Committee Guided by the Paris Agreement of the United Nations Framework Convention on Climate Change Developed with input from internal and external experts and stakeholders Available on internet and intranet2.2 Climate Change Actions, Metrics and TargetsActions and resources in relation to climate change policies (E1-3) / Targets related to climate change mitigation and adaptation (E1-4)IRO Key Actions in 2025 Targets Outcomes / Tracking Effectiveness Stakeholder Involvement GHG emissions from own operations and value chain We developed a sustainability roadmap as an integral part of Genmabâs sustainable climate-related strategy, in collaboration with an external expert consultant, focusing on quantifying investments, impacts, and feasibility to ensure structured and prioritized implementation of initiatives aligned with our sustainability targets.Develop and execute on sustainable climate-related strategy by 2025. 1Achieved in 2025. The development of our sustainability roadmap has enhanced our ability to govern and sequence sustainability initiatives. Genmab has executed on this strategy with significant progress on market-based Scope 2 GHG emission reductions in 2025.Facility Management, R&amp;D Operations, and External Environmental Sustainability Expert ConsultantWe expanded the use of renewable electricity to additional Genmab sites globally to advance our target of reducing Scope 2 emissions. Specifically, we began sourcing renewable electricity by use of unbundled renewable energy certificates at our sites in China during 2025.Reduce Scope 1 and Scope 2 (market-based) emissions by 42% through a reduction in Scope 2 emissions by 2030 from a 2024 base year. 2Reduce Scope 1 and 2 (market-based) emissions by 90% by 2050 from a 2024 base yearIn progress for both targets. We plan to continue using energy attribute certificates (EACs) as the primary decarbonization lever to reduce Scope 2 emissions to achieve our 2030 GHG emissions reduction target. Additional levers are under investigation, and their quantitative impacts will be disclosed when available.Facility Management, Landlords and Utility Providers Genmab monitored the climate ambitions of our top suppliers to ensure traction towards our 2030 target of at least 70% (by spend) of our suppliers having a science-aligned target.Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have science-aligned targets by 2030. 3In progress. The benchmarking confirmed that we remain on track to meet our 2030 target and enabled us to identify priority areas for supplier engagement, highlighting action hotspots where targeted collaboration will have the greatest impact.Suppliers and Procurement. Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions. Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.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. Executive Management received RSU grants in 2025 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2024 base year.3. Executive Management received RSU grants in 2024 and 2025 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.Energy consumption and mix (E1-5)2025 2024 31 Total fossil energy consumption MWh 4,469 5,120 Share of fossil sources in total energy consumption% 35%40%2 Consumption from nuclear sourcesMWh â 92 Share of consumption from nuclear sources in total energy consumption % â%1%3 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh â â 4 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sourcesMWh 8,143 7,414 5 The consumption of self- generated non-fuel renewable energyMWh 117 77 6 Total renewable energy consumption 1MWh 8,260 7,491 Share of renewable sources in total energy consumption% 65%59%Total energy consumption2MWh 12,729 12,703 1. 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)3. 2024 restated to include fossil energy consumption for leased vehicles. Total fossil energy consumption increased from 4,616 to 5,120, or 11%.Accounting PoliciesTotal energy consumption includes both renewable and non-renewable energy sources across our operations, measured in megawatt-hours (MWh) using data from energy systems, utility invoices and leased vehicle mileage reports. Renewable energy covers wind, solar, hydro and other sustainable sources which are supported by contractual agreements such as EACs, while non-renewable energy covers fossil fuels and grid electricity. Annual reviews ensure data accuracy, compliance with reporting standards, and alignment with our sustainability commitments.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, requirements and guidance provided by the GHG Protocol.Milestones and Target Years 2025 Base Year 2024 4% Change 2030 2050 Annual % Target/Base Year 3Scope 1 GHG emissions 1Gross Scope 1 GHG emissions (tCO2eq) 75866215%662 67 â%Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2 eq) 2,6582,705(2)%Gross market-based Scope 2 GHG emissions (tCO2eq) 411,163(96)%397 116 7%Total Scope 1 and market-based Scope 2 GHG emissions (tCO 2 eq)7991,825(56)%1,059 183 7% Significant Scope 3 GHG emissions 2Total Gross indirect (Scope 3) GHG emissions (tCO2 eq)1 - Purchased Goods and services 192,922164,44917%2 - Capital goods 7,7465,51940%3 - Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,1191,1121%4 - Upstream transportation and distribution 5,8775,4258%6 - Business travel 10,78410,5592%7 - Employee commuting 1,0029466%Total Scope 3 GHG emissions 219,450188,01017%Total GHG emissions Total GHG emissions (location- based) (tCO2 eq) 222,866191,37716%Total GHG emissions (market- based) (tCO2 eq)220,249189,83516%Genmab purchases unbundled EACs related to purchased electricity to cover approximately 89% of total energy consumption in Scope 2.1. 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, 12 â End-of-life treatment of sold products, 13 â Downstream leased assets, 14 â Franchises as they are all not applicable to Genmab, and 15 â Investments as they are not material. Scope 3 GHG emissions includes the results of Merus from the date of acquisition through December 31, 2025 for categories 1, 4 and 6 as the consolidated trial balance includes the results of Merus. 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.4. 2024 restated to include GHG emissions from mobile combustion from leased vehicles. Scope 1 increased from 534 to 662, or 24%, and Scope 3 Category 3 increased from 1,078 to 1,112, or 3%.Accounting PoliciesScope 1 GHG EmissionsScope 1 GHG emissions are direct emissions from sources under Genmabâs financial or operational control at its offices, laboratories and leased vehicles. These emissions result primarily from fuel combustion and refrigerant leakage and are reported in COâ equivalents (CO2eq) using the 2025 DEFRA conversion factors.Scope 2 GHG EmissionsScope 2 GHG emissions are indirect emissions from purchased electricity and district heating used across Genmabâs offices and laboratories. Location-based and market-based GHG emissions are calculated using consumed energy multiplied with either supplier-specific emission factors or national factors from the International Energy Agency (IEA, 2023) and Association of Issuing Bodies (AIB, 2024). Renewable energy purchases and certificates are considered when accounting for GHG emissions, using the market-based approach.Scope 3 GHG EmissionsGenmab reports on six of the 15 Scope 3 GHG categories defined by the GHG Protocol; the remaining nine are either not applicable or not material. All Scope 3 emissions are currently estimated using secondary data.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 categories. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with U.S. EPA emission factors (2024) 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 U.S. EPA emission factors (2024) to estimate GHG emissions (CO2eq).Category 3 â Fuel and energy-related activities Fuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased fuel and electricity and Transmission and Distribution (T&amp;D) Loss of purchased electricity (beyond Scope 1 and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRA's emission factors (2025 for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises upstream WTT and T&amp;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 U.S. EPA emission factors (2024) 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 U.S. EPA emission factors (2024) 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.GHG intensity per net revenue2025 2024 Total GHG emissions (location-based) per net revenue (tCO2 eq/USD million)59.9 61.3 Total GHG emissions (market-based) per net revenue (tCO2 eq/ USD million) 59.2 60.8 Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue.2.3 EU TaxonomyReporting according to the EU TaxonomyThe EU Taxonomy is a classification system designed to provide a framework for identifying 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 "green" or sustainable business practices. The EU Taxonomy plays a role in supporting the transition towards a more sustainable economy.In line with the amended EU Taxonomy legislation, Commission Delegated Regulation (EU) 2026/73 amending the Delegated Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486, 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).EligibilityWe screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx.⢠Turnover - We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY and Tivdak qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). ⢠CapEx - Our assessment focused on investments that align with Taxonomy-eligible activities. We identified eligible activity under Renovation of Buildings (#7.2) in line with the Taxonomy criteria for Climate Change Mitigation (CCM).⢠OpEx - We evaluated the eligibility of our OpEx by reviewing the eligible economic activities outlined in our Income Statement and examining the data available to us from our ERP system. Based on this evaluation, we did not identify eligible OpEx.AlignmentWe 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 'Substantial contribution' and 'Do No Significant Harm' (DNSH) criteria. Accounting PoliciesTurnoverTotal 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.CapExTotal 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 depreciation, 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.OpExTotal OpEx includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property and equipment by Genmab 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. Merus results are included in the EU Taxonomy tables to reconcile with financial reporting.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.Financial Year (N) 2025 KPI (1) Total (2) Proportion of Taxonomy eligible activities (3) Taxonomy alignedactivities (4)Proportion of Taxonomy aligned activities (5) Breakdown by environmental objectives of Taxonomy aligned activities Proportion of enabling activities (12) Proportion of transitional activities (13)Not assessed activities considered non-material (14)Taxonomy aligned activities in previous financial year (N-1) (15) Proportion of Taxonomy aligned activities in previous financial year (N-1) (16)Climate Change Mitigation (6) Climate Change Adaption (7) Water (8) Circular Economy (9)Pollution (10) Biodiversity (11)MUSD% MUSD% % % % % % % % % % MUSD% Turnover 3,720 11%0 â%â%â%â%â%â%â%â%â%â%0 â%CapEx 7,469 0.4%0 â%â%â%â%â%â%â%â%â%â%0 â%OpEx 1,560 â%0 â%â%â%â%â%â%â%â%â%â%0 â%Reported KPITurnover Financial Year (N) 2025 Economic Activities (1)Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3) Taxonomy aligned KPI (monetary value of Turnover) (4)Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover) (5)Environmental objective of Taxonomy aligned activities Enabling Activity (12)Transitional Activity (13)Proportion of Taxonomy aligned in Taxonomy eligible (14) Climate Change Mitigation (6) Climate Change Adaption (7) Water (8) Circular Economy (9)Pollution (10) Biodiversity (11)% MUSD% % % % % % % (E where applicable)(T where applicable)% Manufacture of medicinal products PPC 1.211%0 â%â%â%â%â%â%â%â%Sum of alignment per objective % % % % % % Total Turnover11%0 â%â%â%â%â%â%â%â%Reported KPICapEx Financial Year (N) 2025 Economic Activities (1)Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3) Taxonomy aligned KPI (monetary value of CapEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx) (5)Environmental objective of Taxonomy aligned activities Enabling Activity (12)Transitional Activity (13)Proportion of Taxonomy aligned in Taxonomy eligible (14) Climate Change Mitigation (6) Climate Change Adaption (7) Water (8) Circular Economy (9)Pollution (10) Biodiversity (11)% (MUSD)% % % % % % % (E where applicable)(T where applicable)% Renovation of existing buildings CCM 7.20.4%0 â%â%â%â%â%â%â%â%Sum of alignment per objective % % % % % % Total CapEx0.4%0 â%â%â%â%â%â%â%â%</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="c-1" id="f-24">2.3 EU TaxonomyReporting according to the EU Taxonomy N/A Disclosure requirements E1-7 and E1-8 are not applicable for Genmab.2. Genmab has adopted the phase-in for E1-9 and elected not to disclose for 2025 reportingGenmabâs Resilience to Climate Change Genmab's resilience analysis was conducted qualitatively in 2025, incorporating climate scenarios based on key reports from authoritative bodies such as the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA). The analysis was conducted by assessing climate-related risks and opportunities 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 ERM framework.Genmab utilized three scenarios to explore potential transition and physical risks: a Net-Zero Emission by 2050 scenario at a Paris Agreement aligned 1.5°C, Announced Pledges scenario at 1.7-2°C and Stated Policies, a high emissions scenario at 2.4-3°C warming levels, considering both short-term (within 1 year), medium-term (2030) and long-term (2050) time horizons in alignment with Genmabâs strategic planning horizons and its GHG emissions reduction targets.⢠The Net-Zero Emission by 2050 (1.5°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 Announced Pledges (1.7-2°C) scenario is marked by uneven decarbonization efforts across regions and markets. This divergence increases transition risks, particularly for global companies operating across jurisdictions with differing climate commitments.⢠The Stated Policies (2.4-3°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 identified several potential physical risks, transition risks and opportunities for all three scenarios across short, medium and long-term time frames. The identified physical and transition risks and opportunities were evaluated based on likelihood and magnitude of financial impact 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 transition risks to Genmabâs business activities identified in the scenarios: Loss of market access due to net-zero healthcare and high costs from investments in green/resource efficient technology. Other risks considered were global carbon taxation and pricing impacting costs and financial returns, investor focus on climate performance limiting access to capital and investment, and cost of compliance with fragmented and drastic regulatory intervention.⢠Key potential 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, operations and supply chain disruption from coastal flooding and damage to physical assets and inventory.Genmab has set a science-aligned emissions reduction target in line 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 potential 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, highlights Genmabâs preparedness by adapting our strategy for climate-related 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.2.0Climate Change StrategyTransition plan for climate change mitigation (E1-1)Genmab addresses climate change through a developing transition plan that sets science-aligned targets for our operations and outlines actions to reduce emissions. Climate-related risks and opportunities are identified and assessed through our resilience analysis, which covers both our operations and value chain. Aligned with the Paris Agreementâs 1.5°C goal, our GHG emissions reduction targets currently apply to Scope 1 and 2 emissions, while we continue to advance initiatives to address value chain (Scope 3) impacts. To achieve our targets, we focus on:⢠Collaborating with suppliers and partners to drive value chain decarbonization,⢠Sourcing renewable electricity (solar, wind, hydro, or geothermal), and⢠Promoting behavioral changes to reduce emissions from labs, travel, and commuting.Our developing transition plan should be regarded as a dynamic and iterative framework that will continue to evolve to reflect progress in data quality, methodological innovation, and the changing regulatory and market landscape. The plan is subject to review and oversight through our sustainability governance model. 2.1 Climate Change IRO ManagementPolicies related to climate change mitigation and adaptation (E1-2)Policy IRO Mapping Policy Content and Objectives Scope of the Policy Accountability External Standards or Commitments Stakeholder ConsiderationAccessibility / CommunicationCommitment to the Environment and Sustainability GHG emissions from own operations and value chainEstablishes our approach to managing material environmental topics. Its objective is to guide responsible environmental practices across all operations.Applies to all employees, contractors, and operations globally CSR &amp; Sustainability Committee Guided by the Paris Agreement of the United Nations Framework Convention on Climate Change Developed with input from internal and external experts and stakeholders Available on internet and intranet2.2 Climate Change Actions, Metrics and TargetsActions and resources in relation to climate change policies (E1-3) / Targets related to climate change mitigation and adaptation (E1-4)IRO Key Actions in 2025 Targets Outcomes / Tracking Effectiveness Stakeholder Involvement GHG emissions from own operations and value chain We developed a sustainability roadmap as an integral part of Genmabâs sustainable climate-related strategy, in collaboration with an external expert consultant, focusing on quantifying investments, impacts, and feasibility to ensure structured and prioritized implementation of initiatives aligned with our sustainability targets.Develop and execute on sustainable climate-related strategy by 2025. 1Achieved in 2025. The development of our sustainability roadmap has enhanced our ability to govern and sequence sustainability initiatives. Genmab has executed on this strategy with significant progress on market-based Scope 2 GHG emission reductions in 2025.Facility Management, R&amp;D Operations, and External Environmental Sustainability Expert ConsultantWe expanded the use of renewable electricity to additional Genmab sites globally to advance our target of reducing Scope 2 emissions. Specifically, we began sourcing renewable electricity by use of unbundled renewable energy certificates at our sites in China during 2025.Reduce Scope 1 and Scope 2 (market-based) emissions by 42% through a reduction in Scope 2 emissions by 2030 from a 2024 base year. 2Reduce Scope 1 and 2 (market-based) emissions by 90% by 2050 from a 2024 base yearIn progress for both targets. We plan to continue using energy attribute certificates (EACs) as the primary decarbonization lever to reduce Scope 2 emissions to achieve our 2030 GHG emissions reduction target. Additional levers are under investigation, and their quantitative impacts will be disclosed when available.Facility Management, Landlords and Utility Providers Genmab monitored the climate ambitions of our top suppliers to ensure traction towards our 2030 target of at least 70% (by spend) of our suppliers having a science-aligned target.Ensure 70% of suppliers by spend covering upstream purchases goods and services, capital goods and upstream transportation commit to have science-aligned targets by 2030. 3In progress. The benchmarking confirmed that we remain on track to meet our 2030 target and enabled us to identify priority areas for supplier engagement, highlighting action hotspots where targeted collaboration will have the greatest impact.Suppliers and Procurement. Refer to E1-5 and E1-6 for further details on energy usage and mix, and GHG emissions. Refer to section GOV-3 for climate related targets related to Executive Management incentive compensation.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. Executive Management received RSU grants in 2025 with performance linked to Scope 1 and Scope 2 emission reductions by 42% by 2030 from a 2024 base year.3. Executive Management received RSU grants in 2024 and 2025 with performance linked to supplier engagement ensuring two thirds of suppliers by spend committed to a Paris Agreement aligned climate target by 2030.Energy consumption and mix (E1-5)2025 2024 31 Total fossil energy consumption MWh 4,469 5,120 Share of fossil sources in total energy consumption% 35%40%2 Consumption from nuclear sourcesMWh â 92 Share of consumption from nuclear sources in total energy consumption % â%1%3 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh â â 4 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sourcesMWh 8,143 7,414 5 The consumption of self- generated non-fuel renewable energyMWh 117 77 6 Total renewable energy consumption 1MWh 8,260 7,491 Share of renewable sources in total energy consumption% 65%59%Total energy consumption2MWh 12,729 12,703 1. 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)3. 2024 restated to include fossil energy consumption for leased vehicles. Total fossil energy consumption increased from 4,616 to 5,120, or 11%.Accounting PoliciesTotal energy consumption includes both renewable and non-renewable energy sources across our operations, measured in megawatt-hours (MWh) using data from energy systems, utility invoices and leased vehicle mileage reports. Renewable energy covers wind, solar, hydro and other sustainable sources which are supported by contractual agreements such as EACs, while non-renewable energy covers fossil fuels and grid electricity. Annual reviews ensure data accuracy, compliance with reporting standards, and alignment with our sustainability commitments.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, requirements and guidance provided by the GHG Protocol.Milestones and Target Years 2025 Base Year 2024 4% Change 2030 2050 Annual % Target/Base Year 3Scope 1 GHG emissions 1Gross Scope 1 GHG emissions (tCO2eq) 75866215%662 67 â%Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2 eq) 2,6582,705(2)%Gross market-based Scope 2 GHG emissions (tCO2eq) 411,163(96)%397 116 7%Total Scope 1 and market-based Scope 2 GHG emissions (tCO 2 eq)7991,825(56)%1,059 183 7% Significant Scope 3 GHG emissions 2Total Gross indirect (Scope 3) GHG emissions (tCO2 eq)1 - Purchased Goods and services 192,922164,44917%2 - Capital goods 7,7465,51940%3 - Fuel and energy-related Activities (not included in Scope 1 or Scope 2) 1,1191,1121%4 - Upstream transportation and distribution 5,8775,4258%6 - Business travel 10,78410,5592%7 - Employee commuting 1,0029466%Total Scope 3 GHG emissions 219,450188,01017%Total GHG emissions Total GHG emissions (location- based) (tCO2 eq) 222,866191,37716%Total GHG emissions (market- based) (tCO2 eq)220,249189,83516%Genmab purchases unbundled EACs related to purchased electricity to cover approximately 89% of total energy consumption in Scope 2.1. 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, 12 â End-of-life treatment of sold products, 13 â Downstream leased assets, 14 â Franchises as they are all not applicable to Genmab, and 15 â Investments as they are not material. Scope 3 GHG emissions includes the results of Merus from the date of acquisition through December 31, 2025 for categories 1, 4 and 6 as the consolidated trial balance includes the results of Merus. 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.4. 2024 restated to include GHG emissions from mobile combustion from leased vehicles. Scope 1 increased from 534 to 662, or 24%, and Scope 3 Category 3 increased from 1,078 to 1,112, or 3%.Accounting PoliciesScope 1 GHG EmissionsScope 1 GHG emissions are direct emissions from sources under Genmabâs financial or operational control at its offices, laboratories and leased vehicles. These emissions result primarily from fuel combustion and refrigerant leakage and are reported in COâ equivalents (CO2eq) using the 2025 DEFRA conversion factors.Scope 2 GHG EmissionsScope 2 GHG emissions are indirect emissions from purchased electricity and district heating used across Genmabâs offices and laboratories. Location-based and market-based GHG emissions are calculated using consumed energy multiplied with either supplier-specific emission factors or national factors from the International Energy Agency (IEA, 2023) and Association of Issuing Bodies (AIB, 2024). Renewable energy purchases and certificates are considered when accounting for GHG emissions, using the market-based approach.Scope 3 GHG EmissionsGenmab reports on six of the 15 Scope 3 GHG categories defined by the GHG Protocol; the remaining nine are either not applicable or not material. All Scope 3 emissions are currently estimated using secondary data.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 categories. Spend is converted into CO2eq emissions using the spend-based method by applying the Environmentally Extended Input-Output (EEIO) model with U.S. EPA emission factors (2024) 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 U.S. EPA emission factors (2024) to estimate GHG emissions (CO2eq).Category 3 â Fuel and energy-related activities Fuel and energy-related activities include all upstream Well-to-Tank (WTT) CO2eq emissions of purchased fuel and electricity and Transmission and Distribution (T&amp;D) Loss of purchased electricity (beyond Scope 1 and 2 GHG emissions). Electricity and fuel consumption are multiplied by DEFRA's emission factors (2025 for fuel and 2021 for electricity) to estimate GHG emissions (CO2eq). The category primarily comprises upstream WTT and T&amp;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 U.S. EPA emission factors (2024) 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 U.S. EPA emission factors (2024) 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.GHG intensity per net revenue2025 2024 Total GHG emissions (location-based) per net revenue (tCO2 eq/USD million)59.9 61.3 Total GHG emissions (market-based) per net revenue (tCO2 eq/ USD million) 59.2 60.8 Refer to Note 2.1 in the consolidated financial statements for disclosures related to Genmabâs revenue.2.3 EU TaxonomyReporting according to the EU TaxonomyThe EU Taxonomy is a classification system designed to provide a framework for identifying 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 "green" or sustainable business practices. The EU Taxonomy plays a role in supporting the transition towards a more sustainable economy.In line with the amended EU Taxonomy legislation, Commission Delegated Regulation (EU) 2026/73 amending the Delegated Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486, 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).EligibilityWe screened our economic activities against those outlined in the Taxonomy, identifying eligible Turnover, CapEx and OpEx.⢠Turnover - We assessed turnover based on the net product sales of pharmaceutical products. We concluded that turnover from the sale of EPKINLY and Tivdak qualifies under the Manufacture of Medicinal Products (#1.2) activity, in line with the Taxonomy criteria for Pollution Prevention and Control (PPC). ⢠CapEx - Our assessment focused on investments that align with Taxonomy-eligible activities. We identified eligible activity under Renovation of Buildings (#7.2) in line with the Taxonomy criteria for Climate Change Mitigation (CCM).⢠OpEx - We evaluated the eligibility of our OpEx by reviewing the eligible economic activities outlined in our Income Statement and examining the data available to us from our ERP system. Based on this evaluation, we did not identify eligible OpEx.AlignmentWe 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 'Substantial contribution' and 'Do No Significant Harm' (DNSH) criteria. Accounting PoliciesTurnoverTotal 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.CapExTotal 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 depreciation, 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.OpExTotal OpEx includes direct non-capitalized costs that relate to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property and equipment by Genmab 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. Merus results are included in the EU Taxonomy tables to reconcile with financial reporting.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="c-2" id="f-25">Social Genmab is committed to improving the lives of patients and caregivers by developing innovative treatments that transform cancer care and address serious diseases. We prioritize understanding patient needs and ensuring that their insights guide our research, development and commercialization efforts.Our workforce is central to our success. The Genmab Commitment anchors our culture and reflects our vision, purpose, and core values. Genmab team members, or full-time equivalents (FTEs) are defined as all employees on our payroll, both full-time and part-time, as well as those on-leave, measured by reflecting the proportion of an FTE they represent based on their contractual agreement. Non-employees include contingent workers and consultants provided by third parties for employment. We focus on attracting and retaining individuals who align with our mission to improve patient outcomes. Our culture emphasizes teamwork, respect and inclusivity across all global locations. We believe that workplace inclusivityâencompassing social, educational, cultural, national, age, and gender differencesâis crucial for our continued success. By hiring individuals with the right skills and fostering collaborative teams, Genmab strengthens its ability to deliver lasting impact in healthcare, ultimately benefiting the patients and communities we serve.Own WorkforceBelow are the list of Disclosure Requirements pertaining to ESRS S1 - Own Workforce:Section Disclosure requirement content Disclosure requirement #3.0 Own Workforce IRO Management Policies related to own workforce S1-1 Processes for engaging with own workers and workersâ representatives about impacts S1-2 Processes to remediate negative impacts and channels for own workers to raise concerns S1-3 3.1 Own Workforce Actions, Metrics and Targets 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 actionsS1-4Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S1-5 Characteristics of the Companyâs employees S1-6 Characteristics of non-employee workers in the Companyâs own workforce S1-7 1Collective bargaining coverage and social dialogue S1-8 Diversity metrics S1-9 Adequate wages S1-10 Social protection S1-11 Persons with disabilities S1-12 1Training and skills development metrics S1-13 Health and safety metrics S1-14 Work-life balance metrics S1-15 1Compensation metrics (pay gap and total compensation) S1-16 Incidents, complaints and severe human rights impacts S1-17 1. Genmab has adopted the phase-in for S1-7, S1-12 and S1-15 and elected not to disclose for 2025 reporting.</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="c-1" id="f-26">Equal Opportunity Promoting InnovationCulture Trainings: Offered a combination of culture workshops and masterclasses to our workforce. Employee Resource Groups (ERGs): Made ERGs available to all employees to foster a collaborative culture where unique perspectives drive innovation, engagement, and organizational strengthâempowering employees to contribute meaningfully to our mission of developing the next generation of antibody medicines for patients in need.Target between 40% to 60% gender representation by 2025 in the Other Management Levels at Genmab A/S only in accordance with the guidelines from the Danish Business Authority (DBA).In 2025, Genmab removed gender diversity targets at the Group level including those linked to Executive Management compensation. Target not achieved for 2025. As of December 31, 2025, women represented 30% (seven) and men 70% (16) of managers in the âOther Management Levelsâ of Genmab A/S, as defined by the Danish Gender Balance Act. Other Management Levels are comprised of Executive Management and employees with personnel responsibilities who report to Executive Management.As Genmab does not currently have an equal gender representation in the Other Management Levels, with women being the underrepresented gender, the Board of Directors has decided to maintain a target for the proportion of women in the Other Management Levels of 40%, or, depending on the specific number of individuals to be included in the Other Management Levels at the given time, the percentage that comes closest to 40%, but not exceeding 49%, by 2028.The Global Talent and Culture team, within the Human Resource team.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="c-2" id="f-27">2. Eligibility refers to all employees hired before October 1 of the reporting year. Also, excludes interns and student workers and in the case of long-term absence, local rules apply</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="c-3" decimals="0" id="f-28" unitRef="u-1">6</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers contextRef="c-4" decimals="0" id="f-29" unitRef="u-1">6</mrv:TotalNumberOfMembersOfBoardOfDirectorsExcludingEmployeeelectedMembers>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="c-3" decimals="4" id="f-30" unitRef="u-2">0.44</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors contextRef="c-4" decimals="2" id="f-31" unitRef="u-2">0.44</mrv:PercentageOfUnderrepresentedGenderBoardOfDirectors>
<mrv:StatementOfTheDiversityPolicies contextRef="c-1" id="f-32">Governance Genmabâs sustainability oversight ensures that our commitments are embedded in the business and aligned with international best practices. We are committed to legal compliance, adherence to relevant codes and standards, and transparency in our sustainability disclosures. Business ConductBelow are the list of Disclosure Requirements pertaining to ESRS G1 â Business Conduct:Section Disclosure requirement content Disclosure requirement #5.0 Business Conduct IRO Management including Actions, Metrics and Targets Business conduct policies and corporate culture G1-1 Management of relationships with suppliers G1-2 Prevention and detection of corruption and bribery G1-3 Incidents of corruption or bribery G1-4 Political influence and lobbying activities G1-5 1Payment practices G1-6 1. Disclosure requirement G1-5 is not material for GenmabAppendix A (Derived from ESRS 2 Appendix B) Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS 2 GOV-121 (d)⢠⢠Material GOV-1 Section ESRS 2 GOV-121 (e)⢠Material GOV-1 Section ESRS 2 GOV-430 ⢠Material GOV-4 Section ESRS 2 SBM-140 (d) i⢠⢠⢠Not Material ESRS 2 SBM-140 (d) ii⢠⢠Not Material ESRS 2 SBM-140 (d) iii⢠⢠Not Material ESRS 2 SBM-140 (d) iv⢠Not Material ESRS E1-114 ⢠Material ESRS E1-1 SectionESRS E1-116 (g)⢠⢠Not Material ESRS E1-434 ⢠⢠⢠Material ESRS E1-4 SectionESRS E1-538 ⢠Not Material ESRS E1-537 ⢠Material ESRS E1-5 SectionESRS E1-540-43⢠Not Material ESRS E1-644 ⢠⢠⢠Material ESRS E1-6 SectionESRS E1-653-55⢠⢠⢠Material ESRS E1-6 SectionESRS E1-756 ⢠Not Material Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS E1-966 ⢠Not Material ESRS E1-966 (a); 66 (c)⢠Not Material ESRS E1-967 (c)⢠Not Material ESRS E1-969 ⢠Not Material ESRS E2-428 ⢠Not Material ESRS E3-19 ⢠Not Material ESRS E3-113 ⢠Not Material ESRS E3-114 ⢠Not Material ESRS E3-428 (c)⢠Not Material ESRS E3-429 ⢠Not Material ESRS 2 - SBM 3 - E4 16 (a) i⢠Not Material ESRS 2 - SBM 3 - E4 16 (b)⢠Not Material ESRS 2 - SBM 3 - E4 16 (c)⢠Not Material ESRS E4-224 (b)⢠Not Material ESRS E4-224 (c)⢠Not Material ESRS E4-224 (d)⢠Not Material Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS E5-537 (d)⢠Not Material ESRS E5-539 ⢠Not Material ESRS 2- SBM3 - S114 (f)⢠Not Material ESRS 2- SBM3 - S114 (g)⢠Not Material ESRS S1-120 ⢠Material ESRS S1-1 SectionESRS S1-121 ⢠Material ESRS S1-1 SectionESRS S1-122 ⢠Material ESRS S1-1 SectionESRS S1-123 ⢠Material ESRS S1-1 SectionESRS S1-332 (c)⢠Material ESRS S1-3 SectionESRS S1-1488 (b); 88 (c)⢠⢠Material ESRS S1-14 SectionESRS S1-1488 (e)⢠Material ESRS S1-14 SectionESRS S1-1697 (a)⢠⢠Material ESRS S1-16 SectionESRS S1-1697 (b)⢠Material ESRS S1-16 SectionESRS S1-17103 (a)⢠Material ESRS S1-17 SectionESRS S1-17104 (a)⢠⢠Not Material ESRS 2- SBM3 â S211 (b)⢠Not Material ESRS S2-117 ⢠Not Material Disclosure RequirementData Point SFDR Reference Pillar 3 ReferenceBenchmark Regulation Reference EU Climate Law Reference Material/ Not Material Section, Paragraph or Page Reference ESRS S2-118 ⢠Not Material ESRS S2-119 ⢠⢠Not Material ESRS S2-119 ⢠Not Material ESRS S2-436 ⢠Not Material ESRS S3-116 ⢠Not Material ESRS S3-117 ⢠⢠Not Material ESRS S3-436 ⢠Not Material ESRS S4-116 ⢠Material ESRS S4-1 SectionESRS S4-117 ⢠⢠Not Material ESRS S4-435 ⢠Not Material ESRS G1-110 (b)⢠Not Material ESRS G1-110 (d)⢠Material ESRS G1-1 SectionESRS G1-424 (a)⢠⢠Material ESRS G1-4 SectionESRS G1-424 (b)⢠Not Material </mrv:StatementOfTheDiversityPolicies>
<fsa:AverageNumberOfEmployees contextRef="c-1" decimals="0" id="f-471" unitRef="u-5">2694</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="c-40" decimals="0" id="f-472" unitRef="u-5">2535</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="c-41" decimals="0" id="f-473" unitRef="u-5">2011</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="c-1" id="f-545">The Board of Directors and Executive Management have today considered and adopted the Annual Report of Genmab A/S for the financial year January 1 to December 31, 2025. The Annual Report has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS Accounting Standards as endorsed by the EU and further requirements in the Danish Financial Statements Act.In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at December 31, 2025 of the Group and the Parent Company and of the results of the Group and Parent Company operations and cash flows for 2025.In our opinion, the management commentary is prepared in accordance with relevant laws and regulations and contains a fair review of the development of the Group's and the Parentâs business and financial matters, the results for the year and of the Parentâs financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the principal risks and uncertainties that the Group and the Parent face.The sustainability statement is prepared in accordance with the European Sustainability Reporting Standards (ESRS) as required by the Danish Financial Statements Act as well as article 8 in the EU Taxonomy regulation.In our opinion, the Annual Report of Genmab A/S for the financial year January 1 to December 31, 2025, with the file name genmab-2025-12-31-1-en.zi p is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="c-1" id="f-546">Copenhagen</sob:PlaceOfSignatureOfStatement>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c-42" id="f-547">Jan van de Winkel</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c-43" id="f-548">Anthony Pagano</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="c-42" id="f-549">(President &amp; CEO)</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="c-43" id="f-550">(Executive Vice President &amp; CFO)</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-44" id="f-551">Deirdre P. Connelly</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-45" id="f-552">Pernille Erenbjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-46" id="f-553">Anders Gersel Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="c-44" id="f-554">(Chair)</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="c-45" id="f-555">(Deputy Chair)</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-47" id="f-556">Rolf Hoffmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-48" id="f-557">Paolo Paoletti</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-49" id="f-558">Elizabeth OâFarrell</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-50" id="f-559">Mijke Zachariasse</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-51" id="f-560">Michael Kavanagh</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c-52" id="f-561">Martin Schultz</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:DescriptionOfMemberOfSupervisoryBoard contextRef="c-50" id="f-562">(Employee elected)</cmn:DescriptionOfMemberOfSupervisoryBoard>
<cmn:DescriptionOfMemberOfSupervisoryBoard contextRef="c-51" id="f-563">(Employee elected)</cmn:DescriptionOfMemberOfSupervisoryBoard>
<cmn:DescriptionOfMemberOfSupervisoryBoard contextRef="c-52" id="f-564">(Employee elected)</cmn:DescriptionOfMemberOfSupervisoryBoard>
<arr:OpinionOnAuditedFinancialStatements contextRef="c-1" id="f-566">Our opinion is consistent with our Long Form Audit Report issued to the Audit &amp; Finance Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="c-1" id="f-567">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditorâs responsibilities for the audit of the consolidated ï¬nancial statements and the parent ï¬nancial statements" section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of ï¬nancial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of ï¬nancial statements of public interest entities. We have also fulï¬lled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is suï¬cient and appropriate to provide a basis for our opinion.To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014.We were appointed auditors of Genmab A/S for the ï¬rst time on March 13, 2024 for the ï¬nancial year 2024. We have been reappointed annually by decision of the general meeting for a total continuous engagement period of 2 years up to and including the ï¬nancial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="c-1" id="f-568">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most signiï¬cance in our audit of the consolidated ï¬nancial statements and the parent ï¬nancial statements for the ï¬nancial year January 1, 2025 â December 31, 2025. These matters were addressed in the context of our audit of the consolidated ï¬nancial statements and the parent ï¬nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matterHow our audit addressed the key audit matter Valuation of Acquired IPR&amp;D Asset in the Merus N.V. Acquisition Refer to Notes 3.1 and 5.5 to the consolidated financial statements.The Company acquired Merus N.V. (âMerusâ) for USD 8.017 billion on December 12, 2025. The Company accounted for the acquisition as an asset acquisition based on an asset concentration test in accordance with IFRS 3 Business Combinations, as substantially all of the fair value of the acquired assets is concentrated in a single identifiable asset. Intangible assets acquired primarily included an in-process research and development intangible asset (âAcquired IPR&amp;D assetâ). The Company allocated the cost price of the Acquired IPR&amp;D asset using an income approach to estimate the fair value at the acquisition date. The fair value determination of the Acquired IPR&amp;D asset required the Company to apply significant estimates and assumptions related to the forecasted future cash flows, such as probabilities of technical and regulatory success, and the determination of the discount rates. We identified the valuation of the Acquired IPR&amp;D asset for the Merus acquisition as a key audit matter because of the high level of complexity and management judgement involved in determining the above outlined significant estimates and assumptions used by the Company to determine the fair value of the asset. This required a high degree of auditor judgement and an increased extent of effort when performing audit procedures to evaluate the reasonableness of managementâs estimates and assumptions. Our audit procedures related to the Companyâs valuation of the Acquired IPR&amp;D asset in the Merus acquisition included the following, among others: ⢠We performed corroborative inquiries of key individuals from senior leadership, including research &amp; development, and personnel involved in forecasting the future cash flows in determining the appropriateness of the probabilities of technical and regulatory success. ⢠We tested the effectiveness of controls relating to management's review of the significant estimates and assumptions related to the forecasted future cash flows, including the determination of the probabilities of technical and regulatory success and discount rates applied.⢠We evaluated the probabilities of technical and regulatory success against external medical studies and industry benchmarks to determine if these were corroborative or contradictory to the probabilities of technical and regulatory success applied by management.⢠With the assistance of our valuation specialists, we evaluated the appropriateness of the valuation method and we tested the source information and inputs applied in the determination of the discount rates, including comparison to publicly available information of comparable companies, and tested the mathematical accuracy of the calculation.Revenue recognition of royalty revenue Refer to Note 2.1 to the consolidated financial statements.The Company recognized royalty revenue, where revenue is recognized based on net sales by collaboration partners. The Company uses net sales provided by its collaboration partners as an input to its calculation of the amount of royalty revenue to recognize in each period. The preliminary net sales data provided by the collaboration partner may change once final net sales data is available. We identified the revenue recognition of royalty contracts for selected products as a key audit matter because of the significant estimation uncertainty related to the net sales data provided by collaboration partners. Specifically, the collaboration partnerâs estimate of net sales could change based on the final net sales impacting the royalty revenue recognized in each period. This required a high degree of auditor judgement and an increased extent of effort when performing audit procedures to evaluate the reliability of managementâs estimates of the net sales. Further, the contracts with the collaboration partners are complex and contain multiple clauses that directly impact revenue recognition, which require an increased extent of audit effort to ensure accurate and complete revenue recognition. Our audit procedures related to the royalty revenue recognized based on the significant assumption of estimated net sales provided by the collaboration partners and the complex and multiple clauses in the contracts included the following, among others: ⢠We tested the effectiveness of controls relating to managementâs review of the estimated net sales used in the determination of royalty revenue recognition.⢠We tested the overall reliability of the estimated net sales reported by the collaboration partners by assessing the historical accuracy of the estimates.⢠We tested the recognition of royalty revenue by reconciling to the contract terms, cash receipts and royalty reports from collaboration partners or reported net sales.⢠We obtained external confirmations from collaboration partners on the estimated and actual net sales amounts reported. </arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c-1" id="f-569">Statement on Managementâs ReviewManagement is responsible for the Managementâs Review.Our opinion on the consolidated ï¬nancial statements and the parent ï¬nancial statements does not cover the Managementâs Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated ï¬nancial statements and the parent ï¬nancial statements, our responsibility is to read the Managementâs Review and, in doing so, consider whether the Managementâs Review is materially inconsistent with the consolidated ï¬nancial statements and the parent ï¬nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in section 99a related to the sustainability statements covered by the separate auditorâs limited assurance report hereon. Based on the work we have performed, in our view, Managementâs Review is in accordance with the consolidated ï¬nancial statements and the parent ï¬nancial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act except for the requirements in section 99a related to the sustainability statements cf. above. We did not identify any material misstatement of the Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="c-1" id="f-570">Management's responsibilities for the consolidated ï¬nancial statements and the parent ï¬nancial statementsManagement is responsible for the preparation of consolidated ï¬nancial statements and parent ï¬nancial statements that give a true and fair view in accordance with IFRS Accounting Standards as endorsed by the EU and further disclosure requirements for listed companies in Denmark, and for such internal control as Management determines is necessary to enable the preparation of consolidated ï¬nancial statements and parent ï¬nancial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated ï¬nancial statements and the parent ï¬nancial statements, Management is responsible for assessing the Groupâs and the Parentâs ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated ï¬nancial statements and the parent ï¬nancial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c-1" id="f-571">Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statementsOur objectives are to obtain reasonable assurance about whether the consolidated ï¬nancial statements and the parent ï¬nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inï¬uence the economic decisions of users taken on the basis of these consolidated ï¬nancial statements and these parent ï¬nancial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:⢠Identify and assess the risks of material misstatement of the consolidated ï¬nancial statements and the parent ï¬nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suï¬cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eï¬ectiveness of the Groupâs and the Parentâs internal control.⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the consolidated ï¬nancial statements and the parent ï¬nancial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiï¬cant doubt on the Group's and the Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the consolidated ï¬nancial statements and the parent ï¬nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and content of the consolidated ï¬nancial statements and the parent ï¬nancial statements, including the disclosures in the notes, and whether the consolidated ï¬nancial statements and the parent ï¬nancial statements represent the underlying transactions and events in a manner that gives a true and fair view.⢠Plan and perform the group audit to obtain suï¬cient appropriate audit evidence regarding the ï¬nancial information of the entities or business units within the group as a basis for forming an opinion on the consolidated ï¬nancial statements and the parent ï¬nancial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signiï¬cant audit ï¬ndings, including any signiï¬cant deï¬ciencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats.From the matters communicated with those charged with governance, we determine those matters that were of most signiï¬cance in the audit of the consolidated ï¬nancial statements and the parent ï¬nancial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="c-1" id="f-572">Report on compliance with the ESEF RegulationAs part of our audit of the consolidated ï¬nancial statements and the parent ï¬nancial statements of Genmab A/S we performed procedures to express an opinion on whether the annual report for the ï¬nancial year January 1, 2025 â December 31, 2025, genmab-2025-12-31-1-en.zip, is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated ï¬nancial statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:⢠The preparing of the annual report in XHTML format;⢠The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for ï¬nancial information required to be tagged using judgement where necessary;⢠Ensuring consistency between iXBRL tagged data and the consolidated ï¬nancial statements presented in human readable format; and⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:⢠Testing whether the annual report is prepared in XHTML format;⢠Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process;⢠Evaluating the completeness of the iXBRL tagging of the consolidated ï¬nancial statements including notes;⢠Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identiï¬ed;⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and⢠Reconciling the iXBRL tagged data with the audited consolidated and parent ï¬nancial statements.In our opinion, the annual report of Genmab A/S for the ï¬nancial year January 1, 2025 â December 31, 2025, with the ï¬le name genmab-2025-12-31-1-en.zip, is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="c-1" id="f-574">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="c-1" id="f-575">2026-02-17</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="c-53" id="f-576">DeloitteStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="c-54" id="f-577">DeloitteStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="c-53" id="f-578">33963556</cmn:IdentificationNumberCvrOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="c-54" id="f-580">Sumit Sudan</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="c-53" id="f-581">Niels Skannerup Vendelbo</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="c-54" id="f-582">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="c-53" id="f-583">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="c-54" id="f-584">mne33716</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="c-53" id="f-585">mne34532</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="c-54" id="f-586">mne33716</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="c-53" id="f-587">mne34532</cmn:IdentificationNumberOfAuditor>
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