Exhibit 99.4

EXHIBIT B

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Introduction

On September 29, 2025, Genmab entered into the Acquisition, to which Genmab intends to acquire all the shares of Merus for $97.00 per share in an all-cash transaction. The following unaudited pro forma condensed combined financial information gives effect to the Acquisition and the related financing transactions, as further described below.

The accompanying unaudited pro forma condensed combined statement of financial position as of September 30, 2025 gives effect to the Acquisition, including the related financing transactions, as if it had been consummated on September 30, 2025; and the accompanying unaudited pro forma condensed combined statements of operations for the year ended December 31, 2024 and the nine months ended September 30, 2025 give effect to the Acquisition, including the related financing transactions, as if it had been consummated on January 1, 2024.

These unaudited pro forma condensed combined financial statements should be read in conjunction with:

 

•

The accompanying notes to these unaudited pro forma condensed combined financial statements,

 

•

The historical audited consolidated financial statements of Genmab for the year ended December 31, 2024, as reissued,

 

•

The historical unaudited interim condensed consolidated financial statements of Genmab for the nine months ended September 30, 2025,

 

•

The historical audited consolidated financial statements of Merus for the year ended December 31, 2024,

 

•

The historical unaudited interim condensed consolidated financial statements of Merus for the nine months ended September 30, 2025,

 

•

The section of this offering memorandum entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

See the section of this offering memorandum entitled “Notes to Unaudited Pro Forma Consolidated Combined Financial Information.”

The historical audited consolidated financial statements and historical unaudited interim condensed consolidated financial statements of Genmab have been prepared in accordance with IFRS Accounting Standards, and IAS 34 Financial Information, respectively. The historical audited consolidated financial statements and historical unaudited interim condensed consolidated financial statements of Merus have been prepared in accordance with U.S. GAAP and with Regulation S-X promulgated under the Securities Exchange Act of 1933, as amended.

The unaudited pro forma adjustments are based upon available information and certain assumptions that management believes are reasonable. All adjustments are preliminary and subject to change.

These unaudited pro forma condensed combined financial statements are for illustrative purposes only and are not intended to represent or be indicative of:

 

•

The actual results of operations or financial position of the combined company that would have been achieved if the Acquisition had been completed as of the dates indicated, or

 

•

The results of operations or financial position of the combined company as of any future date or for any future period.

 

91

Description of the Transaction

On September 29, 2025, Merus entered into the Transaction Agreement with Genmab and the Purchaser. Pursuant to the Transaction Agreement, the Purchaser commenced a tender offer for all the outstanding common shares of Merus on October 21, 2025. The closing of the tender offer is subject to the satisfaction or waiver of customary conditions as described elsewhere in this offering memorandum. Following the closing of the tender offer, Merus and Genmab will effect the Back-End Transactions resulting in Genmab owning 100% of the common shares of Merus (or a successor entity). Depending on the structure of these Back-End Transactions, Merus shareholders that do not tender their shares into the tender offer will either receive the same consideration for their common shares as the common shares tendered into the tender offer (subject to applicable withholding taxes) or a fair price for their common shares determined by a Dutch court in statutory buy-out proceedings. For purposes of this unaudited pro forma condensed combined financial information, we have assumed that the purchase of Genmab’s majority interest in Merus through the tender offer and the acquisition of any remaining Merus shares through the Back-End Transactions will occur during the same reporting period and at the same per share purchase price.

Merus Equity awards

In connection with the transaction Merus equity awards will be treated as follows:

Merus Stock Options: each outstanding and unexercised option that is outstanding immediately prior to the closing of the transaction, whether or not fully vested, and whether or not subject to any performance or other conditions, will vest in full. “In-the-money” options will be converted automatically into the right to receive cash equal to the merger consideration less the strike price for each in the money award.

Merus Restricted Stock Award: each outstanding and unvested restricted stock award outstanding immediately prior to the closing of the transaction, whether or not fully vested, and whether or not subject to any performance or other conditions, will vest in full and be converted automatically into the right to receive cash equal to the merger consideration available to holders of common shares.

Description of the Financing

To finance the Transactions, Genmab has obtained committed financing from several financial institutions in the aggregate amount of $6,000 million, of which $5,500 million is intended to be used to finance, in part, the aggregate consideration for the Acquisition and $500 million is committed pursuant to a revolving credit facility that is expected to be undrawn at the closing of the Acquisition. In connection with the Transactions, the Company intends to enter into the following debt financing transactions:

 

•

the entry into New Senior Secured Credit Facilities consisting of (i) the Term Loan A Facility, (ii) the Term Loan B Facility, and (iii) the New Revolving Facility; and

 

•

the issuance of (i) $1,500 million in aggregate principal amount of the senior secured notes offered hereby and (ii) $1,000 million in aggregate principal amount of the senior unsecured notes offered hereby.

Accounting for the Acquisition

The transaction will be accounted for in accordance with IFRS Accounting Standards. It is anticipated to be treated as the acquisition of a group of assets that do not constitute a business, as outlined in the scoping guidance in IFRS 3.2 and the related IFRS Interpretations Committee Update in November 2017 (“IU 11-17”). This is because it is anticipated that substantially all the fair value of the gross assets acquired will be concentrated into a single asset. Following the guidance provided by the IU 11-17 meeting and set forth in IFRS 3.2(b), Genmab will measure any identifiable assets or assumed liabilities that are initially measured at an amount other than cost in accordance with the applicable accounting standards, and allocate the residual cost of

 

92

the asset acquisition to the remaining identifiable assets based on their preliminary estimates of fair value. The transaction will not result in the recognition of any goodwill, gain or loss. Further, the transaction will not result in the recognition of any deferred tax asset or liability as IFRS Accounting Standards do not permit the recognition of deferred taxes that arise from initial recognition of an asset or liability in a transaction that is an asset acquisition, does not give rise to an accounting or tax profit, and does not give rise to equal taxable and deductible temporary differences. Directly attributable transaction costs necessary to execute the transaction are capitalizable and form part of the cost basis of the net assets acquired. The detailed valuation studies necessary to arrive at required estimates of fair values of the assets acquired and liabilities assumed from Merus in the transaction have not been completed. The actual fair values will be determined upon the completion of the Transaction and the dependent allocations may vary materially from these preliminary estimates.

While following the initial tender offer, but prior to the completion of the Back-End Transactions, Genmab may own less than 100% of the outstanding shares of Merus, the transaction is presented here as if Genmab has achieved 100% ownership upon closing of the tender offer because the remaining shares will eventually be acquired by Genmab during the subsequent offering period or through the successful completion of the Back-End Transactions. All Back-End Transactions are expected to be completed in the same reporting period, and the unaudited pro forma condensed combined financial information presented herein has been prepared on this basis. If the Back-End Transactions are not completed within the same reporting period, there may be recognition of a mandatorily redeemable financial instrument. The accounting for this transaction is preliminary and has not yet been finalized.

Pro forma Adjustments

The following unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2025 and the year ended December 31, 2024 and unaudited pro forma condensed combined statement of financial position as of September 30, 2025 are based on the historical consolidated financial statements of Genmab and Merus, and have been prepared to reflect the Acquisition and the financing arrangements contemplated at the date of this offering memorandum. The pro forma adjustments related to the transaction include:

 

•

The purchase consideration of $97.00 per share transferred to holders of shares, options, and restricted stock awards outstanding as of September 26, 2025, resulting in an estimated consideration paid to such holders of $8,014 million.

 

•

The conversion of Merus financial statements from U.S. GAAP and Merus accounting policies to Genmab accounting policies in accordance with IFRS Accounting Standards and reclassifications to conform to Genmab financial statement presentation.

 

•

The recognition of Merus’ net assets acquired and liabilities assumed in the Acquisition, measured at their allocated transaction price, as described above.

 

•

The borrowings under the term loan facilities and the issuance of the secured and unsecured notes offered hereby, each further described in Note 4—Adjustments for Financing of the unaudited pro forma condensed combined financial information, and the planned liquidation of marketable securities to fund a portion of the purchase price of the Acquisition.

 

•

The recognition of certain one time transaction related expenses and the recognition of incremental share based compensation expense attributable to the acceleration of share based payment awards in conjunction with the transaction, as if the transaction had occurred on January 1, 2024, each described in Note 5—Other Transaction Accounting Adjustments of the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial statements have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial

 

93

Disclosures about Acquired and Disposed Businesses.” Release No. 33-10786 established simplified requirements to depict the accounting for the transaction (“Transaction Accounting Adjustments”). These pro forma adjustments were presented in separate columns after the presentation of the combined historical information of the Company and its subsidiaries and Merus and its subsidiaries. The Company has elected not to present management’s adjustments and is only presenting Transaction Accounting Adjustments in the unaudited pro forma condensed combined financial information. The pro forma adjustments are subject to material change and are based upon currently available information and certain assumptions that the Company believes are reasonable.

This information has been prepared assuming (1) that Genmab irrevocably accepts for payment all Merus shares, tendered during the initial tender offer period, on a fully diluted basis and (2) that the Back-End Transactions, including the back-end merger, the back-end loan and the back-end cancellation, to the extent applicable, occur within the same reporting period; resulting in Genmab acquiring 100% of outstanding shares of Merus. The unaudited pro forma condensed combined financial information does not reflect any anticipated synergies or dis-synergies, operating efficiencies or cost savings, or integration costs that may result from the Acquisition. No assurance can be given that synergies, operating efficiencies or cost savings will be realized. Income taxes do not reflect the amounts that would have resulted had Genmab and Merus filed consolidated income tax returns during the periods presented.

 

94

Unaudited Pro Forma Condensed Combined Statement of Financial Position

As at September 30, 2025

 

										Transaction Accounting Adjustments
($ in millions, except per share data)		Genmab Historical (IFRS)				Merus (IFRS)				Acquisition								Financing								Others								Pro Forma Combined
						Note 2				Note 3								Note 4								Note 5
Assets
Goodwill		$	355			$	—			$	—							$	—							$	—							$	355
Other intangible assets			1,748				2				7,316				(ii)				—								—								9,066
Property and equipment			145				11				—				(iii)				—								—								156
Right-of-use assets			121				12				—				(v)				—								—								133
Receivables			9				—				—								—								—								9
Deferred tax assets			127				1				(1	)			(vi)				—								—								127
Prepaid expenses and other non-current assets			9				2				—								—								—								11
Other investments			36				183				—				(iv)				—								—								219
Total non-current assets		$	2,550			$	211			$	7,315							$	—							$	—							$	10,076
Corporate tax receivable			—				—				—								—								—								—
Inventories			14				—				—								—								—								14
Receivables			1,046				19				—								—								—								1,065
Prepaid expenses and other current assets			—				37				—								—								—								37
Marketable securities			1,650				268				—								—								(1,650	)			(ii)				268
Cash and cash equivalents			1,761				369				(8,158	)			(i)				5,263				(i)				1,650				(ii)				885
Total current assets		$	4,471			$	693			$	(8,158	)						$	5,263							$	—							$	2,269
Total assets		$	7,021			$	904			$	(843	)						$	5,263								—							$	12,345
Shareholders’ Equity and Liabilities
Share capital			10				8				(8	)			(vii)				—								—								10
Share premium			1,913				2,066				(2,066	)			(vii)				—								—								1,913
Other reserves			(204	)			19				(19	)			(vii)				—								—								(204	)
Retained earnings			4,032				(1,318	)			1,250				(vii)				—								—								3,964
Total shareholders’ equity		$	5,751			$	775			$	(843	)							—								—							$	5,683
Lease liabilities			126				9				—								—																135
Contract liabilities			67				33				—								—																100
Borrowings—non-current			—				—				—								5,013				(i)				—								5,013
Deferred tax liabilities			330				—				—								—								—								330
Other payables			6				—				—								—								—								6
Total non-current liabilities		$	529			$	42			$	—							$	5,013							$	—							$	5,584
Corporate tax payable			120				7				—								—								—								127
Lease liabilities			16				3				—								—								—								19
Borrowings—current			—				—				—								250				(i)				—								250
Contract liabilities			3				24				—								—								—								27
Other payables			602				53				—								—								—								655
Total current liabilities		$	741			$	87			$	—							$	250								—							$	1,078
Total liabilities		$	1,270			$	129				—								5,263								—							$	6,662
Total shareholders’ equity and liabilities		$	7,021			$	904			$	(843	)						$	5,263								—							$	12,345

 

95

Unaudited Pro Forma Condensed Combined Statement of Operations

For the nine months ended September 30, 2025

 

										Transaction Accounting Adjustments
($ in millions, except per share data)		Genmab Historical (IFRS)				Merus (IFRS)				Acquisition								Financing								Others								Pro Forma Combined
						Note 2				Note 3								Note 4								Note 5
Revenue		$	2,662			$	47			$	—							$	—							$	—							$	2,709
Cost of product sales			(157	)			—				—								—								—								(157	)
Research and development expenses			(1,080	)			(254	)			(24	)			(viii)				—								—								(1,358	)
Selling, general and administrative expenses			(418	)			(70	)			—								—								—								(488	)
Acquisition and integration related charges			—				—				—								—								—								—
Total costs and operating expenses		$	(1,655	)		$	(324	)		$	(24	)						$	—							$	—							$	(2,003	)
Operating profit		$	1,007			$	(277	)		$	(24	)						$	—							$	—							$	706
Financial income			312				23				—								—								—								335
Financial expenses			(170	)			(81	)			—								(321	)			(ii)				—								(572	)
Net profit before tax		$	1,149			$	(335	)		$	(24	)						$	(321	)						$	—							$	469
Corporate tax			(217	)			(10	)			5				(viii)				71				(iii)				—								(151	)
Net profit		$	932			$	(345	)		$	(19	)						$	(250	)						$	—							$	318
Other comprehensive income:
Amounts which may be re-classified to the income statement
Exchange differences on translation of foreign operations			22				75				—								—								—								97
Total comprehensive income		$	954			$	(270	)		$	(19	)						$	(250	)						$	—							$	415
Basic net profit per share		$	14.95																															$	5.10
Diluted net profit per share		$	14.90																															$	5.08

 

96

Unaudited Pro Forma Condensed Combined Statement of Operations

For the year ended December 31, 2024

 

										Transaction Accounting Adjustments
($ in millions, except per share data)		Genmab Historical (IFRS)				Merus (IFRS)				Acquisition								Financing								Others								Pro Forma Combined
						Note 2				Note 3								Note 4								Note 5
Revenue		$	3,121			$	36			$	—							$	—							$	—							$	3,157
Cost of product sales			(143	)			—				—								—								—								(143	)
Research and development expenses			(1,414	)			(225	)			(32	)			(viii)				—								(33	)			(i)				(1,704	)
Selling, general and administrative expenses			(549	)			(86	)			—								—								(35	)			(i)				(670	)
Acquisition and integration related charges			(43	)			—				—								—								—								(43	)
Total costs and operating expenses		$	(2,149	)		$	(311	)		$	(32	)						$	—							$	(68	)						$	(2,560	)
Operating profit		$	972			$	(275	)		$	(32	)						$	—							$	(68	)						$	597
Financial income			645				65				—								—								—								710
Financial expenses			(291	)			(1	)			—								(423	)			(ii)				—								(715	)
Net profit before tax		$	1,326			$	(211	)		$	(32	)						$	(423	)						$	(68	)						$	592
Corporate tax			(193	)			(8	)			7				(viii)				93				(iii)				15				(i)				(86	)
Net profit		$	1,133			$	(219	)		$	(25	)						$	(330	)						$	(53	)						$	506
Other comprehensive income:
Amounts which may be re-classified to the income statement
Exchange differences on translation of foreign operations			(224	)			(33	)			—								—								—								(257	)
Total comprehensive income		$	909			$	(252	)		$	(25	)						$	(330	)						$	(53	)						$	249
Basic net profit per share		$	17.66																															$	7.88
Diluted net profit per share		$	17.53																															$	7.83

 

97

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Note 1—Basis of Presentation

Basis of Presentation

The unaudited pro forma condensed combined financial information have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” Release No. 33-10786 replaced the then-existing pro forma adjustment criteria with simplified requirements to depict the accounting for the Transaction Accounting Adjustments.

Genmab’s historical audited consolidated financial statements for the year ended December 31, 2024 and nine months ended September 30, 2025, were prepared in accordance with IFRS Accounting Standards, and IAS 34 Financial Information, respectively. Merus’ historical audited consolidated financial statements for the year ended December 31, 2024 and nine months ended September 30, 2025, were prepared in accordance with US GAAP. Refer to Note 2—Adjustments to Merus’ Consolidated Financial Statements for the IFRS Adjustments made to Merus’ historical unaudited income statement for the nine months ended September 30, 2025 to conform with the Company’s December 31, 2024 fiscal year end. Additional adjustments have been made to Merus’ historical financial statement presentation to present amounts in millions in order to align with Genmab’s financial statement presentation.

The unaudited pro forma condensed combined financial information is presented for informational purposes only and is not necessarily indicative of the combined company’s financial position or results of operations that would have been realized had the Acquisition and related financing transactions occurred as of the dates indicated, nor is it meant to be indicative of any anticipated combined financial position or future results of operations that the combined company will experience after the completion of the Acquisition.

The unaudited pro forma condensed combined financial information does not reflect any anticipated synergies or dis-synergies, operating efficiencies or cost savings, or integration costs that may result from the Acquisition. No assurance can be given that synergies, operating efficiencies or cost savings will be realized. Income taxes do not reflect the amounts that would have resulted had Genmab and Merus filed consolidated income tax returns during the periods presented.

Note 2—Adjustments to Merus’ Consolidated Financial Statements

The tables below illustrate the impact of adjustments made to Merus’ consolidated financial statements in order to present them on a basis consistent with Genmab’s accounting policies under IFRS Accounting Standards. These adjustments reflect Genmab’s best estimates based upon the information currently available to Genmab and could be subject to change once more detailed information is obtained.

 

98

Unaudited adjusted Merus consolidated statement of operations for the year ended December 31, 2024

 

						Reclassifications and US GAAP to IFRS adjustments
($ in millions)		Merus (US GAAP)				Reclassifications				Leases				Share based Compensation				Adjusted Merus (IFRS)
						(I)				(II)				(III)
Revenue		$	—			$	36			$	—			$	—			$	36
Collaboration revenue			36				(36	)			—				—				—
Cost of product sales			—				—				—				—				—
Research and development expenses			(225	)			—				—				—				(225	)
Selling, general and administrative expenses			(83	)			—				—				(3	)			(86	)
Total costs and operating expenses		$	(308	)		$	—			$	—			$	(3	)		$	(311	)
Operating profit		$	(272	)		$	—			$	—			$	(3	)		$	(275	)
Interest (expense) income, net			31				(31	)			—				—				—
Foreign exchange (losses) gains, net			34				(34	)			—				—				—
Other (losses) gains, net			—				—				—				—				—
Financial income			—				65				—				—				65
Financial expenses			—				—				(1	)			—				(1	)
Net loss before tax		$	(207	)		$	—			$	(1	)		$	(3	)		$	(211	)
Corporate tax			(8	)			—				—				—				(8	)
Net loss		$	(215	)		$	—			$	(1	)		$	(3	)		$	(219	)
Other comprehensive loss:
Exchange differences on translation of foreign operations			(33	)			—				—				—				(33	)
Total comprehensive loss		$	(248	)		$	—			$	(1	)		$	(3	)		$	(252	)

The Reclassifications and US GAAP to IFRS adjustments reflect rounded figures in millions above. Refer to the applicable note below for more information.

 

99

Unaudited adjusted Merus consolidated statement of operations for the nine months ended September 30, 2025

 

						Reclassifications and US GAAP to IFRS adjustments
($ in millions)		Merus (US GAAP)				Reclassifications				Leases				Share based Compensation				Adjusted Merus (IFRS)
						(I)				(II)				(III)
Revenue		$	—			$	47			$	—			$	—			$	47
Commercial material revenue			13				(13	)			—				—				—
Collaboration revenue			34				(34	)			—				—				—
Royalty revenue			—				—				—				—				—
Research and development expenses			(254	)			—				—				—				(254	)
Selling, general and administrative expenses			(76	)			—				1				5				(70	)
Total costs and operating expenses		$	(330	)		$	—			$	1			$	5			$	(324	)
Operating loss		$	(283	)		$	—			$	1			$	5			$	(277	)
Interest (expense) income, net			23				(23	)			—				—				—
Foreign exchange (losses) gains, net			(78	)			78				—				—				—
Other (losses) gains, net			(3	)			3				—				—				—
Finance income			—				23				—				—				23
Financial expenses			—				(81	)			—				—				(81	)
Net loss before tax		$	(341	)		$	—			$	1			$	5			$	(335	)
Corporate tax			(10	)			—				—				—				(10	)
Net profit		$	(351	)		$	—			$	1			$	5			$	(345	)
Other comprehensive loss:
Exchange differences on translation of foreign operations			75				—				—				—				75
Total comprehensive loss		$	(276	)		$	—			$	1			$	5			$	(270	)

The Reclassifications and US GAAP to IFRS adjustments reflect rounded figures in millions above. Refer to the applicable note below for more information.

 

100

Unaudited adjusted Merus consolidated statement of financial position as at September 30, 2025

 

						Reclassifications and US GAAP to IFRS adjustments
($ in millions)		Merus (US GAAP)				Reclassifications				Leases				Share based Compensation				Adjusted Merus (IFRS)
						I				II				III
Assets
Goodwill		$	—			$	—			$	—			$	—			$	—
Other intangible assets			2				—				—				—				2
Property and equipment			11				—				—				—				11
Right-of-use assets			12				—				—				—				12
Receivables			—				—				—				—				—
Deferred tax assets			1				—				—				—				1
Marketable securities—non-current			181				(181	)			—				—				—
Other investments			—				183				—				—				183
Equity investment			2				(2	)			—				—				—
Prepaid expenses and other noncurrent assets			—				2				—				—				2
Other assets			3				(3	)			—				—				—
Total non-current assets		$	212			$	(1	)		$	—			$	—			$	211
Inventories			—				—				—				—				—
Receivables			19				—				—				—				19
Marketable securities—current			268				—				—				—				268
Cash and cash equivalents			368				1				—				—				369
Prepaid expenses and other current assets			37				—				—				—				37
Total current assets		$	692			$	1			$	—			$	—			$	693
Total assets		$	904			$	—			$	—			$	—			$	904
Shareholders’ Equity and Liabilities
Common shares			8			$	(8	)		$	—			$	—			$	—
Additional paid-in capital			2,066				(2,066	)			—				—				—
Accumulated other comprehensive income			19				(19	)			—				—				—
Accumulated deficit			(1,319	)			1,319				—				—				—
Share capital			—				8				—				—				8
Share premium			—				2,066				—				—				2,066
Other reserves			—				19				—				—				19
Retained earnings			—				(1,319	)			1				—				(1,318	)
Total shareholders’ equity		$	774			$	—			$	1			$	—			$	775
Lease liabilities—non-current			10				—				(1	)			—				9
Contract liabilities—non-current			—				33				—				—				33
Borrowings—noncurrent			—								—				—				—
Deferred tax liabilities			—				—				—				—				—
Other payables			—				—				—				—				—
Deferred revenue, net of current portion			33				(33	)			—				—				—
Total non-current liabilities		$	43			$	—			$	(1	)		$	—			$	42
Corporate tax payable			7				—				—				—				7
Lease liabilities—current			3				—				—				—				3
Borrowings—current			—				—				—				—				—
Accounts payable			8				(8	)			—				—				—
Contract liabilities—current			—				24				—				—				24
Accrued expenses and other liabilities			45				(45	)			—				—				—
Other payables			—				53				—				—				53
Current portion of deferred revenue			24				(24	)			—				—				—
Total current liabilities		$	87			$	—			$	—			$	—			$	87
Total liabilities		$	130			$	—			$	(1	)		$	—			$	129
Total shareholders’ equity and liabilities		$	904			$	—			$	—			$	—			$	904

The Reclassifications and US GAAP to IFRS adjustments reflect rounded figures in millions above. Refer to the applicable note below for more information.

 

101

The classification of certain items presented by Merus under US GAAP has been modified in order to align with the presentation used by Genmab under IFRS Accounting Standards; all amounts are rounded to the nearest million. Merus historical financial statements were presented in thousands of U.S. Dollars.

I. Presentational Alignment

Modifications to Merus’ historical consolidated statement of operations presentation include:

 

•

Presentation of “Collaboration revenue” in “Revenue” of $36 million for the year ended December 31, 2024 and $34 million for the nine months ended September 30, 2025;

 

•

Presentation of “Commercial material revenue” in “Revenue” of nil for the year ended December 31, 2024 and $13 million for the nine months ended September 30, 2025;

 

•

Presentation of “Interest (expense) income, net” in “Financial Income” of $31 million for the year ended December 31, 2024 and $23 million for the nine months ended September 30, 2025;

 

•

Presentation of “Foreign exchange (losses) gains, net” in “Financial income” and “Financial expenses” of $34 million for the year ended December 31, 2024 and $78 million for the nine months ended September 30, 2025;

 

•

Presentation of “Other (losses) gains, net” in “Financial expenses” of nil for the year ended December 31, 2024 and $3 million for the nine months ended September 30, 2025;

Modifications to Merus’ historical consolidated statement of financial position presentation include:

Assets

 

•

Presentation of “Marketable securities—non-current” of $181 million and “Equity investment” of $2 million to align with Genmab’s aggregate presentation of “Other Investments”;

 

•

Presentation of “Other assets” reclassified into “Cash and cash equivalents” to present the restricted cash portion $1 million of other assets and the remainder of the account balance $2 million in “Prepaid expenses and other noncurrent assets”;

Shareholder’s Equity and Liabilities

 

•

Presentation of “Common Shares” of $8 million in “Share Capital”;

 

•

Presentation of “Additional paid-in capital” of $2,066 million in “Share premium”;

 

•

Presentation of “Accumulated other comprehensive income” of $19 million in “Other reserves” ;

 

•

Presentation of “Accumulated deficit” of $1,319 million in “Retained earnings”;

 

•

Presentation of “Deferred revenue, net of current portion” of $33 million in “Contract liabilities—noncurrent”;

 

•

Presentation of “Accounts payable” of $8 million and “Accrued Expenses and other liabilities” of $45 million in “Other payables”;

 

•

Presentation of “Current portion of deferred revenue” of $24 million in “Contract liabilities—current”.

II. Leases

Under U.S. GAAP, lessees are permitted to allocate variable consideration not dependent on an index or rate, such as performance- or usage-based payments, between lease and non-lease components of a contract. Conversely, IFRS variable consideration that is not dependent on an index or rate is not included in the measurement of lease liability. In addition, there are differences in the subsequent

 

102