Exhibit 99.5

EXHIBIT C

AUDITED CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED

DECEMBER 31, 2024, 2023 AND 2022

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Genmab A/S

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheet of Genmab A/S and its subsidiaries (the “Company”) as of December 31, 2024, the related Consolidated Statement of Comprehensive Income, Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity, for the year then ended, and the related notes (collectively referred to as the “financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and IFRS as endorsed by the EU. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

Change in Accounting Principle

As described in Note 1.1, sub-section Presentation Currency, to the financial statements, the Company has changed its presentation currency from Danish Kroner (DKK) to U.S. Dollars (USD).

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the Report of Genmab Management on Internal Control over Financial Reporting (not presented herein). Our responsibility is to express an opinion on these financial statements and an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audit of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinions.

 

F-2

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation of Acquired IPR&D Assets in the ProfoundBio, Inc. Acquisition—Refer to Notes 3.1 and 5.5 to the financial statements

Critical Audit Matter Description

The Company completed the acquisition of ProfoundBio, Inc. (“ProfoundBio”) for USD 1.72 billion (DKK 11.8 billion) on May 21, 2024. The Company accounted for the acquisition as a business combination and, accordingly, has performed procedures to identify all assets and liabilities and allocated the purchase price to the assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition.

Intangible assets acquired primarily included the in-process research and development intangible assets (“Acquired IPR&D assets”). The Company estimated the fair value of the Acquired IPR&D assets using an income approach. The fair value determination of the Acquired IPR&D assets required the Company to make 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 Acquired IPR&D assets for the ProfoundBio acquisition as a critical 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 these assets. This required a high degree of auditor judgement and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions.

 

F-3

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of the Acquired IPR&D assets in the ProfoundBio acquisition included the following, among others:

 

•

We tested the effectiveness of controls over the valuation of the Acquired IPR&D assets, including the Company’s controls over the 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 assessed the reasonableness of the Company’s probabilities of technical and regulatory success used in determination of the fair value of the Acquired IPR&D assets by comparing to internal and external market studies and certain peer companies/products in the industry.

 

•

We assessed the reasonableness of the Company’s forecasts of future cash flows used in determination of the fair value of the Acquired IPR&D assets by comparing the forecasts to historical results of operations, certain peer companies within comparable industries, and internal and external market studies.

 

•

With the assistance of our valuation specialists, we evaluated the reasonableness of the discount rates by testing the source information and inputs underlying the determination of the discount rates, including in relation to publicly available information for comparable companies and testing the mathematical accuracy of the calculation.

Revenue recognition of royalty revenue—Refer to Note 2.1 to the financial statements

Critical Audit Matter Description

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 their 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 as a critical audit matter because of the significant estimation uncertainty related to the net sales data provided by collaboration partners. Specifically, the collaboration partner’s 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 reasonableness of management’s estimates of the net sales.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the royalty revenue recognized based on the significant assumption of estimated net sales provided by the collaboration partners included the following, among others:

 

•

We tested the effectiveness of controls relating to the evaluation for reasonableness of the estimated net sales used in the determination of royalty revenue recognition.

 

•

We tested the overall reasonableness of the estimated net sales reported by the collaboration partners by assessing the historical accuracy of the estimates.

 

•

We obtained external confirmations from selected collaboration partners on the estimated and actual net sales amounts reported.

 

F-4

/s/ Deloitte Statsautoriseret Revisionspartnerselskab

Copenhagen, Denmark

February 12, 2025 (November 7, 2025 as to the effects on the financial statements for the change in presentation currency disclosed within note 1.1, sub-section Presentation Currency, note 4.2 and the reclassifications made to financial income and expenses as disclosed in notes 1.4 and 4.5)

We have served as the Company’s auditor since 2024.

 

F-5

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Genmab A/S

Opinion on the Financial Statements

We have audited the consolidated balance sheet of Genmab A/S and its subsidiaries (the “Company”) as of December 31, 2023, and the related consolidated statements of comprehensive income, statements of changes in equity and statements of cash flows for each of the two years in the period ended December 31, 2023, including the related notes, (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board and IFRS Accounting Standards as adopted by the European Union.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

Hellerup, Denmark

February 14, 2024, except for the revisions in Notes 1.4 and 4.5, as to which the date is February 12, 2025, and the changes in presentation currency and reclassification in Notes 1.1, 1.4, 4.2 and 4.5, as to which the date is November 7, 2025.

We served as the Company’s auditor from 2001 to 2024.

 

F-6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(USD million)		Note		2024* Restated				2023* Restated				2022* Restated
Revenue		2.1, 2.2			3,121				2,390				2,031
Cost of product sales		2.3			(143	)			(33	)			—
Research and development expenses		2.3, 3.1, 3.2			(1,414	)			(1,107	)			(787	)
Selling, general and administrative expenses		2.3, 3.2			(549	)			(478	)			(379	)
Acquisition and integration related charges		5.5			(43	)			—				—
Total costs and operating expenses					(2,149	)			(1,618	)			(1,166	)
Operating profit					972				772				865
Financial income		4.5			645				299				443
Financial expenses		4.5			(291	)			(254	)			(347	)
Net profit before tax					1,326				817				961
Corporate tax		2.4			(193	)			(186	)			(211	)
Net profit					1,133				631				750
Other comprehensive income:
Amounts which may be re-classified to the income statement:
Exchange differences on translation of foreign operations					(224	)			139				(201	)
Total comprehensive income					909				770				549
Basic net profit per share		2.5			17.66				9.67				11.47
Diluted net profit per share		2.5			17.53				9.58				11.36

*

Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, management has translated the consolidated financial statements and related notes into USD for all periods presented. Additionally, certain reclassification adjustments have been made between financial income and financial expenses for all periods presented. Refer to Note 1.1 and Note 1.4, respectively, for more information.

 

F-7

CONSOLIDATED BALANCE SHEETS

 

(USD million)		Note				December 31,								January 1,
						2024* Restated				2023* Restated				2023* Restated
ASSETS
Goodwill			3.1, 5.5				355				—				—
Other intangible assets			3.1, 5.5				1,728				15				21
Property and equipment			2.2, 3.2				137				142				115
Right-of-use assets			2.2, 3.3				128				102				75
Receivables			2.2, 3.6				7				10				7
Deferred tax assets			2.4				127				31				36
Other investments			3.4				32				20				19
Total non-current assets							2,514				320				273
Corporate tax receivable			2.4				14				—				26
Inventories			3.5				9				8				—
Receivables			3.6				923				733				820
Marketable securities			4.2, 4.4				1,574				1,967				1,783
Cash and cash equivalents							1,380				2,204				1,419
Total current assets							3,900				4,912				4,048
Total assets							6,414				5,232				4,321
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital			4.7				10				10				10
Share premium			4.7				1,961				1,942				1,921
Other reserves							(226	)			(2	)			(141	)
Retained earnings							3,392				2,737				2,125
Total shareholders’ equity							5,137				4,687				3,915
Lease liabilities			3.3				131				101				75
Contract liabilities			3.7				67				71				69
Deferred tax liabilities			2.4				330				—				—
Other payables			3.8				5				5				2
Total non-current liabilities							533				177				146
Corporate tax payable			2.4				239				8				—
Lease liabilities			3.3				13				13				11
Contract liabilities			3.7				3				5				5
Other payables			3.8				489				342				244
Total current liabilities							744				368				260
Total liabilities							1,277				545				406
Total shareholders’ equity and liabilities							6,414				5,232				4,321

*	Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, management has translated the consolidated financial statements and related notes into USD for all periods presented. Refer to Note 1.1 for more information.

 

F-8

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(USD million)		Note		2024* Restated				2023* Restated				2022* Restated
Cash flows from operating activities:
Net profit before tax					1,326				817				961
Financial income		4.5			(645	)			(299	)			(443	)
Financial expenses		4.5			291				254				347
Adjustment for non-cash transactions
Share-based compensation expense		2.3, 4.6			105				85				63
Depreciation		3.2, 3.3			49				40				30
Amortization		3.1			11				3				20
Impairment charges		3.1			17				—				—
Change in operating assets and liabilities
Receivables		3.6			(230	)			116				(277	)
Inventories		3.5			(1	)			(8	)			—
Other payables		3.8			122				90				40
Cash flows from operating activities before financial items					1,045				1,098				741
Interest received					136				131				40
Interest elements of lease payments		3.3			(5	)			(3	)			(2	)
Interest paid					—				—				—
Corporate taxes paid					(50	)			(155	)			(224	)
Net cash provided by operating activities					1,126				1,071				555
Cash flows from investing activities:
Acquisition of business, net of cash acquired		5.5			(1,783	)			—				—
Investment in intangible assets		3.1			(17	)			(1	)			—
Investment in tangible assets		3.2			(27	)			(53	)			(45	)
Marketable securities bought		4.3, 4.4			(1,248	)			(1,578	)			(1,367	)
Marketable securities sold		4.3, 4.4			1,636				1,451				1,026
Other investments bought		3.4			(8	)			(4	)			(6	)
Net cash (used in) investing activities					(1,447	)			(185	)			(392	)
Cash flows from financing activities:
Warrants exercised		4.6, 4.7			19				21				40
Principal elements of lease payments		3.3			(9	)			(14	)			(10	)
Purchase of treasury shares		4.7			(560	)			(81	)			(128	)
Payment of withholding taxes on behalf of employees on net settled RSUs					(16	)			(15	)			(12	)
Net cash (used in) financing activities					(566	)			(89	)			(110	)
Changes in cash and cash equivalents					(887	)			797				53
Cash and cash equivalents at the beginning of the period					2,204				1,419				1,365
Exchange rate adjustments					63				(12	)			1
Cash and cash equivalents at the end of the period					1,380				2,204				1,419
Cash and cash equivalents include:
Bank deposits					1,369				2,004				1,334
Short-term marketable securities					11				200				85
Cash and cash equivalents at the end of the period					1,380				2,204				1,419

*	Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, management has translated the consolidated financial statements and related notes into USD for all periods presented. Refer to Note 1.1 for more information.

 

F-9

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

(USD million)		Share capital				Share premium				Translation reserves				Retained earnings				Shareholders’ equity
Balance at December 31, 2021* Restated			10				1,881				60				1,454				3,405
Net profit			—				—				—				750				750
Other comprehensive income			—				—				(201	)			—				(201	)
Total comprehensive income			—				—				(201	)			750				549
Transactions with owners:
Exercise of warrants			—				40				—				—				40
Shares issued for cash			—				—				—				—				—
Expenses related to capital increases			—				—				—				—				—
Purchase of treasury shares			—				—				—				(128	)			(128	)
Share-based compensation expenses			—				—				—				63				63
Withholding taxes on behalf of employees on net settled RSUs			—				—				—				(12	)			(12	)
Tax on items recognized directly in equity			—				—				—				(2	)			(2	)
Balance at December 31, 2022* Restated			10				1,921				(141	)			2,125				3,915
Net profit			—				—				—				631				631
Other comprehensive income			—				—				139				—				139
Total comprehensive income			—				—				139				631				770
Transactions with owners:
Exercise of warrants			—				21				—				—				21
Purchase of treasury shares			—				—				—				(81	)			(81	)
Share-based compensation expenses			—				—				—				85				85
Withholding taxes on behalf of employees on net settled RSUs			—				—				—				(15	)			(15	)
Tax on items recognized directly in equity			—				—				—				(8	)			(8	)
Balance at December 31, 2023* Restated			10				1,942				(2	)			2,737				4,687
Net profit			—				—				—				1,133				1,133
Other comprehensive income			—				—				(224	)			—				(224	)
Total comprehensive income			—				—				(224	)			1,133				909
Transactions with owners:
Exercise of warrants			—				19				—				—				19
Purchase of treasury shares			—				—				—				(560	)			(560	)
Share-based compensation expenses			—				—				—				105				105
Withholding taxes on behalf of employees on net settled RSUs			—				—				—				(16	)			(16	)
Tax on items recognized directly in equity			—				—				—				(7	)			(7	)
Balance at December 31, 2024* Restated			10				1,961				(226	)			3,392				5,137

*	Genmab changed its presentation currency from DKK to USD effective January 1, 2025. Accordingly, management has translated the consolidated financial statements and related notes into USD for all periods presented. Refer to Note 1.1 for more information.

 

F-10

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Section 1—Basis of Presentation

These consolidated financial statements include Genmab A/S (parent company) and subsidiaries over which the parent company has control. The Genmab consolidated Group is referenced herein as “Genmab” or the “Company.”

This section describes Genmab’s general accounting policies including management’s judgements and estimates under IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and endorsed by the EU (IFRS Accounting Standards). The specific accounting policies are described in each note in conjunction with supplementary disclosures of the specific item with the aim to provide a more understandable description of each accounting area.

1.1—Nature of the Business and Material Accounting Policies

Genmab A/S is a publicly traded, international biotechnology company that was founded in 1999 and specializes in the creation and development of differentiated antibody therapeutics for the treatment of cancer and other diseases. Genmab has six approved products commercialized by third parties, two approved products that are jointly commercialized with a collaboration partner, a broad clinical and preclinical product pipeline and proprietary next-generation antibody technologies.

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IFRS as endorsed by the EU and further disclosure requirements for listed companies in Denmark. The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 12, 2025, with the changes outlined in Note 1.1 and Note 1.4 being approved by the Board of Directors on November 6, 2025. Except as outlined in this Note 1.1 and Note 1.4, the 2024 consolidated financial statements have been prepared using the same accounting principles and accounting policies as 2023 and 2022.

Please refer to the overview below to see in which note/section the detailed accounting policy is included.

 

Section 2—Results for the Year		3.5 Inventories
2.1 Revenue		3.6 Receivables
2.2 Information about Geographical Areas		3.7 Contract Liabilities
2.3 Staff Costs		3.8 Other Payables
2.4 Corporate and Deferred Tax		Section 4—Capital Structure, Financial Risk and Related Items
2.5 Profit per Share		4.3 Financial Assets and Liabilities
Section 3—Operating Assets and Liabilities		4.4 Marketable Securities
3.1 Intangible Assets and Goodwill		4.5 Financial Income and Expenses
3.2 Property and Equipment		4.6 Share-Based Instruments
3.3 Leases		Section 5—Other Disclosures
3.4 Other Investments		5.5 Acquisition of Businesses

Materiality

Genmab’s consolidated financial statements are based on the concept of materiality and the Company focuses on information that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the

 

F-11

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the consolidated financial statements or in the notes.

Genmab provides these specific required disclosures unless the information is considered immaterial to the economic decision-making of the readers of the consolidated financial statements or not applicable.

Consolidated Financial Statements

The consolidated financial statements include Genmab A/S and subsidiaries over which the parent company has control. The parent controls a subsidiary when the parent is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power to direct the activities of the subsidiary. Genmab A/S (parent company) holds investments either directly or indirectly in the following subsidiaries:

 

Name		Domicile		Ownership and votes 2024		Ownership and votes 2023
Genmab B.V.		Utrecht, the Netherlands		100%		100%
Genmab Holding B.V.		Utrecht, the Netherlands		100%		100%
Genmab US, Inc.		New Jersey, USA		100%		100%
Genmab K.K.		Tokyo, Japan		100%		100%
ProfoundBio, Inc.		Delaware, USA		100%		N/A*
ProfoundBio, US Co		Delaware, USA		100%		N/A*
Profound Limited		Hong Kong, China		100%		N/A*
ProfoundBio co., Ltd.		Suzhou, China		100%		N/A*
ProfoundBio Shanghai Branch, Co., Ltd.		Shanghai, China		100%		N/A*
Beijing Puyifang Biotechnology Co., Ltd.		Beijing, China		100%		N/A*

*	These subsidiaries were added as a result of the acquisition of ProfoundBio during the second quarter of 2024.

Genmab’s consolidated financial statements have been prepared on the basis of the financial statements of the parent company and subsidiaries—prepared under Genmab’s accounting policies—by combining similar accounting items on a line-by-line basis. On consolidation, intercompany income and expenses, intercompany receivables and payables, and unrealized gains and losses on transactions between the consolidated companies are eliminated.

The recorded value of the equity interests in the consolidated subsidiaries is eliminated with the proportionate share of the subsidiaries’ equity. Subsidiaries are consolidated from the date when control is transferred to the Group.

Items included in the financial statements of Genmab’s entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The income statements for subsidiaries with a different functional currency than Genmab’s presentation currency are translated into Genmab’s presentation currency at average exchange rates, and the balance sheets are translated at the exchange rate in effect at the balance sheet date.

Exchange rate differences arising from the translation of foreign subsidiaries shareholders’ equity at the beginning of the year and exchange rate differences arising as a result of foreign subsidiaries’ income statements being translated at average exchange rates are recorded in translation reserves in shareholders’ equity.

 

F-12

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

Presentation Currency

The consolidated financial statements were originally presented in Danish Kroner (DKK). Genmab changed its presentation currency from DKK to USD effective January 1, 2025. The change was made to better reflect the Company’s financial position. For purposes of reissuance of Genmab’s consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022 (the “consolidated financial statements”), management has translated the consolidated financial statements and related notes into United States Dollar (USD) for all periods presented. Excluding royalty revenues related to DARZALEX and milestone revenues, which have been translated using historical rates in effect on the date of the transactions, the consolidated statements of comprehensive income and the consolidated statements of cash flows, and related notes, have been translated into the presentation currency using the average exchange rates prevailing during each reporting period. In the consolidated balance sheets, and related notes, all assets and liabilities have been translated using the period-end exchange rates, and all resulting exchange differences have been recognized in accumulated other comprehensive income. Shareholders’ equity balances, and related notes, have been translated using historical rates in effect on the date of the transactions and all resulting exchange differences have been recognized in accumulated other comprehensive income. The DKK/USD exchange rates used to reflect the change in presentation currency were as follows:

 

		2020				2021				2022				2023
Average rate			0.153				NA				0.1415				0.1451
Closing rate			N/A				0.1524				0.1434				0.1483

 

		Q1 2024				Q2 2024				Q3 2024				Q4 2024				YTD 2024
Average rate			0.1456				0.1443				0.1472				0.1433				0.1452
Closing rate			0.1450				0.1435				0.1502				0.1400				0.1400

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

 

		Previously reported in DKK								Reported in USD
		December 31, 2024				Presentation currency change				December 31, 2024
Total assets			45,811				(39,397	)			6,414
Total liabilities			9,114				(7,837	)			1,277
Total shareholders’ equity			36,697				(31,560	)			5,137

The change in presentation currency resulted in the following impact on the December 31, 2023 consolidated balance sheet:

 

		Previously reported in DKK								Reported in USD
		December 31, 2023				Presentation currency change				December 31, 2023
Total assets			35,289				(30,057	)			5,232
Total liabilities			3,679				(3,134	)			545
Total shareholders’ equity			31,610				(26,923	)			4,687

 

F-13

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

The change in presentation currency resulted in the following impact on the January 1, 2023 consolidated balance sheet:

 

		Previously reported in DKK								Reported in USD
		January 1, 2023				Presentation currency change				January 1, 2023
Total assets			30,119				(25,798	)			4,321
Total liabilities			2,837				(2,431	)			406
Total shareholders’ equity			27,282				(23,367	)			3,915

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2024 consolidated statements of comprehensive income:

 

		Previously reported in DKK								Reported in USD
		December 31, 2024				Presentation currency change				December 31, 2024
Net profit			7,844				(6,711	)			1,133
Comprehensive income			8,274				(7,365	)			909

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2023 consolidated statements of comprehensive income:

 

		Previously reported in DKK								Reported in USD
		December 31, 2023				Presentation currency change				December 31, 2023
Net profit			4,352				(3,721	)			631
Comprehensive income			4,314				(3,544	)			770

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2022 consolidated statements of comprehensive income:

 

		Previously reported in DKK								Reported in USD
		December 31, 2022				Presentation currency change				December 31, 2022
Net profit			5,452				(4,702	)			750
Comprehensive income			5,469				(4,920	)			549

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2024 consolidated statements of cash flows:

 

		Previously reported in DKK								Reported in USD
		December 31, 2024				Presentation currency change				December 31, 2024
Cash provided by (used in):
Operating activities			7,771				(6,645	)			1,126
Investing activities			(9,907	)			8,460				(1,447	)
Financing activities			(3,919	)			3,353				(566	)

 

F-14

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2023 consolidated statements of cash flows:

 

		Previously reported in DKK								Reported in USD
		December 31, 2023				Presentation currency change				December 31, 2023
Cash provided by (used in):
Operating activities			7,380				(6,309	)			1,071
Investing activities			(1,282	)			1,097				(185	)
Financing activities			(606	)			517				(89	)

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2022 consolidated statements of cash flows:

 

		Previously reported in DKK								Reported in USD
		December 31, 2022				Presentation currency change				December 31, 2022
Cash provided by (used in):
Operating activities			3,912				(3,357	)			555
Investing activities			(2,761	)			2,369				(392	)
Financing activities			(789	)			679				(110	)

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2024 basic and diluted earnings per share:

 

		Previously reported in DKK								Reported in USD
		December 31, 2024				Presentation currency change				December 31, 2024
Earnings per share—basic			122.21				(104.55	)			17.66
Earnings per share—diluted			121.36				(103.83	)			17.53

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2023 basic and diluted earnings per share:

 

		Previously reported in DKK								Reported in USD
		December 31, 2023				Presentation currency change				December 31, 2023
Earnings per share—basic			66.64				(56.97	)			9.67
Earnings per share—diluted			66.02				(56.44	)			9.58

The change in presentation currency resulted in the following impact on the twelve months ended December 31, 2022 basic and diluted earnings per share:

 

		Previously reported in DKK								Reported in USD
		December 31, 2022				Presentation currency change				December 31, 2022
Earnings per share—basic			83.38				(71.91	)			11.47
Earnings per share—diluted			82.59				(71.23	)			11.36

 

F-15

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

Foreign Currency

As stated above, the consolidated financial statements were originally prepared in DKK, which was the presentation currency of Genmab. As such, foreign currency transactions reflect the original impacts of the DKK presentation currency. See Note 4.2 for further details of foreign currency risks.

Transactions in foreign currencies are translated at the exchange rates in effect at the date of the transaction.

Exchange rate gains and losses arising between the transaction date and the settlement date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.

Unsettled monetary assets and liabilities in foreign currencies are translated at the exchange rates in effect at the balance sheet date. Exchange rate gains and losses arising between the transaction date and the balance sheet date are recognized in the Consolidated Statements of Comprehensive Income as financial income or expense.

Classification of Costs and Operating Expenses in the Income Statement

Cost of Product Sales

Cost of product sales includes direct and indirect costs relating to the manufacturing of inventory mainly from third-party providers of manufacturing as well as costs related to internal resources and distribution and logistics. Inventory amounts written down as a result of excess or obsolescence are charged to cost of product sales. Also included in Cost of Product Sales are royalty payments on commercialized products. Aside from these items, there are no other costs included within cost of product sales.

Additionally, cost of product sales includes profit-sharing amounts owed to collaboration partners for the sale of commercial products when Genmab is determined to be the principal in sales to end customers. The only profit-sharing amounts owed to collaboration partners that are recorded as cost of product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.

Refer to Note 5.6 for detailed information regarding Genmab’s Collaboration Agreement with AbbVie.

Research and Development Expenses

Research and development expenses primarily include salaries, benefits and other employee-related costs of Genmab’s research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, depreciation of property and equipment, and depreciation of right-of-use assets, to the extent that such costs are related to the Group’s research and development activities.

Refer to Note 3.1 for a more detailed description on the treatment of Genmab’s research and development expenses.

Selling, General and Administrative Expenses

Selling, general and administrative expenses relate to the management and administration of Genmab, including commercialization activities. This primarily includes salaries, benefits and other employee costs related to management and support functions including human resources, information technology and the finance departments. In addition, depreciation of property and equipment and depreciation of right-of-use assets, to the extent such expenses are related to administrative functions, are also included. Selling, general and administrative expenses are recognized in the Consolidated Statements of Comprehensive Income in the period to which they relate.

 

F-16

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

Acquisition and Integration Related Charges

Acquisition and integration related charges for the acquisition of ProfoundBio which occurred during the second quarter of 2024.

Refer to Note 5.5 for more information regarding Genmab’s Acquisition and Integration costs related to the acquisition of ProfoundBio.

Government Grants

Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and that Genmab will comply with all attaching conditions. When the grant relates to an expense item, it is recognized as a reduction of that expense on a systematic basis over the periods that the costs for which it is intended to compensate are incurred. Where the grant relates to an asset, the fair value is credited to a contract liability account and is released to the statement of comprehensive income as other operating income over the expected useful life of the relevant asset by equal annual installments.

Statements of Cash Flows

The cash flow statement is presented using the indirect method with basis in the net profit before tax.

Cash flows from operating activities are stated as the net profit before tax adjusted for financial income and expense, non-cash operating items including depreciation, amortization, impairment losses, share-based compensation expenses, and for changes in operating assets and liabilities, interest paid and received, interest elements of lease payments and corporate taxes paid or received. Operating assets and liabilities are mainly comprised of changes in receivables, inventories and other payables excluding the items included in cash and cash equivalents. Changes in non-current assets and liabilities are included in operating assets and liabilities, if related to the main revenue-producing activities of Genmab.

Cash flows from investing activities consist of acquisitions of businesses, net of cash acquired, purchases and sales of marketable securities and other investments, as well as purchases of intangible assets and property and equipment.

Cash flows from financing activities relate to the purchase of treasury shares, exercise of warrants, payments of withholding taxes on behalf of employees on net settled RSUs and payments of long-term loans including installments on lease liabilities.

Cash and cash equivalents are comprised of cash, bank deposits, and marketable securities with a maturity of less than 90 days on the date of acquisition.

The statements of cash flows cannot be derived solely from the consolidated financial statements.

Treasury Shares

The total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares is recognized in retained earnings.

Collaborations, License Agreements and Collaborative Agreements

Collaborations and License Agreements

Genmab continues to pursue the establishment of research collaborations and licensing agreements. These arrangements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.

 

F-17

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

In regard to Genmab’s license agreements with J&J, Novartis and Roche, each of these parties retain final decision-making authority over the relevant activities and as such no joint control exists.

Refer to Note 2.1 for additional information related to revenue from these parties.

Collaborative Agreements

Genmab has entered into a number of joint collaborative agreements. These agreements often include upfront payments, expense reimbursements or payments to the collaboration partner, and milestone and royalty arrangements, contingent upon the occurrence of certain future events linked to the success of the asset in development.

These agreements also provide Genmab with varying rights to develop, produce and market products together with its collaborative partners. Both parties in these arrangements share in the decision-making and therefore have joint control of the arrangement. In 2024, Genmab’s more significant collaboration agreements are with AbbVie (epcoritamab), Pfizer (tisotumab vedotin) and BioNTech.

Refer to Note 2.1 for additional information related to revenue from our joint collaborative agreements.

Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements.

1.2—New Accounting Policies and Disclosures

NEW ACCOUNTING POLICIES AND DISCLOSURES FOR 2024

Genmab has, with effect from January 1, 2024, implemented the following standards and amendments:

 

•

Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback

 

•

Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current, Classification of Liabilities as Current or Non-current – Deferral of Effective Date, and Non-current Liabilities with Covenants, and

 

•

Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements

The implementation of these amendments did not have a material impact on the consolidated financial statements for the current or prior reporting periods and is not expected to have a significant impact in future reporting periods.

NEW ACCOUNTING POLICIES AND DISCLOSURES EFFECTIVE IN 2025 OR LATER

Furthermore, as it relates to new or amended accounting standards and interpretations (IFRSs) issued by the IASB, management does not anticipate any significant impact on the Consolidated Financial Statements in the period of initial application from the adoption of these new standards and amendments, apart from IFRS 18 ‘Presentation and Disclosure in Financial Statements’ which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is expected to change the presentation of the financial statements, requiring items of income and expense to be classified into five categories: operating, investing, finance, income taxes and discontinued operations along with two new mandatory sub-totals, operating profit or loss and profit or loss before financing and income taxes. IFRS 18 will not impact the recognition or measurement of items in the financial statements.

 

F-18

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

1.3—Management’s Judgements and Estimates under IFRS

In preparing financial statements under IFRS, certain provisions in the standards require management’s judgements, including various accounting estimates and assumptions. These judgements and estimates affect the application of accounting policies, as well as reported amounts within the consolidated financial statements and disclosures.

Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.

Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time.

Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application.

These estimates and judgements may prove incomplete or incorrect, and unexpected events or circumstances may arise. Genmab is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Genmab are discussed in the relevant section of these consolidated financial statements and in the notes to the consolidated financial statements.

The areas involving a high degree of judgement and estimation that are significant to the consolidated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial statements.

 

Accounting policy		Key accounting estimates and judgements		Note reference		Risk
Revenue recognition		Judgement in assessing whether a collaboration partner is a customer   Estimation of partner net sales amounts in the calculation of royalties   Estimation of variable consideration   Judgement in assessing the nature of combined performance obligations within contracts		Note 2.1		High
Share-based compensation		Judgement in selecting assumptions required for valuation of warrant grants   Estimation in developing forfeiture rate   RSUs/warrants and probability of achievement for PSUs		Note 4.6		Moderate
Current and deferred income taxes		Judgement and estimation regarding valuation of deferred income taxes		Note 2.4		Moderate
Fair value and impairment assessment of other intangible assets and goodwill		Estimation of the fair value of other intangible assets and assessment of impairment of other intangible assets   Estimation regarding the valuation of goodwill and assessment of impairment of goodwill		Notes 3.1 and 5.5		High

 

F-19

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

1.4—Revision of Prior Period Financial Statements

Reclassifications

In order to conform to the current period gross presentation for 2025, a reclassification of net $100 million gain, $63 million loss and $97 million gain have been made to the gross amounts presented for 2024, 2023 and 2022 respectively, to move foreign exchange rate gains and losses related to marketable securities from gains and losses on foreign exchange rates to gains and losses on marketable securities. These reclassifications have no impact on the net amounts of financial items as presented in Note 4.5—Financial Income and Expenses.

 

(USD million)		December 31, 2024				Reclass				December 31, 2024
Financial income:
Gain on marketable securities			53				184				237
Foreign exchange rate gain			431				(173	)			258
Gain on other investments, net			21				(15	)			6
Total financial income			505				(4	)			501
Financial expenses:
Loss on marketable securities			(23	)			(84	)			(107	)
Foreign exchange rate loss			(239	)			73				(166	)
Loss on other investments, net			(15	)			15				—
Total financial expenses			(277	)			4				(273	)
Net financial items			228				—				228

 

		December 31, 2023				Reclass				December 31, 2023
Financial income:
Gain on marketable securities			72				85				157
Foreign exchange rate gain			57				(57	)			—
Gain on other investments, net			10				(10	)			—
Total financial income			139				18				157
Financial expenses:
Loss on marketable securities			(26	)			(148	)			(174	)
Foreign exchange rate loss			(186	)			120				(66	)
Loss on other investments, net			(14	)			10				(4	)
Total financial expenses			(226	)			(18	)			(244	)
Net financial items			(87	)			—				(87	)

 

		December 31, 2022				Reclass				December 31, 2022
Financial income:
Gain on marketable securities			13				180				193
Foreign exchange rate gain			384				(180	)			204
Gain on other investments, net			8				(8	)			—
Total financial income			405				(8	)			397

 

F-20

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

		December 31, 2022				Reclass				December 31, 2022
Financial expenses:
Loss on marketable securities			(64	)			(83	)			(147	)
Foreign exchange rate loss			(235	)			83				(152	)
Loss on other investments, net			(50	)			8				(42	)
Total financial expenses			(349	)			8				(341	)
Net financial items			56				—				56

Refer to Note 4.5 for additional information relating to financial income and expenses of the Group.

Section 2—Results for the Year

This section includes disclosures related to revenue, information about geographical areas, staff costs, corporate and deferred tax, and profit per share.

2.1—Revenue

 

(USD million)		2024				2023				2022
Revenue by type:
Royalties			2,517				1,989				1,625
Reimbursement revenue			144				124				115
Milestone revenue			145				171				243
Collaboration revenue			62				45				47
Net product sales			253				61				—
License revenue			—				—				1
Total			3,121				2,390				2,031
Revenue by collaboration partner:
Janssen			2,091				1,734				1,475
AbbVie			58				106				160
Roche			107				102				113
Novartis			408				219				115
BioNTech			127				114				100
Pfizer1			77				54				58
Other			—				—				10
Total2			2,868				2,329				2,031
Royalties by product:
DARZALEX			2,019				1,635				1,396
Kesimpta			323				217				110
TEPEZZA			106				102				113
Other3			69				35				6
Total			2,517				1,989				1,625

 

1	Pzifer acquired Seagen in December 2023

2	Excludes Genmab’s Net product sales

3	Other consists of royalties from net sales of RYBREVANT, TECVAYLI, TALVEY and TEPKINLY

 

F-21

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

ACCOUNTING POLICIES

Genmab recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that Genmab determines are within the scope of IFRS 15, Genmab performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Genmab only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, Genmab assesses the goods and services promised within each contract and identifies as a performance obligation each good or service that is distinct. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Royalties: Certain of Genmab’s license and collaboration agreements include sales-based royalties based on the level of sales. The license has been deemed to be the predominant item to which the royalties relate under Genmab’s license and collaboration agreements. As a result, Genmab recognizes revenue when the related sales occur.

Reimbursement Revenue for R&D Services: Genmab’s research collaboration agreements include provisions for reimbursement or cost sharing for R&D services and payment for full time equivalents (“FTEs”) at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by Genmab and revenue for research services is recognized over time rather than at a point in time.

Milestone Revenue: Certain of Genmab’s license and collaboration agreements include development, regulatory and commercial milestone payments based on the level of sales. At the inception of each arrangement that includes milestone payments, Genmab evaluates whether the achievement of milestones is considered highly probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of Genmab or the license and collaboration partner, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which Genmab recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, Genmab re-evaluates the probability of achievement of such development milestones and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Under all of Genmab’s existing license and collaboration agreements, milestone payments have been allocated to the license transfer performance obligation.

License Revenue for Intellectual Property: If the license to Genmab’s functional intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, Genmab recognizes revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, Genmab utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. Under all of Genmab’s existing license and collaboration agreements the license to functional intellectual property has been determined to be distinct from other performance obligations identified in the agreement.

 

F-22

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)

 

Collaboration Revenue: Collaboration revenue includes the result of profit sharing arrangements for the sale of commercial products by our collaboration partners. When Genmab’s collaboration partner is determined to be the principal in sales to end customers, Genmab’s share of profits for the sale of commercial products is included in collaboration revenue.

Net Product Sales: Revenue from the sale of goods is recognized when control is transferred to the customer and it is probable that Genmab will collect the consideration to which it is entitled for transferring the products. Control of the products is transferred at a single point in time which occurs upon delivery to the customer. The amount of sales to be recognized is based on the consideration Genmab expects to receive in exchange for its goods. When sales are recognized, an estimate for a variety of sales deductions is also recorded such as cash discounts, government rebates, chargebacks, wholesaler fees, other rebates and administrative fees, sales returns and allowances and other sales discounts. Sales deductions are estimated and recognized as a reduction of gross product sales to arrive at net product sales, by assessing the expected value of the sales deductions (variable consideration). Sales deductions are estimated and provided for at the time the related sales are recorded. Genmab’s estimates related to sales deductions require significant use of estimates as not all conditions are known at the time of sale. The estimates are based on analyses of existing contractual obligations, historical experience, drug product analogs and payer channel mix. Genmab considers the provisions established for sales deductions to be reasonable and appropriate based on currently available information; however, the actual amount of deductions may differ from the amounts estimated by management as more information becomes available. Estimates will be assessed each period and adjusted as required based on updated information and actual experience.

When Genmab is determined to be the principal in sales to end customers, all product sales are included in net product sales in the Consolidated Statements of Comprehensive Income. As of December 31, 2024, all net product sales relate to sales of EPKINLY in the U.S. and Japan pursuant to the Collaboration Agreement with AbbVie.

Refer to Note 5.6 for detailed information regarding Genmab’s significant Research Collaborations, License Agreements and Collaborative Agreements.

 

•

Refer to Note 1.3 for management’s judgements and estimates related to revenue recognition.

2.2—Information about Geographical Areas

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

Accordingly, it has been concluded that it is not relevant to include segment disclosures in the financial statements as Genmab’s business activities are not organized on the basis of differences in related product and geographical areas.

 

		Revenue				Non- current assets				Revenue				Non- current assets				Revenue				Non- current assets
(USD million)		2024								2023								2022
Denmark			2,868				1,779				2,329				75				2,031				30
Netherlands			—				108				—				130				—				114
United States			131				447				55				56				—				63
Japan			122				14				6				8				—				10
China			—				7				—				—				—				—
Total			3,121				2,355				2,390				269				2,031				217

 

F-23