GENMAB A/S Business Summary

Genmab A/S (GMAB) operates a high-margin biotechnology business model centered on the discovery and development of differentiated antibody therapeutics, primarily for oncology. The company generates revenue through a diversified mix of tiered royalties (approximately 81% of total income), net product sales from wholly owned or co-promoted assets (10%), and milestone payments or R&D collaboration fees (9%). Its primary business segments are built upon proprietary technology platforms—DuoBody, HexaBody, and DuoHexaBody—which have produced blockbuster treatments like DARZALEX (partnered with Janssen) and Kesimpta (partnered with Novartis). Following its $8 billion acquisition of Merus N.V. in December 2025, Genmab has accelerated its transition from a royalty-dependent licensor to a fully integrated global powerhouse, focusing on wholly owned assets like petosemtamab and EPKINLY. In the competitive landscape, Genmab contends with oncology giants such as Roche, Amgen, Regeneron, and AstraZeneca, distinguishing itself through its specialized bispecific antibody expertise and a robust pipeline of five FDA Breakthrough Therapy-designated candidates. Genmab was co-founded in 1999 by Florian Schönharting, Dr. Lisa N. Drakeman, and current President and CEO Dr. Jan van de Winkel, a renowned immunologist who has led the company since 2010. The executive leadership team includes EVP and CFO Anthony Pagano, who oversees the firm’s capital allocation and debt financing for major acquisitions, and EVP and Chief Technology Officer Rayne Waller, an Amgen veteran appointed in 2024 to lead global manufacturing and technical operations. Following the retirement of long-time legal head Birgitte Stephensen in July 2025, Greg Mueller joined as EVP and Chief Legal Officer from AstraZeneca. The company’s strategic direction is further guided by EVP and Chief Development Officer Dr. Judith Klimovsky and Chief Medical Officer Dr. Tahi Ahmadi. Genmab is governed by a board chaired by Deirdre P. Connelly and maintains a strong institutional investor base, with major holdings by BlackRock, Baillie Gifford, Vanguard, and Orbis Investment Management.